EMERYVILLE, Calif. - 4D Molecular Therapeutics, Inc. (NASDAQ:FDMT), a clinical-stage genetic medicines company, has announced the pricing of an upsized underwritten public offering. The company, which specializes in treatments for large market diseases, has set the price for 6,586,015 shares of its common stock at $29.50 each. Additionally, pre-funded warrants to purchase 3,583,476 shares of common stock are being offered to certain investors at $29.4999 per warrant.
The gross proceeds from this offering are expected to reach approximately $300 million, before accounting for underwriting discounts, commissions, and other expenses. This figure does not include potential additional funds from the underwriters' 30-day option to purchase up to 1,525,423 more shares, nor any proceeds from the exercise of pre-funded warrants.
Goldman Sachs & Co. LLC, BofA Securities, Jefferies, and Barclays are managing the book-running for the offering. The offering is scheduled to close on February 9, 2024, provided all customary closing conditions are met.
4D Molecular Therapeutics is known for leveraging directed evolution, a Nobel Prize-winning technology, to create customized vectors for genetic medicine. The company's current pipeline includes five clinical-stage and two preclinical product candidates targeting diseases in ophthalmology, pulmonology, and cardiology, with additional programs in CNS through a gene editing partnership.
The securities in this offering have been registered with the U.S. Securities and Exchange Commission and were automatically effective upon filing on February 5, 2024. Interested parties can access copies of the final prospectus supplement and accompanying prospectus from the SEC's website or directly from the underwriting firms.
This news article is based on a press release statement from 4D Molecular Therapeutics, Inc.
InvestingPro Insights
As 4D Molecular Therapeutics, Inc. (NASDAQ:FDMT) progresses with its public offering, investors are closely monitoring the company's financial metrics and market performance. According to InvestingPro data, FDMT holds a market capitalization of $1.42 billion. Despite a remarkable revenue growth rate of 1013.93% in the last twelve months as of Q3 2023, the company's gross profit margin stands at a negative 320.97%, reflecting significant costs relative to its revenues. Additionally, the company has experienced a substantial one-week price total return of 92.52%, signaling a strong recent uptick in investor interest.
Among the InvestingPro Tips, two significant points stand out for FDMT. First, the company is recognized for holding more cash than debt on its balance sheet, which can be a positive sign of financial stability. Second, it is important to note that analysts do not anticipate the company to be profitable this year, which could be a concern for potential investors looking for near-term returns.
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