4D Molecular Therapeutics | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 90 K

Revenue: As of FY2025 Q3, the actual value is USD 90 K, missing the estimate of USD 403 K.

EPS: As of FY2025 Q3, the actual value is USD -1.01, missing the estimate of USD -0.9917.

EBIT: As of FY2025 Q3, the actual value is USD -65.52 M.

Segment Revenue

• Collaboration and License Revenue: For the three months ended September 30, 2025, revenue was $90,000, compared to $3,000 for the same period in 2024. For the nine months ended September 30, 2025, revenue was $119,000, compared to $36,000 for the same period in 2024.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025 was -$56.9 million, compared to -$43.8 million for the same period in 2024.
• Research and Development Expenses: R&D expenses for the three months ended September 30, 2025 were $49.4 million, up from $38.5 million in 2024, primarily due to increased clinical trial activity.
• General and Administrative Expenses: G&A expenses decreased to $11.8 million for the three months ended September 30, 2025 from $12.7 million in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was -$137.6 million, compared to -$88.7 million for the same period in 2024.
• Net Cash Provided by Investing Activities: Net cash provided by investing activities was $35.9 million for the nine months ended September 30, 2025, compared to net cash used of -$309.5 million in 2024.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities was $978,000 for the nine months ended September 30, 2025, compared to $336.6 million in 2024.

Future Outlook and Strategy

• Core Business Focus: The company is prioritizing the development of 4D-150 and 4D-710, with strategic pipeline prioritization implemented in January 2025.
• Non-Core Business: The company is seeking strategic alternatives, including potential partnering, for other clinical stage product candidates such as 4D-175 and 4D-725.
• Restructuring: A workforce reduction of approximately 25% was announced in July 2025 to focus on the development of 4D-150 and 4D-710, expected to provide annual cash compensation cost savings of approximately $15 million.

Additional Notes

• The company has incurred significant losses and negative cash flows from operations, with an accumulated deficit of $735.7 million as of September 30, 2025.
• The company believes its cash, cash equivalents, and marketable securities are sufficient to fund planned operations for at least one year from the issuance date of the financial statements.