FDMT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $13.67

Market Cap (MRQ) $755M

P/E (TTM) -5.2

EPS (TTM) $-2.63

Revenue (TTM) $92M

ROE (TTM) -43.3%

Debt/Equity (MRQ) 0.0

52W Range $7–$17

FDMT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$85M

2019-12-31 → 2025-12-31

EPS$-2.42

2021-12-31 → 2025-12-31

Free Cash Flow$-110M

2020-12-31 → 2025-12-31

Net margin-194.7%

2020-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	FDMT	5Y avg	Peer Median	Verdict
P/E (TTM)	-5.25Y avg ≈-5.6	≈-5.6	·	·
P/S (TTM)	8.25Y avg ≈1442.4	≈1442.4	677.9	Undervalued
P/B (MRQ)	1.95Y avg ≈1.9	≈1.9	2.8	Undervalued
Price / FCF	-7.25Y avg ≈-6.7	≈-6.7	·	·
Price / Cash Flow	-7.25Y avg ≈-7.2	≈-7.2	·	·
EV / Revenue (TTM)	4.5	·	·	·
Price / Tangible Book	1.65Y avg ≈1.9	≈1.9	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	FDMT	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-214.2%5Y avg ≈-102464.4%	≈-102464.4%	-1043.3%	Weak
EBITDA Margin	-187.2%5Y avg ≈-102464.4%	≈-102464.4%	-1043.3%	Weak
Net Profit Margin (TTM)	-194.7%5Y avg ≈-87852.0%	≈-87852.0%	-989.0%	Weak
ROA (TTM)	-37.1%5Y avg ≈-30.3%	≈-30.3%	-32.9%	Top tier
ROE (TTM)	-43.3%5Y avg ≈-32.6%	≈-32.6%	-39.4%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	FDMT	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.0	·	0.0	High debt
Current Ratio (MRQ)	8.05Y avg ≈13.9	≈13.9	11.3	Low liquidity
Quick Ratio	9.25Y avg ≈13.5	≈13.5	6.6	In line
Long-Term Debt / Equity (MRQ)	0.0	·	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	FDMT	5Y avg	Peer Median	Verdict
Revenue YoY	230194.6%5Y avg ≈46121.4%	≈46121.4%	·	·
Revenue CAGR 3Y	200.9%5Y avg ≈42.9%	≈42.9%	·	·
Revenue CAGR 5Y	44.3%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	FDMT	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-2.425Y avg ≈$-2.77	≈$-2.77	·	·
Revenue / Share	$1.475Y avg ≈$0.52	≈$0.52	·	·
Cash Flow / Share	$-1.885Y avg ≈$-2.25	≈$-2.25	·	·
Cash / Share	$1.055Y avg ≈$3.29	≈$3.29	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	FDMT	5Y avg	Peer Median	Verdict
Asset Turnover		0.25Y avg ≈0.1	≈0.1	0.0	Top tier
Revenue / Employee		≈$434.7K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 19.8%

Next Report Nov 09, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 13, 2026	$-1.04	$-1.04	-0.29%
March 31, 2026	May 7, 2026	$-1.01	$-1.01	0.21%
Dec. 31, 2025		$0.43	$-0.78	155.3%
Sept. 30, 2025		$-1.01	$-1.00	-1.2%
June 30, 2025		$-0.98	$-0.89	-9.7%
March 31, 2025		$-0.86	$-0.88	2.2%
Dec. 31, 2024		$-0.90	$-0.83	-7.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 13

