FDMT4D Molecular Therapeutics, Inc.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FDMT?
4D Molecular Therapeutics, Inc. spent more than it took in: an operating loss of $197M on $92M of revenue, 12 months to Q2 2026.
Operating loss · on $92M of revenue · 12 months to Q2 2026
- Share count, year on year
- +26%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −416% |
| FY2021 | −395% |
| FY2022 | −3517% |
| FY2023 | −545% |
| FY2024 | −507678% |
| FY2025 | −187% |
Details›
- Operating margin12 months to Q2 2026
- −214%
- Net margin12 months to Q2 2026
- −195%
- R&D as % of revenue
- 261%
- Revenue, trailing twelve months
- $92M
- Net income, trailing twelve months
- −$179M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FDMT and who it buys from, as the companies report it.
- Customer B100%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FDMT’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.