What is Fate Therapeutic's earnings per share (EPS)?

Fate Therapeutic (FATE) reported diluted earnings per share of $-1.15 for fiscal year 2025. This represents a 29.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fate Therapeutic Financials

FATE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Fate Therapeutic (FATE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Fate Therapeutic has an operating margin of -2222.4%, meaning the company retains $-2222 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1542.6% the prior year.

Growth

Fate Therapeutic's revenue declined 51.2% year-over-year, from $13.6M to $6.6M. This contraction results in a growth score of 0/100.

Leverage

Fate Therapeutic carries a low D/E ratio of 0.54, meaning only $0.54 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.79, Fate Therapeutic holds $5.79 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Fate Therapeutic generated -$106.1M in operating cash flow, capex of $6.0M consumed most of it, leaving -$112.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Fate Therapeutic generates a -65.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -58.4% the prior year.

Piotroski F-Score Weak

1/9

Fate Therapeutic passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.78x

For every $1 of reported earnings, Fate Therapeutic generates $0.78 in operating cash flow (-$106.1M OCF vs -$136.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$6.6M

YoY-51.2%

5Y CAGR-26.7%

10Y CAGR+10.6%

Fate Therapeutic generated $6.6M in revenue in fiscal year 2025. This represents a decrease of 51.2% from the prior year.

EBITDA

-$134.8M

YoY+29.5%

Fate Therapeutic's EBITDA was -$134.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.5% from the prior year.

Net Income

-$136.3M

YoY+26.8%

Fate Therapeutic reported -$136.3M in net income in fiscal year 2025. This represents an increase of 26.8% from the prior year.

EPS (Diluted)

$-1.15

YoY+29.9%

Fate Therapeutic earned $-1.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$112.0M

YoY+9.4%

Fate Therapeutic generated -$112.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 9.4% from the prior year.

Cash & Debt

$46.6M

YoY+29.3%

5Y CAGR-22.6%

10Y CAGR-3.2%

Fate Therapeutic held $46.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

115M

YoY+1.3%

5Y CAGR+5.6%

10Y CAGR+14.9%

Fate Therapeutic had 115M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-2222.4%

YoY-679.8pp

5Y CAGR-1815.0pp

10Y CAGR-1079.6pp

Fate Therapeutic's operating margin was -2222.4% in fiscal year 2025, reflecting core business profitability. This is down 679.8 percentage points from the prior year.

Net Margin

-2051.1%

YoY-684.6pp

5Y CAGR-1499.5pp

10Y CAGR-817.3pp

Fate Therapeutic's net profit margin was -2051.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 684.6 percentage points from the prior year.

Return on Equity

-65.8%

YoY-7.4pp

5Y CAGR-20.7pp

10Y CAGR+13.1pp

Fate Therapeutic's ROE was -65.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$107.8M

YoY-20.1%

5Y CAGR-3.0%

10Y CAGR+18.4%

Fate Therapeutic invested $107.8M in research and development in fiscal year 2025. This represents a decrease of 20.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$6.0M

YoY+715.5%

5Y CAGR+3.8%

10Y CAGR+14.8%

Fate Therapeutic invested $6.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 715.5% from the prior year.

FATE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.6M-51.2%	$13.6M-78.5%	$63.5M-34.0%	$96.3M+72.4%	$55.8M+77.7%	$31.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$107.8M-20.1%	$135.0M-21.8%	$172.6M-46.1%	$320.5M+48.7%	$215.5M+71.6%	$125.6M
SG&A Expenses	$46.5M-37.3%	$74.2M-8.9%	$81.4M-3.3%	$84.2M+46.9%	$57.3M+69.1%	$33.9M
Operating Income	-$147.7M+29.8%	-$210.3M-10.4%	-$190.5M+38.2%	-$308.4M-42.1%	-$217.0M-69.4%	-$128.1M
Interest Expense	N/A	N/A	N/A	N/A	$0	$0
Income Tax	$2K	$0	$0	$0	$0	$0
Net Income	-$136.3M+26.8%	-$186.3M-15.7%	-$160.9M+42.9%	-$281.7M-32.8%	-$212.2M-22.4%	-$173.4M
EPS (Diluted)	$-1.15+29.9%	$-1.640.0%	$-1.64+43.6%	$-2.91-29.9%	$-2.24-6.7%	$-2.10

