4D Molecular Therapeutics
FDMT on Nasdaq. Biological products, (no diagnostic substances). Market value $166m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-21.56 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$12.56 a share, 80% above its 1-year low
Over the past year the price has ranged from $6.96 to $16.93.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $18m | $3m | $21m | $37,000 | $85m |
| Operating margin | |||||
| Operating margin | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 44.3% a year
- Buying back its own sharesNo, 78% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 million last quarter, up 25107% on a year ago.
- A loss of $73 million, compared with a loss of $55 million a year ago.
- It loses 214 cents on each $1 of sales, compared with 667655 cents a year earlier.
- Over the past 12 months it spent $156 million more cash than it brought in, compared with $170 million a year earlier.
- 26% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3,000 |
| December 2024 | $1,000 |
| March 2025 | $14,000 |
| June 2025 | $15,000 |
| September 2025 | $90,000 |
| December 2025 | $85m |
| March 2026 | $3m |
| June 2026 | $4m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$44m |
| December 2024 | -$50m |
| March 2025 | -$48m |
| June 2025 | -$55m |
| September 2025 | -$57m |
| December 2025 | $19m |
| March 2026 | -$69m |
| June 2026 | -$73m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 158 funds in all.
Largest holders overall
- Jupiter Topco$76m
- RA Capital Management, L.P.$67m
- BlackRock$60mAdded
- Goldman Sachs Group$57m
- Novo Holdings A/S$43mCut
- State Street$39mAdded
- BVF$38m
- T. Rowe Price Investment Management$33mNew
- Adage Capital Partners GP, L.L.C.$30mAdded
- Trails Edge Capital Partners, LP$30mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- JANUS HENDERSON GROUP PLCPassive investor10.3%+2.2 ptsSince 31 March 2026
- BVF PARTNERS L P/ILPassive investorat least 10.0%0.0 pts(filed with 9 related holders)Since 31 March 2026
- RA Capital Management, L.P.Passive investorat least 9.9%0.0 pts(filed with 3 related holders)Since 31 March 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 7.5%−2.1 pts(filed with 1 related holder)Since 31 December 2025
- BlackRock, Inc.Passive investor6.6%−1.2 ptsSince 30 September 2025
- Novo Holdings A/SPassive investor6.4%−0.4 ptsSince 31 December 2025
- STATE STREET CORPORATIONPassive investor5.3%Since 31 March 2026
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 1.5%−4.9 pts(filed with 6 related holders)Since 31 March 2025
- Deep Track Capital, LPPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
JANUS HENDERSON GROUP PLC Passive investor | 10.3%+2.2 pts | 31 March 2026 | |
BVF PARTNERS L P/IL Passive investor | at least 10.0%0.0 pts (filed with 9 related holders) | 31 March 2026 | |
RA Capital Management, L.P. Passive investor | at least 9.9%0.0 pts (filed with 3 related holders) | 31 March 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 7.5%−2.1 pts (filed with 1 related holder) | 31 December 2025 | |
BlackRock, Inc. Passive investor | 6.6%−1.2 pts | 30 September 2025 | |
Novo Holdings A/S Passive investor | 6.4%−0.4 pts | 31 December 2025 | |
STATE STREET CORPORATION Passive investor | 5.3% | 31 March 2026 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 1.5%−4.9 pts (filed with 6 related holders) | 31 March 2025 | |
Deep Track Capital, LP Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $5m, $5m of it under preset trading plans.
- Bizily ScottChief Legal OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 1,635
- Price
- $13.65
- Value
- $22,318
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 58,333
- Price
- $13.90
- Value
- $811,004
- Bizily ScottChief Legal OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 584
- Price
- $14.00
- Value
- $8,176
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 69,076
- Price
- $15.75
- Value
- $1m
- Bizily ScottChief Legal OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 1,635
- Price
- $12.20
- Value
- $19,947
- Bizily ScottChief Legal OfficerSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 1,635
- Price
- $12.00
- Value
- $19,620
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 26,842
- Price
- $10.23
- Value
- $274,596
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 12,415
- Price
- $10.05
- Value
- $124,722
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 10 July 2026
- Shares
- 15,725
- Price
- $12.03
- Value
- $189,233
- Kirn DavidSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 9 July 2026
- Shares
- 42,608
- Price
- $12.87
- Value
- $548,177
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Bizily Scott Chief Legal Officer | Sold under a preset trading plan | 1,635 | $13.65 | $22,318 |
| 14 September 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 58,333 | $13.90 | $811,004 |
| 1 September 2026 | Bizily Scott Chief Legal Officer | Sold under a preset trading plan | 584 | $14.00 | $8,176 |
| 19 August 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 69,076 | $15.75 | $1m |
| 17 August 2026 | Bizily Scott Chief Legal Officer | Sold under a preset trading plan | 1,635 | $12.20 | $19,947 |
| 13 August 2026 | Bizily Scott Chief Legal Officer | Sold under a preset trading plan | 1,635 | $12.00 | $19,620 |
| 4 August 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 26,842 | $10.23 | $274,596 |
| 3 August 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 12,415 | $10.05 | $124,722 |
| 10 July 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 15,725 | $12.03 | $189,233 |
| 9 July 2026 | Kirn David See Remarks, Director | Sold under a preset trading plan | 42,608 | $12.87 | $548,177 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 100% last year. Losing that customer would hurt.
“Customer B | 100% | -”
From the 10-K filed 18 March 2026, Item 8. Financial Statements and Notes (table). Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.