Fate Therapeutics Inc

fatetherapeutics.com

What Do They Do?

Develops off-the-shelf engineered T-cell and natural killer cell therapies for patients with autoimmune diseases and cancer.

How Do They Make Money?

Pharmaceutical partners pay upfront and milestone fees and fees for research and preclinical work under collaboration agreements; Fate also receives government grants.

FY2025 revenue

Who Are Their Customers?

Pharmaceutical companies work with Fate through research, development and commercialization collaborations; academic institutions support its platform and product candidates through research collaborations and license agreements.

Do Revenues Turn Into Profits?

No. It lost $136.3M in FY2025.

Operating income, FY2025

−2222% of revenue

▼ −30% (Loss) vs FY2024 (−$210.3M, −1543%)

Net income, FY2025

−2051% of revenue

▼ −27% (Loss) vs FY2024 (−$186.3M, −1366%)

Free cash flow, FY2025

−1686% of revenue

▼ −9% (Loss) vs FY2024 (−$123.6M, −907%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $1.9M in Q2 FY2025

Shrinking. Revenue fell 88% in 4 years, from $55.8M in FY2021 to $6.6M in FY2025, about 41% a year.

Who Do They Compete With?

Competes with Adicet Bio, Allogene Therapeutics, Arcellx, Artiva Biotherapeutics, AstraZeneca, Autolus Therapeutics, Bristol-Myers Squibb, Cabaletta Bio, Caribou Biosciences, Cartesian Therapeutics, Cellectis, Century Therapeutics, CRISPR Therapeutics, Cullinan Therapeutics, ImmunityBio, Janssen Biotech, Kyverna Therapeutics, Legend Biotech, Lyell Immunopharma, and Kite Pharma

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