4D Molecular Therapeutics (FDMT)
Engineers virus-based gene therapies for eye and lung diseases, led by a late-stage retinal candidate.
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Develops gene therapies using an engineered-virus platform, concentrated on a Phase 3 candidate for common retinal diseases and an early-stage cystic-fibrosis program, funded through equity and regional licensing deals rather than product sales.
Engineers adeno-associated virus vectors for gene therapy, using a directed-evolution platform born in a University of California, Berkeley lab and licensed at the company's 2013 founding to screen vast synthetic capsid libraries for variants that reach a target tissue and evade immune clearance.
Development now centers on an intravitreal therapy for wet age-related macular degeneration and diabetic macular edema, in global Phase 3 trials, and an inhaled cystic-fibrosis candidate; several earlier retinal and cardiology programs were discontinued or shelved to concentrate resources on these two.
No product has reached the market, so financing runs through equity, grants, and licensing — most recently ceding Asia-Pacific rights to the eye therapy for upfront cash and shared costs.
Approval hinges on Phase 3 results due over the next two years, with the surviving programs delivered locally to the eye and lungs.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 14, 2026 | Cantor Fitzgerald | Upgrade | Target: — | Target: $20 |
| Aug 13, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $33 | Target: $32 |
| Jul 31, 2026 | B. Riley | Initiate | Rating: — | |
| May 8, 2026 | Goldman Sachs | Target | Target: — | Target: $33 |
| Nov 11, 2025 | Barclays | Reiterate | Rating: —Target: $45 | Target: $33 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $361.3M · Total debt $39.2M · Total assets $492.6M · Shareholders' equity $407.7M
- Revenue
- $3.8M
- Operating income
- −$77.0M
- Net income
- −$72.9M
No dividends on record.
| Institutions | ≈ 161.40% | 116.50M shares | |
|---|---|---|---|
| 166 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.20% | 864.8K shares | |
| 4 holders · as of Sep 22, 2026 | |||
| Strategic holders | 7.39% | 5.34M shares | |
| 2 holders · as of Apr 7, 2026 | |||
| Adds to | 169.99% | ||
72.18M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (72.18M in the company's Sep 23, 2026 report, 52.28M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 169.99%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jupiter Topco LLCInstitution | 15.92% | 5.75M · 5.75M | as of Jun 30, 2026 |
Ra Capital Management, L.P.Institution | 13.99% | 5.05M · 5.05M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 12.60% | 4.55M · 4.55M | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 11.80% | 4.26M · 4.26M | as of Jun 30, 2026 |
Novo Holdings A/SInstitution | 9.00% | 3.25M · 3.25M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Scott Bizily | officer: Chief Legal Officer | −1,635 | $13.65 |
| Sep 14, 2026 | David Kirn | director, officer: See Remarks | −58,333 | $13.90 |
| Sep 1, 2026 | Scott Bizily | officer: Chief Legal Officer | −584 | $14.00 |
| Aug 19, 2026 | David Kirn | director, officer: See Remarks | −69,076 | $15.75 |
| Aug 17, 2026 | Scott Bizily | officer: Chief Legal Officer | −1,635 | $12.20 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| 4D Molecular Therapeutics | $14.96 | −5.79% | $830.1M | — | — | 9.0 | +25,106.7% |
| Regeneron | $796.68 | −0.90% | $82.82B | 19.9 | 13.2 | 5.3 | +16.7% |
| REGENXBIO | $7.72 | −5.28% | $421.3M | — | — | 2.4 | +405.7% |
| Vertex Pharmaceuticals | $514.63 | −0.07% | $130.71B | 30.0 | 26.8 | 10.4 | +12.5% |
| Novartis (ADR) | $142.46 | +0.83% | $268.53B | 21.3 | 15.2 | 4.8 | +0.9% |
| Krystal Biotech | $343.88 | −2.00% | $10.34B | 44.0 | 40.5 | 23.5 | +24.1% |
| Voyager Therapeutics | $2.99 | −4.94% | $189.7M | — | — | 5.5 | −39.1% |
| Median | 25.6 | 21.0 | 5.4 | +14.6% |