FDMT: Highlights from the RBC Healthcare Conference

Research evidence excerpt

FDMT: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Lisa Walter, Ph.D. (Analyst)

Luca Issi, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

May 19, 2026

4D Molecular Therapeutics, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: FDMT | USD 8.41 | Outperform | Speculative Risk | Price Target USD 35.00

Sentiment: Neutral

We hosted FDMT’s Chris Simms, CCO & CBO, and Kristian Humer, CFO, for a fireside chat. Our top takeaways include: 1) Mgmt

reiterated its confidence in the commercial potential of 4D-150, which can potentially add years of treatment durability, not weeks

or months like other therapeutics in development, 2) Mgmt thinks the pivotal studies are relatively de-risked, and think a drug

profile with 50% of patients injection free and an 80% reduction in injection burden at 52-weeks could be ideal for commercial

uptake, 3) ex-US opportunity could be interesting for GTx as patients may have less access to retina doctors and a long-term therapy

could be preferred, 4) on pricing, Mgmt does not expect 4D-150 to cost over 6-figures and think COGS could be <$1,000 at scale

which adds to pricing flexibility. We reiterate our Outperform, Speculative Risk rating.

• Mgmt characterized the pivotal 4-FRONT studies as "de-risked as much as we can" and that the study designs preserve clinical

relevance. On the rescue criteria, Mgmt noted these were developed collaboratively with world experts in retina and benchmarked

against approved agents, with optimized supplemental criteria (≥5 letter BCVA loss AND ≥50μm CST increase; or ≥10 letter

BCVA loss; or ≥100μm CST increase; or new vision-threatening hemorrhage) designed to protect BCVA while generating clinically