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© 2026 4D Molecular Therapeutics. All Rights Reserved. © 2026 4D Molecular Therapeutics. All Rights Reserved. The New Backbone of Retina Care: Moving Beyond Lifelong Injections Corporate Overview J.P . Morgan Healthcare Conference | January 2026
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© 2026 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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© 2026 4D Molecular Therapeutics. All Rights Reserved. 3 Overview 1 4DMT Vision & Pipeline 2 4D-150 Overview & 2025 Accomplishments 3 Retinal Vascular Disease Market & Unmet Medical Needs 4 Derisking Phase 3 & Commercialization 5 2026-27 Catalysts Summary6
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 4 REDEFINING GENETIC MEDICINES: Durable & disease-targeted therapeutics for large market diseases Lead Product: 4D-150
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 5 THERAPEUTIC AREA VECTOR PRODUCT CANDIDATE INDICATION PRE - CLINICAL PHASE 1 PHASE 2 PIVOTAL BLA FILING PARTNERS RETINA R100 Intravitreal 4D-150 Wet AMD DME 4D-175 Geographic Atrophy Seeking strategic partnerships PULMONOLOGY A101 Aerosol 4D-710 CF lung disease 4D-725 A1AT lung disease Next Generation, Locally Delivered AAV Gene Therapy Pipeline: Focused on Rapidly Advancing 4D-150 to Global Commercialization APAC Rights 4DMT: U.S./EU/ROW Fully Funded Fully Funded
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 6 GOAL Transform standard of care for large market retinal vascular diseases with safe, in-office & durable lifelong backbone therapy4D-150
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 7 2025: Breakout Year for 4D-150 ✓ Continued Strong Phase 1/2 & 2b Results: ✓ Safety: Well-tolerated & no significant inflammation at Phase 3 dose ✓ Durability: Strong consistent clinical activity through 1.5 to 2 years ✓ Execution of Phase 3: Speed of 4FRONT-1 wet AMD enrollment exceeded expectations ✓ Regulatory for DME: FDA & EMA alignment on single Phase 3 trial for approval; FDA RMAT ✓ T eam: Hired industry-leading retina team ✓ Partnership: Otsuka APAC rights; 4DMT retains U.S., EU & ROW ✓ Financial: $100M raise & cash runway into H2 2028 (>12-months post-4FRONT-1 data)
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 8 4FRONT-1 Enrollment Significantly Exceeding Initial Expectations in Treatment-Naïve Population MAR 2025 1st Patients Screened JAN 13, 2026 N=400+ Randomized or Approved to be Randomized North America N=480 100% Treatment naïve OCT 2025 N=200+ Randomized Q1 2026 Expected Enrollment Completion
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 9 4FRONT-2 Rapidly Executing & Enrolling Globally: U.S., EU & Japan Open *1-4 prior injections, diagnosed within 6 months. Global N=480 60% Treatment naïve 40% Previously treated* Jun 2025 Trial initiation in U.S. sites JAN 2026 U.S., EU + APAC Sites open & screening rapidly H2 2026 Expected Enrollment Completion
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 10 Industry-Leading Retina Leadership T eam Dhaval Desai, PharmD Chief Development Officer 20+ years Late-stage Product Development, Medical Affairs & Scientific Communications Christopher Simms Chief Commercial & Business Officer 25+ years Pre-commercial & Commercial, Pre-launch Preparations & Development, Business Development Julie Clark, MD Chief Medical Officer 20+ years Clinical Development, Regulatory Affairs, Biomarkers, Early- & Late-stage Clinical Development
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 11© 2026 4D Molecular Therapeutics. All Rights Reserved. Retinal Vascular Disease Market & Unmet Medical Needs
