On Saturday, 4D Molecular Therapeutics Inc. (FDMT), a late-stage biotech focused on disease-targeted therapeutics, dropped two-year results from its PRISM Phase 2b trial of 4D-150 in a broad wet age-related macular degeneration (AMD) population. The numbers are pretty compelling for a one-and-done approach.
The Phase 2b study tested a single intravitreal injection of 4D-150 at two doses: 3E10 vg/eye (the dose selected for Phase 3) and 1E10 vg/eye, enrolling 45 patients total. Of those, 30 got the higher dose, and 15 got the lower one. A subgroup of 15 patients diagnosed within six months also received the 3E10 dose, mirroring the Phase 3 target population.
As of the May 18, 2026 data cutoff, 4D-150 kept best corrected visual acuity stable and central subfield thickness under control. Patients saw a meaningful, long-term drop in how often they needed injections—a clear dose response favoring the Phase 3 dose.
Substantial Reductions in Patient Treatment Burden
Overall, trial participants achieved a 78% reduction in treatment burden, averaging just 2.7 supplemental injections over two years, compared to the projected 12.0 injections for on-label aflibercept 2 mg given every eight weeks. The recently diagnosed subgroup did even better: an 87% reduction, averaging only 1.6 supplemental injections per patient. That's a huge quality-of-life improvement for people who currently face monthly or bimonthly eye injections.
Safety and Tolerability Profile
Safety data across 71 patients from Phase 1/2a and 2b trials at the Phase 3 dose showed 4D-150 was well tolerated. Only 2.8% of patients (two individuals) experienced mild, transient intraocular inflammation within the first 28 weeks post-dosing. Beyond 28 weeks, no new inflammation cases appeared, with follow-up ranging from two to over four years. No cases of hypotony, endophthalmitis, vasculitis, retinal vasculitis, or choroidal effusions were recorded. That's a clean safety profile for a gene therapy.
The company is already moving full steam ahead. In February, 4D Molecular completed enrollment in the 4FRONT-1 Phase 3 trial of 4D-150 for wet AMD, with topline data expected in the first half of 2027. In June, it wrapped up enrollment in 4FRONT-2, the second Phase 3 trial in the global program, with topline data expected in the second half of 2027.
On Monday, HC Wainwright & Co. analyst Matthew Caufield reiterated a Buy rating on 4D Molecular and maintained a $36 price target. The stock was up 2.82% at $11.30 in premarket trading.
If 4D-150's Phase 3 results match these two-year data, it could fundamentally change how wet AMD is managed—turning a chronic injection regimen into a one-time treatment. That's the kind of innovation that gets both patients and investors excited.
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