Detailed financial statements for Fate Therapeutics, Inc. (FATE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fate Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to creating advanced, programmed cellular immunotherapies. These innovative treatments are designed to combat cancer and various immune disorders across the globe. A significant portion of its development pipeline concentrates on NK- and T-cell immuno-oncology programs.
Analysis Summary
Fate Therapeutics, Inc. reported revenue of $6.6M in the most recent fiscal year, growing at a 5-year CAGR of -26.7%.
Trailing-twelve-month margins: gross margin -343.0%, operating margin -20.6%, net margin -19.4%.
At the current price of $2.44, FATE has negative trailing earnings (P/E not meaningful) and an ROE of -65.08%. Market capitalisation stands at $284M.
Balance sheet quality for FATE: current ratio of 5.8, net cash position of $125.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.1M | $4.7M | $10.7M | $31.4M | $55.8M | $96.3M | $63.5M | $13.6M | $6.6M |
| Cost of Revenue | $26.5M | $34.4M | $56.0M | 0 | $125.6M | $5.8M | $13.8M | $157.2M | $118.5M | $12.9M |
| Gross Profit | -$22.1M | -$30.3M | -$51.3M | $10.7M | -$94.2M | $50.0M | $82.5M | -$93.7M | -$104.9M | -$6.3M |
| Research & Development | $26.5M | $34.4M | $56.0M | $87.8M | $125.6M | $215.5M | $320.5M | $172.6M | $135.0M | $107.8M |
| Selling, General & Admin | $9.9M | $11.9M | $15.8M | $23.6M | $33.9M | $57.3M | $84.2M | $96.9M | $90.6M | $46.5M |
| Operating Expenses | $36.4M | $46.2M | $71.8M | $111.4M | $33.9M | $267.0M | $390.9M | $96.9M | $105.4M | $141.4M |
| Operating Income | -$32.0M | -$42.1M | -$67.1M | -$100.7M | -$128.1M | -$217.0M | -$308.4M | -$190.5M | -$210.3M | -$147.7M |
| EBITDA | -$30.9M | -$40.7M | -$63.7M | -$94.2M | -$125.0M | -$206.3M | -$268.0M | -$142.6M | -$176.6M | -$127.0M |
| Interest Expense | $1.6M | $1.3M | $1.7M | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$33.5M | -$43.0M | -$66.6M | -$98.1M | -$173.4M | -$212.2M | -$281.7M | -$160.9M | -$186.3M | -$136.3M |
| Income Tax | 0 | $297000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$33.5M | -$43.0M | -$66.6M | -$98.1M | -$173.4M | -$212.2M | -$281.7M | -$160.9M | -$186.3M | -$136.3M |
| EPS | $-1.05 | $-1.02 | $-1.19 | $-1.43 | $-2.10 | $-2.24 | $-2.91 | $-1.64 | $-1.64 | $-1.15 |
| EPS (Diluted) | $-1.05 | $-1.02 | $-1.19 | $-1.43 | $-2.10 | $-2.24 | $-2.91 | $-1.64 | $-1.64 | $-1.15 |
| Shares Outstanding (Diluted) | $31.8M | $42.0M | $56.2M | $68.2M | $82.4M | $94.7M | $96.8M | $98.4M | $113.7M | $118.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.7M | $1.4M | $1.3M | $2.1M |
| Gross Profit | -$24.1M | $1.4M | -$1.6M | $2.1M |
| Operating Income | -$34.7M | -$34.7M | -$33.0M | -$31.1M |
| EBITDA | -$29.0M | -$29.3M | -$28.3M | -$30.6M |
| Net Income | -$32.2M | -$32.4M | -$31.2M | -$30.2M |
| EPS | $-0.27 | $-0.27 | $-0.26 | $-0.25 |
