4D Molecular Therapeutics, Inc. (FDMT) AI Stock Analysis

4D Molecular Therapeutics, Inc. is a clinical-stage gene therapy company focused on developing product candidates utilizing adeno-associated virus vectors. Its clinical pipeline targets ophthalmology, cardiology, and pulmonology. Key clinical-stage candidates include 4D-125 for X-linked retinitis pigmentosa, 4D-110 for choroideremia, and 4D-310 for Fabry disease, all advancing through Phase 1/2 trials. The company also maintains investigational new drug candidates, including 4D-150 for wet age-related macular degeneration and 4D-710 for cystic fibrosis lung disease. Headquartered in Emeryville, California, the company collaborates with partners such as uniQure, CRF, Roche, and CFF to advance novel gene therapy approaches.

Revenue has fluctuated widely across recent reporting periods. Annual revenue was $18.0M in FY2021, fell to $3.1M in FY2022, rose to $20.7M in FY2023, dropped to $37,000 in FY2024, and reached $85.2M in FY2025, up 230194.6%. Between FY2020 and FY2025, the 5-year revenue CAGR was 44.3%. Operating losses have persisted, with net income moving from -$68.3M in FY2021 to -$140.1M in FY2025, driven by R&D expense rising to $195.7M. In the latest quarter ended June 30, 2026, revenue increased 25106.7% year-over-year. TTM revenue stood at $92.0M with an operating margin of -2037.2% and EPS of -$2.63.

As of June 30, 2026, 4D Molecular Therapeutics held $361.3M in cash and short-term investments against $39.2M in total debt, resulting in net cash of $322.1M. The company maintains strong liquidity with a current ratio of 8.03 and a debt-to-equity ratio of 0.10. For FY2025, operating cash flow was -$109.1M and free cash flow was -$109.1M. Capital allocation included $536,000 in capital expenditures and $7.5M raised from share issuance, while 5-year share count grew 160.1%.

With a market cap of $670.7M and an enterprise value of $506.0M, the company trades at a price-to-sales multiple of 7.3x and an EV to revenue multiple of 5.5x. Its price-to-sales multiple is above the 4.1x median of its US-listed Healthcare peers. The stock has a price-to-book ratio of 2.0x. Over the past year, the shares returned 20.3%, beating the 16.8% return of the S&P 500. Over a 5-year period, the stock declined 55.6%, while the S&P 500 gained 83.0%.

Analyst coverage includes 9 Strong Buy, 2 Buy, and 1 Hold ratings. The mean price target of $28.09 implies a 131.4% premium over the last close of $12.14. For the fiscal year ending December 31, 2026, consensus estimates forecast revenue of $13.3M and EPS of -$4.15. For the following fiscal year, 10 analysts estimate revenue of $20.6M, reflecting 55.6% growth, and EPS of -$4.09. The company beat EPS estimates in 1 of the last 4 quarters, with the next earnings date set for November 9, 2026.

This page is an AI-written research summary of 4D Molecular Therapeutics, Inc. (FDMT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: FDMT income statement, FDMT balance sheet, FDMT key metrics, FDMT analyst forecast, FDMT chart. See the FDMT stock overview for the latest quote and news.