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue	$85M	$37.0K	$21M	$3M	$18M	$14M	$7M
SG&A Expense	$49M	$47M	$36M	$33M	$28M	$17M	$14M
Operating Expenses	$245M	$188M	$134M	$113M	$89M	$70M	$58M
Operating Income	$-160M	$-188M	$-113M	$-110M	$-71M	$-57M	$-51M
Interest Income	$19M	$27M	$12M	$3M	$137.0K	$152.0K	$2M
Other Non-op	$-37.0K	$-77.0K	$-181.0K	$-35.0K	$-121.0K	$-181.0K	$-46.0K
Income Tax	$0	$0	$0	$0	$0	$0	·
Net Income	$-140M	$-161M	$-101M	$-107M	$-71M	$-57M	$-49M
EPS (Basic)	$-2.42	$-2.98	$-2.58	$-3.32	$-2.57	·	·
EPS (Diluted)	$-2.42	$-2.98	$-2.58	$-3.32	$-2.57	·	·
Shares (Basic)	57,930,180	53,943,741	39,130,067	32,351,221	27,730,420	·	·
Shares (Diluted)	57,930,180	53,943,741	39,130,067	32,351,221	27,730,420	·	·
EBITDA	$-160M	$-188M	$-113M	$-110M	$-71M	$-57M	·

Balance Sheet 22

Metric	2025	2024	2023	2022	2021	2020	2019
Cash & Equivalents	$60M	$149M	$249M	$52M	$153M	$277M	$50M
Short-term Investments	$342M	$276M	$39M	$161M	$95M	$0	·
Receivables	·	·	·	$0	$47.0K	$1M	$978.0K
Prepaid Expense	$10M	$10M	$8M	$7M	$8M	$4M	$2M
Current Assets	$413M	$435M	$297M	$221M	$256M	$283M	$53M
PP&E (Net)	$15M	$20M	$20M	$22M	$14M	$5M	$5M
PP&E (Gross)	$36M	$36M	$32M	$30M	$20M	$9M	$8M
Accum. Depreciation	$21M	$17M	$12M	$8M	$5M	$4M	$3M
Other Non-current Assets	$9M	$4M	$684.0K	$1M	$602.0K	$602.0K	$677.0K
Total Assets	$567M	$560M	$340M	$262M	$353M	$288M	$58M
Accounts Payable	$11M	$4M	$4M	$3M	$5M	$2M	$2M
Accrued Liabilities	$27M	$19M	$12M	$9M	$8M	$8M	·
Current Liabilities	$44M	$29M	$19M	$16M	$16M	$17M	$13M
Capital Leases	$16M	$19M	$12M	$13M	$15M	$0	·
Other Non-current Liabilities	$138.0K	$193.0K	$248.0K	$21.0K	$120.0K	$2M	$2M
Total Liabilities	$61M	$50M	$32M	$31M	$34M	$32M	$28M
Common Stock	$6.0K	$5.0K	$4.0K	$3.0K	$3.0K	$3.0K	$1.0K
Retained Earnings	$-716M	$-576M	$-415M	$-314M	$-207M	$-136M	$-79M
AOCI	$727.0K	$229.0K	$16.0K	$-1M	$-423.0K	$0	·
Stockholders' Equity	$506M	$511M	$308M	$231M	$319M	$256M	$-73M
Liabilities + Equity	$567M	$560M	$340M	$262M	$353M	$288M	$58M
Shares Outstanding	57,607,874	45,793,942	43,075,218	32,626,627	32,224,524	26,681,983	5,178,955

Cash Flow 10

Metric	2025	2024	2023	2022	2021	2020	2019
D&A	$5M	$5M	$4M	$2M	$2M	$1M	$1M
Stock-based Comp	$22M	$26M	$20M	$17M	$14M	$5M	$4M
Operating Cash Flow	$-109M	$-135M	$-76M	$-87M	$-69M	$-51M	$-37M
CapEx	$536.0K	$4M	$3M	$12M	$9M	$1M	$3M
Investing Cash Flow	$-93M	$-302M	$116M	$-17M	$-173M	$-1M	$-3M
Stock Issued	·	·	·	$0	$114M	$206M	·
Net Stock Activity	·	·	·	$0	$114M	·	·
Financing Cash Flow	$113M	$337M	$157M	$3M	$118M	$279M	$-2M
Net Change in Cash	$-89M	$-100M	$197M	$-101M	$-124M	$227M	$-42M
Free Cash Flow	$-110M	$-138M	$-79M	$-98M	$-78M	$-52M	·

