FATE THERAPEUTICS INC FATE
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $118.8M | $113.7M | $98.4M | $96.8M | $94.7M | $82.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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