| EPS (Diluted) | $-0.27 | $-0.27 | $-0.26 | $-0.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.6M | $89.0M | $190.5M | $99.8M | $167.3M | $133.6M | $61.3M | $41.9M | $36.1M | $46.6M |
| Short-term Investments | $3.5M | $12.0M | $10.5M | $121.6M | $315.6M | $482.3M | $374.9M | $273.3M | $243.0M | $157.0M |
| Receivables | 0 | 0 | $500000 | 0 | $5.5M | $8.7M | $38.5M | $1.8M | $3.5M | $916000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $93.3M | $102.6M | $205.2M | $227.1M | $494.3M | $633.4M | $502.1M | $331.5M | $291.9M | $208.7M |
| Property, Plant & Equipment | $1.6M | $2.5M | $5.1M | $22.8M | $99.4M | $162.2M | $66.1M | $158.5M | $110.9M | $98.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $95.0M | $105.3M | $213.0M | $302.3M | $622.5M | $921.5M | $705.6M | $506.2M | $440.7M | $318.9M |
| Accounts Payable | $934000 | $1.7M | $4.2M | $5.8M | $6.3M | $8.6M | $8.3M | $4.7M | $9.4M | $2.7M |
| Short-term Debt | $8.2M | 0 | $2.4M | 0 | $3.4M | 0 | 0 | $6.2M | 0 | 0 |
| Total Current Liabilities | $15.2M | $11.0M | $27.3M | $27.8M | $85.6M | $81.3M | $114.1M | $39.1M | $38.5M | $36.1M |
| Long-term Debt | $2.5M | $14.8M | $12.4M | 0 | 0 | 0 | 0 | 0 | 0 | $73.3M |
| Total Liabilities | $21.9M | $28.1M | $52.6M | $57.5M | $238.0M | $242.6M | $221.6M | $137.8M | $122.0M | $111.8M |
| Retained Earnings | -$175.8M | -$218.8M | -$285.4M | -$383.5M | -$556.9M | -$769.1M | -$1.05B | -$1.21B | -$1.40B | -$1.53B |
| Total Equity | $73.2M | $77.2M | $160.5M | $244.8M | $384.4M | $678.8M | $483.9M | $368.4M | $318.7M | $207.2M |
| Total Debt | $10.7M | $14.8M | $14.9M | $26.9M | $97.3M | $114.8M | $109.3M | $103.5M | $85.3M | $77.8M |
| Net Debt | -$81.4M | -$86.1M | -$186.1M | -$194.5M | -$385.6M | -$501.1M | -$326.9M | -$211.6M | -$193.8M | -$125.8M |
| Working Capital | $78.1M | $91.5M | $177.9M | $199.3M | $408.8M | $552.1M | $388.0M | $292.4M | $253.4M | $172.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $40.6M | $46.6M | $39.6M | $32.4M |
| Total Assets | $343.7M | $318.9M | $284.9M | $260.1M |
| Total Liabilities | $109.6M | $111.8M | $105.2M | $106.7M |
| Total Equity | $234.1M | $207.2M | $179.7M | $153.4M |
| Total Debt | $79.2M | $77.8M | $76.8M | $75.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$33.5M | -$43.0M | -$66.6M | -$98.1M | -$173.4M | -$212.2M | -$281.7M | -$160.9M | -$186.3M | -$136.3M |
| Depreciation & Amortization | $881000 | $971000 | $1.2M | $2.2M | $3.1M | $5.8M | $13.8M | $18.3M | $19.0M | $9.3M |
| Stock-based Compensation | $3.2M | $3.6M | $6.3M | $17.4M | $30.8M | $54.4M | $78.7M | $43.5M | $41.5M | $24.9M |
| Change in Working Capital | $1.2M | $2.1M | $1.7M | $3.6M | -$12.8M | $2.1M | -$34.7M | $19.2M | -$2.0M | -$3.7M |
| Operating Cash Flow | -$29.8M | -$36.9M | -$38.6M | -$83.2M | -$39.2M | -$162.9M | -$248.2M | -$132.3M | -$122.9M | -$106.1M |
| Capital Expenditure | -$457000 | -$1.7M | -$2.3M | -$7.4M | -$4.9M | -$50.7M | -$35.6M | -$6.2M | -$730000 | -$6.0M |
