Still durable at 2 years... and no signs of slowing down

Research evidence excerpt

Still durable at 2 years... and no signs of slowing down

Flash Note Health Care | Biotechnology / SMID Cap

July 20, 2026

4D Molecular Therapeutics, Inc Jonathan Miller Yuanyuan He 212 446 5614 646-385-5436

FDMT | $10.99 jonathan.miller@evercoreisi.com Yuanyuan.He@evercoreisi.com

Outperform | Target Price/Base Case: $23.00

Commentary

FDMT showed 2-yr data from their ph1/2 PRISM study over the weekend at ASRS, and durability into nd

cohort continues to support high expectations of ph3 success next year… there’s no sign of accelerating rescue

use with time, safety continues to look extremely clean, and feedback from docs continues to be positive

compared to extended-duration VEGFs or TKIs.

Most impt: rescue injection needs are stable

Injection freedom is an impt metric – and there is one addl pt in ph3-like cohort that got rescue between

18mo and 2 years (bringing injection-free # to 10/15 = 66% in this cohort).

However, as next-gen wetAMD field continues to evolve, we continue to think that stability of effect over time

is an even more-impt factor – especially when we consider the role for next-gen non-VEGF agents in pts with

residual drying needs on top of best available VEGF therapy… and FDMT continues to show strong, durable

control of CST, with no sign of accelerating rescue needs – pts don’t seem to need more and more rescue over

time once they’ve had their first rescue shot (Exhibit 1).

Commercial profile is very strong, though it’s still GTx

Overall treatment burden reduction remains very appealing to docs – 87% for ph3-like group and 78% for the

broad group… folks we talk to seem very enthusiastic about potential as a baseline therapy (from which to

layer on other MoAs if VEGF doesn’t fully cut it). Long term safety continues to be excellent, with minimal