4D Molecular Therapeutics, Inc.

Previous wording

We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with potential to transform treatment paradigms and provide unprecedented benefits to patients. Our primary focus is advancing 4D-150 for wet age-related macular degeneration (“wet AMD”) and diabetic macular edema (“DME”) through late-stage studies and potential commercialization and advancing our other pipeline programs, 4D-175 for geographic atrophy, 4D-710 for CF lung disease, and 4D-725 for A1AT lung disease primarily through strategic funding alternatives. We believe we are well positioned to discover, develop, manufacture and if approved, commercialize targeted genetic medicines with the potential to transform the lives of patients suffering from debilitating diseases.

Current wording

We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with potential to transform treatment paradigms and provide unprecedented benefits to patients. Our primary focus is advancing 4D-150 for wet age-related macular degeneration (“wet AMD”) and diabetic macular edema (“DME”) through late-stage studies and potential commercialization. In addition, we are advancing our other pipeline programs, 4D-175 for geographic atrophy, 4D-710 for cystic fibrosis (“CF”) lung disease, and 4D-725 for alpha-1-antitrypsin deficiency (“AATD”) lung disease primarily through strategic funding alternatives. We believe we are well positioned to discover, develop, manufacture and if approved, commercialize targeted genetic medicines with the potential to transform the lives of patients suffering from debilitating diseases.

Previous wording

Our lead product candidate 4D-150 utilizes our proprietary R100 vector and a transgene encoding anti-VEGF biologics: aflibercept and an RNA interference (RNAi) approach targeting VEGF-C. The goal for our development and potential commercialization of 4D-150 is to transform the standard of care for large market retinal vascular diseases with a safe, in-office, and durable lifelong backbone therapy substantially reducing treatment burden and improving long-term vision outcomes. 4D-150 is initially being developed for the treatment of wet AMD and DME.

Current wording

Our lead product candidate 4D-150 utilizes our proprietary R100 vector and a transgene encoding anti-VEGF biologics: aflibercept and an RNA interference (RNAi) approach targeting VEGF-C. The goal for our development and potential commercialization of 4D-150 is to transform the standard of care for large market retinal vascular diseases with a routine in-office lifelong backbone therapy that substantially reduces treatment burden to enable improved long-term vision outcomes. 4D-150 is initially being developed for the treatment of wet AMD and DME.

Previous wording

In March 2025, we initiated 4FRONT-1, our first Phase 3 trial of 4D-150 in wet AMD. Subsequently in February 2026, we announced enrollment completion within an approximately 11-month period, ahead of initial projections, with the clinical trial overenrolled and expected to exceed 500 patients randomized, reflecting strong interest from investigators and patients. We anticipate topline data in the first half of 2027.

Current wording

In March 2025, we initiated 4FRONT-1, our first Phase 3 trial of 4D-150 in wet AMD. Subsequently in February 2026, we announced enrollment completion within an approximately 11-month period, ahead of initial projections, with the clinical trial overenrolled and 523 patients randomized, reflecting strong interest from investigators and patients. We anticipate topline data for 4FRONT-1 in the second quarter of 2027.

Previous wording

Additionally, 4FRONT-2, our second Phase 3 trial of 4D-150 in wet AMD, was initiated in June 2025. 4FRONT-2 is a global clinical trial and is enrolling both treatment-naïve and recently diagnosed, treatment-experienced patients. We expect to complete enrollment for 4FRONT-2 in the second half of 2026 with topline data anticipated in the second half of 2027.

Current wording

Additionally, in June 2025, we initiated 4FRONT-2, our second Phase 3 trial of 4D-150 in wet AMD. 4FRONT-2 is a global clinical trial and enrolled both treatment-naïve and recently diagnosed, treatment-experienced patients. We completed enrollment for 4FRONT-2 in June 2026 ahead of schedule with >500 patients expected to be randomized. We anticipate topline data for 4FRONT-2 in the second half of 2027.

Previous wording

In November 2025, we announced positive long-term interim results from the ongoing 4D-150 PRISM Phase 1/2 clinical trial in wet AMD. 4D-150 demonstrated consistent and durable benefit across all three patient cohorts as evidenced by maintenance of visual acuity, control of retinal anatomy and reduction of treatment burden at all time points with 1.5 to 2 years of follow-up. In addition, a consistent dose response was observed between 3E10 vg/eye, the selected Phase 3 dose, and the lower dose of 1E10 vg/eye. The Phase 3 dose achieved clinically meaningful reductions in treatment burden. No new cases of intraocular inflammation were reported during this follow-up period with up to approximately 3.5 years of follow-up.

