Workflow
4D Molecular Therapeutics(FDMT) - 2025 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $48.0 million for the three months ended March 31, 2025, compared to a net loss of $32.4 million for the same period in 2024, representing a 48% increase in losses[142]. - The company has an accumulated deficit of $624.2 million as of March 31, 2025, and does not expect positive cash flows from operations in the foreseeable future[142]. - The company experienced a net loss of $48.0 million for the three months ended March 31, 2025, compared to a net loss of $32.4 million for the same period in 2024[180][181]. - Net cash used in operating activities was $47.8 million for the three months ended March 31, 2025, compared to $29.1 million for the same period in 2024[179][181]. Revenue and Funding - Collaboration and license revenue decreased by 50% from $28,000 to $14,000 for the three months ended March 31, 2025, compared to the same period in 2024[154]. - The company has not generated any revenue from product sales since inception and relies on equity financing and collaboration agreements for funding[143][158]. - The company completed a public offering in February 2024, raising net proceeds of $281.2 million from the sale of 6,586,015 shares at $29.50 per share[139]. - The company completed the 2024 Offering, raising net proceeds of $281.2 million after deducting underwriting discounts and commissions[165]. - The company entered into a License Agreement with AGT, receiving an upfront payment of $20.0 million for its 4D vector technology[164]. Expenses - Research and development expenses increased by $12.8 million, or 46%, from $27.9 million in Q1 2024 to $40.7 million in Q1 2025, driven by higher trial and personnel costs[156][157]. - General and administrative expenses rose by $2.6 million, or 26%, from $10.3 million in Q1 2024 to $12.9 million in Q1 2025, primarily due to increased personnel-related costs[157]. - Payroll and personnel expenses increased by $4.8 million, including a $0.9 million rise in employee stock-based compensation due to a higher headcount in research and development[162]. - Clinical trial costs rose by $4.5 million, primarily due to increased activity for product candidates, especially 4D-150[162]. - The company anticipates continued increases in research and development and general administrative expenses for the foreseeable future[170]. Product Development - The company is prioritizing the development of its lead product candidates, 4D-150 and 4D-710, while seeking strategic alternatives for other clinical-stage candidates[135]. - 4D-150 is currently in a Phase 3 clinical trial for the treatment of wet AMD, with the first patients enrolled in March 2025[136]. - The company anticipates significant increases in operating losses as it continues to advance its product candidates through clinical development and regulatory approval processes[141]. Cash Position - Cash, cash equivalents, and marketable securities totaled $458.4 million as of March 31, 2025[168]. - Future capital expenditures are expected to increase significantly for building commercial manufacturing capacity[170].