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Jun 30
4DMT Q2 2025 Earnings Report
Reported Q2 2025 results with modest collaboration revenue, higher operating expenses, and a larger net loss year-over-year.
Key Takeaways
4D Molecular Therapeutics posted Q2 2025 collaboration and license revenue of $15K, with R&D and G&A expenses totaling $59.47M. Net loss was $54.66M (β$0.98 EPS) compared to $34.95M in Q2 2024. The company ended the quarter with $417.03M in cash, cash equivalents, and marketable securities, projecting its runway into 2028.
Generated $15K in collaboration and license revenue in Q2 2025.
Net loss widened to $54.66M from $34.95M YoY, EPS was β$0.98.
R&D expenses increased to $47.95M from $31.86M YoY due to Phase 3 trial initiation.
Ended the quarter with $417.03M in cash, cash equivalents, and marketable securities.
4DMT
4DMT
4DMT Revenue by Segment
Revenue by Segment
Collaboration & license rev. Revenue
CapyFin.com Forward Guidance
The company aims to advance its 4D-150 Phase 3 program in wet AMD ahead of schedule, with accelerated timelines for topline readouts and continued regulatory engagement. It also plans to progress its DME and cystic fibrosis programs while maintaining its cash runway into 2028.
Positive Outlook
- Accelerated 4D-150 4FRONT-1 topline readout to H1 2027 from H2 2027.
- Initiated 4FRONT-2 Phase 3 trial in June 2025 ahead of schedule.
- Positive 60-week SPECTRA trial data in DME showed strong durability and tolerability.
- EMA alignment alongside FDA for single Phase 3 trial supporting approval in DME.
- Cash runway projected into 2028.
Challenges Ahead
- Net loss widened year-over-year due to higher Phase 3 costs.
- R&D expenses increased significantly with trial initiation.
- G&A expenses also rose due to higher professional services costs.
- Workforce reduction of 25% announced in July 2025.
- Continued reliance on external funding for long-term operations.