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© 2025 4D Molecular Therapeutics. All Rights Reserved. © 2025 4D Molecular Therapeutics. All Rights Reserved. RBC Capital Markets Virtual Ophthalmology Conference Corporate Presentation April 2025
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 2 Legal Disclaimer This Presentation contains forward looking statements that involve substantial risks and uncertainties. All statements, otherthan statements of historical facts, contained in this Presentation, including statements regarding our clinical development plans, strategy, future operations, future financial position, prospects, plans, objectives of management, and implied and express statements regarding the therapeutic potential, clinical benefits of and market potential of our product candidates are forward looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “should,” “would,” and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in these forward looking statements, and you should not place undue reliance on these forward looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward looking statements. In addition, the forward looking statementsincluded in this Presentation represent our views as of the date of this Presentation. We anticipate that subsequent events and developments will cause our views to change. However,while we may elect to update these forward looking statements in the future, we specifically disclaim any obligation to do so. These forward looking statements should not be relied upon as representing our views as of any date subsequent to the date of this Presentation. This Presentation discusses our product candidates that are under preclinical study and in clinical trials, and which have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of our product candidates for the therapeutic use for which they are being studied. This Presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 3 4DMT is Officially a Phase 3 Company 4D-150 FIRST PATIENTS ENROLLED AT MULTIPLE SITES IN WET AMD PHASE 3 STUDY
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 4 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 5 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 6 T otal Branded Anti-VEGF Market Continues to Grow with Share Driven by Incremental Durability Improvements: Aflibercept Remains Market Leader Source: EvaluatePharma Historical and Consensus Estimates as of 3/7/2025. Note: Product sales reflect sales across manufacturers; Eylea sales include both Eylea and Eylea HD formulations $1.3B $11.4B $4.4B $0.4M $1.2M $1.8M $2.4M $3.0M $3.9M $5.0M $6.5M $7.7M $8.5M $9.5M $10.5M $11.9M $13.0M $13.0M $15.0M $15.3M $15.9M $17.1M 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Vabysmo Eylea Lucentis
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 7 Incremental Durability Improvements for Bolus Anti-VEGFs Have Resulted in Accelerating Launch Performance 1. L ucentis package insert; 2. Real-World Evidence (TRUCKEE Study). Injection Burden Reduction vs. prior therapy implied based on difference calculated annual injections based on TRUCKEE durability. Durability: ~30 Days1 Durability: ~44 Days2 Burden Reduction vs. Lucentis: ~32% Durability: ~57 Days2 Burden Reduction vs. Eylea: ~23% $0.9B $2.1B $3.3B 2012A 2013A 2014A $0.4B $1.2B $1.8B 2006A 2007A 2008A $0.6B $2.6B $4.4B 2022A 2023A 2024A
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 8 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 9 Short Durability of Wet AMD Standard of Care Leads to Poor Vison Outcomes 1Guo et al. Ophthal Res 2023; 66:406-12. 2Evans et al. JAMA Ophtalmol 2020;138:1043-51. Current Standard of Care Durability Impact on Retinal Anatomy Vision Bolus loading doses, followed by… 4 weeks 4-8 weeks 8 weeks 8-12 weeks 8-12-16 weeks 8-16 weeks Central Retinal Thickness Associated with greater vision loss1 & fibrosis2
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 10 Markedly Improving Outcomes with a Multi-year Backbone Therapy 1Guo et al. Ophthal Res 2023; 66:406-12. 2Evans et al. JAMA Ophtalmol 2020;138:1043-51. Current Standard of Care Solution: 4D-150 Backbone Therapy Durability Impact on Retinal Anatomy Vision Multiple years 4D-150 Bolus loading doses, followed by… 4 weeks 4-8 weeks 8 weeks 8-12 weeks 8-12-16 weeks 8-16 weeks Bolus loading doses, followed by… Goal Post–4D-150 Central Retinal Thickness Low retinal variability to preserve vision Bolus supplement as needed Central Retinal Thickness Associated with greater vision loss1 & fibrosis2
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 11 6.0 1.0 0.3 4D-150 Demonstrated Transformative Treatment Burden Reduction & Durability in Multiple Wet AMD Patient Populations 21% 2 injections 27% >2 injections Recently DiagnosedBroadPhase 1/2a Population: Severe, Recalcitrant Mean annual injections Post 4D-150 10.2 1.8 Projected Annual Labeled Q8W Regimen –83% –94%–83% Mean annual injections Post 4D-150 Injections in Prior 12 Months Phase 2b Populations:
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 12 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 13 No 4D-1 50– related serious adverse events No 4D-1 50– related hypotony, endophthalmitis, occlusive/non-occlusive retinal vasculitis, or choroidal effusions Treatment- related 1+ vitreous cells at a single timepoint observed in 2 of 71 (2.8%) 99% ( 70 of 71) completed prophylactic topical steroi d t aper on schedule 99% ( 70 of 71) remain completely off steroids Highest SUN/NEI Score† 4D-150 3E10 vg/eye (N=71)* 4D-150 Has Been Well T olerated in Broad Wet AMD Population: Safety In-Line With Aflibercept Protein to Date *Duration of follow up, ≤3 years. †4D-150–related. VC, Vitreous cell; NEI, National Eye Institute; SUN, Standardization of Uveitis Nomenclature. None 1+ 3+ 4+ 2+ 97.2% 2.8% Wet AMD
