4D Molecular Therapeutics, Inc. 8-K

What Happened

• 4D Molecular Therapeutics, Inc. filed an Form 8-K (dated January 7, 2026) reporting a preliminary, unaudited cash, cash equivalents and marketable securities balance of approximately $514 million as of December 31, 2025. Management noted this estimate is preliminary and subject to completion of closing procedures and review.
• The company announced executive changes: Fariborz Kamal, Ph.D., resigned as President and Chief Operating Officer effective December 31, 2025 and will transition to a part‑time role as Chief Technical Advisor. David Kirn, M.D., the company’s CEO, was appointed President and Chief Executive Officer effective January 1, 2026.
• The Board appointed Glenn Sblendorio as a Class I director effective January 5, 2026; he joined the Compensation and Science & Technology Committees.

Key Details

• Preliminary cash, cash equivalents and marketable securities: ~$514 million (as of 12/31/2025); unaudited and subject to final close.
• Fariborz Kamal resigned as President & COO effective 12/31/2025 and will serve as part‑time Chief Technical Advisor; departure not due to disagreement with the company.
• David Kirn named President and CEO effective 01/01/2026 (already serving as CEO).
• New director Glenn Sblendorio received an initial option to buy 45,000 shares at $7.30/share (fair market value on grant date); option vests 33.3% after 1 year then 1/36 monthly thereafter. Non‑employee director cash retainer: $40,000/year plus $7,500 (Compensation Committee) and $5,000 (Science & Technology Committee) annually.

Why It Matters

• Cash position: The preliminary ~$514M balance gives a near‑term view of the company’s liquidity and potential runway, but investors should wait for audited financials and the full quarterly/annual results for a complete picture.
• Leadership continuity: The CEO taking on the President title suggests consolidated senior leadership and an orderly transition, with the departing executive remaining as an advisor to aid continuity.
• Board expertise: Adding an experienced biotech executive (Sblendorio) may strengthen governance and strategic oversight. Compensation and equity awards for new directors are standard practice and dilute existing shareholders minimally relative to total outstanding shares.