Hercules Capital has provided 4D Molecular Therapeutics with a senior secured term loan facility of up to $200 million. 4DMT, listed on Nasdaq as FDMT, announced the agreement on 29 June 2026 and drew $20 million at closing on 24 June.
The loan matures on 1 June 2031. A further $30 million is available at 4DMT's option until 15 June 2027. Another $100 million is tied to milestones, split as two $12.5 million tranches, a $50 million tranche and a $25 million tranche. The remaining $50 million is available at Hercules's discretion.
4D Molecular Therapeutics is a biotechnology company based in Emeryville, California, whose lead candidate 4D-150 is in Phase 3 development for wet age-related macular degeneration.
Terms
The drawn tranche bears a floating rate of the greater of The Wall Street Journal prime rate plus 2.00 per cent, or 8.75 per cent, payable monthly in arrears. Later tranches are the greater of prime plus 2.50 per cent, or 9.25 per cent. The rate on any advance cannot rise more than 0.75 percentage points above the rate in force on the date that advance was funded.
4DMT paid an initial facility charge of $500,000. Advances on the later tranches carry a 1.00 per cent facility charge. The company may prepay in whole or, subject to conditions, in part, with prepayment and exit fees. The loan is secured by substantially all of 4DMT's assets, including its intellectual property.
The Borrower
Cash, cash equivalents and marketable securities were $458 million on 31 March 2026. Excluding the facility, 4DMT said that position is expected to fund planned operations into the second half of 2028. The facility follows a $100 million equity offering that closed on 7 November 2025, which raised about $93.3 million net.
Kristian Humer, Chief Financial Officer of 4DMT, said: "Access to this non-dilutive capital further increases our financial strength, providing the Company with strategic and operational flexibility."
Lake McGuire, Managing Director at Hercules Capital, said the lender was "pleased to support 4DMT with a flexible financing solution as the Company advances 4D-150 through Phase 3 development and pre-commercial planning in wet AMD and DME".
Leerink Partners served as exclusive financial adviser to 4DMT on the facility.
Hercules Capital
Hercules, listed on the New York Stock Exchange as HTGC, reported more than $3.9 billion of new debt and equity commitments and more than $2.2 billion of gross fundings in 2025. At 31 December 2025 the San Mateo firm had $5.7 billion of assets under management. It has committed $25.6 billion of debt since December 2003 and has funded more than 700 companies.