4D Molecular Therapeutics Inc. has announced the issuance of pre-funded warrants in exchange for common stock through unregistered sales to RA Capital Healthcare Fund, L.P. and Biotechnology Value Fund, L.P. and its affiliates. RA Capital exchanged 4,850,000 shares of common stock for a pre-funded warrant to acquire the same number of shares, while BVF exchanged 1,750,000 shares for a similar warrant. The pre-funded warrants have an exercise price of $0.0001 per share, are immediately exercisable subject to beneficial ownership limitations, and will not expire until fully exercised. Following the transaction, as of January 23, 2026, the company reported 51,007,874 shares outstanding, excluding 16,935,665 shares issuable upon exercise of all outstanding pre-funded warrants. The transaction was made without registration, relying on an exemption under Section 3(a)(9) of the Securities Act of 1933.

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