Current wording

In November 2025 and July 2026, we announced positive long-term results from the ongoing 4D-150 PRISM Phase 1/2 clinical trial in wet AMD. 4D-150 demonstrated consistent and durable benefit across all three patient cohorts as evidenced by maintenance of visual acuity, control of retinal anatomy and clinically meaningful reduction of treatment burden at all time points with 2 years of follow-up. In addition, a consistent dose response was observed between 3E10 vg/eye, the selected Phase 3 dose, and the lower dose of 1E10 vg/eye. The Phase 3 dose achieved clinically meaningful reductions in treatment burden. No new cases of intraocular inflammation were reported during this follow-up period with up to approximately 4 years of follow-up.

Previous wording

In October 2025, we entered into a Collaboration and License Agreement (the “Otsuka Collaboration and License Agreement”) with Otsuka Pharmaceutical Co., Ltd., ("Otsuka") pursuant to which we granted Otsuka exclusive rights to develop and commercialize 4D-150 for retinal vascular diseases, including wet AMD and DME, in Japan, China, Australia, and other Asia-Pacific markets (the "Otsuka Territory"). Otsuka has agreed to lead all regulatory and commercialization activities in the Otsuka Territory. We have agreed to continue to lead all Phase 3 clinical activity globally, including within the Otsuka Territory. Otsuka made an upfront cash payment of $85.0 million and agreed to provide certain cost sharing for global development activities. In addition, we are eligible for up to $335.5 million in potential regulatory and commercial milestone payments and tiered double-digit royalties depending on net sales in the Otsuka Territory. We retain full development and commercialization rights for 4D-150 outside the Otsuka Territory, including the United States, Latin America, and Europe.

Current wording

In October 2025, we entered into a Collaboration and License Agreement (the “Otsuka Agreement”) with Otsuka Pharmaceutical Co., Ltd., ("Otsuka") pursuant to which we granted Otsuka exclusive rights to develop and commercialize 4D-150 for retinal vascular diseases, including wet AMD and DME, in Japan, Korea, China, Australia, and other Asia-Pacific markets (the "Otsuka Territory"). Otsuka has agreed to lead all regulatory and commercialization activities in the Otsuka Territory. We have agreed to continue to lead all Phase 3 clinical activity globally, including within the Otsuka Territory. Otsuka made an upfront cash payment of $85.0 million and agreed to provide certain cost sharing for global development activities. In addition, we are eligible for up to $335.5 million in potential regulatory and commercial milestone payments and tiered double-digit royalties depending on net sales in the Otsuka Territory. We retain full development and commercialization rights for 4D-150 outside the Otsuka Territory, including the United States, Latin America, and Europe.

Previous wording

We have funded our operations primarily through the sale and issuance of equity securities and to a lesser extent from cash received pursuant to our collaboration and license agreements.

Current wording

We have funded our operations primarily through the sale and issuance of equity securities, from borrowings under our loan facility with Hercules Capital, Inc. and, to a lesser extent, from cash received pursuant to our collaboration and license agreements.

Previous wording

We have incurred significant operating losses. Our net losses were $68.8 million and $48.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $785.1 million. We do not expect positive cash flows from operations in the foreseeable future. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities.

Current wording

We have incurred significant operating losses. Our net losses were $72.9 million and $54.7 million for the three months ended June 30, 2026 and 2025, respectively, and $141.7 million and $102.6 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $858.0 million. We do not expect positive cash flows from operations in the foreseeable future. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities.

Previous wording

We will require substantial additional funding to support our continuing operations and further the development of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through the sale of equity, debt financings, or other capital sources, which could include income from collaborations, strategic partnerships, or other strategic arrangements, for the foreseeable future. Adequate funding may not be available when needed or on terms acceptable to us, or at all. Our ability to raise additional funds may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from conflicts in the Middle East, the lingering impact of the COVID-19 pandemic, the war in Ukraine, rising interest rates, tariffs, inflation, government shutdowns and otherwise. If we fail to obtain necessary capital when needed on acceptable terms, or at all, it could force us to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. Insufficient liquidity may also require us to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose. We cannot assure you that we will ever be profitable or generate positive cash flow from operating activities.

