Fate Therapeutics, Inc. (FATE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FATE SEC filings page.
Fate Therapeutics, Inc. (FATE) reported $6.5M in revenue over the twelve months to Jun 30, 2026, down 23.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Fate remains a development-stage business: shrinking research investment reduced losses while reported revenue contracted and equity continued eroding.
The narrower net loss—from-$186.3M in FY2024 to-$136.3M in FY2025—does not indicate better monetization. Revenue fell to$6.6M as R&D spending declined to$107.8M , so the improvement mainly reflects a smaller development program rather than operating scale.
FY2025 operating cash flow was
Reported liquidity equaled 23.2 months of the latest annual operating outflow, while the current ratio was 5.8x; short-term obligations were modest relative to current resources at FY2025, even though operations were not self-funding. Debt-to-equity rose from 0.4x in FY2023 to 0.5x in FY2025 as equity shrank, indicating a thinner balance-sheet cushion.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fate Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fate Therapeutics, Inc. held $205.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $106.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Fate Therapeutics, Inc. scores 48/100 among other emerging companies.
Fate Therapeutics, Inc. had 116M shares outstanding at the end of fiscal year 2025, against 115M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Fate Therapeutics, Inc. scores 52/100 among other emerging companies.
Fate Therapeutics, Inc. spent $107.8M on research and development in fiscal year 2025, which was 69.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Fate Therapeutics, Inc. scores 91/100 among other emerging companies.
Fate Therapeutics, Inc. reported revenue of $6.6M in fiscal year 2025, against $13.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Fate Therapeutics, Inc. scores 1/100 among other emerging companies.
Fate Therapeutics, Inc.'s operations used $106.1M of cash in fiscal year 2025, against $122.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Fate Therapeutics, Inc. scores 56/100 among other emerging companies.
Fate Therapeutics, Inc.'s cash, cash equivalents and investments came to $205.1M at the end of fiscal year 2025, against $111.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Fate Therapeutics, Inc. scores 73/100 among other emerging companies.
Fate Therapeutics, Inc. scores -6.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($275.6M) relative to total liabilities ($111.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fate Therapeutics, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Fate Therapeutics, Inc. reported a net loss of $136.3M while operations used $106.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Fate Therapeutics, Inc. generated $2.1M in revenue in Q2 2026. This represents an increase of 9.2% from the same quarter a year earlier. Against the prior quarter it is up 60.3%.
Fate Therapeutics, Inc.'s EBITDA was -$28.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.8% from the same quarter a year earlier. Against the prior quarter it is up 5.7%.
Fate Therapeutics, Inc. reported -$30.2M in net income in Q2 2026. This represents an increase of 11.5% from the same quarter a year earlier. Against the prior quarter it is up 3.4%.
Fate Therapeutics, Inc. earned -$0.25 per diluted share (EPS) in Q2 2026. This represents an increase of 13.8% from the same quarter a year earlier. Against the prior quarter it is up 3.8%.
Cash & Balance Sheet
Fate Therapeutics, Inc. recorded an outflow of $23.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 9.5% from the same quarter a year earlier. Against the prior quarter it is up 24.4%.
Fate Therapeutics, Inc. held $32.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Fate Therapeutics, Inc.'s ROE was -19.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 6.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.3 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Fate Therapeutics, Inc. invested $24.4M in research and development in Q2 2026. This represents a decrease of 11.1% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.
Fate Therapeutics, Inc. invested $80K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 94.1% from the same quarter a year earlier. Against the prior quarter it is down 66.5%.
Not reported for Q2 2026.
