4D Molecular Therapeutics Secures $514M Cash Runway, Otsuka $85M Deal
4D Molecular Therapeutics ended 2025 with $514 million in cash, cash equivalents and marketable securities, extending its cash runway into H2 2028. The company completed enrollment of its Phase 3 wet AMD trial in 11 months, secured $85 million upfront from an Otsuka partnership and expects efficacy data in 2026-27.
1. Financial Position and Runway
4D Molecular Therapeutics closed 2025 with $514 million in cash, cash equivalents and marketable securities, projecting this balance will fund operations through H2 2028 based on current plans and expected collaboration payments.
2. Otsuka Partnership Details
Under a regional partnership for 4D-150 in Asia-Pacific, Otsuka paid $85 million upfront and has committed at least $50 million in cost sharing, while 4D Molecular Therapeutics retains global rights and could earn up to $336 million in milestones plus double-digit royalties.
3. Wet AMD Phase 3 Progress
Enrollment in the 4FRONT-1 and -2 global Phase 3 wet AMD trials was completed in roughly 11 months with over 500 patients randomized, aiming for 90% power and noninferiority criteria aligned with major regulatory agencies.
4. Upcoming Data Milestones
Topline results for 4FRONT-1 are expected in H1 2027, PRISM two-year Phase 2b data mid-2026, SPECTRA DME two-year outcomes H2 2026, and initiation of the 4D-150 global Phase 3 DME trial is planned for Q3 2026.