4D Molecular Therapeutics (4DMT) is a late-stage clinical biotech developing gene therapies using its proprietary AAV vector discovery platform, called Therapeutic Vector Evolution (TVE). TVE uses directed evolution in primates to engineer custom AAV vectors that can efficiently reach target tissues via practical delivery routes — like a standard in-office eye injection or an inhaled aerosol — rather than the invasive surgical procedures often required by conventional AAV vectors. 4DMT's lead product candidate is 4D-150, a one-time gene therapy for wet age-related macular degeneration and diabetic macular edema. These diseases are currently managed with frequent, indefinite anti-VEGF injections — often every 6–8 weeks — creating significant treatment burden. 4D-150 is designed to deliver sustained, potentially lifelong anti-VEGF expression from a single intravitreal injection. 4DMT retains full commercial rights in the U.S., Latin America, and Europe, and has licensed rights in Japan, China, and other Asia-Pacific markets to Otsuka Pharmaceutical for an $85M upfront payment, up to $335.5M in milestones, and tiered double-digit royalties. 4DMT's earlier-stage pipeline includes 4D-710, a Phase 2 aerosol gene therapy for cystic fibrosis developed in collaboration with the Cystic Fibrosis Foundation, targeting patients who cannot tolerate existing CFTR modulators. 4DMT is pre-revenue and funds operations through equity, grants, and the Otsuka collaboration.