FDMT
4D Molecular Therapeutics, Inc.Healthcare·Biotechnology
$9.91
$518M market cap
Revenue
$88.1M
Free Cash Flow
$-40.2M
Rev Growth
+0.0%
FCF Margin
-45.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
4D Molecular Therapeutics, Inc., a clinical-stage gene therapy company, develops product candidates using its adeno-associated viruses vectors. It develops a portfolio of gene therapy product candidates focuses in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The company has three product candidates that are in clinical trials: 4D-125 that is in a Phase 1/2 clinical trial for the treatment of X-linked retinitis pigmentosa; 4D-110 that is in a Phase 1/2 clinical trial for t
2-Year Price History
$8.60-64.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 3.1 | -71.6 | -73.6 | -68.8 | -68.1 | -68.1 | -0.0 | 390.9 | 20.5 | 68.1 | -229.2% | -- | -- |
| Act | 2025-Q4 | 85.1 | 6.2 | 14.7 | 19.4 | 28.6 | 27.9 | -0.6 | 402.7 | 21.4 | 57.9 | 31.7% | -- | -- |
Valuation & Metrics
Market Stats
Price$9.91
Market Cap$518M
Enterprise Value$148M
P/S Ratio5.9x
P/FCF--
EV/FCF--
FCF Margin (TTM)-45.6%
FCF Yield-7.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$88.1M
Net Income$-49.4M
Free Cash Flow$-40.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin-74.1%
Net Margin-56.0%
FCF Margin-45.6%
CapEx % of Revenue0.7%
SBC % of Revenue6.3%
ROIC-98.7%
WC Change % Rev4.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares12.0M
Days to Cover17.9
Change (vs Prior)+4.1%
Need at least 2 settlement dates for chart
Employees
Headcount227
Revenue / Employee$388,269
Gross Profit / Employee$370,493
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
78.8%(+55.2% YoY)
134 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
24.2%(+17.3% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.3% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| JANUS HENDERSON GROUP PLC | $48.9M | $11.96 | +$5.7M | +$31.2M | +1.2% | $209.29B |
| RA CAPITAL MANAGEMENT, L.P. | $47.0M | $17.27 | −$5.6M | +$4.5M | -4.3% | $9.44B |
| GOLDMAN SACHS GROUP INC | $39.2M | $22.97 | −$907K | +$345K | -0.2% | $760.93B |
| BlackRock, Inc.Passive | $38.6M | $10.61 | +$749K | −$3.7M | -0.2% | $5.69T |
| Novo Holdings A/S | $34.0M | $10.98 | +$0 | +$15.8M | -3.2% | $1.23B |
| BVF INC/IL | $26.8M | $7.86 | −$16.3M | −$15.7M | -0.3% | $3.14B |
| STATE STREET CORPPassive | $25.2M | $15.74 | +$177K | +$15.6M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $20.4M | $9.31 | +$20.4M | +$20.4M | — | $4.04T |
| ARMISTICE CAPITAL, LLC | $18.6M | $8.57 | +$596K | +$15.8M | -11.2% | $3.03B |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $14.9M | $8.05 | +$3.4M | +$14.9M | -0.1% | $64.61B |
| FEDERATED HERMES, INC. | $13.3M | $3.39 | −$1.6M | +$1.7M | -1.1% | $61.33B |
| Trails Edge Capital Partners, LP | $12.1M | $9.31 | +$12.1M | +$12.1M | +12.1% | $425M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $9.9M | $17.73 | +$496K | +$951K | +2.3% | $1.61T |
| BANK OF AMERICA CORP /DE/ | $9.1M | $9.42 | +$1.3M | +$2.6M | -0.1% | $1.36T |
| Evergreen Quality Fund GP, Ltd. | $8.9M | $7.50 | +$0 | +$8.9M | +6.7% | $4.33B |
| DEUTSCHE BANK AG\ | $6.6M | $14.07 | +$36K | +$4.4M | -0.3% | $302.17B |