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 12 4D-150 Potential to be Highly Disruptive in a Rapidly Growing, $14B+ Market Prevalence sourced from Marketscope Retina Market Report 2023. Anti-VEGF market sourced from GlobalData, GrandView Research. ▪ Wet AMD: o ~5M prevalence in U.S., Europe, Japan o ~300K new cases diagnosed annually ▪ Diabetic Macular Edema (DME): o ~4M prevalence in U.S., Europe & Japan o ~300K new cases diagnosed annually ▪ T op causes of permanent vision loss ▪ Rapidly growing population driven by aging demographics Prevalence (2025) $16B Global Branded Retinal Vascular Disease Anti-VEGF Market (2025E) Wet AMD ~$10B DME ~$4B Other (Inc. RVO, DR) ~$2B Wet AMD + DME: ~$14B
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 13 Vision Loss Impact: Isolation, Loss of Autonomy, Uncertainty, Fear Typical Age of Wet AMD Patient: ~75 years
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 14 Current Standard Of Care: Lifelong Repetitive Burdensome Anti-VEGF Eye Injections
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 15 Lifelong Repetitive & Burdensome Bolus Anti-VEGF Injections Needed to Slow Vision Loss: ~30 Injections over 5 Years Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Change in VA,ETDRS Letters Theoretical Optimally Treated1 LIFELONG Bolus Anti-VEGF 1. Holz FG, et al. British Journal of Ophthal 2015;99:220-226. More visits and injections appeared to be correlated with more successful maintenance of visual acuity gains, including in SEVEN-UP (Seven Year Observational Update of Macular Degeneration Patients Post- MARINA/ANCHOR and HORIZON Trials),
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 16 Real World Data - Treatment Discontinuation is Extremely Common: Current Bolus Treatment Regimens are NOT Sustainable 1. Wykoff et al.: Ophthalmol Sci. 2023 Oct 31;4(2):100421.; n=135,384 at Yr 1; 6,878 at Yr 6. 2. Khanani AM, et al. Ophthalmol Retina. 2020;4(2):122-133 +3.0 +1.2 –0.4 –1.8 –3.1 –4.6 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Change in VA,ETDRS Letters 40% DISCONTINUE within 1 YEAR2 LIFELONG Bolus Anti-VEGF
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 17 Real World Data - Patients Remaining on Treatment: Inability to Maintain Burdensome Injection Regimen Leads to Unrelenting Vision Loss1 1. Wykoff et al.: Ophthalmol Sci. 2023 Oct 31;4(2):100421.; n=135,384 at Yr 1; 6,878 at Yr 6 +3.0 +1.2 –0.4 –1.8 –3.1 –4.6 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Change in VA,ETDRS Letters suboptimal dosing - permanent vision loss LIFELONG Bolus Anti-VEGF
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 18 Solving the Unmet Need: Provide Continuous Backbone Treatment to Control Disease & Protect Vision Without Repetitive Lifelong Injections Wykoff et al.: Ophthalmol Sci. 2023 Oct 31;4(2):100421.; n=135,384 at Yr 1; 6,878 at Yr 6 BACKBONE Anti-VEGF Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Change in VA,ETDRS Letters + Supplement as needed LIFELONG Bolus Anti-VEGF Continuous Backbone Therapy→ Vision Preserved
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 19 Durability Remains the Priority for Retina Doctors & Patients: Long-term Disease Control is Still the #1 Unmet Need Hahn P, ed. ASRS 2025 Preferences and Trends Membership Survey. Chicago, IL. American Society of Retina Specialists; 2025 ASRS Preferences and Trends (PAT) Survey 2025 Which factors are most important to you when selecting anti-VEGF agent? 92.5% 80.8% 45.2% 51.0% 23.0% 2.0% 94.8% 82.3% 47.8% 54.2% 35.3% 1.6% U.S. International Low Potential for Immunogenicity Low rate of Intraocular Inflammation High Binding Affinity Slower Fluid Reaccumulation Other Sustained Efficacy ~95%
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 20 Despite Incremental Durability Improvements, Eylea & Vabysmo Had Rapid, Blockbuster Commercial Success 1. Lucentis 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. Average Interval ~365 days ~57 days ~44 days ~30 days Implied Treatment Burden Reduction vs. Predecessor ~30% ~25% Net Sales Year 3 Post-Launch $1.8B $3.3B $4.4B ~84%4D-1503 Real World2 ~14 day increments Injection- free Potential 0% >50% Paradigm Shifting Potential 1