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.4M-21.4%	$1.7M-8.7%	$1.9M+17.1%	$1.6M-12.4%	$1.9M-39.5%	$3.1M-54.6%	$6.8M+251.8%	$1.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$25.4M-1.6%	$25.8M-5.8%	$27.4M-5.9%	$29.1M-13.3%	$33.6M-3.0%	$34.6M+0.1%	$34.6M+7.7%	$32.1M
SG&A Expenses	$10.7M+0.3%	$10.6M-7.1%	$11.4M-16.9%	$13.8M-9.8%	$15.3M-26.6%	$20.8M+20.6%	$17.3M-17.3%	$20.9M
Operating Income	-$34.7M0.0%	-$34.7M+6.0%	-$37.0M+10.4%	-$41.3M+33.1%	-$61.7M-17.9%	-$52.4M-16.2%	-$45.1M+11.7%	-$51.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$32.4M-0.4%	-$32.3M+5.3%	-$34.1M+9.4%	-$37.6M+27.9%	-$52.2M-9.4%	-$47.7M-24.1%	-$38.4M+20.0%	-$48.0M
EPS (Diluted)	N/A	$-0.27+6.9%	$-0.29+9.4%	$-0.32	N/A	$-0.40-21.2%	$-0.33+29.8%	$-0.47

FATE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$318.9M-27.6%	$440.7M-12.9%	$506.2M-28.3%	$705.6M-23.4%	$921.5M+48.0%	$622.5M
Current Assets	$208.7M-28.5%	$291.9M-12.0%	$331.5M-34.0%	$502.1M-20.7%	$633.4M+28.1%	$494.3M
Cash & Equivalents	$46.6M+29.3%	$36.1M-13.9%	$41.9M-31.7%	$61.3M-54.1%	$133.6M-20.2%	$167.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$916K-74.1%	$3.5M+93.8%	$1.8M-95.3%	$38.5M+343.5%	$8.7M+57.3%	$5.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$111.8M-8.4%	$122.0M-11.5%	$137.8M-37.8%	$221.6M-8.7%	$242.6M+1.9%	$238.0M
Current Liabilities	$36.1M-6.4%	$38.5M-1.5%	$39.1M-65.7%	$114.1M+40.3%	$81.3M-5.0%	$85.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$207.2M-35.0%	$318.7M-13.5%	$368.4M-23.9%	$483.9M-28.7%	$678.8M+76.6%	$384.4M
Retained Earnings	-$1.5B-9.8%	-$1.4B-15.4%	-$1.2B-15.3%	-$1.1B-36.6%	-$769.1M-38.1%	-$556.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$318.9M-7.2%	$343.7M-7.5%	$371.6M-6.8%	$398.7M-9.5%	$440.7M-11.0%	$495.0M-6.4%	$528.8M-7.2%	$569.9M
Current Assets	$208.7M-5.7%	$221.3M-4.0%	$230.4M-7.2%	$248.2M-15.0%	$291.9M-5.9%	$310.3M-2.8%	$319.4M-19.0%	$394.4M
Cash & Equivalents	$46.6M+14.8%	$40.6M-1.5%	$41.2M-8.2%	$44.9M+24.6%	$36.1M-4.9%	$37.9M+2.7%	$36.9M-69.6%	$121.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$916K+34.3%	$682K-51.1%	$1.4M-42.0%	$2.4M-32.0%	$3.5M-14.2%	$4.1M+293.8%	$1.0M+22.1%	$858K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$111.8M+2.0%	$109.6M-0.6%	$110.3M0.0%	$110.3M-9.6%	$122.0M-8.0%	$132.6M+0.6%	$131.8M-8.3%	$143.8M
Current Liabilities	$36.1M+28.3%	$28.1M-2.0%	$28.7M+1.8%	$28.2M-26.9%	$38.5M+2.9%	$37.4M+7.6%	$34.8M-23.3%	$45.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$207.2M-11.5%	$234.1M-10.4%	$261.4M-9.4%	$288.4M-9.5%	$318.7M-12.0%	$362.3M-8.7%	$397.0M-6.8%	$426.1M
Retained Earnings	-$1.5B-2.2%	-$1.5B-2.2%	-$1.5B-2.4%	-$1.4B-2.7%	-$1.4B-3.9%	-$1.3B-3.7%	-$1.3B-3.1%	-$1.3B

