4D Molecular Therapeutics (FDMT) financial statements
4D Molecular Therapeutics reported revenue of $85M in fiscal 2025, up 51.8% a year over 6 years.
Net income was -$140M and the operating margin -187.2%, against -729.4% in 2019.
Free cash flow was -$110M.
The diluted share count rose 1026% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from 4D Molecular Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $7M | $13M | $18M | $3M | $21M | $37,000 | $85M |
| Research and development | $39M | $53M | $61M | $80M | $97M | $141M | $196M |
| Selling, general and admin | $14M | $17M | $28M | $33M | $36M | $47M | $49M |
| Operating income | -$51M | -$57M | -$71M | -$110M | -$113M | -$188M | -$160M |
| Income tax | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$49M | -$57M | -$71M | -$107M | -$101M | -$161M | -$140M |
| EPS (diluted) | -$9.59 | -$8.82 | -$2.57 | -$3.32 | -$2.58 | -$2.98 | -$2.42 |
| Diluted shares | 5M | 6M | 28M | 32M | 39M | 54M | 58M |
| Operating margin | -729.4% | -424.0% | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% |
| Net margin | -708.4% | -424.3% | -395.4% | -3435.4% | -486.6% | -434778.4% | -164.4% |
Balance sheet
Fiscal years, from 4D Molecular Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $50M | $277M | $248M | $214M | $288M | $425M | $514M |
| Receivables | $978,000 | $1M | $47,000 | $0 | — | — | — |
| Total current assets | $53M | $283M | $256M | $221M | $297M | $435M | $413M |
| Property, plant and equipment | $5M | $5M | $14M | $22M | $20M | $20M | $15M |
| Total assets | $58M | $288M | $353M | $262M | $340M | $560M | $567M |
| Total current liabilities | $13M | $17M | $16M | $16M | $19M | $29M | $44M |
| Long-term debt | — | — | — | — | — | — | $0 |
| Total liabilities | $28M | $32M | $34M | $31M | $32M | $50M | $61M |
| Shareholders' equity | -$73M | $256M | $319M | $231M | $308M | $511M | $506M |
| Net debt | -$50M | -$277M | -$153M | -$52M | -$249M | -$149M | -$60M |
Cash flow
Fiscal years, from 4D Molecular Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$37M | -$51M | -$69M | -$87M | -$76M | -$135M | -$109M |
| Capital spending | $3M | $1M | $9M | $12M | $3M | $4M | $536,000 |
| Free cash flow | -$40M | -$52M | -$78M | -$98M | -$79M | -$138M | -$110M |
| Stock-based compensation | $4M | $5M | $14M | $17M | $20M | $26M | $22M |
| Free cash flow margin | -573.5% | -388.5% | -433.8% | -3139.1% | -379.1% | -373975.7% | -128.6% |
Questions
What was 4D Molecular Therapeutics's revenue in 2025?
$85M in fiscal 2025, from its 10-K filing.
How much free cash flow does 4D Molecular Therapeutics generate?
-$110M in fiscal 2025 (operating cash flow minus capital spending).
From 4D Molecular Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.