Fate Therapeutics, Inc.
FATEHealthcare|Biotechnology|US
$1.83
-0.01 (-0.81%)
Tangible Book / Share
$1.08
Cash / Share
$1.13
Financials
Financial Snapshot
Market Cap
$213.9M
Enterprise Value
$244.4M
Revenue (TTM)
$4.8M
Net Income (TTM)
-$124.4M
Cash & Investments
$139.1M
Net Cash
$64.6M
Free Cash Flow (TTM)
-$107.0M
Operating CF (TTM)
-$105.5M
Debt/Equity
0.56
Cash Runway & Burn Rate
Cash on Hand
$139.1M
Quarterly Burn
$26.4M
Monthly Burn
$8.8M
Est. Runway
~5.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $92.1M | $100.9M | $201.0M | $221.4M | $482.9M | $615.9M | $436.2M | $315.2M | $279.1M | $203.7M | $139.1M | |
| Operating Cash Flow | -$29.8M | -$36.9M | -$38.6M | -$83.2M | -$39.2M | -$162.9M | -$248.2M | -$132.3M | -$122.9M | -$106.1M | -$105.5M | |
| Free Cash Flow | -$30.3M | -$38.6M | -$41.0M | -$90.6M | -$44.2M | -$213.6M | -$283.8M | -$138.4M | -$123.6M | -$112.0M | -$107.0M | |
| Capital Expenditure | -$457.0K | -$1.7M | -$2.3M | -$7.4M | -$4.9M | -$50.7M | -$35.6M | -$6.2M | -$730.0K | -$6.0M | -$1.5M | |
| Financing Cash Flow | $57.7M | $47.4M | $140.8M | $149.9M | $282.8M | $453.1M | $9.2M | $85.0K | $99.9M | $5.5M | $11.0M |
R&D Spending
R&D (TTM)
$95.8M
R&D Intensity
2017.1%
R&D Growth vs Prior
-11.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.1M | $4.7M | $10.7M | $31.4M | $55.8M | $96.3M | $63.5M | $13.6M | $6.6M | $4.8M | |
| R&D Expense | $26.5M | $34.4M | $56.0M | $87.8M | $125.6M | $215.5M | $320.5M | $172.6M | $135.0M | $107.8M | $95.8M | |
| R&D % of Revenue | 600.9% | 836.8% | 1181.9% | 821.8% | 399.6% | 385.9% | 332.8% | 271.7% | 990.4% | 1622.5% | 2017.1% | |
| SG&A | $9.9M | $11.9M | $15.8M | $23.6M | $33.9M | $57.3M | $84.2M | $96.9M | $90.6M | $46.5M | $37.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.1M | $4.7M | $10.7M | $31.4M | $55.8M | $96.3M | $63.5M | $13.6M | $6.6M | $4.8M | |
| Cost of Revenue | $26.5M | $34.4M | $56.0M | $0.00 | $125.6M | $5.8M | $13.8M | $157.2M | $118.5M | $12.9M | $2.9M | |
| Gross Profit | -$22.1M | -$30.3M | -$51.3M | $10.7M | -$94.2M | $50.0M | $82.5M | -$93.7M | -$104.9M | -$6.3M | $1.8M | |
| R&D | $26.5M | $34.4M | $56.0M | $87.8M | $125.6M | $215.5M | $320.5M | $172.6M | $135.0M | $107.8M | $95.8M | |
| SG&A | $9.9M | $11.9M | $15.8M | $23.6M | $33.9M | $57.3M | $84.2M | $96.9M | $90.6M | $46.5M | $37.1M | |
| Operating Income | -$32.0M | -$42.1M | -$67.1M | -$100.7M | -$128.1M | -$217.0M | -$308.4M | -$190.5M | -$210.3M | -$147.7M | -$131.1M | |
| Interest Expense | $1.6M | $1.3M | $1.7M | $1.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$33.5M | -$43.0M | -$66.6M | -$98.1M | -$173.4M | -$212.2M | -$281.7M | -$160.9M | -$186.3M | -$136.3M | -$124.4M | |
| Net Income | -$33.5M | -$43.0M | -$66.6M | -$98.1M | -$173.4M | -$212.2M | -$281.7M | -$160.9M | -$186.3M | -$136.3M | -$124.4M | |
| EPS (Diluted) | -1.05 | -1.02 | -1.19 | -1.43 | -2.10 | -2.24 | -2.91 | -1.64 | -1.64 | -1.15 | -1.03 | |
| EBITDA | -$30.9M | -$40.7M | -$63.7M | -$94.2M | -$125.0M | -$206.3M | -$268.0M | -$142.6M | -$176.6M | -$127.0M | -$117.6M | |
| Shares Out. (M) | 31.75 | 41.98 | 56.20 | 68.19 | 82.39 | 94.75 | 96.83 | 98.41 | 113.69 | 118.79 | 123.66 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.6M | $89.0M | $190.5M | $99.8M | $167.3M | $133.6M | $61.3M | $41.9M | $36.1M | $46.6M | $43.9M | |
