FDMT · 4D Molecular Therapeutics, Inc.

4D Molecular Therapeutics’ Q1 2026 financial results reflect a deliberate acceleration of late-stage clinical development, particularly for 4D-150 in wet AMD. The $65.0 million in R&D expenses — a 60% year-over-year increase — was explicitly attributed to execution of the 4FRONT Phase 3 program, including completion of enrollment and randomization in 4FRONT-1 ahead of schedule. This operational progress underpins the company’s near-term catalysts: topline data from 4FRONT-1 expected in H1 2027 and 4FRONT-2 enrollment completion targeted for H2 2026. While net loss widened to $68.8 million, management emphasized strong execution and strategic prioritization, citing investigator and patient enthusiasm as key drivers of enrollment speed. Collaboration revenue rose meaningfully to $3.0 million, solely attributable to clinical cost-sharing and reimbursement under the Otsuka agreement — confirming active monetization of the partnership. Critically, the $458 million cash position as of March 31, 2026 — though down from $514 million at year-end — is projected to fund operations into the second half of 2028, providing substantial runway to deliver multiple high-value clinical readouts, including PRISM and SPECTRA 2-year data in 2026 and both 4FRONT Phase 3 toplines in 2027. No forward guidance on future financials or metrics was provided beyond the cash runway statement, and all disclosed milestones remain contingent on clinical execution and regulatory pathways.