4D Molecular Therapeutics (FDMT) closed out FY 2025 with Q4 revenue of US$85.1 million and basic EPS of US$0.30, a sharp contrast to the prior quarter when revenue was US$0.09 million and EPS was a loss of US$1.01. Over the past few quarters, revenue has moved from US$0.001 million in Q4 2024 to US$0.09 million in Q3 2025 and then to US$85.1 million in Q4 2025, while EPS has shifted from a loss of US$0.89 to a loss of US$1.01 before turning to a positive US$0.30. This sets up a story where investors will be weighing how sustainable these margins really are.

See our full analysis for 4D Molecular Therapeutics.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the prevailing narratives around FDMT’s growth potential, risk profile, and long term profitability story.

US$85.2 million on a trailing basis, but still a US$140.1 million loss

• On a trailing twelve month basis to Q4 2025, FDMT generated US$85.2 million of revenue but reported a net loss of US$140.1 million and a basic EPS loss of US$2.42.
• What stands out for a bullish angle is that forecasts point to revenue growth of 32.6% per year. However, this sits next to five year trends where losses have increased about 22.8% per year and earnings are projected to decline a further 6.9% annually, which limits the case that growth alone can carry the story.
  • Supporters who focus on the top line can point to the sharp step up from single digit thousands of dollars per quarter in 2024 to US$85.1 million in Q4 2025. The trailing net loss of US$140.1 million, however, shows that costs still outweigh that higher revenue base.
  • The basic EPS loss of US$2.42 over the same twelve month window underscores that even after a single profitable quarter, the overall year remains loss making. Some growth focused investors may accept this while others see it as a constraint.

4 straight quarterly losses before Q4 profit

• Across FY 2025, FDMT moved from quarterly net losses of US$48.0 million, US$54.7 million and US$56.9 million in Q1, Q2 and Q3 to a net profit of US$19.4 million in Q4, with basic EPS shifting from losses of US$0.86 to US$1.01 per share before turning to a profit of US$0.30.
• Critics focused on the bearish side argue that the pattern of four consecutive quarterly losses followed by one profitable period fits with the view that earnings are set to decline by 6.9% per year and that the company is forecast to remain unprofitable. The trailing twelve month net loss of US$140.1 million supports that caution even after the Q4 profit.
  • The run rate of quarterly losses earlier in the year, between roughly US$48.0 million and US$56.9 million, ties in closely with the five year trend of widening losses of about 22.8% per year that is described in the analysis data.
  • The fact that trailing twelve month EPS is still a loss of US$2.42, despite the Q4 profit, reinforces the bearish concern that one strong quarter does not yet shift the longer multi year pattern of negative earnings.

P/S of 5.4x versus 10.7x industry

• FDMT trades on a P/S of 5.4x, compared with 10.7x for the wider US biotech industry and 53.5x for its peer group, alongside a current share price of US$8.98.
• For a more balanced, general market opinion, this lower P/S multiple can be read as valuation support. At the same time, the data set flags that the company is unprofitable, has a trailing twelve month net loss of US$140.1 million and is expected to see earnings decline 6.9% per year, which fits with the idea that the discount reflects persistent losses rather than an overlooked bargain.
  • The revenue base of US$85.2 million over the last twelve months gives some scale behind the 5.4x P/S, but the absence of profitability on that revenue highlights why the market may be cautious about paying industry level multiples.
  • Because earnings are forecast to remain negative over the next three years, the focus naturally shifts to measures like P/S, and the gap to the 10.7x industry average can be interpreted as the market pricing in the sustained loss profile indicated by the US$2.42 per share trailing loss.

If you want to see how other investors stitch these numbers into a bigger story around growth, risk and valuation, it is worth checking the broader set of shared views on FDMT via 📊 Read the what the Community is saying about 4D Molecular Therapeutics.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on 4D Molecular Therapeutics's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

After weighing both the risks and the rewards highlighted in this earnings story, it makes sense to move quickly and check the underlying data yourself so you can form a clear stance. To see where the balance of concerns and upside potential currently sits, review the 1 key reward and 2 important warning signs

See What Else Is Out There

FDMT still carries a trailing twelve month net loss of US$140.1 million and a basic EPS loss of US$2.42, despite one profitable quarter.

If that kind of persistent loss profile makes you cautious, it is worth balancing your watchlist with 72 resilient stocks with low risk scores that prioritize steadier fundamentals and lower risk today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.