4FRONT Enrollment Complete Ahead of Schedule + Balance Sheet Bolstered

Research evidence excerpt

4FRONT Enrollment Complete Ahead of Schedule + Balance Sheet Bolstered

Update

June 29, 2026 02:11 PM GMT

Morgan Stanley & Co. LLCM4D Molecular Therapeutics Inc | North America Judah C. Frommer, CFA

Equity Analyst

4FRONT Enrollment Complete Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

Nick.Japhet@morganstanley.com +1 212 761-2721

Ahead of Schedule + Balance Parth Patel

Parth.Patel@morganstanley.com +1 212 761-5065

Sheet Bolstered

4D Molecular Therapeutics Inc (FDMT.O, FDMT US)

FDMT announced completion of enrollment in 4FRONT-2, its second Phase 3 trial Biotechnology | United States of America

evaluating 4D-150 in wet AMD, marking completion of enrollment across both Stock Rating Equal-weight

Industry View Attractive

4FRONT studies. Notably, management indicated that both 4FRONT-1 and 4FRONT- Price target NA

Shr price, close (Jun 26, 2026) $11.60

2 achieved enrollment ahead of initial projections and with over-enrollment, an

Mkt cap, curr (mm) $803

indicator of both investigator and patient interest in the program. 4FRONT-2 52-Week Range $12.34-3.68

enrollment was completed approximately four months ahead of original plan and is

expected to randomize >500 patients versus the planned target (480 per clintrials

listing), while final patient randomization is expected in 3Q26. FDMT continues to

guide to 52-week topline data from 4FRONT-1 and 4FRONT-2 in 2027 (H1 and H2,

respectively per May update), and reiterated plans to initiate a Phase 3 study of 4D-

150 in diabetic macular edema (DME) during 3Q26. Taken together, FDMT remains

on track to deliver multiple potentially value-driving catalysts over the next ~18

months as the company advances 4D-150 toward a potential retina franchise

opportunity.