4D Molecular Therapeutics (Nasdaq: FDMT) reported third‑quarter 2025 results that widened its net loss to $56.9 million, a 30 % increase from the $43.8 million loss posted a year earlier. The company earned a loss per share of $1.01, beating the consensus estimate of $1.02 by $0.01. Revenue for the quarter was $90,000, falling short of the $287,900 forecasted by analysts—a miss of $197,900. The narrow EPS beat reflects disciplined cost management amid a significant rise in research and development spending, while the revenue shortfall is attributable to the company’s pre‑revenue status and limited commercial sales.
Research and development expenses climbed to $49.4 million, up from $38.5 million in Q3 2024, driven by the continued investment in the Phase 3 4D‑150 trials. General and administrative costs were $11.8 million, a modest decline from $12.7 million a year earlier, indicating that overhead is being kept in check even as clinical programs expand.
Cash, cash equivalents and marketable securities stood at $372 million as of September 30 2025, down from $505 million at the end of 2024. The company’s equity offering of $100 million generated net proceeds of approximately $93 million, and partnership payments from Otsuka and the Cystic Fibrosis Foundation add further liquidity. Management estimates that the combined cash position, equity proceeds, and partnership inflows provide a runway that extends into the second half of 2028.
The company’s flagship programs continue to advance: 4D‑150, a single‑injection gene therapy for wet age‑related macular degeneration and diabetic macular edema, is progressing through Phase 3 4FRONT trials, while 4D‑710, an aerosol‑delivered CFTR gene therapy for cystic fibrosis, is gathering early‑stage data in its Phase 1/2 AEROW trial. The partnership with Otsuka, which includes an upfront payment and cost‑sharing for the Asia‑Pacific market, and the $11 million investment from the Cystic Fibrosis Foundation—of which $7.5 million was received in October 2025—underscore the strategic focus on late‑stage development.
CEO David Kirn said the quarter “demonstrated meaningful progress building upon and validating our business strategy focusing on 4D‑150 and 4D‑710.” He highlighted the Otsuka partnership, the CF Foundation investment, and the strengthened balance sheet, noting that these elements position the company well with a cash runway into 2H 2028.
The widened net loss reflects the company’s heavy investment in clinical development, a common feature for pre‑revenue biotechs. The EPS beat, however, signals that cost controls are effective enough to offset the higher R&D spend. The revenue miss is expected given the company’s limited commercial activity; the $90,000 figure is largely attributable to a one‑time transaction rather than product sales. Overall, the financials suggest that 4D is maintaining a solid liquidity position while accelerating its pipeline, positioning it for potential regulatory milestones in the coming years.
No specific market reaction data are available for the earnings announcement, but the company’s earlier partnership announcement with Otsuka on October 31 had previously led to a pre‑market uptick in the stock.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.