Free cash flow is persistently negative, averaging over -$40M per quarter, with the sole positive quarter in Q4 2025 directly tied to a large milestone payment, highlighting the cash burn's dependence on non-recurring events.
4D Molecular Therapeutics, Inc. (FDMT) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -156.07M | -109.08M | -134.59M | -75.79M | -86.69M | -69.13M | -50.91M | -36.71M | -16.25M | 8.24M |
| Operating CF Margin % | - | -128.02% | -363743.24% | -365.74% | -2770.37% | -383.27% | -374% | -525.49% | -115.02% | 142.26% |
| Operating CF Growth % | 0.03% | 18.95% | -77.57% | 12.57% | -25.39% | -35.8% | -38.68% | -125.89% | -297.3% | - |
| Net Income | -179.18M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Depreciation & Amortization | 8.13M | 7.63M | 6.71M | 5.75M | 3.88M | 3.02M | 1.44M | 1M | 697K | 626K |
| Stock-Based Compensation | 20.41M | 22.02M | 26.12M | 19.66M | 17.12M | 13.8M | 4.98M | 3.54M | 1.38M | 256K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.86M | -4.79M | -7.08M | -999K | 1.14M | 898K | 69K | 7.79M | 2K | 39K |
| Working Capital Changes | -575K | 6.17M | 537K | 630K | -1.34M | -15.53M | -712K | 259K | -8.78M | 18.54M |
| Change in Receivables | 0 | 0 | 0 | 0 | 47K | 1.44M | -508K | 146K | -803K | -320K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -4.54M | 0 | 0 | 175K | -53K |
| Change in Payables | 1.93M | 6.77M | 871K | 896K | -1.64M | 2.29M | 43K | 533K | 438K | -114K |
| Cash from Investing | -16.64M | -92.97M | -302.44M | 115.72M | -17.05M | -172.68M | -1M | -3.2M | -414K | 7.67M |
| Capital Expenditures | -650K | -536K | -3.79M | -2.77M | -11.54M | -9.11M | -1M | -3.2M | -414K | -573K |
| CapEx % of Revenue | 0.71% | 0.63% | 10232.43% | 13.37% | 368.68% | 50.5% | 7.35% | 45.85% | 2.93% | 9.9% |
| Acquisitions | 11K | 0 | 0 | 0 | 0 | 9.11M | 0 | 0 | 0 | 24K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 745K | 0 | 0 | 0 | 0 | -9.11M | 0 | 0 | 0 | 24K |
| Cash from Financing | 165.92M | 112.96M | 337.25M | 156.83M | 3.08M | 118.09M | 278.98M | -2.19M | 84.58M | 16K |
| Debt Issued (Net) | 19.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 146.66M | 112.96M | 331.41M | 156.83M | 3.08M | 114.3M | 278.13M | -2.19M | 0 | 16K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 5.84M | 0 | 0 | 3.79M | 857K | 0 | 84.58M | 0 |
| Net Change in Cash | -6.79M | -89.09M | -99.77M | 196.76M | -100.65M | -123.72M | 227.07M | -42.11M | 67.91M | 15.93M |
| Free Cash Flow | -156.67M | -109.08M | -138.37M | -78.56M | -98.22M | -78.24M | -51.91M | -39.91M | -16.67M | 7.66M |
| FCF Margin % | -170.27% | -128.02% | -373975.68% | -379.11% | -3139.05% | -433.77% | -381.35% | -571.34% | -117.95% | 132.37% |
| FCF Growth % | 7.74% | 21.17% | -76.13% | 20.01% | -25.53% | -50.73% | -30.05% | -139.49% | -317.46% | - |
| FCF per Share | -2.23 | -1.88 | -2.57 | -2.01 | -3.04 | -2.82 | -1.95 | -1.51 | -1.33 | 0.52 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.78x | 0.84x | 0.75x | 0.81x | 0.97x | 0.90x | 0.74x | 1.70x | -0.73x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FDMT stock.
4D Molecular Therapeutics, Inc. (FDMT) generated $-109.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
4D Molecular Therapeutics, Inc. (FDMT) reported negative free cash flow of $109.1M in 2025, indicating capital requirements exceeded cash from operations.
4D Molecular Therapeutics, Inc. (FDMT) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cash runway dependent on milestones
Metrics are mathematically derived from official filings.
Cash Burn Mirrors Net Loss
Operating cash flow has consistently tracked net income, with an OCF/NI ratio near 1.0 in recent quarters, indicating that the reported losses are a direct reflection of cash consumption with minimal non-cash adjustments impacting the core burn rate.
The tight correlation between net loss and operating cash outflow, as seen in the 0.96 ratio for Q2 2026, suggests that the company's accounting earnings are a reliable proxy for its cash burn. This lack of divergence implies that the heavy R&D and G&A expenses are being paid in cash, with stock-based compensation being the primary non-cash add-back. For a clinical-stage company, this direct translation of losses to cash use underscores the urgency of achieving clinical or partnership milestones to fund operations.
FCF Trajectory Tied to Milestone Receipts
Free cash flow is persistently negative, averaging over -$40M per quarter, with the sole positive quarter (Q4 2025) directly coinciding with a large milestone payment that temporarily reversed the burn trend.
The FCF trajectory reveals a company in a sustained cash consumption phase, with the Q4 2025 positive FCF of $27.9M appearing as an anomaly driven by a lump-sum cash inflow rather than operational improvement. The subsequent return to deep negative FCF in 2026 confirms that the underlying business model is not yet self-sustaining. This pattern indicates that FDMT's cash flow profile will remain volatile and event-driven until it secures a commercial product or a larger, more recurring partnership structure.
Working Capital Swings Amplify Volatility
Working capital changes have been erratic, swinging from a $8.5M source in Q3 2024 to a $7.2M use in Q1 2025, which adds noise to the operating cash flow and complicates the assessment of underlying cash generation.
The significant volatility in working capital, such as the -$688K change in Q2 2024 followed by a +$8.5M swing in Q3 2024, suggests that receivables and payables are heavily influenced by the timing of large milestone payments and associated vendor settlements. This lumpiness in working capital can temporarily mask or exaggerate the core operating cash burn, making it essential for analysts to focus on the longer-term trend of net cash outflows rather than quarter-to-quarter fluctuations.
Capital Preserved for Clinical Execution
Capital deployment is minimal, with no dividends or buybacks and negligible CapEx, indicating that all available cash is being directed toward funding the clinical pipeline and general operations.
The absence of shareholder returns and the very low capital expenditure (typically under 5% of revenue) confirm that FDMT is in a pure investment phase. The strategic review mentioned in recent context suggests management may be evaluating options to monetize assets or form new partnerships, but the current cash flow statement shows no evidence of such transactions. This conservative deployment strategy is appropriate for a clinical-stage firm but leaves the company entirely dependent on its ability to raise external capital or achieve material milestones.
Cash Flow Obscures True Burn Rate
The reported operating cash flow includes approximately $5-6M per quarter in non-cash stock-based compensation, which means the actual cash used in operations is lower than the net loss suggests, but this adjustment does not change the fundamental trajectory of depletion.
While SBC is added back to calculate operating cash flow, it represents a real economic cost to shareholders through dilution. More critically, the cash flow statement does not capture the full economic cost of the company's clinical trials, as some expenses may be capitalized or deferred. The strategic review could lead to asset sales or restructuring that would create one-time cash inflows not visible in historical trends, making forward projections highly uncertain.