| Acquisitions | $18000 | 0 | 0 | $150.1M | 0 | 0 | 0 | 0 | 0 | $362000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$30.3M | -$38.6M | -$41.0M | -$90.6M | -$44.2M | -$213.6M | -$283.8M | -$138.4M | -$123.6M | -$112.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$24.4M | -$23.3M | -$30.8M | -$23.4M |
| Capital Expenditure | -$2.2M | -$1.2M | -$239000 | -$80000 |
| Free Cash Flow | -$26.6M | -$24.5M | -$31.1M | -$23.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.9M | $5.5M | $3.9M | $3.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -6.7% | +15.4% | +125.3% | +194.3% | +77.7% | +72.4% | -34.0% | -78.5% | -51.2% | |
| Net Income Growth (YoY) | -28.4% | -55.1% | -47.4% | -76.7% | -22.4% | -32.8% | +42.9% | -15.7% | +26.8% | |
| EPS Growth (YoY) | +2.9% | -16.7% | -20.2% | -46.9% | -6.7% | -29.9% | +43.6% | +0.0% | +29.9% | |
| Shares Change (YoY) | +32.2% | +33.9% | +21.3% | +20.8% | +15.0% | +2.2% | +1.6% | +15.5% | +4.5% | |
| FCF Growth (YoY) | -27.6% | -6.0% | -121.2% | +51.2% | -383.6% | -32.9% | +51.2% | +10.7% | +9.4% | |
| Gross Margin | -500.9% | -736.8% | -1081.9% | 100.0% | -299.6% | 89.5% | 85.7% | -147.4% | -769.6% | -94.1% |
| Operating Margin | -726.1% | -1025.9% | -1415.4% | -943.1% | -407.5% | -388.6% | -320.2% | -299.9% | -1542.6% | -2222.4% |
| EBITDA Margin | -703.0% | -991.5% | -1343.8% | -882.1% | -397.7% | -369.4% | -278.3% | -224.5% | -1295.4% | -1911.2% |
| Net Margin | -760.2% | -1046.1% | -1405.0% | -919.0% | -551.6% | -379.9% | -292.5% | -253.3% | -1366.5% | -2051.1% |
| FCF Margin | -687.9% | -940.8% | -864.0% | -848.0% | -140.5% | -382.4% | -294.7% | -217.9% | -906.8% | -1685.8% |
| Effective Tax Rate | -0.0% | -0.7% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.95 | $-0.92 | $-0.73 | $-1.33 | $-0.54 | $-2.25 | $-2.93 | $-1.41 | $-1.09 | $-0.94 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $31.8M | $42.0M | $56.2M | $68.2M | $82.4M | $94.7M | $96.8M | $98.4M | $113.7M | $118.8M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -65.08% |
| Return on Invested Capital | -57.47% |
| Return on Assets | -48.44% |
| Gross Margin | -343.01% |
| Operating Margin | -2058.08% |
| Net Margin | -1941.09% |
Financial Health
| Debt / Equity | 0.49 |
| Current Ratio | 4.85 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -6.97 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.39 | -5.99 | -10.78 | -13.69 | -43.30 | -26.12 | -3.47 | -2.28 | -1.01 | -0.85 |
| P/B | 1.09 | 3.32 | 4.49 | 5.45 | 19.49 | 8.17 | 2.02 | 1.00 | 0.59 | 0.56 |
| P/S | 18.11 | 62.47 | 152.11 | 124.95 | 238.32 | 99.27 | 10.15 | 5.79 | 13.76 | 17.56 |
| Gross Margin | -500.9% | -736.8% | -1081.9% | 100.0% | -299.6% | 89.5% | 85.7% | -147.4% | -769.6% | -94.1% |
| Operating Margin | -726.1% | -1025.9% | -1415.4% | -943.1% | -407.5% | -388.6% | -320.2% | -299.9% | -1542.6% | -2222.4% |
| Net Margin | -760.2% | -1046.1% | -1405.0% | -919.0% | -551.6% | -379.9% | -292.5% | -253.3% | -1366.5% | -2051.1% |
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