Revenue volatility remains extreme, evidenced by an 85,089% year-over-year growth spike in 2025Q4 that obscures the underlying lack of recurring commercial product sales.
| Sales/Revenue | 88.24M | 85.21M | 37K | 20.72M | 3.13M | 18.04M | 13.61M | 6.99M | 14.13M | 5.79M |
| Revenue Growth % | 383560.87% | 230194.59% | -99.82% | 562.29% | -82.65% | 32.52% | 94.85% | -50.56% | 144.04% | - |
| Cost of Goods Sold | 99.22M | 7.63M | 0 | 97.1M | 80.25M | 61.36M | 53.04M | 38.72M | 18.36M | 13.57M |
| COGS % of Revenue | - | 8.95% | - | 468.54% | 2564.81% | 340.17% | 389.64% | 554.22% | 129.95% | 234.42% |
| Gross Profit | -10.98M | 77.58M | 37K | -76.37M | -77.12M | -43.32M | -39.43M | -31.73M | -4.23M | -7.78M |
| Gross Margin % | -12.45% | 91.05% | 100% | -368.54% | -2464.81% | -240.17% | -289.64% | -454.22% | -29.95% | -134.42% |
| Gross Profit Growth % | - | 209586.49% | 100.05% | 0.97% | -78.03% | -9.88% | -24.25% | -649.81% | 45.63% | - |
| Operating Expenses | 168.56M | 237.13M | 187.88M | 36.49M | 32.91M | 28.01M | 17.24M | 19.03M | 24.53M | 17.06M |
| OpEx % of Revenue | - | 278.29% | 507778.38% | 176.1% | 1051.71% | 155.29% | 126.64% | 272.43% | 173.6% | 294.68% |
| Selling, General & Admin | 47.81M | 49.06M | 46.58M | 36.49M | 32.91M | 28.01M | 17.24M | 13.89M | 6.17M | 3.49M |
| SG&A % of Revenue | - | 57.58% | 125889.19% | 176.1% | 1051.71% | 155.29% | 126.64% | 198.9% | 43.64% | 60.26% |
| Research & Development | 219.98M | 195.7M | 141.3M | 97.1M | 80.25M | 61.36M | 53.04M | 43.85M | 18.36M | 13.57M |
| R&D % of Revenue | - | 229.67% | 381889.19% | 468.54% | 2564.81% | 340.17% | 389.64% | 627.76% | 129.95% | 234.42% |
| Other Operating Expenses | -4M | -7.63M | 0 | -97.1M | -80.25M | -61.36M | -53.04M | -38.72M | -2K | -40K |
| Operating Income | -179.55M | -159.55M | -187.84M | -112.87M | -110.03M | -71.33M | -56.66M | -50.76M | -10.4M | -11.27M |
| Operating Margin % | -203.47% | -187.24% | -507678.38% | -544.65% | -3516.52% | -395.46% | -416.28% | -726.65% | -73.6% | -194.68% |
| Operating Income Growth % | - | 15.06% | -66.43% | -2.58% | -54.25% | -25.89% | -11.62% | -388.16% | 7.74% | - |
| EBITDA | -179.25M | -151.92M | -181.14M | -108.66M | -107.63M | -69.81M | -55.22M | -49.76M | -9.7M | -10.65M |
| EBITDA Margin % | -203.13% | -178.29% | -489556.76% | -524.36% | -3439.73% | -387.02% | -405.68% | -712.28% | -68.66% | -183.87% |
| EBITDA Growth % | 11.96% | 16.13% | -66.7% | -0.96% | -54.17% | -26.42% | -10.97% | -412.88% | 8.87% | - |
| D&A (Non-Cash Add-back) | 301K | 7.63M | 6.71M | 4.2M | 2.4M | 1.52M | 1.44M | 1M | 697K | 626K |
| EBIT | -179.55M | -159.55M | -187.84M | -112.87M | -110.03M | -71.33M | -56.66M | -45.63M | -10.4M | -11.27M |
| Net Interest Income | 18.76M | 19.48M | 27.05M | 12.21M | 2.57M | 137K | 152K | 1.5M | 850K | 89K |
| Interest Income | 18.76M | 19.48M | 27.05M | 12.21M | 2.57M | 137K | 152K | 1.5M | 850K | 89K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 18.65M | 19.44M | 26.97M | 12.03M | 2.54M | 16K | -29K | 1.46M | 848K | 49K |
| Pretax Income | -160.9M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Pretax Margin % | -182.34% | -164.43% | -434778.38% | -486.59% | -3435.41% | -395.37% | -416.49% | -705.78% | -67.59% | -193.83% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -89K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.79% |
| Net Income | -160.9M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Net Margin % | -182.34% | -164.43% | -434778.38% | -486.59% | -3435.41% | -395.37% | -416.49% | -705.78% | -67.59% | -193.83% |
| Net Income Growth % | 8.81% | 12.9% | -59.53% | 6.19% | -50.73% | -25.8% | -14.98% | -416.24% | 14.9% | - |