Profitability 5

Metric	2025	2024	2023	2022	2021	2020	2019
Operating Margin	-187.2%	-507678.4%	-544.7%	-3516.5%	-395.5%	-416.3%	·
Net Margin	-164.4%	-434778.4%	-486.6%	-3435.4%	-395.4%	-416.5%	·
EBITDA Margin	-187.2%	-507678.4%	-544.7%	-3516.5%	-395.5%	-416.3%	·
ROA	-24.9%	-35.7%	-33.5%	-34.9%	-22.2%	-32.7%	·
ROE	-30.2%	-30.2%	-31.6%	-44.5%	-26.3%	-75.0%	·

Liquidity & Solvency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019
Current Ratio		9.4	14.9	15.7	14.0	15.7	16.9	·
Quick Ratio		9.2	14.6	15.2	13.6	15.2	16.6	·

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019
Asset Turnover		0.2	0.0	0.1	0.0	0.1	0.1	·
Receivables Turnover		·	·	·	133.1	23.5	11.0	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019
Book Value / Share	$8.78	$11.15	$7.15	$7.09	$9.90	$9.61	·
Revenue / Share	$1.47	$0.00	$0.53	$0.10	·	·	·
Cash Flow / Share	$-1.88	$-2.49	$-1.94	$-2.68	·	·	·
Cash / Share	$1.05	$3.26	$5.78	$1.60	$4.75	$10.37	·
EPS (TTM)	$-2.42	$-2.98	$-2.58	$-3.32	$-2.57	·	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue YoY	230194.6%	-99.8%	562.3%	-82.7%	32.5%	·	·
Revenue CAGR 3Y	200.9%	-87.3%	15.0%	·	·	·	·
Revenue CAGR 5Y	44.3%	·	·	·	·	·	·

Valuation (TTM) 10

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue TTM	$85M	$37.0K	$21M	$3M	$18M	$14M	·
Net Income TTM	$-140M	$-161M	$-101M	$-107M	$-71M	$-57M	·
Market Cap	$432M	$255M	$873M	$725M	$707M	$1.11B	·
P/E	-3.1	-1.9	-7.9	-6.7	-8.5	·	·
P/S	5.1	6893.8	42.1	231.6	39.2	81.2	·
P/B	0.9	0.5	2.8	3.1	2.2	4.3	·
P / Tangible Book	0.9	0.5	2.8	3.1	2.2	4.3	·
P / Cash Flow	-4.0	-1.9	-11.5	-8.4	-10.2	-21.7	·
P / FCF	-3.9	-1.8	-11.1	-7.4	-9.0	-21.3	·
Earnings Yield	-32.3%	-53.5%	-12.7%	-14.9%	-11.7%	·	·

Income Statement 13

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$4M	$3M	$85M	$90.0K	$15.0K	$14.0K	$1.0K	$3.0K	$5.0K	$28.0K	$-18.0K	$20M	$239.0K	$298.0K	$1M	$500.0K
SG&A Expense	$13M	$12M	$13M	$12M	$12M	$13M	$13M	$13M	$11M	$10M	$11M	$9M	$9M	$8M	$8M	$8M
Operating Expenses	$81M	$77M	$70M	$61M	$59M	$54M	$56M	$51M	$42M	$38M	$37M	$34M	$32M	$30M	$30M	$27M
Operating Income	$-77M	$-74M	$15M	$-61M	$-59M	$-54M	$-56M	$-51M	$-42M	$-38M	$-37M	$-14M	$-32M	$-30M	$-29M	$-26M
Interest Income	$4M	$5M	$5M	$4M	$5M	$6M	$6M	$7M	$8M	$6M	$4M	$4M	$3M	$1M	$1M	$795.0K
Other Non-op	$-166.0K	$-4.0K	$-22.0K	$-21.0K	$-61.0K	$67.0K	$-21.0K	$-1.0K	$-45.0K	$-10.0K	$-12.0K	$-158.0K	$8.0K	$-19.0K	$2.0K	$9.0K
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	·	·	·
Net Income	$-73M	$-69M	$19M	$-57M	$-55M	$-48M	$-50M	$-44M	$-35M	$-32M	$-32M	$-10M	$-30M	$-29M	$-27M	$-26M
EPS (Basic)	$-1.04	$-1.01	$0.43	$-1.01	$-0.98	$-0.86	$-0.90	$-0.79	$-0.63	$-0.66	$-0.69	$-0.24	$-0.77	$-0.88	$-0.84	$-0.79
EPS (Diluted)	$-1.04	$-1.01	$0.43	$-1.01	$-0.98	$-0.86	$-0.90	$-0.79	$-0.63	$-0.66	$-0.69	$-0.24	$-0.77	$-0.88	$-0.84	$-0.79
Shares (Basic)	70,272,018	68,064,586	·	56,126,330	55,927,091	55,744,047	·	55,554,476	55,282,754	49,271,984	·	42,256,629	38,335,219	32,723,530	·	32,385,791
Shares (Diluted)	70,272,018	68,064,586	·	56,126,330	55,927,091	55,744,047	·	55,554,476	55,282,754	49,271,984	·	42,256,629	38,335,219	32,723,530	·	32,385,791
EBITDA	$-77M	$-74M	·	$-61M	$-59M	$-54M	·	$-51M	$-42M	$-38M	·	$-14M	$-32M	$-30M	·	$-26M

