The company's financial position is increasingly vulnerable, with total assets contracting from $629.9 million in 2024Q1 to $512.9 million by 2026Q1 as accumulated deficits reach $785.1 million.
| Total Current Assets | 405.36M | 413.13M | 434.93M | 296.59M | 220.51M | 256.28M | 282.66M | 52.51M | 94.07M | 24.5M |
| Cash & Short-Term Investments | 390.89M | 402.65M | 424.88M | 288.23M | 213.55M | 247.78M | 276.73M | 49.65M | 91.76M | 23.85M |
| Cash Only | 72.49M | 60.24M | 149.34M | 249.11M | 52.35M | 153M | 276.73M | 49.65M | 91.76M | 23.85M |
| Short-Term Investments | 318.4M | 342.41M | 275.54M | 39.12M | 161.2M | 94.78M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 700K | 47K | 1.49M | 978K | 1.12M | 321K |
| Days Sales Outstanding | - | - | - | - | 81.66 | 0.95 | 39.85 | 51.1 | 29.03 | 20.24 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 14.47M | 10.48M | 10.05M | 8.36M | 6.26M | 0 | 4.44M | 0 | 0 | 0 |
| Total Non-Current Assets | 107.54M | 153.58M | 125.45M | 43.3M | 41.34M | 97.21M | 5.67M | 5.73M | 2.9M | 2.82M |
| Property, Plant & Equipment | 30.94M | 33.01M | 40.61M | 31.66M | 35.35M | 28.95M | 5.07M | 5.05M | 2.47M | 2.72M |
| Fixed Asset Turnover | 2.59x | 2.58x | 0.00x | 0.65x | 0.09x | 0.62x | 2.68x | 1.38x | 5.72x | 2.13x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 302.35M | 0 | 80.58M | 10.95M | 4.91M | 67.65M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 76.6M | 120.57M | 4.26M | 684K | 1.08M | 602K | 602K | 677K | 429K | 105K |
| Total Assets | 512.9M | 566.71M | 560.38M | 339.89M | 261.85M | 353.49M | 288.33M | 58.23M | 96.97M | 27.32M |
| Asset Turnover | 0.18x | 0.15x | 0.00x | 0.06x | 0.01x | 0.05x | 0.05x | 0.12x | 0.15x | 0.21x |
| Asset Growth % | -52.85% | 1.13% | 64.87% | 29.81% | -25.92% | 22.6% | 395.12% | -39.95% | 254.94% | - |
| Total Current Liabilities | 43.4M | 43.98M | 29.15M | 18.95M | 15.73M | 16.34M | 16.74M | 12.96M | 8.05M | 5.91M |
| Accounts Payable | 14.69M | 11.16M | 4.39M | 3.52M | 3.32M | 4.76M | 1.79M | 1.74M | 954K | 460K |
| Days Payables Outstanding | 38.09 | 534.17 | - | 13.21 | 15.11 | 28.34 | 12.3 | 16.44 | 18.96 | 12.37 |
| Short-Term Debt | 5.49M | 5.59M | 0 | 0 | 2.65M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.15M | 360K | 257K | 273K | 884K | 2.6M | 6.59M | 5.86M | 4.91M | 4.38M |
| Other Current Liabilities | 22.87M | 26.87M | 0 | 3.87M | 3.18M | 0 | 0 | 0 | 0 | 279K |
| Current Ratio | 9.34x | 9.39x | 14.92x | 15.65x | 14.02x | 15.69x | 16.88x | 4.05x | 11.68x | 4.15x |
| Quick Ratio | 9.34x | 9.39x | 14.92x | 15.65x | 14.02x | 15.69x | 16.88x | 4.05x | 11.68x | 4.15x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 17.66M | 17.06M | 20.63M | 13.11M | 14.78M | 18.04M | 15.2M | 118.25M | 116.5M | 41M |
| Long-Term Debt | 15.05M | 15.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 49.74M | 0 | 18.97M | 11.52M | 13.47M | 15.22M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.62M | 496K | 603K | 617K | 233K | 334K | 1.97M | 104.65M | 103.43M | 18.81M |
| Total Liabilities | 61.07M | 61.05M | 49.78M | 32.06M | 30.51M | 34.38M | 31.94M | 131.2M | 124.56M | 46.91M |
| Total Debt | 20.54M | 21.41M | 24.61M | 14.67M | 16.12M | 16.45M | 0 | 0 | 0 | 0 |
| Net Debt | -51.95M | -38.83M | -124.73M | -234.44M | -36.23M | -136.55M | -276.73M | -49.65M | -91.76M | -23.85M |
| Debt / Equity | 0.05x | 0.04x | 0.05x | 0.05x | 0.07x | 0.05x | - | - | - | - |
| Debt / EBITDA | -0.11x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.29x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 451.84M | 505.66M | 510.61M | 307.83M | 231.34M | 319.11M | 256.39M | -72.97M | -27.59M | -19.59M |
| Equity Growth % | -66.51% | -0.97% | 65.87% | 33.07% | -27.5% | 24.46% | 451.36% | -164.51% | -40.82% | - |
