4D Molecular Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a significant increase in collaboration and license revenue, which rose to $3.8 million from just $15,000 in the same period last year. For the first half of 2026, total revenue reached $6.8 million, compared to $29,000 in the first half of 2025. This increase is primarily attributed to clinical trial cost-sharing and reimbursement from Otsuka Pharmaceutical Co., Ltd., following a collaboration agreement established in October 2025.
Despite the revenue growth, the company continues to face substantial operating losses. For the three months ended June 30, 2026, 4D Molecular reported a net loss of $72.9 million, a 33% increase from the $54.7 million loss in the same quarter of 2025. The six-month net loss also widened to $141.7 million from $102.6 million year-over-year. The increase in losses is largely due to a 42% rise in research and development expenses, which totaled $68.3 million for the quarter, driven by heightened clinical trial activities for its lead product candidate, 4D-150.
Operationally, 4D Molecular has made significant strides in its clinical programs. The company completed enrollment for its Phase 3 trials of 4D-150 ahead of schedule, with over 500 patients participating in each trial. The company anticipates topline data from these trials in 2027. Additionally, 4D Molecular has expanded its collaboration with the Cystic Fibrosis Foundation, which has committed up to $11 million to support the development of its cystic fibrosis treatment, 4D-710.
As of June 30, 2026, 4D Molecular had cash, cash equivalents, and marketable securities totaling $430.6 million, down from $566.7 million at the end of 2025. The decrease is attributed to ongoing operational expenses and investments in clinical trials. The company has also entered into a Loan and Security Agreement with Hercules Capital, allowing for up to $200 million in borrowings, of which $20 million has been drawn. The company expects to continue incurring significant losses and will require additional funding to support its operations and product development efforts in the future.
About 4D Molecular Therapeutics, Inc.
4D Molecular Therapeutics, Inc. is a late-stage biotechnology company specializing in innovative genetic medicines for ophthalmology and pulmonology. Its lead product, 4D-150, targets retinal diseases like wet AMD and diabetic macular edema, while 4D-710 aims to treat cystic fibrosis. Utilizing its proprietary Therapeutic Vector Evolution platform, the company addresses significant unmet medical needs, focusing on durable therapies with reduced treatment burdens. 4DMT is positioned for impactful advancements in patient care.
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