| RENAISSANCE TECHNOLOGIES LLC | $5.4M | $9.95 | +$609K | +$5.2M | +1.2% | $63.91B |
| Nuveen, LLC | $5.2M | $7.64 | +$3.8M | +$3.8M | +0.0% | $368.63B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $5.2M | $9.31 | +$5.2M | +$5.2M | — | $1.91T |
| Parkman Healthcare Partners LLC | $4.9M | $8.02 | +$178K | +$4.9M | -2.1% | $965M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.86%
avg per quarter
Holders (ex-self)
-0.85%
excl. this stock
Buyers (this Q)
+1.79%
60 buyers · $0.11B in
Sellers (this Q)
+1.49%
55 sellers · $0.01B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-12.3%
how holders react when this stock falls
On quiet Qs
-4.2%
−10% to +10% baseline
On rallies (+10%+)
-14.1%
how they react when this stock rises
Holders' portfolio flow this Q
-0.1%
outflows — trims may be forced
Sellers' portfolio flow this Q
+2.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.0%
Holder mid (any stock)
-1.8%
Holder rally (any stock)
-4.0%
Biggest decreases this quarter
BVF INC/IL−$16.3Mα-0.3Point72 Asset Management, L.P.exited−$11.5MRA CAPITAL MANAGEMENT, L.P.−$5.6Mα-4.3BAKER BROS. ADVISORS LPexited−$3.6MMORGAN STANLEY−$3.0Mα-0.3FEDERATED HERMES, INC.−$1.6Mα-1.1GOLDMAN SACHS GROUP INC−$907Kα-0.2SILVERARC CAPITAL MANAGEMENT, LLCexited−$750KMILLENNIUM MANAGEMENT LLCexited−$723KWalleye Capital LLCexited−$381K
New buyers this quarter
Top-5 holders · 44.1%
JANUS HENDERSON GROUP PLC--
RA CAPITAL MANAGEMENT, L.P.--
GOLDMAN SACHS GROUP INC--
BlackRock, Inc.--
Novo Holdings A/S--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RA CAPITAL MANAGEMENT, L.P.5.0MVR Adviser, LLC—BVF INC/IL2.9MVIKING GLOBAL INVESTORS LP—JANUS HENDERSON GROUP PLC5.2MGOLDMAN SACHS GROUP INC4.2MDeep Track Capital, LP—Polar Capital Holdings Plc—MORGAN STANLEY345KNovo Holdings A/S3.7M
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$33.0023300.0%
Last Year (4 analysts)$27.2517500.0%
Current Price$9.91
Analyst Ratings
10
3
Buy: 10Hold: 3Sell: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$134K
8 txns · 2 insiders · 13,177 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-20 | SELL | Gupta Ashoo | officer: VP, Finance and Controller | 390 | $8.61 | $3K | $404K |
| 2025-12-20 | SELL | Gupta Ashoo | officer: VP, Finance and Controller | 389 | $8.68 | $3K | $401K |
| 2025-12-16 | SELL | Bizily Scott | officer: Chief Legal Officer | 1,635 | $10.90 | $18K | $39K |
| 2025-11-17 | SELL | Bizily Scott | officer: Chief Legal Officer | 1,635 | $10.59 | $17K | $38K |
| 2025-10-24 | SELL | Bizily Scott | officer: Chief Legal Officer | 2,678 | $12.00 | $32K | $43K |
| 2025-10-16 | SELL | Bizily Scott | officer: Chief Legal Officer | 1,635 | $10.17 | $17K | $53K |
| 2025-10-09 | SELL | Bizily Scott | officer: Chief Legal Officer | 2,408 | $10.00 | $24K | $52K |
| 2025-09-23 | SELL | Bizily Scott | officer: Chief Legal Officer | 2,407 | $8.00 | $19K | $61K |
Order Flow (FINRA, ~3w lag)
11.9%retail-0.7pp
20.0%dark-2.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
FDMT: Dilution Treadmill Masked by Upfront Licensing Windfalls and Insider Capsid Contracts
Overall Risk
6/10
Fraud
3/10
Dilution
9/10
Insolvency
4/10
Earnings Overstated
5/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
3/10
Hidden Upside
6/10
Contextually Acceptable
7/10