aibio4D Molecular Therapeutics prices $99,999,993 stock offering at $10.5100
Tickers FDMT
4D Molecular Therapeutics priced an offering of about $100 million in shares and pre-funded warrants at $10.51 each, with Leerink Partners LLC and Evercore Group L.L.C. as joint bookrunners. Preliminary cash of $372.2 million is unaudited, and new buyers face immediate dilution of $1.36 per share.
Key facts
- Company
- 4D Molecular Therapeutics, Inc. (NASDAQ: FDMT)
- News type
- Financings
- Primary source
- 4D Molecular Therapeutics, Inc. 424B5 (2025-11-06)
4D Molecular Therapeutics, Inc. (FDMT) filed a prospectus supplement dated November 6, 2025 for an offering of 8,385,809 shares of common stock and pre-funded warrants to buy 1,128,949 shares. The shares are priced at $10.51 each, and the pre-funded warrants at $10.5099, with an exercise price of $0.0001. The total offering price is $99,999,993. Underwriting discounts and commissions are $6,000,006, and proceeds to the company before expenses are $93,999,987.
The company expects net proceeds of about $93.3 million after discounts and estimated expenses, which it puts at about $0.65 million. The Nasdaq Global Select Market price on November 5, 2025 was $10.51.
Underwriters, agents and counsel
Leerink Partners LLC and Evercore Group L.L.C. act as representatives of the underwriters and as joint bookrunning managers. Their allocations are 3,857,472 shares and 519,317 pre-funded warrants for Leerink Partners LLC, and 2,515,743 shares and 338,685 pre-funded warrants for Evercore Group L.L.C. Cantor Fitzgerald & Co. is allotted 1,677,162 shares and 225,790 pre-funded warrants, and RBC Capital Markets, LLC is allotted 335,432 shares and 45,157 pre-funded warrants.
Leerink Partners LLC is also an agent under the company's at-the-market sales agreement dated June 7, 2024, under which it may receive up to 3.0% of gross proceeds. Latham & Watkins LLP of Menlo Park, California passes on the validity of the shares for the company. Freshfields US LLP of San Francisco is counsel to the underwriters. The company agreed to reimburse the underwriters up to $20,000 for FINRA counsel fees.
The Otsuka deal
The offering follows a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd. signed on October 31, 2025. Under it, Otsuka received exclusive rights to develop and commercialize 4D-150 for eye diseases, including wet AMD and diabetic macular edema, in Japan, China, Australia and other Asia-Pacific markets. Otsuka will pay an upfront cash payment of $85.0 million, and the company is eligible for up to $335.5 million in further potential payments. Otsuka will lead regulatory and commercial work in its territories, and 4D Molecular will keep leading global Phase 3 clinical activity.
Cash and runway
The prospectus gives an estimate of approximately $372.2 million in cash, cash equivalents and marketable securities as of September 30, 2025. The filing says that figure is unaudited, prepared by management, and not audited, reviewed or compiled by PricewaterhouseCoopers LLP. The company says its existing cash, together with the Otsuka payments and the net proceeds, should fund operations at least into the second half of 2028.
The prospectus lists recurring net losses and a need for substantial additional capital among its risks. It also says the company has a limited operating history and no approved products. The company says it expects to keep incurring significant losses.
Dilution
The company says it had net tangible book value of $420.9 million, or $9.01 per share, at June 30, 2025. After the offering, the as-adjusted figure is $514.2 million, or $9.15 per share. New investors pay $10.51 a share, so the prospectus puts immediate dilution at $1.36 per share. The company will have 55,086,051 common shares outstanding after the offering, not counting the pre-funded warrants.
The lead program's data
The prospectus highlights results for 4D-150 in wet AMD, which it describes as the company's lead product candidate. It reports that 99% of patients, 70 of 71, were completely off steroids. It also reports that a Phase 2b subgroup of recently diagnosed patients, which the company calls comparable to Phase 3, had mean supplemental anti-VEGF injection reductions of 94% through year one and 92% through year 1.5. A footnote says those reductions are compared with a projected aflibercept 2mg every-8-weeks comparator drawn from Phase 3 trials, and the figures are the company's own.
The company also says there were no 4D-150-related cases of hypotony, endophthalmitis, vasculitis or choroidal effusions to date.
What the prospectus leaves out
The prospectus lists the uses of proceeds in broad terms and says management will have broad discretion over them. It refers readers to the risk factors in its 10-Q for the quarter ended June 30, 2025.