Current wording

We will require substantial additional funding to support our continuing operations and further the development of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through the sale of equity, debt financings, or other capital sources, which could include income from collaborations, strategic partnerships, or other strategic arrangements, for the foreseeable future. Adequate funding may not be available when needed or on terms acceptable to us, or at all. Our ability to raise additional funds may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from conflicts in the Middle East, the war in Ukraine, rising interest rates, tariffs, inflation, government shutdowns and otherwise. If we fail to obtain necessary capital when needed on acceptable terms, or at all, it could force us to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. Insufficient liquidity may also require us to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose. We cannot assure you that we will ever be profitable or generate positive cash flow from operating activities.

Previous wording

In October 2025, we entered into the Otsuka Collaboration and License Agreement where we granted Otsuka exclusive rights to develop and commercialize 4D-150 for retinal vascular diseases, including wet AMD and DME, in the Otsuka Territory. Otsuka made an upfront cash payment of $85 million which we recognized as revenue during the fourth quarter of 2025, andagreed to provide certain cost sharing for global development activities.

Current wording

In October 2025, we entered into the Otsuka Agreement where we granted Otsuka exclusive rights to develop and commercialize 4D-150 for retinal vascular diseases, including wet AMD and DME, in the Otsuka Territory. Otsuka made an upfront cash payment of $85 million which we recognized as revenue during the fourth quarter of 2025, andagreed to provide certain cost sharing for global development activities.

Previous wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Current wording

Comparison of the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Revenue increased by $3.0 million from the three months ended March 31, 2025 to the three months ended March 31, 2026. The increase in revenue was primarily due to the clinical trial cost sharing and reimbursement amounts from Otsuka.

Current wording

Revenue increased by $3.8 million from the three months ended June 30, 2025 to the three months ended June 30, 2026, and increased by $6.8 million from the six months ended June 30, 2025 to the six months ended June 30, 2026. The increase in revenue was primarily due to the clinical trial cost sharing and reimbursement amounts from Otsuka.

Previous wording

Research and development expenses increased by $24.3 million, or 60%, from the three months ended March 31, 2025 to the three months ended March 31, 2026. The increase was primarily due to a $29.9 million increase in clinical trial activity for wet AMD.

Current wording

Research and development expenses increased by $20.3 million, or 42%, from the three months ended June 30, 2025 to the three months ended June 30, 2026. The increase of $20.3 million was primarily due to an increase in clinical trial activity for wet AMD.

Previous wording

Other income, net, decreased by $0.8 million, or 14%, from the three months ended March 31, 2025 to the three months ended March 31, 2026. The decrease was primarily due to lower market yields on our cash equivalents and marketable securities.

Current wording

Other income, net, decreased by $0.7 million, or 15%, from the three months ended June 30, 2025 to the three months ended June 30, 2026. Other income, net, decreased by $1.5 million, or 14%, from the six months ended June 30, 2025 to the six months ended June 30, 2026. The decreases were primarily because of lower yields on our cash equivalents and marketable securities due to lower balances.

Previous wording

As of March 31, 2026, we had cash, cash equivalents and marketable securities of $457.6 million. We have funded our operations primarily through the sale and issuance of our equity securities, including Follow-on Offerings and our “at-the-market” offering program, and to a lesser extent from cash received pursuant to our collaboration and license agreements. Our recent sources of liquidity include the following transactions:

Current wording

As of June 30, 2026, we had cash, cash equivalents and marketable securities of $430.6 million. We have funded our operations primarily through the sale and issuance of our equity securities, including Follow-on Offerings and our “at-the-market” offering program, from borrowings under our Loan and Security Agreement and, to a lesser extent, from cash received pursuant to our collaboration and license agreements. Our recent sources of liquidity include the following transactions:

Previous wording

In June 2024, we entered into a Sales Agreement (the “Leerink Sales Agreement”) with Leerink Partners LLC (“Leerink”) as sales agent to sell shares of our common stock, from time to time, with aggregate gross sales proceeds of up to $250.0 million pursuant to a Registration Statement on Form S-3 that we filed with the SEC in February 2024 as an “at-the-market” offering under the Securities Act. For the year ended December 31, 2025, 1,175,000 shares of the Company's common stock were sold pursuant to the Leerink Sales Agreement for net proceeds to the Company of $9.6 million, after deducting issuance costs. For the three months ended March 31, 2026, 1,012,145 shares were sold pursuant to the Leerink Sales Agreement for net proceeds to the Company of $9.7 million, after deducting issuance costs.

