4D Molecular Therapeutics, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operational results. The late-stage biotechnology company, founded in 2013 and headquartered in Emeryville, California, is focused on developing adeno-associated virus vectors from its proprietary synthetic vector discovery platform, Therapeutic Vector Evolution. The company's lead product candidate, 4D-150, is designed for the treatment of retinal vascular diseases, including wet age-related macular degeneration and diabetic macular edema. Additionally, 4D-710 is being developed for the treatment of cystic fibrosis. The company has collaboration and licensing agreements with Astellas Gene Therapies, Inc.; Arbor Biotechnologies, Inc.; and uniQure biopharma B.V.
In the Management’s Discussion and Analysis of Financial Condition and Results of Operations, 4D Molecular Therapeutics revealed that it has implemented a strategic pipeline prioritization to focus on the development of 4D-150 and 4D-710. The company also announced a workforce reduction of approximately 25% of current and planned roles to support the strategic pipeline prioritization. In terms of financials, 4D Molecular Therapeutics reported net losses of $56.9 million and $43.8 million for the three months ended September 30, 2025 and 2024, respectively, and $159.5 million and $111.2 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the company had an accumulated deficit of $735.7 million.
The company's revenue has been primarily generated through payments from collaboration and license agreements, including upfront and milestone payments and expense reimbursement. It has not generated any revenue from the sale of approved products. The majority of research and development expenses have been incurred for the discovery, preclinical, and clinical development of its product candidates. General and administrative expenses primarily consist of personnel-related expenses, professional fees, and other general operating expenses.
4D Molecular Therapeutics also provided an update on its product candidates' progress, such as the initiation of Phase 3 clinical trials for 4D-150 in wet AMD, positive long-term interim results from the ongoing 4D-150 PRISM Phase 1/2 clinical trial in wet AMD, and the funding agreement with the Cystic Fibrosis Foundation for the AEROW clinical trial.
The company emphasized that it will require substantial additional funding to support its continuing operations and further the development of its product candidates. It plans to finance its operations through the sale of equity, debt financings, or other capital sources for the foreseeable future. The market has reacted to these announcements by moving the company's shares -3.43% to a price of $10.14. Check out the company's full 10-Q submission here.
