4D Molecular Therapeutics Reports $458M Cash, Completes 523-Patient Phase 3 Enrollment
4D Molecular Therapeutics ended Q1 2026 with $458 million cash, $3.0 million collaboration revenue, $65.0 million in R&D expenses and a $68.8 million net loss. The 523-patient 4FRONT-1 Phase 3 trial completed enrollment in March 2026, topline data due H1 2027 and 4FRONT-2 enrollment expected by H2 2026.
1. Q1 2026 Financial Results
As of March 31, 2026, 4D Molecular Therapeutics held $458 million in cash, cash equivalents and marketable securities, down from $514 million at year-end 2025. Collaboration and license revenue rose to $3.0 million, R&D expenses increased to $65.0 million, G&A expenses were $11.7 million, and net loss widened to $68.8 million.
2. Pipeline Progress and Upcoming Milestones
The 4FRONT-1 Phase 3 trial randomized 523 wet AMD patients by March 2026, with topline data expected in H1 2027. Global 4FRONT-2 enrollment is projected to finish in H2 2026, with data H2 2027. PRISM Phase 2b 2-year data will be presented in Q3 2026, SPECTRA DME 2-year data in H2 2026, and global DME Phase 3 initiation is slated for Q3 2026. The 4D-175 GA program remains preclinical under an active IND, and AEROW Phase 1/2 CF updates are expected in H2 2026.
3. Cash Position and Funding Outlook
With $458 million on hand and anticipated payments from Otsuka, the company expects to fund its operating plan and clinical programs into the second half of 2028, supporting late-stage development across multiple ocular and pulmonary gene therapy candidates.