FATE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$106.1M+13.7%	-$122.9M+7.1%	-$132.3M+46.7%	-$248.2M-52.4%	-$162.9M-315.2%	-$39.2M
Capital Expenditures	$6.0M+715.5%	$730K-88.1%	$6.2M-82.7%	$35.6M-29.9%	$50.7M+928.1%	$4.9M
Free Cash Flow	-$112.0M+9.4%	-$123.6M+10.7%	-$138.4M+51.2%	-$283.8M-32.9%	-$213.6M-383.6%	-$44.2M
Investing Cash Flow	$111.2M+809.9%	$12.2M-89.2%	$112.7M-32.4%	$166.8M+151.5%	-$324.0M-101.2%	-$161.1M
Financing Cash Flow	$5.5M-94.5%	$99.9M+117420.0%	$85K-99.1%	$9.2M-98.0%	$453.1M+60.2%	$282.8M
Dividends Paid	N/A	N/A	N/A	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$23.3M+4.3%	-$24.4M+0.9%	-$24.6M+27.3%	-$33.8M-21.6%	-$27.8M+5.5%	-$29.4M+8.9%	-$32.3M+3.1%	-$33.4M
Capital Expenditures	$1.2M-45.9%	$2.2M+61.7%	$1.4M+13.9%	$1.2M+1120.4%	$98K-80.2%	$495K+870.6%	$51K-40.7%	$86K
Free Cash Flow	-$24.5M+7.8%	-$26.6M-2.4%	-$25.9M+25.9%	-$35.0M-25.5%	-$27.9M+6.7%	-$29.9M+7.6%	-$32.4M+3.2%	-$33.4M
Investing Cash Flow	$27.6M+29.9%	$21.3M+8.6%	$19.6M-54.1%	$42.7M+87.0%	$22.8M-10.4%	$25.5M+147.7%	-$53.4M-408.3%	$17.3M
Financing Cash Flow	$1.7M-31.7%	$2.5M+86.8%	$1.3M	$0-100.0%	$3.1M	$0-100.0%	$1.3M-98.7%	$95.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FATE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-2222.4%-679.8pp	-1542.6%-1242.8pp	-299.9%+20.4pp	-320.2%+68.3pp	-388.6%+18.9pp	-407.5%
Net Margin	-2051.1%-684.6pp	-1366.5%-1113.2pp	-253.3%+39.3pp	-292.6%+87.3pp	-379.9%+171.7pp	-551.6%
Return on Equity	-65.8%-7.4pp	-58.4%-14.8pp	-43.7%+14.5pp	-58.2%-27.0pp	-31.3%+13.9pp	-45.1%
Return on Assets	-42.7%-0.5pp	-42.3%-10.5pp	-31.8%+8.1pp	-39.9%-16.9pp	-23.0%+4.8pp	-27.9%
Current Ratio	5.79-1.8	7.58-0.9	8.48+4.1	4.40-3.4	7.79+2.0	5.78
Debt-to-Equity	0.54+0.2	0.380.0	0.37-0.1	0.46+0.1	0.36-0.3	0.62
FCF Margin	-1685.8%-779.0pp	-906.8%-688.9pp	-217.9%+76.8pp	-294.7%+87.8pp	-382.4%-241.9pp	-140.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-2536.2%-541.1pp	-1995.1%-56.6pp	-1938.5%+595.5pp	-2534.1%+785.7pp	-3319.8%-1615.9pp	-1703.9%-1038.1pp	-665.7%+1987.2pp	-2652.9%
Net Margin	-2364.8%-512.4pp	-1852.4%-65.8pp	-1786.6%+522.9pp	-2309.4%+494.5pp	-2803.9%-1252.9pp	-1551.0%-983.6pp	-567.4%+1926.3pp	-2493.7%
Return on Equity	-15.6%-1.8pp	-13.8%-0.7pp	-13.0%0.0pp	-13.0%+3.3pp	-16.4%-3.2pp	-13.2%-3.5pp	-9.7%+1.6pp	-11.3%
Return on Assets	-10.2%-0.8pp	-9.4%-0.2pp	-9.2%+0.3pp	-9.4%+2.4pp	-11.8%-2.2pp	-9.6%-2.4pp	-7.3%+1.1pp	-8.4%
Current Ratio	5.79-2.1	7.87-0.2	8.04-0.8	8.81+1.2	7.58-0.7	8.29-0.9	9.18+0.5	8.69
Debt-to-Equity	0.54+0.1	0.47+0.0	0.42+0.0	0.380.0	0.38+0.0	0.37+0.0	0.330.0	0.34
FCF Margin	-1790.1%-263.5pp	-1526.5%-165.8pp	-1360.7%+788.1pp	-2148.9%-649.0pp	-1499.8%-526.7pp	-973.1%-495.3pp	-477.8%+1259.1pp	-1736.9%

