Revenue is highly volatile and milestone-dependent, exemplified by a 251.1% YoY surge in Q2 2026, while R&D expenses consistently exceed 100% of revenue, resulting in operating margins of -20.4%.
4D Molecular Therapeutics, Inc. (FDMT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 92.01M | 85.21M | 37K | 20.72M | 3.13M | 18.04M | 13.61M | 6.99M | 14.13M | 5.79M |
| Revenue Growth % | 278712.12% | - | -99.82% | 562.29% | -82.65% | 32.52% | 94.85% | -50.56% | 144.04% | - |
| Cost of Goods Sold | 53.36M | 7.63M | 141.3M | 97.1M | 80.25M | 61.36M | 53.04M | 38.72M | 18.36M | 13.57M |
| COGS % of Revenue | - | 8.95% | 381889.19% | 468.54% | 2564.81% | 340.17% | 389.64% | 554.22% | 129.95% | 234.42% |
| Gross Profit | 38.65M | 77.58M | -141.26M | -76.37M | -77.12M | -43.32M | -39.43M | -31.73M | -4.23M | -7.78M |
| Gross Margin % | 42% | 91.05% | -381789.19% | -368.54% | -2464.81% | -240.17% | -289.64% | -454.22% | -29.95% | -134.42% |
| Gross Profit Growth % | - | 154.92% | -84.96% | 0.97% | -78.03% | -9.88% | -24.25% | -649.81% | 45.63% | - |
| Operating Expenses | 235.76M | 237.13M | 46.58M | 36.49M | 32.91M | 28.01M | 17.24M | 19.03M | 24.53M | 17.06M |
| OpEx % of Revenue | - | 278.29% | 125889.19% | 176.1% | 1051.71% | 155.29% | 126.64% | 272.43% | 173.6% | 294.68% |
| Selling, General & Admin | 48.81M | 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 | 240.31M | 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 | -141.3M | -97.1M | -80.25M | -61.36M | -53.04M | -38.72M | -2K | -40K |
| Operating Income | -197.12M | -159.55M | -187.84M | -112.87M | -110.03M | -71.33M | -56.66M | -50.76M | -10.4M | -11.27M |
| Operating Margin % | -214.24% | -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 | -188.99M | -151.92M | -181.14M | -107.12M | -106.15M | -68.31M | -55.22M | -49.76M | -9.7M | -10.65M |
| EBITDA Margin % | -205.4% | -178.29% | -489556.76% | -516.9% | -3392.52% | -378.72% | -405.68% | -712.28% | -68.66% | -183.87% |
| EBITDA Growth % | 11.36% | 16.13% | -69.1% | -0.91% | -55.39% | -23.71% | -10.97% | -412.88% | 8.87% | - |
| D&A (Non-Cash Add-back) | 8.13M | 7.63M | 6.71M | 5.75M | 3.88M | 3.02M | 1.44M | 1M | 697K | 626K |
| EBIT | -192.09M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.66M | -45.63M | -10.4M | -11.27M |
| Net Interest Income | 18.15M | 19.48M | 27.05M | 12.21M | 2.57M | 137K | 152K | 1.5M | 850K | 89K |
| Interest Income | 18.15M | 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 | 17.94M | 19.44M | 26.97M | 12.03M | 2.54M | 16K | -29K | 1.46M | 848K | 49K |
| Pretax Income | -179.18M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Pretax Margin % | -194.74% | -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 | -179.18M | -140.11M | -160.87M | -100.84M | -107.49M | -71.32M | -56.69M | -49.31M | -9.55M | -11.22M |
| Net Margin % | -194.74% | -164.43% | -434778.38% | -486.59% | -3435.41% | -395.37% | -416.49% | -705.78% | -67.59% | -193.83% |
| Net Income Growth % | 8.65% | 12.9% | -59.53% | 6.19% | -50.73% | -25.8% | -14.98% | -416.24% | 14.9% | - |
| Net Income (Continuing) | -179.18M | -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) | -2.55 | -2.42 | -2.98 | -2.58 | -3.12 | -2.46 | -2.12 | -2.00 | -0.76 | -0.76 |
| EPS Growth % | 22.95% | 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 | 70.27M | 57.93M | 53.94M | 39.13M | 32.35M | 27.73M | 26.68M | 26.49M | 12.52M | 14.84M |
| Basic Shares Outstanding | 70.27M | 57.93M | 53.94M | 39.13M | 32.35M | 27.73M | 26.68M | 26.49M | 12.52M | 14.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Milestone-dependent revenue and cash burn
Metrics are mathematically derived from official filings.