| Short-Term Investments | $3.5M | $12.0M | $10.5M | $121.6M | $315.6M | $482.3M | $374.9M | $273.3M | $243.0M | $157.0M | $95.2M | |
| Total Current Assets | $93.3M | $102.6M | $205.2M | $227.1M | $494.3M | $633.4M | $502.1M | $331.5M | $291.9M | $208.7M | $144.3M | |
| Total Assets | $95.0M | $105.3M | $213.0M | $302.3M | $622.5M | $921.5M | $705.6M | $506.2M | $440.7M | $318.9M | $238.3M | |
| Total Current Liabilities | $15.2M | $11.0M | $27.3M | $27.8M | $85.6M | $81.3M | $114.1M | $39.1M | $38.5M | $36.1M | $32.7M | |
| Long-Term Debt | $2.5M | $14.8M | $12.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $73.3M | $0.00 | |
| Total Liabilities | $21.9M | $28.1M | $52.6M | $57.5M | $238.0M | $242.6M | $221.6M | $137.8M | $122.0M | $111.8M | $105.2M | |
| Stockholders' Equity | $73.2M | $77.2M | $160.5M | $244.8M | $384.4M | $678.8M | $483.9M | $368.4M | $318.7M | $207.2M | $133.0M | |
| Retained Earnings | -$175.8M | -$218.8M | -$285.4M | -$383.5M | -$556.9M | -$769.1M | -$1.05B | -$1.21B | -$1.40B | -$1.53B | -$1.63B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.8M | -$36.9M | -$38.6M | -$83.2M | -$39.2M | -$162.9M | -$248.2M | -$132.3M | -$122.9M | -$106.1M | -$105.5M | |
| Capital Expenditure | -$457.0K | -$1.7M | -$2.3M | -$7.4M | -$4.9M | -$50.7M | -$35.6M | -$6.2M | -$730.0K | -$6.0M | -$1.5M | |
| Free Cash Flow | -$30.3M | -$38.6M | -$41.0M | -$90.6M | -$44.2M | -$213.6M | -$283.8M | -$138.4M | -$123.6M | -$112.0M | -$107.0M | |
| Investing Cash Flow | -$4.1M | -$10.2M | -$463.0K | -$157.5M | -$161.1M | -$324.0M | $166.8M | $112.7M | $12.2M | $111.2M | $92.6M | |
| Financing Cash Flow | $57.7M | $47.4M | $140.8M | $149.9M | $282.8M | $453.1M | $9.2M | $85.0K | $99.9M | $5.5M | $11.0M | |
| Issuance of Stock | $28.8M | $43.2M | $134.6M | $162.4M | $282.3M | $411.7M | $9.2M | $85.0K | $94.8M | $0.00 | $8.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$7.7M | $4.1M | $0.00 | -$15.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.2M | $3.6M | $6.3M | $17.4M | $30.8M | $54.4M | $78.7M | $43.5M | $41.5M | $24.9M | $15.7M | |
| Net Change in Cash | $23.8M | $343.0K | $101.7M | -$90.7M | $67.5M | -$33.8M | -$72.3M | -$19.5M | -$5.8M | $10.6M | -$1.8M |
Dilution Tracker
Shares outstanding grew 44.2% over 5 years — significant dilution
Shares Outstanding
117M
5-Year Share Growth
+44.2%
Stock Issuance (TTM)
$8.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 31.75 | 41.98 | 56.20 | 68.19 | 82.39 | 94.75 | 96.83 | 98.41 | 113.69 | 118.79 | 123.66 | |
| Change vs Prior % | — | 32.2% | 33.9% | 21.3% | 20.8% | 15.0% | 2.2% | 1.6% | 15.5% | 4.5% | 4.1% | |
| Stock Issuance | $28.8M | $43.2M | $134.6M | $162.4M | $282.3M | $411.7M | $9.2M | $85.0K | $94.8M | $0.00 | $8.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.2M | $3.6M | $6.3M | $17.4M | $30.8M | $54.4M | $78.7M | $43.5M | $41.5M | $24.9M | $15.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -500.9% | -736.8% | -1081.9% | 100.0% | -299.6% | 89.5% | 85.7% | -147.4% | -769.6% | -94.1% | 38.6% | |
| Operating Margin % | -726.1% | -1025.9% | -1415.4% | -943.1% | -407.5% | -388.6% | -320.2% | -299.9% | -1542.6% | -2222.4% | -2760.0% | |
| Net Margin % | -760.2% | -1046.1% | -1405.0% | -919.0% | -551.6% | -379.9% | -292.5% | -253.3% | -1366.5% | -2051.1% | -2619.6% | |
