4D Molecular Therapeutics Reports $48M Net Loss and Decreased Revenue in Q1 2025

4D Molecular Therapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $48.0 million, compared to a net loss of $32.4 million for the same period in 2024. The company's revenue from collaboration and license agreements decreased by 50%, totaling $14,000, down from $28,000 in the previous year. This decline reflects the ongoing challenges in generating revenue, as the company has yet to achieve any product sales since its inception. The accumulated deficit as of March 31, 2025, stood at $624.2 million, indicating the significant financial burden the company has faced in its development efforts.

Operating expenses for the quarter increased by 41% to $53.6 million, driven primarily by a 46% rise in research and development expenses, which reached $40.7 million. This increase was attributed to heightened clinical trial activities, particularly for the lead product candidate, 4D-150, and an increase in personnel costs due to expanded headcount. General and administrative expenses also rose by 26% to $12.9 million, reflecting higher legal and consulting fees associated with public company compliance and operational growth.

In terms of operational developments, 4D Molecular Therapeutics has made strategic decisions to prioritize the development of its lead candidates, 4D-150 and 4D-710, while seeking partnerships for other clinical-stage products. The company has initiated a Phase 3 clinical trial for 4D-150, aimed at treating wet age-related macular degeneration (AMD), and has received Fast Track designation from the FDA for this candidate. Additionally, the company has entered into various licensing agreements, including a significant deal with Astellas Gene Therapies, which could provide up to $942.5 million in potential future milestones.

As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $458.4 million, which management believes will be sufficient to fund operations for at least one year. However, the company anticipates that it will continue to incur significant losses and will require additional funding to support ongoing research and development activities. The outlook remains cautious, with management acknowledging the potential need for future capital raises through equity or debt financing, which could impact shareholder value and operational flexibility.