Estados financieros detallados de 4D Molecular Therapeutics, Inc. (FDMT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
4D Molecular Therapeutics, Inc. registró ingresos de $85.2M en el último ejercicio fiscal, con un CAGR de 5 años del 44.3%.
Márgenes de los últimos 12 meses: margen bruto 42.0%, margen operativo -214.2%, margen neto -194.7%.
Al precio actual de $13.76, FDMT presenta beneficios negativos (P/E no significativo) y un ROE del -41.33%. La capitalización bursátil es de $719M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $5.8M | $14.1M | $7.0M | $13.6M | $18.0M | $3.1M | $20.7M | $37000 | $85.2M |
| Coste de Ventas | $13.6M | $18.4M | $38.7M | $53.0M | $61.4M | $80.3M | $97.1M | $141.3M | $7.6M |
| Beneficio Bruto | -$7.8M | -$4.2M | -$31.7M | -$39.4M | -$43.3M | -$77.1M | -$76.4M | -$141.3M | $77.6M |
| I+D | $13.6M | $18.4M | $43.9M | $53.0M | $61.4M | $80.3M | $97.1M | $141.3M | $195.7M |
| Generales y Administrativos | $3.5M | $6.2M | $13.9M | $17.2M | $28.0M | $32.9M | $36.5M | $46.6M | $49.1M |
| Gastos Operativos | $17.1M | $24.5M | $19.0M | $17.2M | $28.0M | $32.9M | $36.5M | $46.6M | $237.1M |
| Beneficio Operativo | -$11.3M | -$10.4M | -$50.8M | -$56.7M | -$71.3M | -$110.0M | -$112.9M | -$187.8M | -$159.5M |
| EBITDA | -$10.6M | -$9.7M | -$44.6M | -$55.2M | -$69.8M | -$105.1M | -$96.6M | -$154.2M | -$132.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$11.2M | -$9.6M | -$49.3M | -$56.7M | -$71.3M | -$107.5M | -$100.8M | -$160.9M | -$140.1M |
| Impuestos | -$89000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$11.2M | -$9.6M | -$49.3M | -$56.7M | -$71.3M | -$107.5M | -$100.8M | -$160.9M | -$140.1M |
| BPA | $-0.76 | $-0.76 | $-2.00 | $-2.12 | $-2.46 | $-3.12 | $-2.58 | $-2.98 | $-2.42 |
| BPA Diluido | $-0.76 | $-0.76 | $-2.00 | $-2.12 | $-2.46 | $-3.12 | $-2.58 | $-2.98 | $-2.42 |
| Acciones en Circulación (Diluidas) | $14.8M | $12.5M | $26.5M | $26.7M | $27.7M | $32.4M | $39.1M | $53.9M | $57.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $90000 | $85.1M | $3.0M | $3.8M |
| Beneficio Bruto | -$47.1M | $83.1M | $992000 | $1.7M |
| Beneficio Operativo | -$61.2M | $14.7M | -$73.6M | -$77.0M |
| EBITDA | -$55.6M | $12.4M | -$66.7M | -$74.9M |
| Beneficio Neto | -$56.9M | $19.4M | -$68.8M | -$72.9M |
| BPA | $-1.01 | $0.34 | $-1.01 | $-1.04 |
| BPA Diluido | $-1.01 | $0.34 | $-1.01 | $-1.04 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.9M | $91.8M | $49.7M | $276.7M | $153.0M | $52.4M | $249.1M | $149.3M | $60.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $94.8M | $161.2M | $39.1M | $275.5M | $342.4M |
| Cuentas por Cobrar | $321000 | $1.1M | $978000 | $1.5M | $47000 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $24.5M | $94.1M | $52.5M | $282.7M | $256.3M | $220.5M | $296.6M | $434.9M | $413.1M |
| Inmovilizado Material | $2.7M | $2.5M | $5.0M | $5.1M | $29.0M | $35.3M | $31.7M | $40.6M | $33.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $27.3M | $97.0M | $58.2M | $288.3M | $353.5M | $261.8M | $339.9M | $560.4M | $566.7M |
| Cuentas por Pagar | $460000 | $954000 | $1.7M | $1.8M | $4.8M | $3.3M | $3.5M | $4.4M | $11.2M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $5.9M | $8.1M | $13.0M | $16.7M | $16.3M | $15.7M | $19.0M | $29.1M | $44.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $46.9M | $124.6M | $131.2M | $31.9M | $34.4M | $30.5M | $32.1M | $49.8M | $61.0M |
| Reservas | -$20.5M | -$30.0M | -$79.0M | -$135.7M | -$207.0M | -$314.5M | -$415.3M | -$576.2M | -$716.3M |
| Patrimonio Neto | -$19.6M | -$27.6M | -$73.0M | $256.4M | $319.1M | $231.3M | $307.8M | $510.6M | $505.7M |
| Deuda Total | 0 | 0 | 0 | 0 | $16.4M | $16.1M | $14.7M | $24.6M | $21.4M |
| Deuda Neta | -$23.9M | -$91.8M | -$49.7M | -$276.7M | -$231.3M | -$197.4M | -$273.6M | -$400.3M | -$381.2M |
