Good morning, everyone. I appreciate the time to share with you an overview of 4D molecular therapeutics. So we'll walk through today how 4DMT, we believe, is well positioned to redefine genetic medicines for millions of patients worldwide. I remind you here, we may be making forward-looking statements. So at 4DMT, our goal is to redefine genetic medicines by developing durable, disease-targeted therapeutics for large market diseases. Our lead product, which we'll spend most of the time discussing today, is 4D150. 4D150 is a phase three asset currently being studied in phase three for wet AMD. And I'll share more around our development plans, notably our plans to initiate a trial later this year for diabetic macular edema. This slide recaps our development program. As I just mentioned, our focus right now is very clear. Our primary focus is on 40-150. And as the slide suggests, we are in phase three for wet AMD. And then later slides, I'll provide an update as to where we are with that development program. But suffice it to say, it's progressed very nicely. We're thrilled with the progress we've made on our AMD pivotal trial. And we'll share today as well a little bit of data on our phase two results from diabetic macular edema, which we're planning to initiate a phase three trial on later this year. So 4150, our retina program, is our primary focus. But I will note that we do have assets under development in pulmonology, notably 4D710 and 4D725. Both of those assets are fully funded from a development perspective with support from the CF Foundation and a grant from CIRM as well for 4D725. So when we think about gene therapy and our approach to gene therapy, we like to think about it from the sense of being not as traditional as what most people think about when gene therapy comes to mind. So this slide is meant to illustrate what often is the goal for a lot of gene therapies that you're likely familiar with. But our approach is to look to develop gene therapies that have the potential for broad commercial adoption. Notably, we are focused on large market diseases that have sustainable commercial markets. Retina certainly at the top of the list for that when we think about delivery we look to develop simple delivery mechanisms and and through that deliver best in place class safety it's also important we think about our development program to ensure that it's aligned with the regulatory environment and that that's not just the us but in europe as well and as we'll We'll cover 4D150, our phase three program, is a global program with designs that we believe is supportive of filing and approval for both approval in the U.S. as well as the ex-U.S. And very importantly, certainly from a commercial perspective, our manufacturing allows us to present an asset that has a low cost of goods, and that certainly has implications when you think about access and pricing, notably if you're going after large market opportunities. 4D150 is designed as a backbone therapy, and we believe it has the potential to provide safe and continuous disease control with lifelong anti-VEGF expression. The core to 4D150 is the R100 capsid. The R100 capsid was developed in-house using our own proprietary platform, and we believe it allows for one robust delivery to multiple retinal layers. And because of that, it also allows us to deliver a lower dose and reduce the inflammatory potential of the asset. The payload is F-Liprocept, which if you're familiar with the retina space, it's branded as ILEA. So a very common payload has been administered in over 64 million doses worldwide since launch. And it also has a VEG-FC RNAi inhibitor. And what we know from that is that actually in our preclinical model shows that it enhances the expression of a flippercept as well. So this, the science allows us to develop a target product profile that we believe allows for a simple and convenient in-office IVT administration, a predictable and prophylactic steroid eye taper, and the potential, as I mentioned earlier, for lifelong durability. So our goal is to simply transform the standard of care. We think 4150, our lead asset, has the potential to transform the standard of care for large market retinovascular diseases with the safe, in-office, and durable, lifelong backbone therapy. And to break this out a little bit further, the three sub-goals related to that is one, as I alluded to, we will provide continuous disease control enabled by durable retinal expression of the flippercept. Our global phase three program is underway for wet AMD, and we think our durability profile allows for paradigm shifting treatment and the potential for lifelong disease control and vision preservation. So, the current space today characterized by this slide, well, first of all, the standard of care is bolus anti-VEGF injections. These anti-VEGF therapies are highly efficacious, and you're likely familiar with many of them, from Rebizmo to ILEA, and the space has been established for many years. The challenge, however, is that these therapies are delivered in a bolus format at different frequencies based upon the need of the patient. What we see is that pretty much most patients upon initiation of therapy gain a significant amount of vision, as this chart illustrates. However, due to the long-term treatment burden, what you find is that, unfortunately, despite the current therapies being highly efficacious, sorry, despite these therapies being