Balance Sheet 23

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$70M	$72M	$60M	$49M	$77M	$134M	$149M	$188M	$189M	$276M	$249M	$276M	$236M	$79M	$52M	$108M
Short-term Investments	$291M	$318M	$342M	$257M	$216M	$188M	$276M	$314M	$353M	$250M	$39M	$44M	$74M	$122M	$161M	$119M
Receivables	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
Prepaid Expense	$17M	$14M	$10M	$7M	$10M	$11M	$10M	$9M	$11M	$10M	$8M	$9M	$7M	$7M	$7M	$5M
Current Assets	$383M	$405M	$413M	$312M	$303M	$333M	$435M	$511M	$553M	$536M	$297M	$328M	$318M	$207M	$221M	$232M
PP&E (Net)	$12M	$14M	$15M	$16M	$18M	$19M	$20M	$20M	$19M	$19M	$20M	$21M	$21M	$22M	$22M	$22M
PP&E (Gross)	$36M	$36M	$36M	$36M	$36M	$36M	$36M	$35M	$33M	$33M	$32M	$32M	$31M	$30M	$30M	$29M
Accum. Depreciation	$23M	$23M	$21M	$20M	$19M	$18M	$17M	$15M	$14M	$13M	$12M	$11M	$10M	$9M	$8M	$7M
Other Non-current Assets	$11M	$10M	$9M	$9M	$9M	$7M	$4M	$3M	$2M	$771.0K	$684.0K	$682.0K	$1M	$1M	$1M	$1M
Total Assets	$493M	$513M	$567M	$424M	$474M	$516M	$560M	$604M	$620M	$630M	$340M	$362M	$353M	$244M	$262M	$280M
Accounts Payable	$13M	$15M	$11M	$7M	$9M	$4M	$4M	$3M	$3M	$4M	$4M	$5M	$3M	$2M	$3M	$1M
Accrued Liabilities	$25M	$23M	$27M	$24M	$19M	$16M	$19M	$21M	$13M	$9M	$12M	$10M	$7M	$5M	$9M	$7M
Current Liabilities	$48M	$43M	$44M	$37M	$35M	$27M	$29M	$29M	$19M	$16M	$19M	$18M	$14M	$11M	$16M	$14M
Capital Leases	$14M	$15M	$16M	$17M	$17M	$18M	$19M	$20M	$10M	$11M	$12M	$12M	$13M	$13M	$13M	$14M
Other Non-current Liabilities	$101.0K	$121.0K	$138.0K	$144.0K	$161.0K	$177.0K	$193.0K	$196.0K	$214.0K	$231.0K	$248.0K	$20.0K	$24.0K	$29.0K	$21.0K	$23.0K
Total Liabilities	$85M	$61M	$61M	$55M	$53M	$46M	$50M	$51M	$32M	$29M	$32M	$32M	$27M	$25M	$31M	$29M
Total Debt	$20M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Common Stock	$6.0K	$5.0K	$6.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$4.0K	$4.0K	$4.0K	$3.0K	$3.0K	$3.0K
Retained Earnings	$-858M	$-785M	$-716M	$-736M	$-679M	$-624M	$-576M	$-527M	$-483M	$-448M	$-415M	$-383M	$-373M	$-343M	$-314M	$-287M
AOCI	$-446.0K	$-180.0K	$727.0K	$671.0K	$337.0K	$332.0K	$229.0K	$1M	$-293.0K	$-109.0K	$16.0K	$534.0K	$345.0K	$-270.0K	$-1M	$-2M
Stockholders' Equity	$408M	$452M	$506M	$369M	$421M	$470M	$511M	$553M	$588M	$601M	$308M	$330M	$325M	$219M	$231M	$251M
Liabilities + Equity	$493M	$513M	$567M	$424M	$474M	$516M	$560M	$604M	$620M	$630M	$340M	$362M	$353M	$244M	$262M	$280M
Shares Outstanding	55,214,097	52,271,648	57,607,874	46,771,185	46,700,242	46,324,642	45,793,942	51,996,639	51,914,275	51,157,388	43,075,218	42,752,452	42,016,622	33,236,768	32,626,627	32,392,378