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 21 Gene Therapy (e.g. 4D-150) is the Most Exciting Pipeline Treatment: Highest Potential to Achieve True Continuous Disease Control Hahn P, ed. ASRS 2025 Preferences and Trends Membership Survey. Chicago, IL. American Society of Retina Specialists; 2025 49.7% 18.3% 12.6% 2.6% 4.2% 12.2% 0.4% 44.0% 9.2% 20.4% 4.8% 8.4% 13.2% 0.0% U.S. International Gene Therapy Tyrosine Kinase Inhibitors VEGF-C/VEGF-D Inhibitors Novel Mechanism Agents None of the Above I Do Not Know Other ASRS Preferences and Trends (PAT) Survey 2025 Which pipeline treatment for wet AMD excites you most? ~50%
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 22 4D-150 Durability Profile would be Paradigm-Shifting 1. Lucentis 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. 3. 4DMT PRISM Phase 2b data, average interval based on 1.0 mean supplemental injections through 1 year in 3E10 vg/eye arm. Average Interval 1 ~365+ days ~57 days ~44 days ~30 days Implied Treatment Burden Reduction vs. Predecessor ~30% ~25% Net Sales Year 3 Post-Launch $1.8B $3.3B $4.4B ~85%4D-1503 Real World2 Injection- free Potential >50% Paradigm Shifting Potential 0%
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 23 4D-150 GOAL: T o transform the standard of care for large market retinal vascular diseases with a safe, in-office & durable lifelong backbone therapy 1. Continuous disease control enabled by durable retinal expression of aflibercept 2. Accelerating global Phase 3 program for Wet AMD & DME 3. Paradigm-shifting durability from incremental interval extension to potential lifelong disease control & vision preservation
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 24 4D-150 is Designed as Backbone Therapy to Provide Safe & Continuous Disease Control with Lifelong Anti-VEGF Expression Potential *Regeneron data on file. 1. Calton et al. Invest Ophthalmol Vis Sci 2024;65:1. 2. Based on 4DMT and other AAV-based retinal gene therapies. R100 Capsid Capsid base Peptide insertions Anti-VEGF Transgenes ✓ Robust delivery to multiple retinal layers ✓ Low doses and minimal inflammation potential ✓ >64 million doses administered WW since launch* Aflibercept (VEGF Trap) VEGF-C RNAi ✓ Enhanced aflibercept expression in preclinical studies1 Single, in-office IVT Injection Predictable, prophylactic steroid eyedrop taper 4D-150 Backbone Therapy T arget Profile Potential for lifelong durability2
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 25 Highest SUN/NEI Score† with 4D-150 Phase 3 Dose, 3E10 vg/eye (N=71) 2.8% (n=2‡) 97.2% None 1+ 3+ 4+ 2+ Wet AMD: Consistent & Predictable Safety Data T o-date Data cutoff of August 22, 2025. †4D-150–related. ‡1+ VC cell in 1 patient at Week 4 & 1 patient Week 28. NEI, National Eye Institute; SUN, Standardization of Uveitis Nomenclature. 100% Through Week 28 Week 28 to Y ear 1 Y ear 1.5 to 3.5+ 100%100% Y ear 1 to 1.5 N=71 N=71 N=71 N=Variable 99% (70 of 71) completed on schedule and remain completely offProphylactic corticosteroid (~20 weeks)
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 26 DME: Consistent & Predictable Safety Data T o-date NEI: National Eye Institute; SUN: Standardization of Uveitis Nomenclature. Data cutoff as of May 2, 2025. 0 (none) 1+ 3+ 4+ 2+ 100% Highest SUN/NEI Score with 4D-150 Phase 3 Dose, 3E10 vg/eye (N=9) Through Week 60 100% (9 of 9) completed on schedule and remain completely offProphylactic corticosteroid (~16 weeks)
