4D Molecular Therapeutics Management Meeting on Wet AMD Trial Execution and Commercial Dynamics

Goldman Sachs summarizes a meeting with FDMT management regarding Phase 3 clinical trial execution for 4D-150 in wet AMD and commercial dynamics.

Key Takeaways

• 1.FDMT is focused on Phase 3 execution for 4D-150 in wet AMD, including study upsizing and protocol controls for cataracts and supplemental injections.
• 2.The company views an 80% injection reduction and 50% injection-free rate as the competitive bar for 4D-150 based on prior Ph2 data and physician research.
• 3.Management assumes an internal base case price of ~$50,000 per dose for 4D-150, noting significant hurdles for any pricing above $90,000.

Table of Contents

• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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