Cash Flow 9

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$994.0K	$1M	$1M	$1M	$517.0K
Stock-based Comp	$6M	$4M	$6M	$5M	$5M	$7M	$8M	$6M	$6M	$6M	$6M	$5M	$5M	$4M	$4M	$5M
Restructuring	·	·	·	$3M	·	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-70M	$-68M	$29M	$-46M	$-43M	$-48M	$-46M	$-29M	$-30M	$-29M	$-25M	$-1M	$-22M	$-28M	$-22M	$-21M
CapEx	·	·	$-70.0K	$-91.0K	$66.0K	$631.0K	$949.0K	$2M	$349.0K	$710.0K	$549.0K	$405.0K	$805.0K	$1M	$1M	$2M
Investing Cash Flow	$26M	$69M	$-129M	$18M	$-14M	$32M	$7M	$27M	$-74M	$-263M	$-7M	$30M	$49M	$43M	$-36M	$15M
Financing Cash Flow	$42M	$11M	$112M	$116.0K	$862.0K	$0	$601.0K	$568.0K	$17M	$319M	$5M	$11M	$131M	$11M	$2M	$460.0K
Net Change in Cash	$-2M	$12M	$12M	$-29M	$-56M	$-16M	$-38M	$-2M	$-87M	$26M	$-27M	$39M	$158M	$26M	$-56M	$-5M
Free Cash Flow	·	·	·	·	·	$-48M	·	·	·	$-30M	·	·	·	$-29M	·	·

Profitability 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-2037.2%	-2416.2%	·	-67983.3%	-396373.3%	-383007.1%	·	-1704400.0%	-849120.0%	-136200.0%	·	-69.2%	-13446.0%	-10102.7%	·	-5299.0%
Net Margin	-1929.0%	-2256.7%	·	-63195.6%	-364386.7%	-342657.1%	·	-1461433.3%	-699060.0%	-115717.9%	·	-50.8%	-12391.6%	-9624.8%	·	-5138.2%
EBITDA Margin	-2037.2%	-2416.2%	·	-67983.3%	-396373.3%	-383007.1%	·	-1704400.0%	-849120.0%	-136200.0%	·	-69.2%	-13446.0%	-10102.7%	·	-5299.0%
ROA	-15.1%	-13.4%	·	-11.1%	-10.0%	-8.4%	·	-9.1%	-7.2%	-7.4%	·	-3.2%	-9.0%	-10.1%	·	-9.9%
ROE	-17.6%	-14.9%	·	-12.3%	-10.8%	-9.0%	·	-9.9%	-7.6%	-7.9%	·	-3.5%	-9.9%	-11.2%	·	-10.8%

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	8.0	9.3	·	8.4	8.7	12.4	·	17.3	28.5	32.7	·	18.1	23.1	18.4	·	17.1
Quick Ratio	7.6	9.0	·	8.2	8.5	11.9	·	17.0	27.9	32.1	·	17.6	22.6	17.8	·	16.8
Debt / Equity	0.0	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
LT Debt / Equity	0.0	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.1	0.0	0.0	·	0.0
Receivables Turnover		·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	1.3

