4D Molecular Therapeutics (FDMT) Q1 2026 earnings summary

Executive summary

• Advanced 4D-150 for wet AMD and DME, with two Phase 3 trials underway; 4FRONT-1 enrollment completed (N=523), topline data expected in 2027.

• Entered major collaboration with Otsuka, granting exclusive Asia-Pacific rights for 4D-150, receiving $85M upfront and potential milestones.

• Pipeline includes 4D-175 for geographic atrophy and 4D-710 for cystic fibrosis, with strategic funding and partnerships supporting development.

• Announced a 25% workforce reduction in July 2025 to prioritize late-stage programs.

• PRISM Phase 2b, SPECTRA DME 2-year, and 4D-710 AEROW Phase 1/2 data expected in H2 2026.

Financial highlights

• Revenue for Q1 2026 was $3.0M, up from $14K in Q1 2025, driven by Otsuka cost sharing.

• Net loss increased to $68.8M from $48.0M year-over-year, reflecting higher R&D expenses.

• Research and development expenses rose to $65.0M in Q1 2026, mainly due to Phase 3 trial execution.

• Cash, cash equivalents, and marketable securities totaled $458M as of March 31, 2026.

• G&A expenses were $11.7M in Q1 2026, down from $12.9M in Q1 2025.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2028, including anticipated Otsuka payments.

• Anticipates continued operating losses and negative cash flows as clinical programs progress.

• Additional capital will be required for future development and commercialization efforts.

• Global Phase 3 trial for DME to be initiated in Q3 2026.

• Ongoing evaluation of strategic funding alternatives for 4D-175 for geographic atrophy.