diff --git a/misc/dist/osx_tools.app/Contents/Info.plist b/misc/dist/osx_tools.app/Contents/Info.plist
index 07d98e51c40a..66652f92dfc8 100644
--- a/misc/dist/osx_tools.app/Contents/Info.plist
+++ b/misc/dist/osx_tools.app/Contents/Info.plist
@@ -19,11 +19,11 @@
 	<key>CFBundlePackageType</key>
 	<string>APPL</string>
 	<key>CFBundleShortVersionString</key>
-	<string>3.5.3</string>
+	<string>3.5.4</string>
 	<key>CFBundleSignature</key>
 	<string>godot</string>
 	<key>CFBundleVersion</key>
-	<string>3.5.3</string>
+	<string>3.5.4</string>
 	<key>NSMicrophoneUsageDescription</key>
 	<string>Microphone access is required to capture audio.</string>
 	<key>NSCameraUsageDescription</key>
diff --git a/misc/dist/windows/godot.iss b/misc/dist/windows/godot.iss
index 7e58b6c1e441..501360998e80 100644
--- a/misc/dist/windows/godot.iss
+++ b/misc/dist/windows/godot.iss
@@ -1,5 +1,5 @@
 #define MyAppName "Godot Engine"
-#define MyAppVersion "3.5.3"
+#define MyAppVersion "3.5.4"
 #define MyAppPublisher "Godot Engine contributors"
 #define MyAppURL "https://godotengine.org/"
 #define MyAppExeName "godot.exe"
diff --git a/version.py b/version.py
index c72cc447d021..d49effc3414b 100644
--- a/version.py
+++ b/version.py
@@ -2,8 +2,8 @@
 name = "Godot Engine"
 major = 3
 minor = 5
-patch = 3
-status = "stable"
+patch = 4
+status = "rc"
 module_config = ""
 year = 2023
 website = "https://godotengine.org"