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$7.38	$8.64	·	$7.89	$9.01	$10.14	·	$10.63	$11.33	$11.74	·	$7.72	$7.74	$6.58	·	$7.76
Revenue / Share	$0.05	$0.04	·	$0.00	$0.00	$0.00	·	$0.00	$0.00	$0.00	·	$0.48	$0.01	$0.01	·	$0.02
Cash Flow / Share	·	$-1.00	·	·	·	$-0.86	·	·	·	$-0.59	·	·	·	$-0.85	·	·
Cash / Share	$1.27	$1.39	·	$1.04	$1.65	$2.88	·	$3.61	$3.64	$5.39	·	$6.45	$5.62	$2.36	·	$3.34
EPS (TTM)	$-2.63	$-2.57	·	$-3.75	$-3.53	$-3.18	·	$-2.77	$-2.22	$-2.36	·	$-2.73	$-3.28	$-3.38	·	$-3.33

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$92M	$88M	·	$120.0K	$33.0K	$23.0K	·	$18.0K	$20M	$20M	·	$22M	$2M	$2M	·	$2M
Net Income TTM	$-179M	$-161M	·	$-209M	$-196M	$-176M	·	$-143M	$-110M	$-105M	·	$-96M	$-111M	$-110M	·	$-105M
Market Cap	$734M	$487M	·	$406M	$173M	$150M	·	$562M	$1.09B	$1.63B	·	$544M	$759M	$571M	·	$260M
Enterprise Value	$393M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
P/E	-5.1	-3.6	·	-2.3	-1.1	-1.0	·	-3.9	-9.5	-13.5	·	-4.7	-5.5	-5.1	·	-2.4
P/S	8.0	5.5	·	3387.0	5250.2	6505.6	·	31226.9	53.9	79.7	·	24.8	332.3	258.8	·	132.0
P/B	1.8	1.1	·	1.1	0.4	0.3	·	1.0	1.9	2.7	·	1.6	2.3	2.6	·	1.0
P / Tangible Book	1.8	1.1	·	1.1	0.4	0.3	·	1.0	1.9	2.7	·	1.6	2.3	2.6	·	1.0
P / Cash Flow	·	-7.1	·	·	·	-3.1	·	·	·	-56.0	·	·	·	-20.5	·	·
EV / Revenue	4.3	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Earnings Yield	-19.8%	-27.6%	·	-43.1%	-95.2%	-98.5%	·	-25.6%	-10.6%	-7.4%	·	-21.4%	-18.1%	-19.7%	·	-41.4%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$85M	$37.0K	$21M	$3M	$18M
Operating Margin %	-187.2%	-507678.4%	-544.7%	-3516.5%	-395.5%
Net Income	$-140M	$-161M	$-101M	$-107M	$-71M
Diluted EPS	$-2.42	$-2.98	$-2.58	$-3.32	$-2.57

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	9.4	14.9	15.7	14.0	15.7
Quick Ratio	9.2	14.6	15.2	13.6	15.2

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-110M	$-138M	$-79M	$-98M	$-78M

Institutional owners (13F) 166 filers · $738.3M total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 166

