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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% | -26.8% |
| 2024 | $14M | $-177M | $-186M | $-124M | -58.4% | -78.5% | 15.7% |
| 2023 | $64M | $-172M | $-161M | $-138M | -43.7% | -34.0% | -42.9% |
| 2022 | $96M | $-295M | $-282M | $-284M | -58.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 96.30 | 63.53 | 13.63 | 6.65 |
| Operating Revenue | - | 96.30 | 63.53 | 13.63 | 6.65 |
| Operating Expense | - | 404.69 | 254.04 | 209.17 | 154.35 |
| Research And Development | - | 320.45 | 172.60 | 135 | 107.83 |
| Selling General And Administration | - | 84.23 | 81.45 | 74.17 | 46.52 |
| Total Expenses | - | 404.69 | 254.04 | 209.17 | 154.35 |
| Operating Income | - | -308.39 | -190.51 | -195.54 | -147.70 |
| Total Operating Income As Reported | - | -308.39 | -190.51 | -210.28 | -147.70 |
| EBITDA | - | -294.63 | -172.23 | -176.58 | -134.80 |
| Normalized EBITDA | - | -314.94 | -174.74 | -162.66 | -135.05 |
| EBIT | - | -308.39 | -190.51 | -195.54 | -147.70 |
| Interest Income | - | 5.84 | 17.19 | 17.29 | 11.05 |
| Interest Expense | 0 | - | - | - | - |
| Net Interest Income | - | 5.84 | 17.19 | 17.29 | 11.05 |
| Other Non Operating Income Expenses | - | 0.52 | 9.88 | 5.91 | 0.09 |
| Other Income Expense | - | 20.82 | 12.40 | -8.01 | 0.34 |
| Interest Income Non Operating | - | 5.84 | 17.19 | 17.29 | 11.05 |
| Interest Expense Non Operating | 0 | - | - | - | - |
| Net Non Operating Interest Income Expense | - | 5.84 | 17.19 | 17.29 | 11.05 |
| Pretax Income | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Net Income From Continuing And Discontinued Operation | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Net Income From Continuing Operation Net Minority Interest | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Net Income | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Net Income Common Stockholders | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Net Income Including Noncontrolling Interests | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Normalized Income | - | -302.03 | -163.44 | -172.34 | -136.56 |
| Diluted NI Availto Com Stockholders | - | -281.72 | -160.93 | -186.26 | -136.32 |
| Basic Average Shares | - | 96.83 | 98.41 | 113.69 | 118.79 |
| Diluted Average Shares | - | 96.83 | 98.41 | 113.69 | 118.79 |
| Reconciled Depreciation | - | 13.76 | 18.28 | 18.96 | 12.90 |
| Total Unusual Items | - | 20.31 | 2.52 | -13.92 | 0.24 |
| Total Unusual Items Excluding Goodwill | - | 20.31 | 2.52 | -13.92 | 0.24 |
| Special Income Charges | - | - | 0 | -14.74 | 0 |
| Impairment Of Capital Assets | - | - | 0 | 14.74 | 0 |
| Gain On Sale Of Security | - | 20.31 | 2.52 | 0.82 | 0.24 |
| General And Administrative Expense | - | 84.23 | 81.45 | 74.17 | 46.52 |
| Other Gand A | - | 84.23 | 81.45 | 74.17 | 46.52 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fate Therapeutics, Inc.this co. | FATE | $258M | -1.89 | 1.24 | -65.8% | -2.14 |
| Entrada Therapeutics, Inc. | TRDA | $272M | -1.89 | 0.89 | -47.0% | -1.51 |
| Anavex Life Sciences Corp. | AVXL | $261M | -5.63 | 2.75 | -48.9% | - |
| Akebia Therapeutics, Inc. | AKBA | $260M | -48.70 | 7.98 | -16.4% | 5.86 |
| Nuvectis Pharma, Inc. | NVCT | $257M |
| - |
| - |
| - |
| - |
| - |
| - |
| -9.70 |
| 13.93 |
| -143.6% |
| - |
| Codexis, Inc. | CDXS | $255M | -5.79 | 5.04 | -87.0% | -8.18 |
| Sight Sciences, Inc. | SGHT | $250M | -6.51 | 3.91 | -60.1% | -6.07 |
| Protara Therapeutics, Inc. | TARA | $248M | -4.32 | 1.26 | -29.2% | -3.14 |
| Coherus Oncology, Inc. | CHRS | $243M | 1.45 | 3.98 | 275.4% | -1.14 |
| Peer Median | - | -5.71 | 3.95 | -47.9% | -2.33 | |