The AIM-listed company fell to a £24.3mln loss in 2018, after a loss of £19.4mln in 2017, as it moves its portfolio of cancer, irritable bowel syndrome and respiratory drugs through the clinic.
That left it with £26.2mln of cash in the bank, almost half the amount it ended 2017 with at £50.0mln.
Bosses reckon that is enough to take 4D into the fourth quarter of this year, after which it will have to raise more money from somewhere.
“The directors are continuing to explore sources of finance available to the group and have a reasonable expectation that they will be able to secure sufficient cash inflows into the group to continue its activities for not less than twelve months from the date of approval of these accounts,” the group said.
4D Pharma shares fell 7.7% on Tuesday morning to 97.9p.