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 27 20.4 0.5 1.3 1.2 1.2 Projected 24M Prior to 4D-150 0-M6 M6-M12 M12-M18 M18-M24 Phase 1/2a 2-year Data Demonstrates Durable Disease Control: Severe, Recalcitrant Wet AMD Population Data cutoff of August 22, 2025. *Anti-VEGF injections. CST, central subfield thickness; BCVA, best corrected visual acuity; ETDRS, Early Treatment Diabetic Retinopathy Study; AFLB, aflibercept. Mean cumulative function from Cox proportional hazard regression model for recurrent events was used to estimate the mean cumulative number of supplemental aflibercept injections. Treatment Burden* Reduction Post–4D-150 vs. Prior –79% Consistent across 6-month intervals: Includes impact of loading dose Prior Year Actual: 10.2 Projected: 10.2 4.3 ▪ Visual acuity: stable & equivalent to aflibercept control ▪ Retinal anatomy: stable with fewer fluctuations vs. aflibercept control ▪ Inflammation: no meaningful signal
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 28 Phase 2b 1.5-year Data Demonstrates Durable Disease Control: Recently Diagnosed, Phase 3 Comparable Wet AMD Population Data cutoff of August 22, 2025. *Anti-VEGF Injections. †Projection based on last loading dose in Phase 2b and approved dosing schedule for aflibercept in wet AMD. Mean cumulative function from Cox proportional hazard regression model for recurrent events was used to estimate the mean cumulative number of supplemental aflibercept injections. Treatment Burden* Reduction Post–4D-150 9.0 0.7 1.5 Years Post–4D-150 1.5 Years Projected† –92% ▪ Visual acuity: stable ▪ Retinal anatomy: stable without fluctuations ▪ Inflammation: no meaningful signal
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 29 Phase 2b 1.5-year Data: 73% Injection-free in Phase 3 Comparable Wet AMD Population Data cutoff of August 22, 2025. *Anti-VEGF Injections. †Projection based on last loading dose in Phase 2b and approved dosing schedule for aflibercept in wet AMD. Mean cumulative function from Cox proportional hazard regression model for recurrent events was used to estimate the mean cumulative number of supplemental aflibercept injections. Severe, Recalcitrant Phase 2b Subgroup 1.5-year Treatment Burden* Reduction Results: Recently Diagnosed (Phase 3-Comparable) 9.0 0.7 1.5 Years Post–4D-150 1.5 Years Projected† 7% 2 inj. 73% Injection free 7% 1 inj. 13% >2 Inj. 2-year Results Expected mid-2026 –92%
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 30 Phase 1/2 Data Demonstrates Durable Disease Control: 78% Treatment Burden Reduction in DME Data cutoff of May 2, 2025. *Anti-VEGF Injections. †Projection based on last loading dose and approved dosing schedule for aflibercept in DME. Mean cumulative function from Cox proportional hazard regression model for recurrent events was used to estimate the mean cumulative number of supplemental aflibercept injections. ‡One subject received supplemental aflibercept at W52 due to post-cataract surgery edema. Severe, Recalcitrant Phase 1/2 60-week Treatment Burden* Reduction Results: Diabetic Macular Edema 7.0 1.6 60 Weeks Post–4D-150 60 Weeks Projected† 22% 2 inj. 44% Injection free‡ 11% 1 inj. 22% >2 Inj. 2-year Results Expected H2 2026 –78% ▪ Visual acuity: stable ▪ Retinal anatomy: stable without fluctuations ▪ Inflammation: no signal
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 31 4D-150 GOAL: T o transform the standard of care for large market retinal vascular diseases with a safe, in-office & durable lifelong backbone therapy 1. Continuous disease control enabled by durable retinal expression of aflibercept 2. Global Phase 3 program for Wet AMD & DME
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 32 Wet AMD Global 4FRONT Phase 3 Program Overview: Derisking Strategy for Global Regulatory & Commercial Success ✓ Continued strong Phase 1/2 & 2b results in broad patient populations ✓ Industry standard Phase 3 trial designs (Noninferiority to aflibercept) ✓ Optimized Phase 3 patient population ✓ Global regulatory alignment with FDA (RMAT), EMA (PRIME), PMDA