highly efficacious, many of these patients lose vision over time. And this has been shown in real-world data time and time again. And unfortunately, up to 40% of patients actually discontinue therapy within one year despite having gained that vision. So what if you could deliver anti-VEGF suppression through a continuous backbone therapy that significantly reduced that need for bolus supplementation? We think 40-150 has the potential to do that. and we think that has immense value certainly as you can appreciate from a patient's perspective to have a therapy that's continuously there and providing that that potential to hold on to that vision long term but we think that value also is is very powerful both from a provider and a and a payer perspective when we look at the feedback from the retina community ASRS, so the American Society of Retina Specialists, conducts a survey with their members every year. I think every year for the last 10 years, the number one unmet need that continues to come up in that survey is the need for sustained expression. So as this slide illustrates, 92 to 94% of respondents continue to say sustained efficacy or increased durability continues to be the number one unmet need and that is despite there being incremental advances in durability from new therapeutics that have been that have been developed. And speaking of which if you look at the evolution of the space, Lucentis really was the first branded anti-VEGF dosed approximately on label monthly. ILEA was launched shortly thereafter and ILEA's benefit was about a 14-day increment. So what was a Q4 label for Lucentis was a Q8 label for ILEA, but in the real world is about an extra two weeks of durability. Despite that incremental benefit and durability, as many of you likely are aware, ILEA became a very significant commercial success. $3.3 billion in sales in the U.S. about three years post-launch. And then more recently, about a couple of years ago, Babizmo launched, and again, a highly efficacious, but a bolus therapeutic as well. The benefit of Babizmo was about another two weeks of durability compared to what the space was seeing from ILEA. And with that increment, again, of durability of a couple of weeks, Babizmo became a blockbuster, I think, within its first year of sales, and about $4.5 billion of sales three years post-launch as well. And referencing back to the ASRS PAT survey, So the same survey that I showed a couple of slides ago, another question that was asked at the respondents was which pipeline treatment for wet AMD excites you the most. And again, remembering that durability and sustained efficacy continues to be the unmet need. The number one thing in development by far was gene therapy, where nearly 50 percent of respondents selected gene therapy as the most exciting potential therapy that was in development. And by contrast, TKI's is about 17%, 18%, so 3x more excitement. So with that in mind, when you appreciate the incremental development of the space, the value that increments have generated in terms of commercial potential, and you still look at the on-met need as evidenced by feedback from physicians, we believe a 4,150 profile with the potential to be paradigm shifting. And again, our goal is not to add an extra couple of weeks of durability. We think our durability gain can be measured in months or years for some patients. So that paradigm shift in treatment durability, that paradigm shift in treatment burden reduction, we think has massive potential, both from a commercial perspective, but also from the perspective of fulfilling on met needs from a provider and a patient and likely a payer as well. Of course, all of the efficacy in this space doesn't stand a chance of actually creating value if safety is not supportive, and we've seen this in this space previously where highly efficacious medicines in the real world have safety challenges, and that became a major limiting factor to the commercial success. And that makes perfect sense when you think about it. In a space where there's good, safe, efficacious therapies that are available, safety has to be well-established. And I think that's even more important when you look at a gene therapy modality. So we're really proud of our Phase II safety data that we've shown so far. As evidence on this slide, this is our safety data from wet AMD in our Phase I-II trial. And what you see is that out through Week 28, there were two cases of mild plus one vitreous cell. So a very low rate of IOI. And you get beyond that six-month window, weeks 28 on up to year two. Actually, some patients are up to three and a half years. We saw no evidence of IOI at all. So we think our safety profile is highly supportive and certainly consistent with what I think physicians would look for for an antigen therapy. And that safety data wasn't evidenced just in AMD. That previous slide was in our AMD population. We released last year through week 60 safety data in DME as well. That's evidence on this slide here. And if you recall, some of the safety issues in this space historically actually happened in DME patients. So this is a patient population that physicians are most, I think, attuned to in terms of any evidence of IOI. And in our phase one, two data in DME, we saw no evidence of IOI at all. So, again, a very strong, consistent safety profile through both AMD and DMV patient populations through Phase I and II. So, over the next couple of