4D Molecular Therapeutics reported its financial results for the second quarter of 2025 on August 11, 2025, along with operational highlights and expected upcoming milestones. The company announced a net loss of $54.7 million for the quarter, an increase from a net loss of $35.0 million in the second quarter of 2024. This rise in losses was primarily driven by increased research and development expenses.
Research and development expenses for the second quarter of 2025 were $48.0 million, up from $31.9 million in the prior-year period, mainly due to the initiation of the first Phase 3 clinical trial of 4D-150 in wet AMD. General and administrative expenses also increased to $11.5 million from $10.6 million in the same period of 2024.
As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $417 million. The company reiterated its expectation that this capital is sufficient to fund planned operations into 2028. Key operational highlights included accelerating the 4FRONT-1 topline data expectation to the first half of 2027, initiating 4FRONT-2 ahead of schedule, reporting positive 60-week SPECTRA data in DME, and achieving alignment with both the FDA and EMA on a single Phase 3 study for DME approval.
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