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4D Molecular Therapeutics (FDMT) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · 4D Molecular Therapeutics (FDMT) Q2 2026 earnings results →

Q2 2026 Revenue up 25107% year over year to $3.8M

4D Molecular Therapeutics made $3.8M in Q2 2026 (252× Y/Y). Operating margin n/m, net loss $72.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$3.8M
Year over year252×
Operating marginn/m
Net earnings−$72.9M
Operating cash flow−$70.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $3.8M in Q2 2026, up 25107% year over year and up 24% from the previous quarter.

Operating costs exceeded revenue by $77.0M, an operating margin of -2037.2%. Total costs grew 36% against revenue growth of 25107%. The fastest-growing cost line was Research & development (+42%). The quarter ended with a net loss of $72.9M, wider than the previous quarter's $68.8M loss.

Operating cash flow was −$70.0M. Non-cash charges added back $1.3M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items used $4.2M.

Quarterly history

4D Molecular Therapeutics revenue by quarter4D Molecular Therapeutics revenue by quarter$1KQ4 2024$14KQ1 2025$15KQ2 2025$90KQ3 2025$85.1MQ4 2025$3.0MQ1 2026$3.8MQ2 2026
4D Molecular Therapeutics net earnings by quarter4D Molecular Therapeutics net earnings by quarter−$49.7MQ4 2024−$48.0MQ1 2025−$54.7MQ2 2025−$56.9MQ3 2025$19.4MQ4 2025−$68.8MQ1 2026−$72.9MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$3.8M252×n/m−$72.9M−$70.0M
Q1 202610-QMay 7, 2026$3.0M218×n/m−$68.8M−$68.1M
Q4 202510-KMar 18, 2026$85.1M85,090×17.3%$19.4M$28.6M
Q3 202510-QNov 10, 2025$90K30×n/m−$56.9M−$46.5M
Q2 202510-QAug 11, 2025$15K+200%n/m−$54.7M−$43.4M
Q1 202510-QMay 8, 2025$14K-50%n/m−$48.0M−$47.8M
Q4 202410-KFeb 28, 2025$1K—n/m−$49.7M−$45.9M

Charts

4D Molecular Therapeutics: revenue growth, year over year and quarter over quarter4D Molecular Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q-50%+400%Q1 2025+200%+7%Q2 2025+400%+400%Q3 2025+400%+400%Q4 2025+400%-96%Q1 2026+400%+24%Q2 2026
Latest (Q2 2026): Y/Y +400%, Q/Q +24%.
4D Molecular Therapeutics: where the cash came from (+) and went (−), TTM to Q2 20264D Molecular Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$166MOperating cash flow−$156MOther investing−$16.7MCash drawn (+) / kept (−)$6.8MCapital spending$106K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
4D Molecular Therapeutics: profit against cash, quarter by quarter4D Molecular Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$43.8M−$29.4MQ3 2024−$49.7M−$45.9MQ4 2024−$48.0M−$47.8MQ1 2025−$54.7M−$43.4MQ2 2025−$56.9M−$46.5MQ3 2025$19.4M$28.6MQ4 2025−$68.8M−$68.1MQ1 2026−$72.9M−$70.0MQ2 2026
Latest (Q2 2026): Net income −$72.9M, Operating cash flow −$70.0M.
4D Molecular Therapeutics: diluted shares by fiscal year (split-adjusted)4D Molecular Therapeutics: diluted shares by fiscal year (split-adjusted)26MFY202028MFY202132MFY202239MFY202354MFY202458MFY2025
+125.2% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2021.
4D Molecular Therapeutics in its industry: growth against margin (76 companies, SIC 2836)4D Molecular Therapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSFDMT (+300%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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4D Molecular Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 252× against the peers' median +29%.

CompanyQuarterRevenueY/YOp. margin
FDMT 4D Molecular TherapeuticsQ2 2026$3.8M252×n/m
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: 4D Molecular Therapeutics 10-Q on SEC EDGAR · CIK 1650648 · Biological Products, (No Diagnostic Substances)

13F: who owns FDMT and who is buying

Largest holders of FDMT (13F)Largest holders of FDMT (13F)Jupiter Topco LLC$76.5MRA Capital Management, L.P.$67.2MBlackRock$60.5MGoldman Sachs Group$56.6MJanus Henderson Group$48.9MNovo Holdings A/S$43.2MState Street$38.7MBVF$38.3MT. Rowe Price Investment Manageme…$33.4MAdage Capital Partners GP, L.L.C.$29.9M
Funds' net buying of FDMT by quarter (13F)Funds' net buying of FDMT by quarter (13F)−$8.5M2024-09−$68.6M2024-12−$6.4M2025-03−$9.5M2025-06−$5.3M2025-09$106M2025-12−$26.4M2026-03$92.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FDMT

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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