slides, I'll share with you some of the efficacy data that we've seen through our Phase II, I-II development program for AMD and DMV. I think it's important first to just ground you on the different patient populations. So in PRISM, our phase 1-2 study for AMD, there's really three patient populations that we look at our data through the lens of. First of all, we started the phase 1-2 in arguably a hard-to-treat patient population, as evidenced on the left-hand side of the screen. This was a study primarily for safety and proof of concept. We had 24 patients, and you'll see that these patients, as shown in the middle of the screen, in the prior 12 months were getting 10.2 injections, so pretty hard to treat severe patient population. Their main CST, despite getting nearly monthly injections in their prior 12 months, was still north of 400 at 425, and the average time on therapy was 3.7 years. So in a few slides, I'll show you what the efficacy data looked like for that patient population. But we'll also show what it looked like for a patient population that was less severe, so a broader population and a subset of that broad population that was reasonably diagnosed. So this is the treatment burden reduction for that Phase I, IIa severe recalcitrant patient population. If you recall, they were getting 10.2 injections in the prior year before 4150. And we have data on this population that goes out to two years. So if you take that prior 10.2 in a prior year and you said, let's double that, assuming that they would have continued on that treatment frequency for two years, they were on pace to get nearly 20 injections in a two-year period. After 40, 150, you see the results here. The treatment burden reduction was reduced by nearly 80%. So 20.4 became on average of 4.3. And what we think is really interesting about this data as well is if you look at the treatment burden reduction across six-month increments, you see incredible consistency where the supplemental rate of retreatment in the first six months, it was 0.5 because this patient's got a couple of doses of Afliprocep up front to load them. But beyond that, the supplemental rate of injections was just over one out to two years. so a significant reduction in treatment burden. Again, keep in mind, these patients were on pace to get 20 injections in the real world. So to reduce that by 80% in a hard-to-treat population we think is quite significant. And also key to point out that visual acuity in these patients remained stable and equivalent to F-liprocept through the two-year period. Similarly, retinal anatomy was stable with fewer fluctuations in the OCT versus FLIPRCEP, and there was no meaningful signs of inflammation. As I mentioned earlier, so we then looked at the data from a broader population. You look at the phase IIb. We've shared data so far to one and a half years on that population. This group did not have a prior history of FLIPRCEP, so we couldn't compare it to the rate of treatment prior to going on 4150. However, we could compare it to what these patients would have received if they were getting treated with ilea on label. So over a year and a half period, that would have equated to nine injections. And we saw that out to one and a half years on 4150, the average rate of supplemental injections was less than one, representing a 92% reduction in treatment burden. Again, visual acuity was stable through that time period, and retinal anatomy also stable with few fluctuations. If you look at this data, it's the same data as shown in the last slide, but we broke it out to also show what portion of those patients were treatment or injection-free and what was the split out of supplemental injections, which you see on the right-hand side of the screen here. So again, with a 92% treatment burden reduction, 73% of those patients out to a year and a half were injection-free, or require no more supplementation. And we expect to share the two-year results of that patient population in the middle of this year, in a few months. If you look at our DME data, this is our spectra data that we shared last year as well. We shared data out to 60 weeks, and we saw in that patient population that a treatment burden reduction of about 78 percent. Also, this patient population didn't have prior history of treatment, so we're comparing that to what I projected a Flipercept on-label rate of treatment would be, so a similar rate of treatment burden reduction at the 60 weeks and a 44% treatment or injection-free result. And again, we expect to share our year two results in that patient population later this So just to recap, we believe our program is heavily de-risked, which is, as informed, our global regulatory plan. Our continued strong Phase I, II, and IIB results in a broad patient population support that. In a few moments, I'll reiterate the trial designs for Phase III, but we are in Phase III with a global design, our global regulatory program with the industry standard non-inferiority Phase III program. We believe in our Phase III program, we've also optimize the patient population for phase three success. And we do have global regulatory alignment with the FDA with RMAT designation and prime designation with EMA. As I've alluded to, Forefront One is our first of two phase three programs for wet AMD. We were pleased to announce a couple of weeks ago that we have finished enrollment as of the 9th of February in Forefront one that has