MeritValue

4D Molecular Therapeutics, Inc.

FDMTdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

4D Molecular Therapeutics, Inc. earns about -32% on equity, but has diluted owners by 109% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$18M1$3.13M2$20.7M3$37,0004$85.2M4
Net income−$71.3M5−$107.5M6−$100.8M7−$160.9M8−$140.1M8
Operating cash flow−$69.1M9−$86.7M10−$75.8M11−$134.6M12−$109.1M12
Capital expenditure$9.11M13$11.5M14$2.77M15$3.79M16$536,00016
Free cash flow (derived)−$78.2M9−$98.2M10−$78.6M11−$138.4M12−$109.6M12
Total debt—————
Cash & equivalents$153M17$52.4M18$249.1M19$149.3M20$60.2M20
Diluted shares27.7M32.4M39.1M53.9M57.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$87.29
your share of equity
Profit it earned you last year
−$24.19
Free cash flow it threw off
−$18.92
Debt you’d be carrying
—

10 shares is a claim on $87.29 of net worth that earned you −$24.19 and generated −$18.92 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY21 -22%FY22 -46%FY23 -33%FY24 -32%FY25 -28%

It earned an average -32% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+109% shares · 5y

Share count is up 109% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-008142 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-023183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-030056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-114075 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008142 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-023183 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-030056 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-114075 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008142 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-023183 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-030056 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-114075 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008142 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023183 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-030056 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-114075 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-008142 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-023183 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-030056 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-114075 (CashAndCashEquivalentsAtCarryingValue)