Since its founding in 2013, 4D Molecular Therapeutics has focused on developing durable genetic medicine therapies anchored by its Therapeutic Vector Evolution platform. The company’s revenue surged significantly in 2025 due primarily to collaboration agreements, though it continues to incur substantial net losses and negative operating cash flow driven by ongoing R&D investment. With lead assets targeting wet AMD and diabetic macular edema now in late-stage development, the firm's near-term prospects hinge on clinical progress, regulatory milestones, and continued capital access. 4DMT maintains strong liquidity but faces considerable risks inherent to novel gene therapy development.