| Net Income (Continuing) | -160.9M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.36 | -2.42 | -2.98 | -2.58 | -3.12 | -2.46 | -2.12 | -2.00 | -0.76 | -0.76 |
| EPS Growth % | 16.35% | 18.79% | -15.5% | 17.31% | -26.83% | -16.04% | -6% | -163.16% | 0% | - |
| EPS (Basic) | - | -2.42 | -2.98 | -2.58 | -3.12 | -2.46 | -2.12 | -2.00 | -0.76 | -0.76 |
| Diluted Shares Outstanding | 68.06M | 57.93M | 53.94M | 39.13M | 32.35M | 27.73M | 26.68M | 26.49M | 12.52M | 14.84M |
| Basic Shares Outstanding | 68.06M | 57.93M | 53.94M | 39.13M | 32.35M | 27.73M | 26.68M | 26.49M | 12.52M | 14.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Binary clinical milestone dependence
As indicated by the company's financial filings, FDMT's revenue trajectory is characterized by extreme, non-recurring spikes, such as the 85,089% year-over-year growth observed in 2025Q4, which obscures the reality that the firm lacks a sustainable, recurring commercial revenue stream from its gene therapy pipeline.
The massive revenue fluctuations are entirely driven by milestone payments rather than operational scaling. Investors should interpret these figures as one-time liquidity events rather than indicators of product-market fit or long-term growth durability.
Based on reported income statements, FDMT's cost structure is dominated by persistent R&D expenditures, which reached $65.0 million in 2026Q1, reflecting the high capital intensity required to advance synthetic capsid platforms through late-stage clinical trials without the benefit of offsetting commercial product sales.
The company's expense discipline appears secondary to the necessity of funding its multi-indication pipeline. This heavy reliance on R&D spending suggests that the firm remains in a high-burn phase where operational efficiency is secondary to clinical progression.
According to recent SEC filings, the company's net income profile is highly erratic, swinging from a $19.4 million profit in 2025Q4 to a $68.8 million loss in 2026Q1, demonstrating that reported earnings are currently a function of accounting recognition timing rather than core operational profitability.
The volatility in EPS highlights the risks of relying on milestone-based revenue models for valuation. Analysts should look past these quarterly swings to focus on the underlying cash burn rate, which remains the most critical metric for assessing the company's long-term viability.
As reported in financial statements, the company's reliance on sporadic collaboration payments creates a precarious financial position, as the lack of a commercial product leaves the firm vulnerable to significant liquidity gaps if clinical milestones are delayed or if partnership agreements fail to materialize as expected.
Short-term revenue spikes may provide a false sense of security regarding the company's financial health. The absence of a predictable revenue run rate suggests that the current business model may require frequent, dilutive capital raises to sustain operations until a product reaches the market.
Quick answers to the most common questions about buying FDMT stock.
For fiscal year 2025, 4D Molecular Therapeutics, Inc. (FDMT) reported total revenue of $85.2M. This represents a 1371.7% increase compared to $5.8M in 2017.
4D Molecular Therapeutics, Inc. (FDMT) reported a net loss of $140.1M for the fiscal year ending 2025.
4D Molecular Therapeutics, Inc. (FDMT) reported an operating income of $-159.5M, resulting in an operating profit margin of -187.2%. This margin reflects the operational efficiency of the business before interest and taxes.
4D Molecular Therapeutics, Inc. (FDMT) generated $77.6M in gross profit for the year, representing a gross profit margin of 91.1%. This demonstrates the company's core pricing power and production efficiency.