4D Molecular Therapeutics completed pricing of an underwritten equity offering that will raise approximately $100 million in gross proceeds. The deal includes 8,385,809 shares of common stock and 1,128,949 pre‑funded warrants, each priced at $10.51 and $10.5099 respectively, with a closing date of November 7, 2025.
The capital will be directed toward advancing the company’s flagship gene‑therapy candidates. 4D‑150, the lead product for wet age‑related macular degeneration and diabetic macular edema, will enter the final phase of its 4FRONT Phase 3 trials, while 4D‑710, a cystic fibrosis therapy, will receive additional funding to progress toward Phase 2 and beyond. The infusion also supports ongoing operational efficiencies, including a recent 25 % workforce reduction that is projected to save roughly $15 million annually.
4D’s cash position stood at $417 million as of June 30, 2025, a balance that, with the new capital, extends the company’s runway well into 2028. The extended runway gives the company flexibility to pursue strategic partnerships or commercial opportunities as its pipeline moves closer to regulatory approval.
The announcement was well received by investors, with market sentiment reflecting confidence in the company’s ability to fund its late‑stage programs and capitalize on the recent partnership with Otsuka Pharmaceutical, which included an $85 million upfront payment for the Asia‑Pacific commercialization of 4D‑150.
CEO David Kirn emphasized that the equity raise is a “critical step” to maintain the accelerated development schedule for 4D‑150 and to capitalize on the momentum generated by the partnership with Otsuka Pharmaceutical.
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