FDMT4D Molecular Therapeutics, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $85M; 230195% YoY
Operating margin: -187.2%; 100% YoY
EBITDA: −$155M; 15% YoY
Market cap: $657M
Employees: 40,000; $2K revenue each
Net debt / EBITDA: —; −$51M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
26% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$2K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$657M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$18M	$3M	$21M	$37K	$85M	230195%
Operating income	−$71M	−$110M	−$113M	−$188M	−$160M	15%
Net income	−$71M	−$107M	−$101M	−$161M	−$140M	13%
Operating cash flow	−$69M	−$87M	−$76M	−$135M	−$109M	19%
Capex	$9M	$12M	$3M	$4M	$536K	86%
Stock-based comp	$14M	$17M	$20M	$26M	$22M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 25
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$3M	34	—
FY2024	$1M	−$7M	25	—
FY2023	$10M	$15M	91	—