$FATE
FATE THERAPEUTICS INC

2022 Q1 Form 10-Q Financial Statement

#000095017022007389 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $18.41M $11.14M
YoY Change 65.27% 343.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.74M $12.50M
YoY Change 65.94% 61.71%
% of Gross Profit
Research & Development $72.14M $44.85M
YoY Change 60.84% 53.19%
% of Gross Profit
Depreciation & Amortization $2.761M $959.0K
YoY Change 187.9% 36.03%
% of Gross Profit
Operating Expenses $92.88M $57.35M
YoY Change 61.95% 54.98%
Operating Profit -$74.47M -$46.21M
YoY Change 61.15% 33.97%
Interest Expense $8.777M $1.120M
YoY Change 683.66% 15.46%
% of Operating Profit
Other Income/Expense, Net $8.777M $1.121M
YoY Change 682.96% 15.33%
Pretax Income -$65.69M -$45.09M
YoY Change 45.69% 34.52%
Income Tax
% Of Pretax Income
Net Earnings -$65.69M -$45.09M
YoY Change 45.69% 34.51%
Net Earnings / Revenue -356.74% -404.68%
Basic Earnings Per Share -$0.68
Diluted Earnings Per Share -$681.8K -$482.6K
COMMON SHARES
Basic Shares Outstanding 96.43M 93.78M
Diluted Shares Outstanding 96.34M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $573.8M $790.1M
YoY Change -27.38% 288.64%
Cash & Equivalents $64.74M $106.4M
Short-Term Investments $509.0M $683.7M
Other Short-Term Assets $11.45M $7.200M
YoY Change 59.07% 44.0%
Inventory
Prepaid Expenses
Receivables $13.85M $6.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $599.1M $804.3M
YoY Change -25.52% 286.22%
LONG-TERM ASSETS
Property, Plant & Equipment $97.86M $115.2M
YoY Change -15.05% 868.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.94M $98.30M
YoY Change -30.88% 510.56%
Other Assets $33.00K $15.20M
YoY Change -99.78% 168788.89%
Total Long-Term Assets $259.3M $241.7M
YoY Change 7.29% 112.69%
TOTAL ASSETS
Total Short-Term Assets $599.1M $804.3M
Total Long-Term Assets $259.3M $241.7M
Total Assets $858.4M $1.046B
YoY Change -17.94% 224.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.44M $9.000M
YoY Change 27.16% 73.98%
Accrued Expenses $35.11M $20.93M
YoY Change 67.74% 77.83%
Deferred Revenue $22.58M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.91M $94.60M
YoY Change -17.64% 279.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $147.1M $161.3M
YoY Change -8.81% 107.59%
Total Long-Term Liabilities $147.1M $161.3M
YoY Change -8.81% 107.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.91M $94.60M
Total Long-Term Liabilities $147.1M $161.3M
Total Liabilities $225.0M $255.9M
YoY Change -12.08% 149.17%
SHAREHOLDERS EQUITY
Retained Earnings -$834.8M
YoY Change
Common Stock $97.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $633.4M $790.1M
YoY Change
Total Liabilities & Shareholders Equity $858.4M $1.046B
YoY Change -17.94% 224.96%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$65.69M -$45.09M
YoY Change 45.69% 34.51%
Depreciation, Depletion And Amortization $2.761M $959.0K
YoY Change 187.9% 36.03%
Cash From Operating Activities -$64.61M -$27.10M
YoY Change 138.46% 1.59%
INVESTING ACTIVITIES
Capital Expenditures $10.08M $3.981M
YoY Change 153.3% 272.06%
Acquisitions
YoY Change
Other Investing Activities $3.058M -$467.9M
YoY Change -100.65% -1983.7%
Cash From Investing Activities -$7.026M -$471.9M
YoY Change -98.51% -2084.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.797M 438.1M
YoY Change -99.36% 30089.52%
NET CHANGE
Cash From Operating Activities -64.61M -27.10M
Cash From Investing Activities -7.026M -471.9M
Cash From Financing Activities 2.797M 438.1M
Net Change In Cash -68.84M -60.93M
YoY Change 12.98% 4108.15%
FREE CASH FLOW
Cash From Operating Activities -$64.61M -$27.10M
Capital Expenditures $10.08M $3.981M
Free Cash Flow -$74.70M -$31.08M
YoY Change 140.36% 12.02%

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CY2022Q1 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s unaudited condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements relate to its stock price appreciation milestone obligations, contracts containing leases, accrued expenses, stock-based compensation, and the estimated total costs expected to be incurred under the Company’s collaboration agreements. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
64741000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
106413000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
15227000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
15227000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
79968000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
121640000
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
15200000
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
15200000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-65700000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27700000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-45100000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25500000
CY2022Q1 fate Expected Ressarch Services Period
ExpectedRessarchServicesPeriod
P4Y
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
763000
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020 fate Period To Treat Award As Grant If Award Not Treated As Loan
PeriodToTreatAwardAsGrantIfAwardNotTreatedAsLoan
P10Y
CY2021 fate Investment Maturity Date Range
InvestmentMaturityDateRange
1 or les
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
443799000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2864000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
414126000
CY2022Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2021Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2022Q1 us-gaap Share Price
SharePrice
38.77
CY2022Q1 us-gaap Share Price
SharePrice
38.77
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2022Q1 fate Fair Value Liabilities Level1 To Level3 Transfers Amount
FairValueLiabilitiesLevel1ToLevel3TransfersAmount
0
CY2022Q1 fate Fair Value Liabilities Level2 To Level3 Transfers Amount
FairValueLiabilitiesLevel2ToLevel3TransfersAmount
0
CY2022Q1 fate Fair Value Liabilities Level3 To Level2 Transfers Amount
FairValueLiabilitiesLevel3ToLevel2TransfersAmount
0
CY2022Q1 fate Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
11568000
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
18358000
CY2022Q1 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
10511000
CY2021Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
12344000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13031000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11710000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
35110000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
42412000
CY2022Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y1M6D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2022Q1 fate Straight Line Lease Expense
StraightLineLeaseExpense
3815000
CY2021Q1 fate Straight Line Lease Expense
StraightLineLeaseExpense
3534000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
618000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
235000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4433000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3769000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11285000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14498000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14836000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
15087000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15540000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
16006000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
101636000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
188888000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
75367000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
113521000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12976000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19331000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
678838000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3001000
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
19331000
CY2022Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2088000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-65690000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
633393000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
384445000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5648000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12976000
CY2021Q1 fate Public Offering Of Common Stock And Issuance Of Pre Funded Warrants
PublicOfferingOfCommonStockAndIssuanceOfPreFundedWarrants
432445000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-330000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-45089000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
790095000

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