Revenue Driven by Lumpy Milestones
FDMT's revenue trajectory is defined by extreme volatility, with a massive 251.1% YoY surge in Q2 2026 following a near-total collapse in prior quarters, indicating a complete reliance on non-recurring collaboration milestones rather than sustainable commercial demand.
The reported revenue pattern, swinging from thousands to tens of millions, confirms the business model is entirely project-based and event-driven. This lumpiness makes forward revenue forecasting unreliable and suggests the company's financial performance is dictated by partner decisions and clinical data readouts, not operational scaling.
Gross Margin Distorted by Milestone Accounting
The reported 44.8% gross margin in Q2 2026 is a misleading artifact of milestone-based revenue recognition, as the underlying business model carries a high fixed-cost structure that will likely compress margins significantly upon commercialization.
The gross margin swings from negative thousands of percent to nearly 98% in Q4 2025, demonstrating it is a function of accounting timing, not pricing power or production efficiency. Investors should disregard this metric for long-term modeling, as a transition to commercial manufacturing would introduce substantial variable costs and fundamentally alter the margin profile.
R&D Dominates the Cost Structure
Research and development expenses consistently consume over 100% of revenue, reaching $68.3M in Q2 2026, which underscores the company's singular focus on clinical execution and its heavy reliance on external capital to fund its pipeline.
R&D is the primary cost driver, dwarfing SG&A and indicating that management is prioritizing clinical advancement over commercial infrastructure. The steady increase in R&D spend from $27.9M in Q1 2024 to $68.3M in Q2 2026 suggests an accelerating investment in programs like 4D-150, which will continue to pressure operating margins until a significant partnership or financing event occurs.
Negative Operating Leverage Persists
Operating losses have widened from -$38.1M in Q1 2024 to -$77.0M in Q2 2026, demonstrating a lack of operating leverage as R&D spending scales faster than the volatile, milestone-driven revenue base.
The company's operating margin remains deeply negative, indicating that incremental revenue from milestones is insufficient to offset the rising fixed costs of clinical development. This structural dynamic implies that profitability is not achievable without a dramatic shift in revenue scale or a significant reduction in the pace of R&D investment.
Net Income Masked by Non-Cash Charges
Stock-based compensation of $5.9M in Q2 2026 represents a material non-cash expense that inflates the reported net loss, highlighting the need to adjust earnings to understand the true cash burn rate.
The consistent and significant SBC expense, which has remained in the $4.5M-$7.6M range per quarter, dilutes shareholders and obscures the underlying cash operating loss. Analysts should back out this charge to assess the core burn rate, as it represents a real economic cost to shareholders that is not reflected in the cash flow from operations.
Sustainability of Milestone Revenue is Key Risk
The strongest challenge to FDMT's income statement narrative is the unsustainability of its revenue stream, as the Q4 2025 and Q2 2026 spikes are likely one-time events that mask a core business generating negligible recurring income.
Short-sellers would focus on the fact that without the lumpy milestone payments, the company's revenue is effectively zero, making its valuation entirely dependent on future, uncertain clinical and partnership outcomes. The risk is that the market is pricing in a series of future milestones that may not materialize, especially given the competitive landscape and the binary nature of clinical trial results.