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Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders in the United States and internationally. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT836 which is in preclinical stage for multiple tumor types; and FT522, to treat B-cell Lymphoma and autoimmunity. Its CAR T-cell programs include FT819 to treat systemic lupus erythematosus, FT839, to treat complex autoimmune diseases; and FT825 to treat solid tumors. It has a collaboration and option agreement with Ono Pharmaceutical Co. Ltd. for the development and commercialization of off-the-shelf, iPSC-derived CAR T-cell product candidates for the treatment of solid tumors. The company was incorporated in 2007 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7M | $-135M | $-136M | $-112M | -65.8% | -51.2% | - |
| 2024 | $14M | $-177M | $-186M | $-124M | -58.4% | -78.5% | - |
| 2023 | $64M | $-172M | $-161M | $-138M | -43.7% | -34.0% | - |
| 2022 | $96M | $-295M | $-282M | $-284M | -58.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 96.30 | 63.53 | 13.63 | 6.65 |
| Operating Expense | 404.69 | 254.04 | 209.17 | 154.35 |
| Operating Income | -308.39 | -190.51 | -195.54 | -147.70 |
| EBITDA | -294.63 | -172.23 | -176.58 | -134.80 |
| EBIT | -308.39 | -190.51 | -195.54 | -147.70 |
| Pretax Income | -281.72 | -160.93 | -186.26 | -136.31 |
| Net Income | -281.72 | -160.93 | -186.26 | -136.31 |
| Net Income Common Stockholders | -281.72 | -160.93 | -186.26 | -136.31 |
| Total Expenses | 404.69 | 254.04 | 209.17 | 154.35 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Interest Income | 5.84 | 17.19 | 17.29 | 11.05 |
| Research And Development | 320.45 | 172.60 | 135 | 107.83 |
| Selling General And Administration | 84.23 | 81.45 | 74.17 | 46.52 |
| Normalized EBITDA | -314.94 | -174.74 | -162.66 | -135.05 |
| Normalized Income | -302.03 | -163.44 | -172.34 | -136.56 |
| Basic EPS | -2.91 | -1.64 | -1.64 | -1.15 |
| Diluted EPS | -2.91 | -1.64 | -1.64 | -1.15 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 20.31 | 2.52 | -13.92 | 0.24 |
| Total Unusual Items Excluding Goodwill | 20.31 | 2.52 | -13.92 | 0.24 |
| Net Income From Continuing Operation Net Minority Interest | -281.72 | -160.93 | -186.26 | -136.31 |
| Reconciled Depreciation | 13.76 | 18.28 | 18.96 | 12.90 |
| Net Interest Income | 5.84 | 17.19 | 17.29 | 11.05 |
| Net Income From Continuing And Discontinued Operation | -281.72 | -160.93 | -186.26 | -136.31 |
| Total Operating Income As Reported | -308.39 | -190.51 | -210.28 | -147.70 |
| Diluted Average Shares | 96.83 | 98.41 | 113.69 | 118.79 |
| Basic Average Shares | 96.83 | 98.41 | 113.69 | 118.79 |
| Diluted NI Availto Com Stockholders | -281.72 | -160.93 | -186.26 | -136.31 |
| Net Income Including Noncontrolling Interests | -281.72 | -160.93 | -186.26 | -136.31 |
| Net Income Continuous Operations | -281.72 | -160.93 | -186.26 | -136.31 |
| Other Income Expense | 20.82 | 12.40 | -8.01 | 0.34 |
| Other Non Operating Income Expenses | 0.52 | 9.88 | 5.91 | 0.09 |
| Special Income Charges | 0 | 0 | -14.74 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 14.74 | 0 |
| Gain On Sale Of Security | 20.31 | 2.52 | 0.82 | 0.24 |
| Net Non Operating Interest Income Expense | 5.84 | 17.19 | 17.29 | 11.05 |
| Interest Expense Non Operating | 0 | 0 | 0 | 0 |
| Interest Income Non Operating | 5.84 | 17.19 | 17.29 | 11.05 |
| General And Administrative Expense | 84.23 | 81.45 | 74.17 | 46.52 |
| Other Gand A | 84.23 | 81.45 | 74.17 | 46.52 |
| Operating Revenue | 96.30 | 63.53 | 13.63 | 6.65 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fate Therapeutics, Inc.this co. | FATE | $144M | - | 0.69 | -65.8% | -0.14 |
| Journey Medical Corporation | DERM | $166M | - | 4.26 | -35.9% | -35.25 |
| Anika Therapeutics, Inc. | ANIK | $165M | - | 1.20 | -7.6% | -31.67 |
| Pro-Dex, Inc. | PDEX | $160M | 14.62 | 3.84 | 24.5% | 12.89 |
| Quanterix Corporation | QTRX | $144M | - |
| 0.48 |
| -36.2% |
| -0.86 |
| SANUWAVE Health, Inc. | SNWV | $143M | 40.51 | 88.35 | 729.6% | 20.54 |
| TuHURA Biosciences, Inc. | HURA | $134M | - | 6.03 | -143.6% | -4.67 |
| AVITA Medical, Inc. | RCEL | $130M | - | -7.76 | 291.8% | -3.91 |
| The Joint Corp. | JYNT | $127M | - | 8.33 | 19.3% | 140.09 |
| Peer Median | - | 27.56 | 4.05 | 5.8% | -2.39 | |