4D Molecular Therapeutics Inc. reported its financial results for the first quarter of 2025, highlighting a decrease in cash, cash equivalents, and marketable securities to $458 million as of March 31, 2025, from $505 million on December 31, 2024. This net decrease was primarily attributed to cash used in operations. The company anticipates that its current cash reserves will be sufficient to fund planned operations through 2028. The company reported a net loss of $48.0 million for the first quarter of 2025, compared to a net loss of $32.4 million for the same period in 2024. Research and development expenses rose to $40.7 million from $27.9 million year-over-year, driven largely by the initiation of a Phase 3 clinical trial for 4D-150 in wet AMD, which required increased personnel and professional services. General and administrative expenses increased to $12.9 million from $10.3 million in the prior year, primarily due to higher professional services costs. In terms of business operations, 4D Molecular Therapeutics Inc. has identified its core programs as 4D-150 for wet age-related macular degeneration $(AMD)$ and diabetic macular edema $(DME.AU)$, and 4D-710 for cystic fibrosis $(CF)$ lung disease. The company paused additional capital allocation for other programs, extending its cash runway into 2028. The company plans to deliver topline results from its wet AMD Phase 3 clinical trials in the second half of 2027 without the need for additional capital. Additionally, interim data from the AEROW clinical trial and updates on the 4D-150 program are expected in the second half of 2025.