Free cash flow remains deeply negative, highlighted by a $68.1 million outflow in 2026Q1, reflecting the high capital intensity required to sustain clinical development without internal manufacturing scale.
| Cash from Operations | -129.45M | -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 % | 17.97% | 18.95% | -77.57% | 12.57% | -25.39% | -35.8% | -38.68% | -125.89% | -297.3% | - |
| Net Income | -160.9M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Depreciation & Amortization | 7.93M | 7.63M | 6.71M | 5.75M | 3.88M | 3.02M | 1.44M | 1M | 697K | 626K |
| Stock-Based Compensation | 15.03M | 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 | -100K | -4.79M | -7.08M | -999K | 1.14M | 898K | 69K | 7.79M | 2K | 39K |
| Working Capital Changes | 8.59M | 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 | 10.54M | 6.77M | 871K | 896K | -1.64M | 2.29M | 43K | 533K | 438K | -114K |
| Cash from Investing | -56.03M | -92.97M | -302.44M | 115.72M | -17.05M | -172.68M | -1M | -3.2M | -414K | 7.67M |
| Capital Expenditures | -672K | -536K | -3.79M | -2.77M | -11.54M | -9.11M | -1M | -3.2M | -414K | -573K |
| CapEx % of Revenue | 0.76% | 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 | 767K | 0 | 0 | 173.29M | 0 | -9.11M | 0 | 0 | 0 | 24K |
| Cash from Financing | 124.44M | 112.96M | 337.25M | 156.83M | 3.08M | 118.09M | 278.98M | -2.19M | 84.58M | 16K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 124.33M | 112.96M | 331.41M | 148.34M | 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 | 116K | 0 | 5.84M | 8.49M | 0 | 3.79M | 857K | 0 | 84.58M | 0 |
| Net Change in Cash | -68.48M | -89.09M | -99.77M | 196.76M | -100.65M | -123.72M | 227.07M | -42.11M | 67.91M | 15.93M |
| Free Cash Flow | -130.06M | -109.08M | -138.37M | -78.56M | -98.22M | -78.24M | -51.91M | -39.91M | -16.67M | 7.66M |
| FCF Margin % | -147.38% | -128.02% | -373975.68% | -379.11% | -3139.05% | -433.77% | -381.35% | -571.34% | -117.95% | 132.37% |
| FCF Growth % | 17.14% | 21.17% | -76.13% | 20.01% | -25.53% | -50.73% | -30.05% | -139.49% | -317.46% | - |
| FCF per Share | -1.91 | -1.88 | -2.57 | -2.01 | -3.04 | -2.82 | -1.95 | -1.51 | -1.33 | 0.52 |
| FCF Conversion (FCF/Net Income) | 0.81x | 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 |
Binary clinical milestone dependence
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating significantly from 0.67 in 2024Q3 to 1.47 in 2025Q4, underscoring the lack of a predictable, cash-generative core business model at this stage.
The divergence between accounting earnings and cash flow suggests that reported net income is heavily influenced by the timing of non-cash items and milestone recognition rather than operational efficiency. Investors should monitor this volatility, as it indicates that cash conversion is currently a function of contract accounting rather than sustainable product sales.
Based on recent SEC filings, FDMT's free cash flow trajectory remains deeply negative, with the company reporting a $68.1 million outflow in 2026Q1, highlighting the substantial capital requirements necessary to sustain its clinical-stage pipeline in the absence of recurring commercial revenue streams.
The consistent negative FCF margins, which reached extreme levels in 2024, suggest that the company is in a high-intensity investment phase. This trajectory warrants further investigation into how long current cash reserves can support these operational deficits before additional dilutive financing becomes a necessity.
According to the provided cash flow data, capital expenditures remain relatively low and sporadic, with the CapEx/Revenue ratio showing extreme volatility, such as the 949% spike in 2024Q4, which reflects the company's reliance on external partnerships rather than internal manufacturing infrastructure.
The lack of consistent, high-level capital investment suggests that the company is currently prioritizing clinical trial execution over the build-out of commercial-scale production facilities. This strategy appears to minimize immediate capital intensity but may shift the burden of manufacturing costs to future periods if the company successfully transitions to commercialization.
As indicated by the quarterly cash flow data, working capital changes are highly inconsistent, swinging from a $7.2 million outflow in 2025Q1 to a $5.0 million inflow in 2025Q3, which suggests that the company's cash position is sensitive to the timing of milestone-related receivables.
The erratic nature of these working capital shifts implies that the company lacks a stable operational cycle, typical of a firm dependent on lump-sum payments. Analysts should interpret these fluctuations as a reflection of the company's reliance on partner-driven cash inflows rather than a predictable, self-sustaining operational rhythm.
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.