4D Molecular Therapeutics

FDMT

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

4D Molecular Therapeutics is a clinical-stage biotech company that develops gene therapies — treatments that deliver working copies of genes directly into a patient's cells to fix diseases caused by faulty genes. Its main focus is on serious eye diseases, lung conditions, and heart diseases. The company has built a library of engineered proteins called "vectors" that carry genetic material into the body, which it calls its Therapeutic Vector Evolution platform.

The company does not yet sell any approved products, so it earns money primarily through research partnerships and licensing deals with larger pharmaceutical companies rather than product sales. It operates mainly in the United States and is considered a small-cap company with a market cap around $500 million. Its proprietary vector library gives it a potential edge over competitors, but like most clinical-stage biotechs, its biggest risk is that its drug candidates could fail in clinical trials, which would significantly pressure its cash runway and ability to continue operations.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-6.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

25.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~15 months

$361M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

4D Molecular Therapeutics is growing revenue at 25107% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-2037.2%

Losing money on operations — -2037.2%

Return on the money invested

ROCE

-46.1%

Weak — -46.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-170.5%

Burning cash (-170.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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