4D Molecular Therapeutics, Inc. reported a net loss of $160.9 million for the year ended December 31, 2024, compared to a net loss of $100.8 million in 2023. Revenue decreased significantly from $20.7 million in 2023 to $37,000 in 2024, primarily due to the absence of upfront fees received from a licensing agreement with Astellas Gene Therapies, Inc. in 2023. Research and development expenses increased by 46% to $141.3 million in 2024, driven by increased clinical trial activity for 4D-150 and higher personnel costs. General and administrative expenses also rose by 28% to $46.6 million, largely due to increased personnel costs and consulting fees.
Significant changes in leadership occurred during the year. Noriyuki Kasahara, M.D., Ph.D., was appointed Chief Scientific Officer on January 2, 2024, while Dhaval Desai, PharmD, Carlos Quezada-Ruiz, M.D., FASRS, and Christopher Simms joined as Chief Development Officer, SVP, Therapeutic Area Head, Ophthalmology, and Chief Commercial Officer, respectively, on August 5, 2024. The company also implemented a strategic pipeline prioritization in January 2025, focusing on 4D-150 and 4D-710 while seeking strategic alternatives for other clinical-stage product candidates. Development of 4D-110 and 4D-125 was terminated.
Operational developments included ongoing clinical trials for 4D-150 in wet AMD and DME (PRISM and SPECTRA trials), and 4D-710 in cystic fibrosis (AEROW trial). Interim data from the 4D-150 PRISM trial showed an 83% reduction in supplemental aflibercept injections in patients with severe wet AMD, and similar positive results were reported for the Phase 2b Population Extension cohort. Interim data from the 4D-150 SPECTRA trial in DME showed a sustained gain in BCVA and reduction in CST. Interim data from the 4D-710 AEROW trial showed robust and widespread CFTR transgene expression in lung tissue samples. The company also announced plans to initiate Phase 3 trials (4FRONT) for 4D-150 in wet AMD in 2025.
The company ended 2024 with $505.5 million in cash and cash equivalents and marketable securities. However, the company anticipates continued operating losses and significant future funding requirements to support ongoing operations and further product development. The company intends to secure additional funding through collaborations, public or private equity offerings, or debt financings. The company's financial statements are included in the filing and detail the company's financial position and cash flows. The company's outlook includes continued investment in its lead product candidates and exploration of strategic partnerships for other programs. Forward-looking statements regarding the success of clinical trials, regulatory approvals, and commercialization efforts are included in the filing.
About 4D Molecular Therapeutics, Inc.
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