Janus Henderson Group plc amended a Schedule 13G to report beneficial ownership of 5,247,151 shares of 4D Molecular Therapeutics, Inc., representing 10.3% of the common stock as disclosed. The filing states the Asset Managers exercise shared voting and dispositive power over these shares and disclaim rights to dividends or sale proceeds tied to the Managed Portfolios. The amendment is signed on 04/07/2026 and the cover lists 03/31/2026 in the header.
Positive
None.
Negative
None.
Insights
Large passive stake reported: 5.25M shares, 10.3% of common stock.
Janus Henderson Group plc (the ultimate parent) states Asset Managers control investment and voting discretion for Managed Portfolios holding 5,247,151 shares, with shared voting and dispositive power. The filing clarifies that the Asset Managers disclaim rights to dividends and proceeds tied to those holdings.
Concentration at >5% is disclosure-driven; future filings or Schedule 13D would be required if the purpose or intent changes. Timing references: header 03/31/2026 and signature 04/07/2026.
Key Figures
Beneficially owned shares:5,247,151 sharesPercent of class:10.3%Shared voting power:5,247,151 shares+3 more
6 metrics
Beneficially owned shares5,247,151 sharesAmount beneficially owned reported in Schedule 13G/A
Percent of class10.3%Percent of common stock reported
Shared voting power5,247,151 sharesNumber with shared power to vote or direct the vote
Shared dispositive power5,247,151 sharesNumber with shared power to dispose or direct disposition
Header date03/31/2026Date shown in filing header
Signature date04/07/2026Date the amendment was signed
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedfinancial
"Amount beneficially owned: Janus Henderson Group plc ... 5,247,151 common stock"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerfinancial
"Shared power to dispose or to direct the disposition of: 5247151"
Managed Portfoliosfinancial
"Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
4D MOLECULAR THERAPEUTICS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
35104E100
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
35104E100
1
Names of Reporting Persons
JANUS HENDERSON GROUP PLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,247,151.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,247,151.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,247,151.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
4D MOLECULAR THERAPEUTICS, INC.
(b)
Address of issuer's principal executive offices:
5858 HORTON STREET #455
EMERYVILLE, CA 94608
Item 2.
(a)
Name of person filing:
Janus Henderson Group plc
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Janus Henderson Group plc (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, and Victory Park Capital Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 5,247,151 common stock of 4D Molecular Therapeutics, Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
10.3 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
5247151
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
5247151
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, none own more than five percent of the common stock of 4D Molecular Therapeutics, Inc.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake did Janus Henderson report in 4D Molecular Therapeutics (FDMT)?
Janus Henderson reported beneficial ownership of 5,247,151 shares, equal to 10.3% of the common stock. The amount and percentage are stated in the amended Schedule 13G/A filed for 03/31/2026.
Does Janus Henderson have sole voting power over the FDMT shares?
No. The filing lists 0 sole voting power and 5,247,151 shared voting power. The Asset Managers exercise voting discretion on behalf of Managed Portfolios rather than holding sole control.
Will Janus Henderson receive dividends or sale proceeds from these FDMT shares?
The Asset Managers state they do not have the right to receive dividends or proceeds from the securities held in the Managed Portfolios and disclaim ownership associated with such rights.
What dates are cited in the Schedule 13G/A amendment for FDMT?
The header shows 03/31/2026 and the Schedule 13G/A amendment is signed on 04/07/2026 by Kristin Mariani, Head of North America Compliance.
Who exercises investment discretion for the reported FDMT holdings?
Several Janus Henderson Asset Managers—including Janus Henderson Investors US LLC and others—are named; they generally exercise investment and voting discretion for the Managed Portfolios that hold the shares.
