We and AutoGuide both emphasize that this is likely a concept because Toyota likes to use the FT designation for concepts, as shown by the FT-86 and FT-1 concepts. We also are inclined to believe this is some sort of off-roader based on the "4X" suffix. If it is an off-roader, it would be the first time the "FT" name was applied to something other than a two-door sports car. Also, while it's likely a concept, both previous FT concepts led to production versions over a very long gestation period. So long that we're still waiting for the Supra hinted at by the FT-1 from a few years back. So perhaps we'll see a production version of whatever this FT-4X might be... eventually.
It's possible we may see this concept soon as well. Looking through the United States Patent and Trademark Office database, we found that Toyota filed for a trademark on the "S-FR" name in May 2015, and the concept made its debut in Tokyo that October. If that timeline is any indication, we could see a concept coming possibly in March or April, which would coincide with auto shows in Geneva and New York, respectively. Of course, this is just mildly educated estimation at this point since we only have a name and a filing date. But our fingers are crossed.