4D Molecular Therapeutics(US:FDMT)2025-11-10 13:17Financial Performance - 4D Molecular Therapeutics reported a net loss of $56.9 million for Q3 2025, compared to a net loss of $43.8 million in Q3 2024, reflecting an increase of 30% year-over-year[14]. - The company has an accumulated deficit of $735.7 million as of September 30, 2025, compared to $576.2 million at the end of 2024[23]. - Total operating expenses for Q3 2025 were $61.3 million, compared to $51.1 million in Q3 2024, marking a 20% increase year-over-year[21]. Research and Development - Research and development expenses increased to $49.4 million in Q3 2025, up from $38.5 million in Q3 2024, primarily due to the Phase 3 clinical trials of 4D-150 in wet AMD[13]. - 4D-150's Phase 3 clinical trial for wet AMD has exceeded enrollment expectations, with over 200 patients randomized to date, and is on track to complete enrollment in Q1 2026[9]. - The company announced positive long-term safety and efficacy data from the Phase 1/2 PRISM clinical trial in wet AMD, with follow-up data showing consistent and durable benefits[9]. Funding and Partnerships - The company completed an equity offering providing net proceeds of approximately $93 million, which is expected to fund operations into the second half of 2028[5]. - The partnership with Otsuka Pharmaceutical includes an upfront cash payment of $85 million and expected cost sharing of at least $50 million over the next three years[5]. - The company is eligible for up to $336 million in potential regulatory and commercial milestones from the Otsuka partnership[6]. Cash Position - Cash, cash equivalents, and marketable securities were $372 million as of September 30, 2025, down from $505 million as of December 31, 2024[12].