$FATE
FATE THERAPEUTICS INC

2024 Q1 Form 10-K Financial Statement

#000095017024020158 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.925M $1.676M $63.53M
YoY Change -96.74% -96.22% -34.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.86M $17.94M $81.45M
YoY Change -4.96% -16.91% -3.31%
% of Gross Profit
Research & Development $32.14M $31.82M $172.6M
YoY Change -51.03% -63.51% -46.14%
% of Gross Profit
Depreciation & Amortization $4.821M $4.885M $18.30M
YoY Change 15.03% 0.89% 32.61%
% of Gross Profit
Operating Expenses $52.99M $49.75M $254.0M
YoY Change -39.49% -54.26% -37.22%
Operating Profit -$51.07M -$190.5M
YoY Change 78.61% -38.22%
Interest Expense $2.755M $3.769M $19.70M
YoY Change -49.09% -53.21% -24.66%
% of Operating Profit
Other Income/Expense, Net $3.064M $184.0K $29.58M
YoY Change -68.45% 10.94%
Pretax Income -$48.00M -$44.12M -$160.9M
YoY Change 154.25% -21.72% -42.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$48.00M -$44.12M -$160.9M
YoY Change 154.25% -21.72% -42.88%
Net Earnings / Revenue -2493.71% -2632.58% -253.3%
Basic Earnings Per Share -$0.47 -$1.64
Diluted Earnings Per Share -$0.47 -$0.45 -$1.64
COMMON SHARES
Basic Shares Outstanding 99.24M 98.60M 98.41M
Diluted Shares Outstanding 101.1M 98.41M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $383.5M $315.2M $315.2M
YoY Change -6.2% -27.75% -27.75%
Cash & Equivalents $121.3M $41.87M $41.87M
Short-Term Investments $262.2M $273.3M $273.3M
Other Short-Term Assets $9.973M $14.54M $14.54M
YoY Change -35.62% -46.87% -46.87%
Inventory
Prepaid Expenses
Receivables $858.0K $1.826M $1.826M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $394.4M $331.5M $331.5M
YoY Change -9.94% -33.97% -33.97%
LONG-TERM ASSETS
Property, Plant & Equipment $92.12M $96.84M $158.5M
YoY Change -15.17% -11.98% -9.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.595M $980.0K $980.0K
YoY Change 94.15% -80.17% -80.17%
Other Assets $9.000K $9.000K $15.19M
YoY Change -72.73% -72.73% -0.48%
Total Long-Term Assets $175.5M $174.7M $174.7M
YoY Change -8.8% -14.16% -14.16%
TOTAL ASSETS
Total Short-Term Assets $394.4M $331.5M $331.5M
Total Long-Term Assets $175.5M $174.7M $174.7M
Total Assets $569.9M $506.2M $506.2M
YoY Change -9.59% -28.25% -28.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.765M $4.719M $4.719M
YoY Change -31.35% -42.9% -42.9%
Accrued Expenses $32.04M $27.51M $33.69M
YoY Change 1.68% -48.98% -43.44%
Deferred Revenue $159.0K $685.0K
YoY Change -90.85% -98.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.37M $39.09M $39.09M
YoY Change -6.75% -65.72% -65.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $98.41M $98.71M $98.71M
YoY Change -5.57% -8.24% -8.24%
Total Long-Term Liabilities $98.41M $98.71M $98.71M
YoY Change -5.57% -8.24% -8.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.37M $39.09M $39.09M
Total Long-Term Liabilities $98.41M $98.71M $98.71M
Total Liabilities $143.8M $137.8M $137.8M
YoY Change -5.94% -37.82% -37.82%
SHAREHOLDERS EQUITY
Retained Earnings -$1.260B -$1.212B
YoY Change 17.77% 15.31%
Common Stock $114.0K $99.00K
YoY Change 16.33% 2.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $426.1M $368.4M $368.4M
YoY Change
Total Liabilities & Shareholders Equity $569.9M $506.2M $506.2M
YoY Change -9.59% -28.25% -28.25%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$48.00M -$44.12M -$160.9M
YoY Change 154.25% -21.72% -42.88%
Depreciation, Depletion And Amortization $4.821M $4.885M $18.30M
YoY Change 15.03% 0.89% 32.61%
Cash From Operating Activities -$33.35M -$36.64M -$132.3M
YoY Change 15.56% -51.4% -46.71%
INVESTING ACTIVITIES
Capital Expenditures $86.00K $181.0K $6.153M
YoY Change -97.32% -97.29% -82.7%
Acquisitions
YoY Change
Other Investing Activities $17.40M $45.53M $118.8M
YoY Change 38.67% -23.84% -41.27%
Cash From Investing Activities $17.31M $45.35M $112.7M
YoY Change 85.37% -14.61% -32.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.49M -180.0K 85.00K
YoY Change 46029.47% -111.87% -99.08%
NET CHANGE
Cash From Operating Activities -33.35M -36.64M -132.3M
Cash From Investing Activities 17.31M 45.35M 112.7M
Cash From Financing Activities 95.49M -180.0K 85.00K
Net Change In Cash 79.45M 8.536M -19.51M
YoY Change -511.39% -141.12% -72.99%
FREE CASH FLOW
Cash From Operating Activities -$33.35M -$36.64M -$132.3M
Capital Expenditures $86.00K $181.0K $6.153M
Free Cash Flow -$33.44M -$36.82M -$138.4M
YoY Change 4.27% -55.14% -51.22%