| Capital Circulante | $18.6M | $86.0M | $39.6M | $265.9M | $239.9M | $204.8M | $277.6M | $405.8M | $369.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $48.6M | $60.2M | $72.5M | $70.4M |
| Activos Totales | $424.0M | $566.7M | $512.9M | $492.6M |
| Pasivos Totales | $55.0M | $61.0M | $61.1M | $85.0M |
| Patrimonio Neto | $369.0M | $505.7M | $451.8M | $407.7M |
| Deuda Total | $22.3M | $21.4M | $20.5M | $39.2M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$11.2M | -$9.6M | -$49.3M | -$56.7M | -$71.3M | -$107.5M | -$100.8M | -$160.9M | -$140.1M |
| Amortizaciones | $626000 | $697000 | $1.0M | $1.4M | $3.0M | $3.9M | $5.7M | $6.7M | $7.6M |
| Compensación en Acciones | $256000 | $1.4M | $3.5M | $5.0M | $13.8M | $17.1M | $19.7M | $26.1M | $22.0M |
| Cambio en Capital Circulante | $18.5M | -$8.8M | $259000 | -$712000 | -$15.5M | -$1.3M | $630000 | $537000 | $6.2M |
| Flujo de Caja Operativo | $8.2M | -$16.3M | -$36.7M | -$50.9M | -$69.1M | -$86.7M | -$75.8M | -$134.6M | -$109.1M |
| Inversiones (CapEx) | -$573000 | -$414000 | -$3.2M | -$1.0M | -$9.1M | -$11.5M | -$2.8M | -$3.8M | -$536000 |
| Adquisiciones | $24000 | 0 | 0 | 0 | $9.1M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $7.7M | -$16.7M | -$39.9M | -$51.9M | -$78.2M | -$98.2M | -$78.6M | -$138.4M | -$109.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$46.5M | $28.6M | -$68.1M | -$70.0M |
| Inversiones (CapEx) | $91000 | -$631000 | 0 | -$55000 |
| Flujo de Caja Libre | -$46.4M | $27.9M | -$68.1M | -$70.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.5M | $5.6M | $4.5M | $5.9M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +144.0% | -50.6% | +94.8% | +32.5% | -82.7% | +562.3% | -99.8% | +230194.6% |
| Crecimiento Beneficio Neto (anual) | | +14.9% | -416.2% | -15.0% | -25.8% | -50.7% | +6.2% | -59.5% | +12.9% |
| Crecimiento BPA (anual) | | +0.0% | -163.2% | -6.0% | -16.0% | -26.8% | +17.3% | -15.5% | +18.8% |
| Cambio en Acciones (anual) | | -15.6% | +111.6% | +0.7% | +3.9% | +16.7% | +21.0% | +37.9% | +7.4% |
| Crecimiento FCF (anual) | | -317.5% | -139.5% | -30.1% | -50.7% | -25.5% | +20.0% | -76.1% | +21.2% |
| Margen Bruto | -134.4% | -30.0% | -454.2% | -289.6% | -240.2% | -2464.8% | -368.5% | -381789.2% | 91.1% |
| Margen Operativo | -194.7% | -73.6% | -726.7% | -416.3% | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% |
| Margen EBITDA | -183.9% | -68.7% | -638.7% | -405.7% | -386.9% | -3358.6% | -466.3% | -416656.8% | -155.5% |
| Margen Neto | -193.8% | -67.6% | -705.8% | -416.5% | -395.4% | -3435.4% | -486.6% | -434778.4% | -164.4% |
| Margen FCF | 132.4% | -117.9% | -571.3% | -381.3% | -433.8% | -3139.1% | -379.1% | -373975.7% | -128.0% |
| Tasa Impositiva Efectiva | 0.8% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.52 | $-1.33 | $-1.51 | $-1.95 | $-2.82 | $-3.04 | $-2.01 | $-2.57 | $-1.88 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $14.8M | $12.5M | $26.5M | $26.7M | $27.7M | $32.4M | $39.1M | $53.9M | $57.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -41.33% |
| Rentabilidad sobre capital invertido | -43.77% |
| Rentabilidad sobre activos | -36.37% |
| Margen bruto | 42.00% |
| Margen operativo | -214.24% |
| Margen neto | -194.74% |
Salud financiera
| Deuda / Patrimonio | 0.10 |
| Ratio corriente | 8.03 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.50 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -53.29 | -53.29 | -20.25 | -19.55 | -8.92 | -7.12 | -7.85 | -1.87 | -3.10 |
| P/VC | -30.67 | -18.38 | -14.70 | 4.31 | 1.91 | 3.11 | 2.58 | 0.59 | 0.86 |
| P/V | 103.77 | 35.88 | 153.59 | 81.25 | 33.73 | 229.63 | 38.26 | 8120.72 | 5.10 |
| Margen Bruto | -134.4% | -30.0% | -454.2% | -289.6% | -240.2% | -2464.8% | -368.5% | -381789.2% | 91.1% |
| Margen Operativo | -194.7% | -73.6% | -726.7% | -416.3% | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% |
| Margen Neto | -193.8% | -67.6% | -705.8% | -416.5% | -395.4% | -3435.4% | -486.6% | -434778.4% | -164.4% |