FDMT · CIK 0001650648
What 4D Molecular Therapeutics, Inc. told the SEC could break it.
4D Molecular Therapeutics' disclosures are those of a pre-revenue gene-therapy company running on outside money and outside IP. It posted a $140.1M net loss in 2025 against a $716.3M accumulated deficit, cut roughly 25% of its workforce in July 2025, and depends on continued equity raises to fund clinical development. Its leading candidates rest on exclusive patent licenses from third parties — UC Berkeley for the AAV-variant IP behind 4D-710 and 4D-725, and the University of Pennsylvania — so losing those rights could halt programs, while all of its operations, including R&D, sit in a single earthquake-exposed location in Emeryville, California.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- single-location operations — Emeryville, California (earthquake)medium
All of 4DMT's operations, including R&D and headquarters, are in Emeryville, California; damage or interruption from fire, earthquake or other disaster at those facilities could halt the company's research and development.
“All of our operations including our corporate headquarters are located in multiple facilities in Emeryville, California. Damage or extended periods of interruption to our corporate, development or research facilities due to fire, earthquake and other natural disaster”
SEC filing →As of 2026
Liquidity & debt
- pre-revenue; recurring losses & equity-funding dependencemedium
4DMT is pre-revenue with recurring net losses ($140.1M in 2025) and a $716.3M accumulated deficit; it implemented a ~25% workforce reduction in July 2025 and depends on continued equity raises (follow-on offerings, ATM) to fund clinical development.
“we incurred recurring net losses, including net losses of $140.1 million and $160.9 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $716.3 million.”
SEC filing →As of 2026
Other disclosures
- third-party in-licensed patent rights (UC Berkeley, UPenn)medium
Key product candidates depend on exclusive patent/technology licenses from third parties (UC Berkeley for AAV-variant IP behind 4D-710/4D-725, and the University of Pennsylvania); loss or breach of these licenses could halt development of those candidates.
“we rely on our exclusive license agreements with (i) U.C. Berkeley for certain rights with respect to the intellectual property covering certain compositions of matter and methods of use of certain AAV variants related to our 4D-710 and 4D-725 product candidates, and (ii) University of Pennsylvania”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Otsuka Pharmaceutical Co., Ltd.
“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”
Cited →
Its suppliers
University of California, Berkeley
“we rely on our exclusive license agreements with (i) U.C. Berkeley for certain rights with respect to the intellectual property covering certain compositions of matter and methods of use of certain AAV variants related to our 4D-710 and 4D-725 product candidates, and (ii) University of Pennsylvania”
Cited →University of Pennsylvania
“we rely on our exclusive license agreements with (i) U.C. Berkeley for certain rights with respect to the intellectual property covering certain compositions of matter and methods of use of certain AAV variants related to our 4D-710 and 4D-725 product candidates, and (ii) University of Pennsylvania”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch