4D Molecular Therapeutics Inc. Common Stock (FDMT)

FairStock Score: 63/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach 4D Molecular as a Graham-style skeptic. The company is a late-stage biotech developing AAV vectors and 4D-150 for retinal vascular diseases. In fiscal 2025, the year ended 2025-12-31, revenue was $85.2 million, but net loss was $140.1 million. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $3.8 million and net loss was $72.9 million. That mix tells me revenue is lumpy and not yet a commercial engine, while expenses are heavy. Trailing free cash flow is negative $156.0 million, and FairStock's FCF yield is negative 18.0%. The balance sheet shows debt/equity of 0.10 and an Altman Z-score of 4.00, so leverage is not the main risk. But FairStock's ROE is negative 43.25%, ROCE is negative 25.09%, and Piotroski F-Score is 2/9, which are poor quality markers. At the 2026-10-13 close of $12.36, FairStock calculates market cap of $868.6 million, P/B of 1.67, and P/E of negative 4.70. Graham would say there is no current earnings-based margin of safety. The possible moat is the proprietary vector platform and a potential multi-year retinal treatment, but no approved product means that moat is unproven. Growth from $37,000 in fiscal 2024 to $85.2 million in fiscal 2025 is striking, but it is not self-funding. I would watch cash runway, trial data, and dilution. Until profits appear, this is a speculative pipeline story, not a predictable compounder.

In plain English: 4D Molecular Therapeutics is a late-stage biotech that uses viruses to deliver gene therapies, mainly for eye diseases. The business looks weak today because it loses money and burns cash, and its revenue is small and uneven. At $12.36, the price is not clearly cheap or expensive against profits, but it depends heavily on future trial success.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer