4D Molecular Therapeutics entered into an exclusive license agreement with Otsuka Pharmaceutical Co., Ltd. for the development and commercialization of its retinal gene‑therapy candidate 4D‑150 in the Asia‑Pacific region, covering Japan, China, Australia and other APAC markets.
Under the terms, 4DMT will receive an upfront cash payment of $85 million and a cost‑sharing commitment of at least $50 million over the next three years. The agreement also provides for up to $336 million in regulatory and commercial milestone payments and tiered double‑digit royalties on net sales in Otsuka’s territories.
The deal gives 4DMT a critical non‑dilutive capital injection that follows a period of declining revenue and mounting losses. In Q3 2024 the company reported revenue of $3,000 versus $20.2 million in Q3 2023 and a net loss of $43.8 million compared with a $10.3 million loss in the prior year. The upfront payment and milestone structure are expected to support the company’s Phase 3 program and pre‑commercial activities.
4D‑150, which uses 4DMT’s proprietary R100 AAV vector, demonstrated a 78 % reduction in treatment burden versus projected aflibercept in a 60‑week Phase 2 trial for diabetic macular edema. The therapy is positioned as a potential backbone treatment for retinal vascular diseases, offering a single‑injection, multi‑year sustained delivery that could reduce the need for frequent intravitreal injections.
Otsuka will lead all regulatory and commercialization activities in its licensed territories, while 4DMT will continue to lead global Phase 3 clinical activities, including the APAC sites of the 4FRONT‑2 study, which are expected to open by the end of 2025 with Japan sites slated for January 2026. The partnership is expected to accelerate 4D‑150’s path to market approval and broaden its global reach.
4DMT’s cash, cash equivalents and marketable securities stood at $417 million as of June 30 2025, giving the company a runway into 2028. The licensing agreement strengthens its financial position and provides the resources needed to advance its retinal portfolio and other pipeline candidates in cardiology and pulmonology.
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