Similar Companies

Equillium EQ

$110.6M

Corbus Pharmaceu CRBP

$152.5M

Forte Biosciences Inc FBRX

$329.7M

Protara Therapeutics Inc TARA

$262.3M

Kala Pharmaceuticals Inc KALA

$155.8M

Frequently Asked Questions

What is Fate Therapeutic's annual revenue?

Fate Therapeutic (FATE) reported $6.6M in total revenue for fiscal year 2025. This represents a -51.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fate Therapeutic's revenue growing?

Fate Therapeutic (FATE) revenue declined by 51.2% year-over-year, from $13.6M to $6.6M in fiscal year 2025.

Is Fate Therapeutic profitable?

No, Fate Therapeutic (FATE) reported a net income of -$136.3M in fiscal year 2025, with a net profit margin of -2051.1%.

What is Fate Therapeutic's EBITDA?

Fate Therapeutic (FATE) had EBITDA of -$134.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Fate Therapeutic's operating margin?

Fate Therapeutic (FATE) had an operating margin of -2222.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fate Therapeutic's net profit margin?

Fate Therapeutic (FATE) had a net profit margin of -2051.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fate Therapeutic's return on equity (ROE)?

Fate Therapeutic (FATE) has a return on equity of -65.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fate Therapeutic's free cash flow?

Fate Therapeutic (FATE) generated -$112.0M in free cash flow during fiscal year 2025. This represents a 9.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fate Therapeutic's operating cash flow?

Fate Therapeutic (FATE) generated -$106.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fate Therapeutic's total assets?

Fate Therapeutic (FATE) had $318.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fate Therapeutic's capital expenditures?

Fate Therapeutic (FATE) invested $6.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fate Therapeutic spend on research and development?

Fate Therapeutic (FATE) invested $107.8M in research and development during fiscal year 2025.

How many shares does Fate Therapeutic have outstanding?

Fate Therapeutic (FATE) had 115M shares outstanding as of fiscal year 2025.

What is Fate Therapeutic's current ratio?

Fate Therapeutic (FATE) had a current ratio of 5.79 as of fiscal year 2025, which is generally considered healthy.

What is Fate Therapeutic's debt-to-equity ratio?

Fate Therapeutic (FATE) had a debt-to-equity ratio of 0.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fate Therapeutic's return on assets (ROA)?

Fate Therapeutic (FATE) had a return on assets of -42.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fate Therapeutic's cash runway?

Based on fiscal year 2025 data, Fate Therapeutic (FATE) had $46.6M in cash against an annual operating cash burn of $106.1M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Fate Therapeutic's Piotroski F-Score?

Fate Therapeutic (FATE) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fate Therapeutic's earnings high quality?

Fate Therapeutic (FATE) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Fate Therapeutic?

Fate Therapeutic (FATE) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.