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 33 DME Global Phase 3 Program Overview: Derisking Strategy for Global Regulatory & Commercial Success ✓ Continued strong Phase 1/2 results ✓ Industry standard trial design (Noninferiority to aflibercept) ✓ Global regulatory alignment with FDA (RMAT) & EMA: Single Phase 3 trial sufficient to file for approval
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 34 4D-150 GOAL: T o transform the standard of care for large market retinal vascular diseases with a safe, in-office & durable lifelong backbone therapy 1. Continuous disease control enabled by durable retinal expression of aflibercept 2. Global Phase 3 program for Wet AMD & DME 3. Paradigm-shifting durability from incremental interval extension to potential lifelong disease control & vision preservation
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 35 4D-150 Durability Profile is Paradigm-Shifting 1. Lucentis package insert; 2. Real-World Evidence (TRUCKEE Study). 3. 4DMT PRISM Phase 2b data, average interval based on 1.0 mean supplemental injections through 1 year in 3E10 vg/eye arm. Injection Burden Reduction vs. prior therapy implied based on difference calculated annual injections based on TRUCKEE durability. Average Interval 1 ~365 days ~57 days ~44 days ~30 days Implied Treatment Burden Reduction vs. Predecessor ~30% ~25% Net Sales Year 3 Post-Launch $1.8B $3.3B $4.4B ~85%4D-1503 Real World2 Injection- free Potential 0% 0% 0% >50% Paradigm Shifting Potential
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 36 ▪ Unique value proposition aligns incentives to long-term disease control and vision protection ▪ Buy & bill model fit (U.S.) ▪ Flexible pricing enabled by low COGS PAYORS Commercial Model: Designed for Seamless Adoption & Global Scalability ▪ In-office routine IVT dosing ▪ Standard refrigeration ▪ Practice economics enhanced ▪ Clinic capacity increased PRACTICE WORKFLOW & ECONOMICS ▪ Manufacturing scalability ▪ Favorable COGS margin ▪ Efficient commercial infrastructure in U.S. to reach ~2,500 retina specialists (<100 field reps) ▪ Otsuka infrastructure in APAC GLOBAL SCALABILITY
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 37 Key Catalysts: Poised for Strong Clinical Data & Phase 3 Execution Milestones followed by T opline Phase 3 Data ▪ Q1 2026: 4FRONT-1 randomization complete ▪ Mid-2026: PRISM Phase 2b 2-year data ▪ H2 2026: 4FRONT-2 randomization complete ▪ H1 2027: 4FRONT-1 topline data ▪ H2 2027: 4FRONT-2 topline data ▪ Mid-2026: Finalize global Phase 3 design ▪ Q3 2026: Initiate global Phase 3 trial ▪ H2 2026: SPECTRA Trial 2-year data $514M Cash* at YE2025, Runway Expected into H2 2028 Wet AMD Diabetic Macular Edema *Cash, cash equivalents and marketable securities (unaudited) as of December 31, 2025.
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© 2026 4D Molecular Therapeutics. All Rights Reserved. 38 Key Takeaways for 2026 & Beyond ▪ Continue reporting strong Phase 1/2 & 2b clinical data in wet AMD & DME ▪ Continue Phase 3 execution momentum o Complete Phase 3 enrollment in Wet AMD (4FRONT-1/4FRONT-2) o Initiate Phase 3 in DME ▪ Deliver topline Wet AMD Phase 3 data in H1 2027 & H2 2027 GOAL: T o transform the standard of care for large market retinal vascular diseases with a safe, in-office & durable lifelong backbone therapy
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© 2026 4D Molecular Therapeutics. All Rights Reserved. © 2026 4D Molecular Therapeutics. All Rights Reserved. THANK YOU 5858 Horton Street, Suite 455 | Emeryville, California 94608 (510) 505-2680 | Investor.Relations@4DMT.com IR.4DMT.com | LinkedIn