Value held $738.3M

New positions 30

Exited positions 23

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
30 (-3 vs prior Q)	23 (-1 vs prior Q)	64 (+23 vs prior Q)	37 (-12 vs prior Q)	+2.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
RA CAPITAL MANAGEMENT, L.P.	$67,162,061	5,049,779	9.10%	Shares
BlackRock, Inc.	$60,462,583	4,546,059	8.19%	Shares
GOLDMAN SACHS GROUP INC	$56,640,284	4,258,668	7.67%	Shares
JANUS HENDERSON GROUP PLC	$48,868,164	5,247,151	6.62%	Shares
NOVO HOLDINGS A/S	$43,214,067	3,249,178	5.85%	Shares
STATE STREET CORP	$38,717,750	2,911,109	5.24%	Shares
BVF INC/IL	$38,294,544	2,879,289	5.19%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$29,914,400	2,249,203	4.05%	Shares
Trails Edge Capital Partners, LP	$29,631,296	2,227,917	4.01%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$27,917,432	2,099,055	3.78%	Shares
ARMISTICE CAPITAL, LLC	$26,600,000	2,000,000	3.60%	Shares
VANGUARD GROUP INC	$23,201,453	3,093,527	3.14%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$15,012,796	1,128,466	2.03%	Shares
BANK OF AMERICA CORP /DE/	$14,904,964	1,120,674	2.02%	Shares
Evergreen Quality Fund GP, Ltd.	$12,654,604	951,474	1.71%	Shares
Parkman Healthcare Partners LLC	$12,610,847	948,184	1.71%	Shares
DIMENSIONAL FUND ADVISORS LP	$9,717,799	730,857	1.32%	Shares
DEUTSCHE BANK AG\	$9,455,529	710,942	1.28%	Shares
CITADEL ADVISORS LLC	$9,145,040	687,597	1.24%	Shares
RENAISSANCE TECHNOLOGIES LLC	$8,173,821	614,573	1.11%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$7,712,710	579,903	1.04%	Shares
DIADEMA PARTNERS LP	$7,595,723	571,107	1.03%	Shares
NORTHERN TRUST CORP	$7,486,956	562,929	1.01%	Shares
ACUTA CAPITAL PARTNERS, LLC	$6,753,753	507,801	0.91%	Shares
Nuveen, LLC	$6,690,844	503,071	0.91%	Shares
MORGAN STANLEY	$6,690,165	503,020	0.91%	Shares
RTW INVESTMENTS, LP	$6,327,302	475,737	0.86%	Shares
Catalio Capital Management, LP	$6,267,678	471,254	0.85%	Shares
Schonfeld Strategic Advisors LLC	$5,419,350	407,470	0.73%	Shares
JPMORGAN CHASE & CO	$5,179,524	402,137	0.70%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,512,358	339,275	0.61%	Shares
Opaleye Management Inc.	$4,448,012	334,437	0.60%	Shares
VANGUARD FIDUCIARY TRUST CO	$3,673,965	276,238	0.50%	Shares
Burkehill Global Management, LP	$3,657,500	275,000	0.50%	Shares
UBS Group AG	$3,413,751	256,673	0.46%	Shares
Propel Bio Management, LLC	$3,360,298	252,654	0.46%	Shares
RAYMOND JAMES FINANCIAL INC	$3,223,242	242,349	0.44%	Shares
FEDERATED HERMES, INC.	$2,958,132	222,416	0.40%	Shares
ArrowMark Colorado Holdings LLC	$2,698,091	202,864	0.37%	Shares
CITADEL ADVISORS LLC	$2,679,950	201,500	0.36%	Call option
Woodline Partners LP	$2,660,013	200,001	0.36%	Shares
Brevan Howard Capital Management LP	$2,352,105	176,850	0.32%	Shares
TWO SIGMA ADVISERS, LP	$2,064,750	275,300	0.28%	Shares
Bank of New York Mellon Corp	$2,026,079	152,337	0.27%	Shares
Invesco Ltd.	$2,000,081	150,382	0.27%	Shares
Perigon Wealth Management, LLC	$1,944,261	146,185	0.26%	Shares
Persistent Asset Partners Ltd	$1,936,281	145,585	0.26%	Shares
VOYA INVESTMENT MANAGEMENT LLC	$1,864,660	140,200	0.25%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$1,708,571	128,464	0.23%	Shares
FMR LLC	$1,706,596	128,316	0.23%	Shares