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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The preparation of the Company’s consolidated financial statements requires it 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 consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to its stock appreciation milestone obligations, contracts containing leases, and accrued expenses. 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>
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments, which potentially subject the Company to a significant concentration of credit risk, consist primarily of cash and cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits and investments are held.</span>
CY2023 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
more than 50 percent
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023 fate Restructuring Policytext Block
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<p style="font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Restructuring</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In January 2023, the Company implemented a corporate restructuring to streamline operations, reduce operating expenses, extend cash runway and focus resources on the Company’s most promising programs. In connection with the restructuring, the Company reduced its workforce by </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%. Affected employees were informed on January 5, 2023. The restructuring was completed by March 31, 2023. The Company incurred charges of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million during the year ended December 31, 2023 for severance and other employee termination-related costs, of which $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million were related to research and development expenses and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million were related to general and administrative expenses. All restructuring and related expenses have been fully recognized by the Company.</span></p>
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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CY2023 fate Low Range Restructuring Costs
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CY2023 us-gaap Lessee Operating Lease Option To Extend
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These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years
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P10Y8M12D
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OperatingLeaseCost
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
162928000
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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OperatingLeaseLiability
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IncomeTaxReconciliationNondeductibleCompensation
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IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
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5773000
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4254000
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IncomeTaxReconciliationOtherAdjustments
1928000
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IncomeTaxReconciliationOtherAdjustments
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
69464000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q4 fate Deferred Tax Assets Capitalized Rd Expense
DeferredTaxAssetsCapitalizedRdExpense
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CY2022Q4 fate Deferred Tax Assets Capitalized Rd Expense
DeferredTaxAssetsCapitalizedRdExpense
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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55492000
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DeferredTaxAssetsGoodwillAndIntangibleAssets
8012000
CY2023Q4 us-gaap Deferred Tax Assets Deferred Income
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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8322000
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13128000
CY2023Q4 fate Deferred Tax Assets Lease Liabilities
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21761000
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22961000
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672000
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2526000
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342630000
CY2022Q4 us-gaap Deferred Tax Assets Gross
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316935000
CY2023Q4 fate Deferred Tax Liabilities Depreciation
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5639000
CY2022Q4 fate Deferred Tax Liabilities Depreciation
DeferredTaxLiabilitiesDepreciation
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CY2023Q4 fate Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
13029000
CY2022Q4 fate Deferred Tax Liabilities Right Of Use Assets
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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18668000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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324000000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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296200000
CY2023 fate Cumulative Change In Ownership Percentage
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0.50
CY2023 fate Period For Cumulative Change In Ownership
PeriodForCumulativeChangeInOwnership
P3Y
CY2022Q4 us-gaap Unrecognized Tax Benefits
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52767000
CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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6411000
CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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59680000
CY2022Q4 us-gaap Unrecognized Tax Benefits
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52767000
CY2023Q4 fate Unrecognized Tax Benefits Resulting In Net Operating Loss And Tax Credit Carryforward
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0
CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0
CY2009Q1 fate Defined Contribution Plan Minimum Age Of Employee
DefinedContributionPlanMinimumAgeOfEmployee
P21Y
CY2023 fate Percentage Of Discretionary Contributions Description
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The Company makes discretionary contributions to the 401(k) Plan equal to 100 percent of each employee’s pretax contributions up to 20 percent of the IRS Standard Limit.
CY2023 us-gaap Defined Benefit Plan Contributions By Employer
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1900000
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
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1300000
CY2023 fate Minimum Annual Payments To Maintain Licenses
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400000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2023 dei Auditor Name
AuditorName
Ernst & Young, LLP
CY2023 dei Auditor Location
AuditorLocation
San Diego, CA
CY2023 dei Auditor Firm
AuditorFirmId
42

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