| Book Value per Share | 6.64 | 8.73 | 9.47 | 7.87 | 7.15 | 11.51 | 9.61 | -2.75 | -2.20 | -1.32 |
| Total Shareholders' Equity | 451.84M | 505.66M | 510.61M | 307.83M | 231.34M | 319.11M | 256.39M | -72.97M | -27.59M | -19.59M |
| Common Stock | 5K | 6K | 5K | 4K | 3K | 3K | 3K | 1K | 1K | 1K |
| Retained Earnings | -785.06M | -716.3M | -576.2M | -415.33M | -314.49M | -207M | -135.68M | -79.03M | -30.03M | -20.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -180K | 727K | 229K | 16K | -1.2M | -423K | -288.33M | -102.98M | -102.98M | -18.51M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapidly depleting cash runway
According to recent financial filings, FDMT's total assets have contracted from $629.9 million in 2024Q1 to $512.9 million by 2026Q1, reflecting a consistent downward trend in the company's resource base as it funds intensive clinical development programs without a sustainable, recurring revenue stream to replenish capital.
The steady decline in total assets suggests that the company is consuming its capital base to sustain R&D activities, which may limit future strategic flexibility. Investors should monitor whether this trajectory necessitates further dilutive financing to maintain the current pace of clinical trial enrollment.
Based on reported figures, the company's cash and equivalents have plummeted from a peak of $275.6 million in 2024Q1 to just $72.5 million as of 2026Q1, indicating a rapid consumption of liquidity that leaves the firm with a narrowing buffer against ongoing operational cash requirements.
While the current ratio remains elevated at 9.34, this metric is somewhat misleading given the high burn rate associated with late-stage clinical trials. The rapid depletion of cash reserves suggests that the company may face a liquidity inflection point in the near term, potentially forcing management to seek additional capital.
As reported in financial statements, FDMT's retained earnings have deteriorated significantly to a deficit of $785.1 million by 2026Q1, highlighting the substantial cumulative cost of the company's R&D-heavy business model and the lack of profitable operations to date.
The persistent growth of the accumulated deficit underscores the high-risk nature of the company's platform-based development strategy. This trend warrants further investigation into how management intends to achieve a transition toward positive equity growth without relying solely on external capital injections.
Based on an analysis of the balance sheet, the company's reliance on minimal debt, with a D/E ratio of 0.05, masks the underlying risk that the firm lacks the debt-servicing capacity to leverage its balance sheet, making it entirely dependent on equity markets for future survival.
The low debt level appears to be a necessity of the company's pre-commercial status rather than a strategic choice, as the lack of stable cash flows precludes traditional debt financing. This structural limitation forces the company to bear the full brunt of clinical failure risk through equity dilution.
Quick answers to the most common questions about buying FDMT stock.
As of 2025, 4D Molecular Therapeutics, Inc. (FDMT) had total assets of $566.7M including $413.1M in current assets.
4D Molecular Therapeutics, Inc. (FDMT) carries total debt of $21.4M, offset by $402.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
4D Molecular Therapeutics, Inc. (FDMT) has total shareholders' equity (book value) of $505.7M ($8.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
4D Molecular Therapeutics, Inc. (FDMT) reported a current ratio of 9.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.