Current wording

In June 2024, we entered into a Sales Agreement (the “Leerink Sales Agreement”) with Leerink Partners LLC (“Leerink”) as sales agent to sell shares of our common stock, from time to time, with aggregate gross sales proceeds of up to $250.0 million pursuant to a Registration Statement on Form S-3 that we filed with the SEC in February 2024, and subsequently amended in February 2025, as an “at-the-market” offering under the Securities Act. For the year ended December 31, 2025, 1,175,000 shares of our common stock were sold pursuant to the Leerink Sales Agreement for net proceeds to us of $9.6 million, after deducting issuance costs. For the six months ended June 30, 2026, 3,518,472 shares were sold pursuant to the Leerink Sales Agreement for net proceeds to the Company of $31.6 million, after deducting issuance costs.

Previous wording

We have experienced recurring net losses and had an accumulated deficit of $785.1 million as of March 31, 2026. Our transition to profitability is dependent upon the successful development, approval and commercialization of our product candidates and those of our collaboration partners and achieving a level of revenue adequate to support our cost structure. We expect to continue to incur losses for the foreseeable future.

Current wording

We have experienced recurring net losses and had an accumulated deficit of $858.0 million as of June 30, 2026. Our transition to profitability is dependent upon the successful development, approval and commercialization of our product candidates and those of our collaboration partners and achieving a level of revenue adequate to support our cost structure. We expect to continue to incur losses for the foreseeable future.

Previous wording

We expect that our overall research and development and general and administrative expenses will increase. As a result, we will need significant additional capital to fund our operations, which we may obtain through one or more equity offerings, debt financings or other third-party funding, the Otsuka Collaboration and License Agreement, and additional potential strategic alliances and licensing or collaboration arrangements.

Current wording

We expect that our overall research and development and general and administrative expenses will increase. As a result, we will need significant additional capital to fund our operations, which we may obtain through one or more equity offerings, debt financings or other third-party funding, the Otsuka Agreement, and additional potential strategic alliances and licensing or collaboration arrangements.

Previous wording

the lingering impact of the COVID-19 pandemic and adverse macroeconomic conditions such as, but not limited to, higher inflation and increased interest rates, each of which may exacerbate the magnitude of the factors discussed above.

Current wording

adverse macroeconomic conditions such as, but not limited to, higher inflation and increased interest rates, each of which may exacerbate the magnitude of the factors discussed above.

Previous wording

Net cash used in operating activities was $68.1 million for the three months ended March 31, 2026. This was primarily due to the net loss of $68.8 million, adjusted for noncash charges of $5.4 million and net changes in operating assets and liabilities of $4.7 million. Noncash charges included $4.5 million of stock-based compensation expense, $1.3 million of depreciation and amortization and $0.8 million for the amortization of operating lease right-of-use assets, offset by $1.1 million net accretion of discount on marketable securities. Net changes in operating assets and liabilities included decreases of $4.1 million in accrued and other liabilities and $0.9 million in operating lease liabilities and increases of $4.0 million in prepaid expenses and other current assets and $0.7 million in other assets, offset by increases of $3.5 million in accounts payable and $1.4 million in deferred revenue.

Current wording

Net cash used in operating activities was $138.1 million for the six months ended June 30, 2026. This was primarily due to the net loss of $141.7 million, adjusted for noncash charges of $12.4 million and net changes in operating assets and liabilities of $8.8 million. Noncash charges included $10.3 million of stock-based compensation expense, $2.5 million of depreciation and amortization, $1.6 million for the amortization of operating lease right-of-use assets and $0.1 million for the loss on disposal of property and equipment, partially offset by $2.1 million net accretion of discount on marketable securities. Net changes in operating assets and liabilities included decreases of $1.8 million in operating lease liabilities and $0.5 million in accounts payable and increases of $10.4 million in prepaid expenses and other current assets and $0.7 million in other non-current assets, partially offset by increases of $2.4 million in accrued and other liabilities and $2.2 million in deferred revenue.

