4D Molecular Therapeutics, Inc. (FDMT) Income Statement
FDMT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFDMT revenue and net income
Where FDMT's revenue goes
2025Each bar shows an amount and its share of revenue. FDMT kept −164.4% of revenue as net income.
FDMT profit margins
FDMT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +230,194.6% | +200.9% | +44.3% | — |
| Gross profit | — | +191.6% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FDMT quarterly EPS vs estimates
4D Molecular Therapeutics beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 9, 2026 (estimate $-1.03).
FDMT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85.2M | $37,000 | $20.7M | $3.1M | $18.0M | $13.6M | $7.0M | $14.1M | $5.8M |
| Cost of revenue | $7.6M | $141.3M | $97.1M | $3.9M | $3.0M | $53.0M | $38.7M | $18.4M | $13.6M |
| Gross profit | $77.6M | −$141.3M | −$76.4M | $3.1M | $18.0M | −$39.4M | −$31.7M | −$4.2M | −$7.8M |
| Research & development | $195.7M | $141.3M | $97.1M | $80.3M | $61.4M | $53.0M | $43.9M | $18.4M | $13.6M |
| Sales, general & admin | $49.1M | $46.6M | $36.5M | $32.9M | $28.0M | $17.2M | $13.9M | $6.2M | $3.5M |
| Total operating expenses | $237.1M | $46.6M | $36.5M | $113.2M | $89.4M | $17.2M | $19.0M | $24.5M | $17.1M |
| Operating income | −$159.5M | −$187.8M | −$112.9M | −$110.0M | −$71.3M | −$56.7M | −$50.8M | −$10.4M | −$11.3M |
| Interest income | $19.5M | $27.1M | $9.2M | $2.6M | $137,000 | $152,000 | $1.5M | $850,000 | $89,000 |
| Interest expense | — | — | — | $6.4M | $3.0M | $152,000 | $0 | $0 | $0 |
| Income before taxes | −$140.1M | −$160.9M | −$100.8M | −$107.5M | −$71.3M | −$56.7M | −$49.3M | −$9.6M | −$11.2M |
| Income taxes | — | — | $5.6M | −$6.4M | −$3.0M | −$152,000 | $3.6M | $848,000 | −$89,000 |
| Net income | −$140.1M | −$160.9M | −$100.8M | −$101.1M | −$68.3M | −$56.7M | −$49.3M | −$9.6M | −$11.2M |
| EBITDA | −$132.5M | −$154.2M | −$95.1M | −$106.2M | −$68.3M | −$55.2M | −$44.6M | −$9.7M | −$10.6M |
| EPS (diluted) | −$2.42 | −$2.98 | −$2.64 | −$3.32 | −$2.56 | −$11.98 | −$3.32 | −$2.98 | −$0.52 |
| Gross margin | 91.1% | −381,789.2% | −368.5% | 100.0% | 100.0% | −289.6% | −454.2% | −30.0% | −134.4% |
| Operating margin | −187.2% | −507,678.4% | −544.6% | −3,516.5% | −395.5% | −416.3% | −726.7% | −73.6% | −194.7% |
| Net margin | −164.4% | −434,778.4% | −486.6% | −3,230.3% | −378.6% | −416.5% | −705.8% | −67.6% | −193.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M | $3.0M | $85.1M | $90,000 | $15,000 | $14,000 | $1,000 | $3,000 | $5,000 | $28,000 | $0 | $20.2M |
| Cost of revenue | $2.1M | $2.1M | $2.0M | $47.2M | $48.0M | $40.7M | $1.8M | $38.5M | $31.9M | $27.9M | $26.0M | $25.1M |
| Gross profit | $1.7M | $992,000 | $83.1M | −$47.1M | −$47.9M | −$40.7M | −$1.8M | −$38.5M | −$31.9M | −$27.8M | −$26.0M | −$4.9M |
| Research & development | $68.3M | $65.0M | $57.6M | $49.4M | $48.0M | $40.7M | $43.1M | $38.5M | $31.9M | $27.9M | $26.0M | $25.1M |
| Sales, general & admin | $12.5M | $11.7M | $12.8M | $11.8M | $11.5M | $12.9M | $13.0M | $12.7M | $10.6M | $10.3M | $10.6M | $9.1M |
| Total operating expenses | $78.7M | $74.6M | $68.4M | $14.0M | $11.5M | $12.9M | $54.3M | $12.7M | $10.6M | $10.3M | $10.6M | $9.1M |
| Operating income | −$77.0M | −$73.6M | $14.7M | −$61.2M | −$59.5M | −$53.6M | −$56.1M | −$51.1M | −$42.5M | −$38.1M | −$36.7M | −$14.0M |
