4D Molecular Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the third quarter of 2024. The company, which focuses on genetic medicines, experienced a dramatic decline in collaboration and license revenue, reporting only $3,000 for Q3 2024 compared to $20.2 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $36,000, down from $20.7 million in the same period last year. This decline is attributed to the absence of product sales, as none of the company’s product candidates have received regulatory approval.

Operating expenses surged, with total operating expenses for Q3 2024 reaching $51.1 million, a 50% increase from $34.2 million in Q3 2023. Research and development (R&D) expenses rose significantly, totaling $38.5 million for Q3 2024, up from $25.1 million in the prior year. The increase in R&D costs was driven by higher clinical trial expenses, particularly for the product candidate 4D-150, as well as increased payroll and personnel costs due to a growing workforce.

The company reported a net loss of $43.8 million for Q3 2024, compared to a net loss of $10.3 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $111.2 million, up from $68.6 million in the same period of 2023. The accumulated deficit as of September 30, 2024, stood at $526.5 million.

4D Molecular Therapeutics has maintained a strong liquidity position, with cash and cash equivalents totaling $187.5 million and marketable securities amounting to $314.4 million as of September 30, 2024. This brings total current assets to $510.8 million, a substantial increase from $296.6 million at the end of 2023. The company raised significant capital through public offerings, including a February 2024 offering that netted $281.2 million.

Strategically, the company has entered into various collaborations, including a licensing agreement with Astellas Gene Therapies, which provided an upfront payment of $20 million. Additionally, 4D Molecular Therapeutics has been actively expanding its product pipeline, with six candidates currently in clinical trials and one in preclinical development. The company is also focused on scaling up manufacturing capabilities and preparing for future commercialization efforts.

Overall, while 4D Molecular Therapeutics continues to face challenges in revenue generation and profitability, it is actively investing in R&D and strategic partnerships to advance its product candidates and secure future funding.