FATE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M+9.2% | $1.3M-20.3% | $1.4M-26.4% | $1.7M-43.4% | $1.9M-71.8% | $1.6M-15.4% | $1.9M+11.0% | $3.1M+58.1% |
| R&D Expenses | $24.4M-11.1% | $24.7M-15.2% | $25.4M-24.4% | $25.8M-25.4% | $27.4M-20.7% | $29.1M-9.3% | $33.6M+5.6% | $34.6M+1.1% |
| SG&A Expenses | $8.8M-22.9% | $9.6M-30.3% | $10.7M-30.1% | $10.6M-48.9% | $11.4M-33.7% | $13.8M-34.0% | $15.3M-14.9% | $20.8M+9.8% |
| Operating Income | -$31.1M+15.8% | -$33.0M+20.1% | -$34.7M+43.8% | -$34.7M+33.7% | -$37.0M+18.0% | -$41.3M+19.2% | -$61.7M-28.4% | -$52.4M-2.1% |
| EBITDA | -$28.4M+15.8% | -$30.1M+20.7% | -$31.7M+44.4% | -$31.5M+34.0% | -$33.7M+16.5% | -$37.9M+17.9% | -$56.9M-31.8% | -$47.8M-2.6% |
| Net Income | -$30.2M+11.5% | -$31.2M+17.0% | -$32.4M+37.9% | -$32.3M+32.4% | -$34.1M+11.3% | -$37.6M+21.6% | -$52.2M-18.2% | -$47.7M-5.6% |
| EPS (Basic) | -$0.25+13.8% | -$0.26+18.8% | -$0.27+40.0% | -$0.27+32.5% | -$0.29+12.1% | -$0.32+31.9% | -$0.450.0% | -$0.40+13.0% |
| EPS (Diluted) | -$0.25+13.8% | -$0.26+18.8% | -$0.27+40.0% | -$0.27+32.5% | -$0.29+12.1% | -$0.32+31.9% | -$0.450.0% | -$0.40+13.0% |
| Diluted Shares (Avg) | 120M+1.6% | 120M+1.4% | N/A | 119M+1.0% | 119M+0.9% | 118M+17.1% | N/A | 118M+19.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
FATE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $260.1M-30.0% | $284.9M-28.5% | $318.9M-27.6% | $343.7M-30.6% | $371.6M-29.7% | $398.7M-30.0% | $440.7M-12.9% | $495.0M-9.0% |
| Current Assets | $158.0M-31.4% | $179.5M-27.7% | $208.7M-28.5% | $221.3M-28.7% | $230.4M-27.9% | $248.2M-37.1% | $291.9M-12.0% | $310.3M-14.8% |
| Cash & Equivalents | $32.4M-21.4% | $39.6M-11.9% | $46.6M+29.3% | $40.6M+7.2% | $41.2M+11.7% | $44.9M-63.0% | $36.1M-13.9% | $37.9M+13.7% |
| Short-Term Investments | $121.3M-33.2% | $135.3M-30.8% | $157.0M-35.4% | $174.8M-32.5% | $181.6M-32.2% | $195.5M | $243.0M-11.1% | $259.0M |
| Accounts Receivable | $703K-49.6% | $704K-70.7% | $916K-74.1% | $682K-83.5% | $1.4M+33.1% | $2.4M+180.4% | $3.5M+93.8% | $4.1M+168.3% |
| Long-Term Investments | $0-100.0% | $0-100.0% | $1.5M-94.7% | $10.3M-69.3% | $26.1M-44.7% | $32.3M+325.1% | $27.7M+2722.1% | $33.6M |
| Total Liabilities | $106.7M-3.3% | $105.2M-4.6% | $111.8M-8.4% | $109.6M-17.4% | $110.3M-16.4% | $110.3M-23.3% | $122.0M-11.5% | $132.6M-5.9% |
| Current Liabilities | $32.6M+13.7% | $30.7M+9.0% | $36.1M-6.4% | $28.1M-24.9% | $28.7M-17.6% | $28.2M-37.9% | $38.5M-1.5% | $37.4M-9.5% |
| Non-Current Liabilities | $74.1M-9.2% | $74.5M-9.2% | $75.7M-9.3% | $81.5M-14.4% | $81.6M-15.9% | $82.1M-16.6% | $83.4M-15.5% | $95.2M-4.5% |
| Total Equity | $153.4M-41.3% | $179.7M-37.7% | $207.2M-35.0% | $234.1M-35.4% | $261.4M-34.2% | $288.4M-32.3% | $318.7M-13.5% | $362.3M-10.0% |
| Retained Earnings | -$1.6B-8.6% | -$1.6B-9.0% | -$1.5B-9.8% | -$1.5B-11.6% | -$1.5B-13.2% | -$1.4B-14.0% | -$1.4B-15.4% | -$1.3B-15.3% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
FATE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$23.4M+4.8% | -$30.8M+8.8% | -$23.3M+16.1% | -$24.4M+17.1% | -$24.6M+23.9% | -$33.8M-1.4% | -$27.8M+24.1% | -$29.4M+23.1% |
| Depreciation & Amortization | $2.8M-15.2% | $2.9M-12.5% | $3.1M-36.4% | $3.2M-30.0% | $3.3M-30.6% | $3.3M-30.9% | $4.8M-1.5% | $4.6M-2.8% |
| Stock-Based Compensation | $3.5M-50.8% | $3.9M-46.8% | N/A | $4.9M-58.7% | $7.2M-25.7% | $7.4M-32.8% | N/A | $11.8M+16.4% |
| Capital Expenditures | $80K-94.1% | $239K-80.0% | $1.2M+1116.3% | $2.2M+345.1% | $1.4M+2570.6% | $1.2M+1290.7% | $98K-45.9% | $495K-12.4% |
| Free Cash Flow | -$23.5M+9.5% | -$31.1M+11.3% | -$24.5M+12.2% | -$26.6M+11.2% | -$25.9M+19.8% | -$35.0M-4.7% | -$27.9M+24.2% | -$29.9M+23.0% |
| Investing Cash Flow | $14.6M-25.7% | $23.6M-44.7% | $27.6M+21.1% | $21.3M-16.5% | $19.6M+136.7% | $42.7M+146.5% | $22.8M-49.7% | $25.5M+2.6% |
| Financing Cash Flow | N/A | N/A | $1.7M-46.0% | $2.5M | $1.3M+4.0% | $0-100.0% | $3.1M+1838.9% | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FATE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1495.4% | -2540.4% | -2536.2% | -1995.1% | -1938.5% | -2534.1% | -3319.8% | -1703.9% |
| Net Margin | -1448.6% | -2402.8% | -2364.8% | -1852.4% | -1786.6% | -2309.4% | -2803.9% | -1551.0% |
| Return on Equity | -19.7%-6.6pp | -17.4%-4.3pp | -15.6%+0.7pp | -13.8%-0.6pp | -13.0%-3.4pp | -13.0%-1.8pp | -16.4%-4.4pp | -13.2%-1.9pp |