Show all 166 institutional owners →

Company insiders 21 insiders · 11 officers · 11 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
David Kirn	President and Chief Executive Officer	Sept. 14, 2026 S	767,486	10	$-4,256,922
Kristian Humer	Chief Financial Officer	Dec. 9, 2025 A	·	0	$0
August J Moretti	Chief Financial Officer	May 15, 2023 M	11,045	0	$0
Fariborz Kamal	President & COO	March 6, 2025 A	4,347	0	$0
Scott Bizily	Chief Legal Officer	Sept. 16, 2026 M	8,617	11	$-387,686
Christopher Paul Simms	Chief Commercial and Business Officer	March 25, 2026 A	·	0	$0
Ashoo Gupta	VP, Finance and Controller	March 20, 2026 M	47,055	4	$-6,735
Robert Young Kim	Chief Medical Officer	March 6, 2025 A	1,043	0	$0
Uneek Mehra	Chief Financial & Business Officer	March 6, 2025 A	·	0	$0
Robert S Fishman	Chief Medical Officer	Sept. 1, 2022 A	·	0	$0
Carolyne Zimmermann	Chief Business Officer	Feb. 1, 2022 A	·	0	$0
Susannah Gray	Director	June 17, 2026 A	·	0	$0
Nancy Miller-Rich	Director	June 17, 2026 A	·	0	$0
Charles Theuer	Director	June 17, 2026 A	41,684	0	$0
Shawn Tomasello	Director	June 17, 2026 A	·	0	$0
Jacob Chacko	Director	June 17, 2026 A	0	0	$0
Glenn Sblendorio	Director	June 17, 2026 A	·	0	$0
John F Milligan	Director	June 17, 2026 A	100,000	0	$0
Noriyuki Kasahara	Director	May 23, 2023 A	·	0	$0
David Schaffer	Director	Oct. 22, 2021 S	901,215	0	$0
Tony Dung Ling Yao	Director	Dec. 15, 2020 C	1,060,880	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 26 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
BBC · ETFis Series Trust I	0.77%	35,199 NS	July 31, 2026	N-PORT
IWC · iShares Trust	0.15%	155,638 SH	Sept. 11, 2026	Daily
LABU · Direxion Shares ETF Trust	0.11%	54,661 NS	July 31, 2026	N-PORT
VFMO · VANGUARD WELLINGTON FUND	0.07%	110,046 SH	Aug. 19, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	0.05%	3,854 SH	Oct. 1, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.05%	95,856 SH	Oct. 1, 2026	Daily
IBB · iShares Trust	0.05%	358,089 SH	Sept. 11, 2026	Daily
OMFS · Invesco Exchange-Traded Self-Indexe…	0.04%	7,559 SH	Oct. 1, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.04%	39,920 SH	Aug. 19, 2026	Daily
PWS · Pacer Funds Trust	0.03%	747 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.02%	1,177,203 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.02%	263,878 SH	Aug. 19, 2026	Daily
RSSL · Global X Funds	0.02%	21,908 NS	July 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.01%	171,040 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	460,313 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.01%	107,672 SH	Aug. 19, 2026	Daily
DXUV · Dimensional ETF Trust	0.00%	1,918 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	83,526 SH	Sept. 11, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	3,158 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	12,813 SH	Sept. 3, 2026	Daily
DFAC · Dimensional ETF Trust	0.00%	44,264 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	9,930 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	13,010 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	1,588,533 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	3,503 SH	Aug. 19, 2026	Daily
IWN · iShares Trust	·	424,104 SH	Sept. 11, 2026	Daily

FDMT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 18 analysts BUY

Median target $28.00 +104.8%

5 27.8% Strong Buy

10 55.6% Buy

3 16.7% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

11 analysts · 2026-10-03

Mean target $28.18 +106.2%

← Below all targets Current price $13.67

Low$18.00 Mean$28.18 High$37.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
FDMT	$432M	-3.1	230194.6%	-164.4%	-30.2%	·
AVTX	$336M	-3.1	-86.6%	-132642.4%	-83.4%	·
GERN	$845M	-10.2	-60.2%	·	-34.4%	·
CADL	$310M	-7.8	·	·	-53.7%	·
DSGN	$567M	-7.7	·	·	-32.8%	·
GYRE	$645M	353.0	10.2%	8.5%	11.7%	·
ACHV	·	-4.0	·	·	·	·
SLDB	$445M	-2.8	·	·	-79.5%	·
VSTM	$600M	-2.6	209.1%	-677.6%	-449.2%	·
OLMA	$2.03B	-13.4	·	·	-39.4%	·
FTH	·	·	·	·	·	·

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26

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FDMT 4D Molecular Therapeutics, Inc. - Common Stock