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 14 4D-150 Has Been Well T olerated in DME Patients: No Intraocular Inflammation at Any Timepoint at Any Dose Level Data cutoff date, December 13, 2024. *Excludes patient with early termination due to death. The subject had a prior history of hepatic cirrhosis and died prior to any study visits due to liver failure (assessed by PI as unrelated to 4D-150). NEI, National Eye Institute; SUN, Standardization of Uveitis Nomenclature; X, missed visit. One of the subjects missed three consecutive study visits due to recovery from foot surgery. Anterior Chamber Cells Vitreous Cells X X X X 0 2 8 12 16 20 24 28 32 X X X X 0 2 8 12 16 20 24 28 32Week X 0 (none) 1+ 3+ 4+ 2+ 5E9 vg/eye Topical Corticosteroid NEI/SUN Score 3E10 vg/eye (N=9) 1E10 vg/eye* (N=11) Missed Visit All patients completed the 16- w eek topical steroid taper on schedule and remained completely off steroids No hypotony, endophthalmitis, v asculitis, choroidal effusions or retinal artery occlusions DME
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 15 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 16 Clinics Payors Potential to Improve Economic Value for Payors and Clinics with 4D-150 IVT dosing with seamlessly adoption into current practice flow Seamless integration into current distribution networks & clinic storage Improved cash flow & clinic capacity, esp with Buy & Bill reimbursement model Adherence by design, leading to long term preservation of vision Reduction in treatment burden, leading to patient freedom and quality-of-life Preservation of vision, leading to socio-economic benefit Low expected COGS, leading to pricing flexibility
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 17 4D-150: Phase 3 Therapeutic Designed to Disrupt the Global Market for Retinal Vascular Diseases & Improve Patient Outcomes 4D-150 Ease of Clinical & Commercial Adoption Backbone therapy with multi-year durability: Foundational therapy with paradigm-shifting treatment burden reduction & vision preservation Addresses Primary Clinical Unmet Need Predictable long-term safety: Clinically significant IOI rate in-line with aflibercept bolus (remains standard-of-care, >64M eyes treated) Favorable Safety Profile $17B+ and growing global market Leveraging expression of validated blockbuster aflibercept Multi-Billion Dollar Annual Opportunity Readouts from both Phase 3 studies in 4FRONT global registration program expected in H2 2027 T opline Data from wet AMD Pivotal Trials in 2027 Single IVT injection: Seamless integration into retina clinic practice flow and buy & bill reimbursement model
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 18 *Determined by SD-OCT and confirmed by an independent Reading Center. †PI discretion not allowed. Noninferiority Trials to Enable Global Registration in Wet AMD Global 4FRONT Phase 3 Trial Design Primary endpoint Durezol® taper (both arms) starting Day -3 Baseline Response Week -5 -1 D1 4 8 12 16 20 24 28 32 36 40 44 48 52 104 4D-150 3E10 vg/eye (n=200) Aflibercept 2 mg (n=200) 4D-150 Aflibercept Sham injection Randomize Global, Multicenter, Randomized, Double Masked, Aflibercept Q8W Comparator Controlled Studies ≥15% reduction in CST or complete resolution of intraretinal and/or subretinal fluid* Randomizing strong aflibercept responders to reduce variability
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 19 *Determined by SD-OCT and confirmed by an independent Reading Center. †PI discretion not allowed. Noninferiority Trials to Enable Global Registration in Wet AMD Global 4FRONT Phase 3 Trial Design Primary endpoint Durezol® taper (both arms) starting Day -3 Baseline Response Week -5 -1 D1 4 8 12 16 20 24 28 32 36 40 44 48 52 104 4D-150 3E10 vg/eye (n=200) Aflibercept 2 mg (n=200) 4D-150 Aflibercept Sham injection Randomize Global, Multicenter, Randomized, Double Masked, Aflibercept Q8W Comparator Controlled Studies Reference Values: BCVA: Average of Week 4 & 8 CST: Week 8 Disease Activity (if any criteria are met)†: Vision & Anatomy: ≥5 letter loss in BCVA AND ≥50 µm increase in CST Vision: ≥10 letter loss in BCVA Anatomy: ≥100 µm increase in CST New vision-threatening hemorrhage Supplemental Aflibercept Criteria (Both arms) Optimized for primary endpoint success & demonstratin g c linically meaningful tr eatment burden reduction ≥15% reduction in CST or complete resolution of intraretinal and/or subretinal fluid*
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 20 Global North American 4D-150 Wet AMD Phase 3 Expected Milestones Q1 25 Q2 25 Q3 25 Q4 25 H1 26 H2 26 H1 27 H2 27 March 2025 First Patients Enrolled 2026 Fully Randomized H2 2027 Topline Data Q3 2025 Initiation 2026 Fully Randomized H2 2027 Topline Data
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© 2025 4D Molecular Therapeutics. All Rights Reserved. 21 THERAPEUTIC AREA VECTOR ROUTE OF ADMIN PRODUCT CANDIDATE INDICATION ESTIMATED PREVALENCE PHASE 1 PHASE 2 PIVOTAL STATUS LARGE MARKET OPHTHALMOLOGY R100 Intravitreal 4D-150 Wet AMD ~3M U.S./EUMM PRISM Ph2b 52-week interim data: Feb 10, 2025 4FRONT-1 Initiation: Mar 2025 4FRONT-2 Initiation: Q3 2025 PRISM Ph1/2a 2-year & Ph2b 1.5- year data: Q4 2025 4FRONT-1 & -2 topline data: H 2 2027 DME ~5M U.S./EUMM Part 1: 32-week interim data 52-week interim data: Q3 2025 PULMONOLOGY A101 Aerosol 4D-710 CF lung disease (mod. ineligible/ intolerant) ~15K WW Interim data: H2 2025 Pipeline Focused on Large Market Indications with High Unmet Need $505M cash as of December 31, 2024; Runway into 2028
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