4D Molecular Therapeutics, Inc.: 2-year update reinforces confidence in 4D-150 for wAMD ahead of pivotal 2027

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4D Molecular Therapeutics, Inc.: 2-year update reinforces confidence in 4D-150 for wAMD ahead of pivotal 2027

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4D Molecular Therapeutics, Inc.

2-year update reinforces confidence in 4D-

150 for wAMD ahead of pivotal 2027

Maintain Rating: BUY | PO: 29.00 USD | Price: 10.99 USD

2-year data supports multi-year durability for 4D-150 20 July 2026

4D Molecular Therapeutics (FDMT) presented 2-year data from the phase 2b PRISM trial Equity

evaluating 4D-150 in a broad wAMD population. The update was in-line with our

Daniel Giraldo

expectations and continues to validate the long-term efficacy and safety of 4D-150 in Research Analyst

wAMD, supporting its potential multi-year durability. On average, patients treated at the BofAS daniel.giraldoperez@bofa.com

phase 3 dose (3E10 vg/eye; N=30) needed a mean of 2.7 rescue injections over 2 years

Tazeen Ahmad

representing a highly significant treatment burden reduction of 78% over aflibercept Research Analyst

Q8W. 46% of patients remained injection-free, 10% only required one rescue injection BofAS tazeen.ahmad@bofa.com

and 13% required 2 rescue injections over 2 years. We underscore our doctor checks

Jeremiah Lorentz

have indicated treatment burden reduction is the main goal and we think these data Research Analyst

continue to support 4D-150’s differentiated profile which we expect to be highly BofASjeremiah.lorentz@bofa.com

competitive. We reiterate our view that the large commercial opportunity for 4D-150 Wesley Yon

remains highly undervalued and view this update as important validation ahead of the Research Analyst

phase 3 4FRONT-1 trial data in 1H27 and 4FRONT-2 trial data in 2H27. We maintain our BofASwesley.yon@bofa.com

Buy and $29 PO. Amy Qian

Research Analyst