4D Molecular Therapeutics, Inc., a late-stage biotechnology company, engages in the development of adeno-associated virus vectors from its proprietary synthetic vector discovery platform, Therapeutic Vector Evolution in…
FAIL · Does not pass the screen
12.25 USD
Price as of 6 Nov 2026Daily close, not a live quote
Screened 2026-11-06 · the tape above runs as of 20:08 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price12.25 USD at the 6 Nov 2026 close
Fair valueUnder review: our model's value is 2.58x the price, above our 2.00x limit.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.15, read 2026-11-03
Ethical does not pass the values gate
Price12.25 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-11-07Read Markup12.25+0.0% to today ✓Distribution gives way to Markup first Markup read since August
2026-11-05Read Distribution12.28-0.2% to today ✓Markdown gives way to Distribution after a 19% slide in 4 weeks
2026-10-11Read Markdown15.24-19.6% to today ✓Accumulation gives way to Markdown
2026-10-02Read Accumulation15.24-19.6% to today Markup gives way to Accumulation after a 39% rise in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
4D Molecular Therapeutics Inc holds its Markup at $12.25. The statistical read favours the sellers, held for 191 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 191 days
Price at the screen
$12.25
Valuation
N/A trailing · -2.95 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.69
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
3.78%
Below 33%
Interest-bearing debt is just 3.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
19.65%
Below 33%
Cash held in interest-bearing accounts and securities is 19.7% of assets, under the one-third limit.
Pass
Receivables
10.63%
Below 49%
Money owed to the company is 10.6% of assets, under the 49% limit.
Pass
Revenue purity
22.86%
Below 5%
22.9% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
4D Molecular Therapeutics clears the business-activity screen, and its debt is inside the line. Where it falls short is income purity: around 23% of its income right now is interest earned on a large cash position, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today FDMT does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 2.58x the price, above our 2.00x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; as a biotechnology name, trial and regulatory outcomes can move it sharply either way; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FDMT trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-07Markup · changed$12.25+8.9%Entry 15
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-06Distribution$11.25-8.4%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 8.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markdown$11.95+0.4%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markdown$11.90+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$11.90-3.7%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter.
2026-10-25Markdown$12.36+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter.
2026-10-18Markdown$12.36-18.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 18.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter.
2026-10-11Markdown · changed$15.24+0.0%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28. Insiders have been net sellers over the past quarter.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 38.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 94%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it none, with a mean price target of $28.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.