4D Molecular Therapeutics Inc

4D Molecular Therapeutics announced positive two-year data from the Phase 1/2 PRISM trial evaluating its gene therapy 4D-150 in patients with wet age-related macular degeneration. In the Phase 2b cohort of 45 patients, a single intravitreal dose of 4D-150 reduced treatment burden by 78% overall, with patients requiring an average of 2.7 supplemental aflibercept injections compared to 12 projected on-label injections. Among a recently diagnosed subgroup of 15 patients, treatment burden was reduced by 87%, with an average of 1.6 supplemental injections. The therapy maintained best corrected visual acuity and retinal thickness while demonstrating a favorable safety profile, with only 2.8% of 71 patients across the trial experiencing mild, transient intraocular inflammation. The 3E10 vg/eye dose has been selected for the ongoing Phase 3 4FRONT trials.

4D Molecular Therapeutics has entered into a strategic credit facility agreement with Hercules Capital for up to $200 million. The company drew an initial $20 million at closing, with an additional $30 million available at its option through June 15, 2027, another $100 million upon achieving certain milestones, and the remaining $50 million subject to final lender approval. As of March 31, 2026, 4DMT held $458 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the second half of 2028. The non-dilutive financing is intended to support the Phase 3 development and pre-commercial planning of its lead gene therapy candidate 4D-150 for wet age-related macular degeneration and diabetic macular edema.

A new report from DelveInsight reveals that more than 90 pharmaceutical companies are advancing over 100 pipeline drugs for age-related macular degeneration. Approximately 15 of these therapies are in late-stage development, with notable candidates including Elamipretide from Stealth BioTherapeutics in Phase III, 4D-150 from 4D Molecular Therapeutics in Phase III, and MK-8748 from Merck in Phase II/III. The pipeline features diverse mechanisms of action such as mitochondrial cardiolipin stabilization, vascular endothelial growth factor expression inhibitors, and gene transference. Recent milestones include Merck initiating a pivotal Phase IIb/III trial for MK-8748 in April 2026 and 4D Molecular Therapeutics completing enrollment for its first Phase III trial of 4D-150 in February 2026.