Previous wording

Net cash used in operating activities was $47.8 million for the three months ended March 31, 2025. This was primarily due to the net loss of $48.0 million, adjusted for noncash charges of $7.4 million and net changes in operating assets and liabilities of $7.2 million. Noncash charges included $7.0 million of stock-based compensation expense, $1.1 million of depreciation and amortization and $0.7 million for the amortization of operating lease right-of-use assets, offset by $1.3 million net accretion of discount on marketable securities and $0.1 million change in fair value of derivative liability. Net changes in operating assets and liabilities included decreases of $0.8 million in operating lease liabilities, $2.3 million in accrued and other liabilities and $0.2 million in accounts payable, and increases of $2.8 million in other assets and $1.1 million in prepaid expenses and other current assets.

Current wording

Net cash used in operating activities was $91.1 million for the six months ended June 30, 2025. This was primarily due to the net loss of $102.6 million, adjusted for noncash charges of $13.1 million and net changes in operating assets and liabilities of $1.6 million. Noncash charges included $11.9 million of stock-based compensation expense, $2.2 million of depreciation and amortization and $1.4 million for the amortization of operating lease right-of-use assets, offset by $2.4 million net accretion of discount on marketable securities. Net changes in operating assets and liabilities included a $1.5 million decrease in operating lease liabilities and a $5.1 million increase in other non-current assets, offset by a $4.3 million increase in accounts payable and a $0.7 million increase in accrued and other liabilities.

Previous wording

Net cash provided by investing activities was $68.9 million for the three months ended March 31, 2026. This was due to $102.4 million in maturities of marketable securities, offset by purchases of marketable securities of $33.5 million.

Current wording

Net cash provided by investing activities was $94.4 million for the six months ended June 30, 2026. This was due to $190.0 million in maturities of marketable securities, partially offset by purchases of marketable securities of $95.6 million

Previous wording

Net cash provided by investing activities was $31.9 million for the three months ended March 31, 2025. This was due to $166.7 million in maturities of marketable securities, offset by purchases of marketable securities of $134.1 million and purchases of property and equipment of $0.6 million.

Current wording

Net cash provided by investing activities was $18.1 million for the six months ended June 30, 2025. This was due to $268.3 million in maturities of marketable securities, offset by purchases of marketable securities of $249.5 million and purchases of property and equipment of $0.7 million.

Previous wording

Net cash provided by financing activities was $11.5 million for the three months ended March 31, 2026 which was due to proceeds from the issuance of common stock pursuant to the Leerink Sales Agreement of $9.8 million and proceeds from the issuance of common stock from the exercise of stock options and warrants of $1.7 million.

Current wording

Net cash provided by financing activities was $53.8 million for the six months ended June 30, 2026 which was due to proceeds from the issuance of common stock pursuant to the Leerink Sales Agreement of $31.6 million proceeds from the Loan and Security Agreement of $19.3 million, proceeds from the issuance of common stock from the exercise of stock options of $1.8 million and proceeds from the issuance of common stock from ESPP purchases of $1.1 million.

Previous wording

CROs, CDMOs and clinical trial sites. These contracts generally provide for termination on notice or may have a potential termination fee if a purchase order is canceled within a specified time. The total value of non-cancellable obligations under contracts was $7.0 million and $4.0 million as of March 31, 2026 and December 31, 2025, respectively. This presentation of non-cancellable purchase obligations does not include any estimates of potential reduction of such liabilities related to mitigation obligations of the counter-parties in the event of cancellation under the terms of our engagements.

Current wording

We enter into various agreements in the ordinary course of business, such as those with suppliers, CROs, CDMOs and clinical trial sites. These contracts generally provide for termination on notice or may have a potential termination fee if a purchase order is canceled within a specified time. The total value of non-cancellable obligations under contracts was $4.9 million and $4.0 million as of June 30, 2026 and December 31, 2025, respectively. This presentation of non-cancellable purchase obligations does not include any estimates of potential reduction of such liabilities related to mitigation obligations of the counter-parties in the event of cancellation under the terms of our engagements.

Previous wording

As of March 31, 2026, our principal commitments consisted of obligations under our operating lease for our headquarters. Please see Note 8, Commitments and Contingencies, to our condensed financial statements included elsewhere in this report.

Current wording

As of June 30, 2026, our principal commitments consisted of principal outstanding under the Loan and Security Agreement and obligations under our operating lease for our headquarters. Please see Note 8, Commitments and Contingencies and Note 9, Long-Term Debt, to our condensed financial statements included elsewhere in this report.

Previous wording

During the three months ended March 31, 2026, there were no changes to our critical accounting policies and significant judgments and estimates as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

During the six months ended June 30, 2026, there were no changes to our critical accounting policies and significant judgments and estimates as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.