| EBITDA Margin % | -703.0% | -991.5% | -1343.8% | -882.1% | -397.7% | -369.4% | -278.3% | -224.5% | -1295.4% | -1911.2% | -2476.4% | |
| FCF Margin % | -687.9% | -940.8% | -864.0% | -848.0% | -140.5% | -382.4% | -294.7% | -217.9% | -906.8% | -1685.8% | -2252.1% | |
| ROE % | -45.7% | -55.6% | -41.5% | -40.1% | -45.1% | -31.3% | -58.2% | -43.7% | -58.4% | -65.8% | -73.9% | |
| ROA % | -35.2% | -40.8% | -31.3% | -32.5% | -27.9% | -23.0% | -39.9% | -31.8% | -42.3% | -42.7% | -52.2% | |
| ROIC % | -36.3% | -44.7% | -35.6% | -36.5% | -23.7% | -25.7% | -51.6% | -40.3% | -51.3% | -51.4% | -62.2% | |
| R&D / Revenue % | 600.9% | 836.8% | 1181.9% | 821.8% | 399.6% | 385.9% | 332.8% | 271.7% | 990.4% | 1622.5% | 2017.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 81.1% | -6.7% | 15.4% | 125.3% | 194.3% | 77.7% | 72.4% | -34.0% | -78.5% | -51.2% | |
| Gross Profit | -26.5% | -37.2% | -69.5% | 120.8% | -981.9% | 153.1% | 65.1% | -213.5% | -12.0% | 94.0% | |
| Operating Income | -15.0% | -31.8% | -59.3% | -50.1% | -27.2% | -69.4% | -42.1% | 38.2% | -10.4% | 29.8% | |
| Net Income | -11.6% | -28.4% | -55.1% | -47.4% | -76.7% | -22.4% | -32.8% | 42.9% | -15.7% | 26.8% | |
| EPS (Diluted) | 11.0% | 2.9% | -16.7% | -20.2% | -46.9% | -6.7% | -29.9% | 43.6% | 0.0% | 29.9% | |
| Operating Cash Flow | -62.1% | -23.7% | -4.7% | -115.2% | 52.8% | -315.2% | -52.4% | 46.7% | 7.1% | 13.7% | |
| Free Cash Flow | -52.2% | -27.6% | -6.0% | -121.2% | 51.2% | -383.6% | -32.9% | 51.2% | 10.7% | 9.4% | |
| R&D Expense | 33.2% | 29.9% | 63.1% | 56.7% | 43.1% | 71.6% | 48.7% | -46.1% | -21.8% | -20.1% | |
| SG&A Expense | -4.2% | 19.8% | 33.1% | 49.5% | 43.4% | 69.1% | 46.9% | 15.0% | -6.4% | -48.7% | |
| Total Assets | 39.9% | 10.8% | 102.3% | 41.9% | 105.9% | 48.0% | -23.4% | -28.3% | -12.9% | -27.6% | |
| Book Value / Share | 54.3% | -20.2% | 55.3% | 25.7% | 30.0% | 53.5% | -30.2% | -25.1% | -25.1% | -37.8% | |
| Debt | -41.4% | 38.5% | 0.5% | 80.9% | 261.3% | 18.0% | -4.8% | -5.3% | -17.6% | -8.7% | |
| Diluted Shares | 24.6% | 32.2% | 33.9% | 21.3% | 20.8% | 15.0% | 2.2% | 1.6% | 15.5% | 4.5% |
Valuation
P/E (TTM)At Loss
P/S45.03
10Y Low / Med / High5.79 / 62.47 / 238.32
P/B1.71
10Y Low / Med / High0.56 / 3.32 / 19.49
EV/EBITDAAt Loss
EV/Revenue51.46
10Y Low / Med / High0.40 / 44.41 / 236.09
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.08
Net Current Assets / Share
$0.33
Graham Net-Net
$0.28
Cash / Share
$1.13
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.39 | -5.99 | -10.78 | -13.69 | -43.30 | -26.12 | -3.47 | -2.28 | -1.01 | -0.85 | -1.78 | |
| P/S Ratio | 18.11 | 62.47 | 152.11 | 124.95 | 238.32 | 99.27 | 10.15 | 5.79 | 13.76 | 17.56 | 45.03 | |
| P/B Ratio | 1.09 | 3.32 | 4.49 | 5.45 | 19.49 | 8.17 | 2.02 | 1.00 | 0.59 | 0.56 | 1.71 | |
| EV/EBITDA | -0.06 | -4.48 | -8.56 | -13.39 | -59.37 | -26.78 | -3.83 | -3.01 | -1.34 | -1.16 | -2.08 | |
| EV/Revenue | 0.40 | 44.41 | 115.05 | 118.13 | 236.09 | 98.93 | 10.64 | 6.76 | 17.37 | 22.26 | 51.46 |
Analyst Estimates & Quality
Altman Z-Score
-9.51
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $5.6M | $4.6M | $4.9M |
| Net Income | -$124.8M | -$145.0M | -$159.9M |
| EPS | $-1.07 | $-1.06 | $-1.11 |
| # Analysts (EPS) | 8 | 7 | 5 |
Revenue Segments
By Product
| Segment | 2020 | 2022 | 2023 |
|---|---|---|---|
| Upfront Fee And Equity Premium | $6.5M | $23.1M | $31.2M |