| Return on Assets | -11.6%-2.4pp | -11.0%-1.5pp | -10.2%+1.7pp | -9.4%+0.3pp | -9.2%-1.9pp | -9.4%-1.0pp | -11.8%-3.1pp | -9.6%-1.3pp |
| Current Ratio | 4.85-3.2x | 5.85-3.0x | 5.79-1.8x | 7.87-0.4x | 8.04-1.1x | 8.81+0.1x | 7.58-0.9x | 8.29-0.5x |
| Debt-to-Equity | 0.70+0.3x | 0.59+0.2x | 0.54+0.2x | 0.47+0.1x | 0.42+0.1x | 0.380.0x | 0.380.0x | 0.370.0x |
| Asset Turnover | 0.010.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.010.0x |
| FCF Margin | -1127.8% | -2391.2% | -1790.1% | -1526.5% | -1360.7% | -2148.9% | -1499.8% | -973.1% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Fate Therapeutics, Inc. FATE | FY2025 | $6.6M | -$136.3M | N/A | $275.6M | 54/100 |
| Equillium, Inc. EQ | FY2025 | N/A | -$22.4M | N/A | $102.7M | — |
| Corbus Pharmaceuticals Holdings, Inc. CRBP | FY2025 | N/A | -$78.5M | N/A | $131.9M | — |
| Forte Biosciences, Inc. FBRX | FY2025 | N/A | -$69.4M | N/A | $1.6B | — |
| Protara Therapeutics, Inc. TARA | FY2025 | N/A | -$57.4M | N/A | $180.2M | — |
| KALA BIO, Inc. KALA | FY2025 | $0 | -$27.0M | N/A | $8.3M | — |
Where Fate Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Fate Therapeutics, Inc.'s annual revenue?
Fate Therapeutics, Inc. (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 Therapeutics, Inc.'s revenue growing?
Fate Therapeutics, Inc. (FATE) revenue declined by 51.2% year-over-year, from $13.6M to $6.6M in fiscal year 2025.
Is Fate Therapeutics, Inc. profitable?
No, Fate Therapeutics, Inc. (FATE) reported a net income of -$136.3M in fiscal year 2025.
What is Fate Therapeutics, Inc.'s EBITDA?
Fate Therapeutics, Inc. (FATE) had EBITDA of -$134.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Fate Therapeutics, Inc.'s return on equity (ROE)?
Fate Therapeutics, Inc. (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 Therapeutics, Inc.'s free cash flow?
Fate Therapeutics, Inc. (FATE) recorded an outflow of $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 Therapeutics, Inc.'s operating cash flow?
Fate Therapeutics, Inc. (FATE) recorded an outflow of $106.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Fate Therapeutics, Inc.'s total assets?
Fate Therapeutics, Inc. (FATE) had $318.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fate Therapeutics, Inc.'s capital expenditures?
Fate Therapeutics, Inc. (FATE) invested $6.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fate Therapeutics, Inc. spend on research and development?
Fate Therapeutics, Inc. (FATE) invested $107.8M in research and development during fiscal year 2025.
What is Fate Therapeutics, Inc.'s current ratio?
Fate Therapeutics, Inc. (FATE) had a current ratio of 5.79 as of fiscal year 2025, which is generally considered healthy.
What is Fate Therapeutics, Inc.'s debt-to-equity ratio?
Fate Therapeutics, Inc. (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 Therapeutics, Inc.'s return on assets (ROA)?
Fate Therapeutics, Inc. (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 Therapeutics, Inc.'s P/E ratio?
Fate Therapeutics, Inc. (FATE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $275.6M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Fate Therapeutics, Inc.'s price-to-sales ratio?
Fate Therapeutics, Inc. (FATE) trades at 42.5x sales, its market capitalization divided by revenue of $6.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $275.6M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Fate Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Fate Therapeutics, Inc. (FATE) held $205.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $106.1M over that year. Dividing the one by the other, the reported balance equals about 23 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Fate Therapeutics, Inc.'s Altman Z-Score?
Fate Therapeutics, Inc. (FATE) has an Altman Z-Score of -6.11, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fate Therapeutics, Inc.'s Piotroski F-Score?
Fate Therapeutics, Inc. (FATE) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fate Therapeutics, Inc.'s earnings high quality?
Fate Therapeutics, Inc. (FATE) reported a net loss of $136.3M while operations used $106.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Therapeutics, Inc.?
Fate Therapeutics, Inc. (FATE) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.