4D Molecular Therapeutics, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data 4D Molecular Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
6.99
13.6
18
3.13
20.7
0.04
85.2
Research and development
38.7
53
61.4
80.3
97.1
141
196
General and administrative
13.9
17.2
28
32.9
36.5
46.6
49.1
Operating expenses
57.8
70.3
89.4
113
134
188
245
Operating income
-50.8
-56.7
-71.3
-110
-113
-188
-160
Interest income
1.5
0.15
0.14
2.57
12.2
27.1
19.5
Other non-operating income
1.46
-0.03
0.02
2.54
12
27
19.4
Income tax
0
0
0
0
0
0
Net income
-49.3
-56.7
-71.3
-107
-101
-161
-140
EBITDA
-49.8
-55.2
-69.8
-108
-109
-183
-155
EPS, basic
-9.59
-8.82
-2.57
-3.32
-2.58
-2.98
-2.42
EPS, diluted
-9.59
-8.82
-2.57
-3.32
-2.58
-2.98
-2.42
Shares, basic (weighted)
5.14
6.43
27.7
32.4
39.1
53.9
57.9
Shares, diluted (weighted)
5.14
6.43
27.7
32.4
39.1
53.9
57.9
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
49.7
277
153
52.4
249
149
60.2
Short-term investments
0
94.8
161
39.1
276
342
Receivables
0.98
1.49
0.05
0
Other current assets
1.88
4.44
8.46
6.96
8.36
10.1
10.5
Total current assets
52.5
283
256
221
297
435
413
Property, plant and equipment
5.05
5.07
14.4
22.3
20.1
19.5
14.9
Lease right-of-use assets
0
14.6
13.1
11.5
21.1
18.1
Long-term investments
0
67.7
4.91
11
80.6
111
Other non-current assets
0.68
0.6
0.6
1.08
0.68
4.26
9.19
Total assets
58.2
288
353
262
340
560
567
Accounts payable
1.74
1.79
4.76
3.32
3.52
4.39
11.2
Accrued liabilities
2.13
8.37
7.74
8.87
12
18.9
26.9
Deferred revenue
5.86
6.59
2.6
0.88
0.27
0.26
0.36
Total current liabilities
13
16.7
16.3
15.7
19
29.1
44
Long-term debt
0
Lease liabilities
0
15.2
13.5
11.5
19
15.8
Other non-current liabilities
1.57
1.85
0.12
0.02
0.25
0.19
0.14
Total liabilities
28.2
31.9
34.4
30.5
32.1
49.8
61
Total debt
0
Paid-in capital
6.05
392
527
547
723
1,087
1,221
Retained earnings
-79
-136
-207
-314
-415
-576
-716
Other comprehensive income
0
-0.42
-1.2
0.02
0.23
0.73
Shareholders' equity
-73
256
319
231
308
511
506
Total equity
-73
256
319
231
308
511
506
Total liabilities and equity
58.2
288
353
262
340
560
567
Shares outstanding
5.18
26.7
32.2
32.6
43.1
45.8
57.6
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-49.3
-56.7
-71.3
-107
-101
-161
-140
Depreciation and amortization
1
1.44
1.52
2.4
4.2
4.65
4.69
Stock-based compensation
3.54
4.98
13.8
17.1
19.7
26.1
22
Change in receivables
0.15
-0.51
1.44
0.05
0
Change in payables
0.53
0.04
2.29
-1.64
0.9
0.87
6.77
Cash from operations
-36.7
-50.9
-69.1
-86.7
-75.8
-135
-109
Capital expenditures
-3.2
-1
-9.11
-11.5
-2.77
-3.79
-0.54
Purchases of investments
0
-169
-153
-54.8
-468
-443
Sales and maturities of investments
0
5
148
173
169
350
Cash from investing
-3.2
-1
-173
-17.1
116
-302
-93
Stock issued
0.08
206
114
0
Cash from financing
-2.2
279
118
3.09
157
337
113
Net change in cash
-42.1
227
-124
-101
197
-99.8
-89.1
Free cash flow
-39.9
-51.9
-78.2
-98.2
-78.6
-138
-110
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.47 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-214.2%
Operating income / revenue.
EBITDA margin
-208.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-194.7%
Net income / revenue.
Operating cash flow margin
-169.6%
Cash from operations / revenue.
Return on equity (ROE)
-44.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.4%
Net income / average total assets.
Return on invested capital (ROIC)
-43.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
261.2%
Research and development expense / revenue.
Stock-based pay / revenue
22.2%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
5.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
230,195.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
200.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
44.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-1.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
29.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
14.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
1.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
29.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
14.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
7.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
21.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
55.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.03x
Current assets / current liabilities.
Quick ratio
7.58x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.58x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.05x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
4.0%
Total debt / total assets.
Liabilities / assets
17.2%
Total liabilities / total assets.
Net debt
-$341.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.31
Revenue / diluted weighted shares.
Operating cash flow per share
-$2.22
Cash from operations / diluted weighted shares.
Book value per share
$7.38
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
8.69x
Market cap / revenue.
P/B
1.96x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.96x
Market cap / tangible book value, when positive.
EV/Sales
4.97x
Enterprise value / revenue.
Earnings yield
-22.4%
Net income / market cap (the inverse of P/E).
What was 4D Molecular Therapeutics, Inc.'s revenue in fiscal 2025?
4D Molecular Therapeutics, Inc. reported revenue of $85.2M for fiscal 2025, 230,194.6% higher than the year before.
Was 4D Molecular Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $140.1M.
How much free cash flow did 4D Molecular Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $109.1M minus capital expenditures of $536.0K left free cash flow of -$109.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.