| Interest income | $4.3M | $4.9M | $4.7M | $4.3M | $4.9M | $5.6M | $6.5M | $7.3M | $7.5M | $5.7M | $4.4M | $3.9M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $1.4M | — |
| Income before taxes | −$72.9M | −$68.8M | $19.4M | −$56.9M | −$54.7M | −$48.0M | −$49.7M | −$43.8M | −$35.0M | −$32.4M | −$32.3M | −$10.3M |
| Income taxes | — | — | — | — | — | — | $1 | — | — | −$1 | $6.7M | −$3.9M |
| Net income | −$72.9M | −$68.8M | $19.4M | −$56.9M | −$54.7M | −$48.0M | −$49.7M | −$43.8M | −$35.0M | −$32.4M | −$32.3M | −$10.3M |
| EBITDA | −$74.8M | −$66.7M | $12.4M | −$54.9M | −$53.5M | −$46.2M | −$47.9M | −$42.1M | −$33.8M | −$31.2M | −$31.2M | −$9.3M |
| EPS (diluted) | −$1.04 | −$1.01 | $0.43 | −$1.01 | −$0.98 | −$0.86 | −$0.90 | −$0.79 | −$0.63 | −$0.66 | −$0.75 | −$0.24 |
| Gross margin | 44.8% | 32.6% | 97.7% | −52,386.7% | −319,573.3% | −290,607.1% | −178,300.0% | −1,282,700.0% | −637,100.0% | −99,435.7% | — | −24.1% |
| Operating margin | −2,037.2% | −2,416.1% | 17.3% | −67,983.3% | −396,373.3% | −383,007.1% | −5,611,700.0% | −1,704,400.0% | −849,120.0% | −136,200.0% | — | −69.2% |
| Net margin | −1,929.0% | −2,256.6% | 22.8% | −63,195.6% | −364,386.7% | −342,657.1% | −4,967,100.0% | −1,461,433.3% | −699,060.0% | −115,717.9% | — | −50.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FDMT's financial statements (latest annual report filed March 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FDMT financial results
In fiscal year 2025 (ended December 31, 2025), 4D Molecular Therapeutics reported revenue of $85.2 million, up 230,194.6% from the year before. It had a net loss of $140.1 million, a net profit margin of −164.4%. Diluted earnings per share came to −$2.42. Over five years revenue grew at an average rate of 44.3% a year.
See the FDMT stock overview for the latest quote and news, or the FDMT chart for price history and technical indicators.
FDMT income statement FAQ
What is 4D Molecular Therapeutics's annual revenue?
4D Molecular Therapeutics reported total revenue of $85.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 230,194.6% from $0.0 million the previous year.
Is 4D Molecular Therapeutics profitable?
No. 4D Molecular Therapeutics reported a net loss of $140.1 million in fiscal 2025, a net profit margin of −164.4%; its operating margin was −187.2%.
What is 4D Molecular Therapeutics's gross margin?
4D Molecular Therapeutics's gross margin was 91.1% in fiscal 2025: for every $100 of revenue, 4D Molecular Therapeutics kept $91 after the direct cost of its products and services.
How much does 4D Molecular Therapeutics spend on research and development?
4D Molecular Therapeutics spent $195.7 million on research and development in fiscal 2025, 229.7% of revenue.
How fast is 4D Molecular Therapeutics growing?
Revenue grew 44.3% a year on average over the last five fiscal years, from $13.6 million to $85.2 million.
What are 4D Molecular Therapeutics's earnings per share?
4D Molecular Therapeutics earned $-2.42 per diluted share in fiscal 2025, compared with $-2.98 a year earlier.
When will 4D Molecular Therapeutics report its next earnings?
4D Molecular Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does 4D Molecular Therapeutics's fiscal year end?
4D Molecular Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 18, 2026.