FATE THERAPEUTICS INC FATE

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Biological Product (except Diagnostic) Manufacturing derived Nasdaq

We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the-shelf cellular immunotherapies to patients.

We have pioneered a therapeutic approach that we generally refer to as cellular programming: we create and engineer human induced pluripotent stem cells (iPSCs) to incorporate novel synthetic controls of cell function; after the engineering step that incorporates multiple functional elements into the iPSCs, we generate a clonal master iPSC line for use as a renewable source of starting material for the manufacture of cell therapies; through the manufacturing process, we direct the fate of the clonal master iPSC line to produce our cell therapy product candidates that are uniform in composition. Analogous to master cell lines used to manufacture biopharmaceutical drug products such as monoclonal antibodies, we believe our proprietary clonal master iPSC lines can be used to mass produce multiplexed-engineered, cellular immunotherapies which have off-the-shelf and on-demand availability, and that can be administered alone or in combination with standard-of-care therapies, to make cell therapies accessible to all.

Last close 2.11 2026-10-23
Market cap $252.8M 2026-06-30 share count
52-week range 0.95 - 3.23

Valuation FY2025 figures against the last close

P/S38.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.15

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $6.6M$13.6M$63.5M$96.3M$55.8M$31.4M$10.7M$4.7M$4.1M$4.4M
R&D $107.8M$135.0M$172.6M$320.5M$215.5M$125.6M$87.8M$56.0M$34.4M$26.5M
SG&A $46.5M$74.2M$81.4M$84.2M$57.3M$33.9M$23.6M$15.8M$11.9M$9.9M
Total operating expenses $154.3M$223.9M$254.0M$404.7M$272.8M$159.5M$111.4M$71.8M$46.2M$36.4M
Operating income -$147.7M-$210.3M-$190.5M-$308.4M-$217.0M-$128.1M-$100.7M-$67.1M-$42.1M-$32.0M
Interest expense ————$0$0$1.8M$1.7M$1.3M$1.6M
Pre-tax income -$136.3M-$186.3M-$160.9M-$281.7M-$212.2M-$173.4M-$98.1M———
Income tax $2.0K$0$0$0$0$0$0———
Net income -$136.3M-$186.3M-$160.9M-$281.7M-$212.2M-$173.4M-$98.1M-$66.6M-$43.0M-$33.5M
EPS, basic -1.15-1.64-1.64-2.91-2.24-2.10————
EPS, diluted -1.15-1.64-1.64-2.91-2.24-2.10-1.44-1.19-1.02-1.05
Shares, diluted (wtd. avg.) 118.8M113.7M98.4M96.8M94.7M82.4M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $46.6M$36.1M$41.9M$61.3M$133.6M$167.3M$99.8M$190.5M$89.0M$88.6M
Short-term investments $157.0M$243.0M$273.3M$374.9M$482.3M————$3.5M
Receivables $916.0K$3.5M$1.8M$38.5M$8.7M$5.5M—$500.0K——
Total current assets $208.7M$291.9M$331.5M$502.1M$633.4M$494.3M$227.1M$205.2M$102.6M$93.3M
Property, plant and equipment $56.9M$64.4M$96.8M$110.0M$91.5M$32.3M$11.4M$5.1M$2.5M$1.6M
Total assets $318.9M$440.7M$506.2M$705.6M$921.5M$622.5M$302.3M$213.0M$105.3M$95.0M
Accounts payable $2.7M$9.4M$4.7M$8.3M$8.6M$6.3M$5.8M$4.2M$1.7M$934.0K
Short-term debt ———————$2.4M—$8.2M
Total current liabilities $36.1M$38.5M$39.1M$114.1M$81.3M$85.6M$27.8M$27.3M$11.0M$15.2M
Long-term debt ———————$12.4M$14.8M$2.5M
Retained earnings -$1.53B-$1.40B-$1.21B-$1.05B-$769.1M-$556.9M-$383.5M-$285.4M-$218.8M-$175.8M
Total equity $207.2M$318.7M$368.4M$483.9M$678.8M$384.4M$244.8M$160.5M$77.2M$73.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$106.1M-$122.9M-$132.3M-$248.2M-$162.9M-$39.2M-$83.2M-$38.6M-$36.8M-$29.8M
Depreciation and amortisation $12.9M$19.0M$18.3M$13.8M$5.8M$3.1M$2.2M$1.2M$971.0K$881.0K
Capital expenditure $6.0M$730.0K$6.2M$35.6M$50.7M$4.9M$7.4M$2.3M$1.7M$457.0K
Investing cash flow $111.2M$12.2M$112.7M$166.8M-$324.0M-$161.1M-$157.5M-$463.0K-$10.2M-$4.1M
Financing cash flow $5.5M$99.9M$85.0K$9.2M$453.1M$282.8M$149.9M$140.8M$47.4M$57.7M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177094.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -300M -200M -100M 0 100M Revenue, FY2016: 4.4M Net income, FY2016: -33.5M Revenue, FY2017: 4.1M Net income, FY2017: -43M Revenue, FY2018: 4.7M Net income, FY2018: -66.6M Revenue, FY2019: 10.7M Net income, FY2019: -98.1M Revenue, FY2020: 31.4M Net income, FY2020: -173.4M Revenue, FY2021: 55.8M Net income, FY2021: -212.2M Revenue, FY2022: 96.3M Net income, FY2022: -281.7M Revenue, FY2023: 63.5M Net income, FY2023: -160.9M Revenue, FY2024: 13.6M Net income, FY2024: -186.3M Revenue, FY2025: 6.6M Net income, FY2025: -136.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.4M $4.1M $4.7M $10.7M $31.4M $55.8M $96.3M $63.5M $13.6M $6.6M
Gross profit — — — — — — — — — —
Net income -$33.5M -$43.0M -$66.6M -$98.1M -$173.4M -$212.2M -$281.7M -$160.9M -$186.3M -$136.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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