significantly outpaced our internal expectations like initially excuse me we were guiding to about a year and a half of enrollment completion and finishing it in February or just a few weeks ago represented less than a 12-month enrollment period on our first phase three that includes by the way a patient number of north of 500 so it's higher than what we initially initially projected. The importance of that, of course, is that we think it represents a good proxy for what the true demand and unmet need is in this patient population. So if you think about this, a naive patient population and a gene therapy, and we've been able to enroll that in less than 12 months, which we think is quite significant. So Forefront 1 is North America. Forefront 2 is underway. That's a global program, so it includes the U.S., Europe, and Asia-Pacific sites. Also progressing as per what we've projected, so we're thrilled with the progress in Forefront 2. We expect results in Forefront 2. We expect to complete enrollment in the second half of this year, so about six months or so following Forefront 1. So DME, so as I shared earlier, the DME results for our phase two, we believe we have a strong data set that allows us to move forward into phase three, following our phase one, two results. So we're currently planning an industry standard non-inferiority design for our phase three program, going through the process to get alignment with the FDA and EMA. We have alignment already to do a single phase three trial for DME, and we hope to initiate that in the back half of this year. From a commercial perspective, we look at three things that we think are really important to make sure that we capture the potential for commercialization. First is global scalability. So we have in-house and we also have a third-party manufacturer. So we think we have the ability to manufacture at scale. As we've shared publicly as well, we have, I think, a highly favorable cost of goods profile, at least less than $1,000 per vial, we believe, is our COGS profile. So it provides us with tremendous both flexibility from a pricing standpoint, which we think helps with our global commercialization opportunity. um scaling and building a commercial model in the u.s is uh can be done very efficiently typically we think about 2,500 u.s retina specialists as primary targets for a therapy like this which means that a commercial model probably needs less than 100 field representatives and as was announced last year we have um we have a partner in asia pack with otsuka which has Asia-Pac rights for $41.50. We think our value proposition also aligns to what payers are looking for. One of the key things in this space, while it's highly competitive, the important thing from a payer, in addition to, of course, a favorable cost profile, is being able to show long-term vision protection for patients. Currently, you can treat these patients with bolus therapeutics. They're efficacious for a while, but many of those patients that are that can be expensive to the system have lost that vision within, you know, a year or two, as I showed earlier. The potential to actually show long-term preservation of that vision, we think is highly important and highly valuable to, from a payer perspective. In the U.S. in particular, we think our profile fits seamlessly into the buy and build model, which the U.S. readiness specialists and their practices have optimized. So we'll fit seamlessly into that. And as I mentioned, we think we have the ability to be flexible in our pricing strategy enabled by our low cost of goods. The last part of our commercial value proposition comes down to how do we think we fit into a practice environment? Again, current retina clinics in the U.S., highly efficient. They've perfected the buy and build model. So our goal is to seamlessly integrate into that. So the fact that it's intravitual administration, which is the same as what they do today for current bolus therapies, can be administered in the office. We think our stability, our refrigeration, and so on is conducive to basically replicate what the current distribution and process would look like with existing therapies. So seamless integration within the U.S. retina clinics. Just a recap of key catalysts that you can expect as we go through 2026. As I mentioned a few slides ago, we have completed enrollment in Forefront 1. Middle of this year, we expect to share our two-year data on PRISM, our WET AMD Phase 2 study. We expect to share an update on enrollment in Forefront 2 later this year in the back half. And then in the first half of 2027, we expect to share top-line Phase 3 data on Forefront 1, followed by top-line data on Forefront 2 in the second half. And as mentioned in diabetic macular edema, finalizing our global phase three design in the middle of this year, hoping to initiate the global phase three in Q3, and sharing our two-year spectra phase two results in the back half of this year as well. And currently, we sit with about just over $500 million in cash at the end of 2025, which gives us runway, we believe, to go into the second half of 2028. So I'll end where I started. We believe we have a very compelling product profile. We think we are well positioned with 4D150 to transform the standard of care for large market retinovascular diseases with the safe, in-office, and durable, lifelong backbone therapy. So with that, I thank you for your attention.
David Kirn
CEO