$FATE
FATE THERAPEUTICS INC

2024 Q2 Form 10-Q Financial Statement

#000095017024056869 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $6.772M $1.925M
YoY Change 625.83% -96.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.25M $20.86M
YoY Change -23.74% -4.96%
% of Gross Profit
Research & Development $34.60M $32.14M
YoY Change -15.34% -51.03%
% of Gross Profit
Depreciation & Amortization $4.721M $4.821M
YoY Change 5.71% 15.03%
% of Gross Profit
Operating Expenses $51.86M $52.99M
YoY Change -18.34% -39.49%
Operating Profit -$45.08M -$51.07M
YoY Change -27.94% 78.61%
Interest Expense $6.383M $2.755M
YoY Change 33.7% -49.09%
% of Operating Profit
Other Income/Expense, Net $6.656M $3.064M
YoY Change 32.17% -68.45%
Pretax Income -$38.43M -$48.00M
YoY Change -27.16% 154.25%
Income Tax
% Of Pretax Income
Net Earnings -$38.43M -$48.00M
YoY Change -27.16% 154.25%
Net Earnings / Revenue -567.44% -2493.71%
Basic Earnings Per Share -$0.33 -$0.47
Diluted Earnings Per Share -$0.33 -$0.47
COMMON SHARES
Basic Shares Outstanding 113.8M 99.24M
Diluted Shares Outstanding 117.5M 101.1M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $304.9M $383.5M
YoY Change -19.33% -6.2%
Cash & Equivalents $36.92M $121.3M
Short-Term Investments $268.0M $262.2M
Other Short-Term Assets $13.46M $9.973M
YoY Change 17.93% -35.62%
Inventory
Prepaid Expenses
Receivables $1.048M $858.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $319.4M $394.4M
YoY Change -18.56% -9.94%
LONG-TERM ASSETS
Property, Plant & Equipment $87.53M $92.12M
YoY Change -48.53% -15.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $47.16M $7.595M
YoY Change 546.85% 94.15%
Other Assets $9.000K $9.000K
YoY Change -99.94% -72.73%
Total Long-Term Assets $209.4M $175.5M
YoY Change 8.75% -8.8%
TOTAL ASSETS
Total Short-Term Assets $319.4M $394.4M
Total Long-Term Assets $209.4M $175.5M
Total Assets $528.8M $569.9M
YoY Change -9.57% -9.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.495M $6.765M
YoY Change -26.79% -31.35%
Accrued Expenses $22.65M $32.04M
YoY Change -35.74% 1.68%
Deferred Revenue $0.00 $159.0K
YoY Change -100.0% -90.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $34.79M $45.37M
YoY Change -22.15% -6.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $97.04M $98.41M
YoY Change -5.15% -5.57%
Total Long-Term Liabilities $97.04M $98.41M
YoY Change -5.15% -5.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.79M $45.37M
Total Long-Term Liabilities $97.04M $98.41M
Total Liabilities $131.8M $143.8M
YoY Change -10.32% -5.94%
SHAREHOLDERS EQUITY
Retained Earnings -$1.298B -$1.260B
YoY Change 15.66% 17.77%
Common Stock $114.0K $114.0K
YoY Change 15.15% 16.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.0M $426.1M
YoY Change
Total Liabilities & Shareholders Equity $528.8M $569.9M
YoY Change -9.57% -9.59%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$38.43M -$48.00M
YoY Change -27.16% 154.25%
Depreciation, Depletion And Amortization $4.721M $4.821M
YoY Change 5.71% 15.03%
Cash From Operating Activities -$32.31M -$33.35M
YoY Change 13.38% 15.56%
INVESTING ACTIVITIES
Capital Expenditures $51.00K $86.00K
YoY Change -97.68% -97.32%
Acquisitions
YoY Change
Other Investing Activities -$53.32M $17.40M
YoY Change -250.77% 38.67%
Cash From Investing Activities -$53.37M $17.31M
YoY Change -260.92% 85.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.274M 95.49M
YoY Change 2096.55% 46029.47%
NET CHANGE
Cash From Operating Activities -32.31M -33.35M
Cash From Investing Activities -53.37M 17.31M
Cash From Financing Activities 1.274M 95.49M
Net Change In Cash -84.41M 79.45M
YoY Change -1883.71% -511.39%
FREE CASH FLOW
Cash From Operating Activities -$32.31M -$33.35M
Capital Expenditures $51.00K $86.00K
Free Cash Flow -$32.36M -$33.44M
YoY Change 5.42% 4.27%

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 unaudited condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (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, 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>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
121322000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42020000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
15177000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
15227000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
136499000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
57247000
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
15200000
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
15200000
CY2024Q1 fate Pre Funded Warrants
PreFundedWarrants
3893674
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-48004000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-18881000
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100447435
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
97797377
CY2024Q1 fate Weighted Average Pre Funded Warrants
WeightedAveragePreFundedWarrants
656910
CY2023Q1 fate Weighted Average Pre Funded Warrants
WeightedAveragePreFundedWarrants
257310
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101104345
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101104345
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98054687
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98054687
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.47
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30583400
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29817690
CY2024Q1 fate Proceeds From Research And Development Fees Received
ProceedsFromResearchAndDevelopmentFeesReceived
82000000
CY2023Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
3318000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
887000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
613000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4108000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3931000
CY2024Q1 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
7975000
CY2023Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
8833000
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
5414000
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
10563000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18654000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8118000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32043000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27514000
CY2024Q1 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
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y6M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0835
CY2024Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
3221000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11025000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15087000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
15540000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16006000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15057000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10602000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
75978000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
159295000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
57225000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
102070000
CY2023Q2 us-gaap Net Rentable Area
NetRentableArea
18913
CY2024Q1 us-gaap Sublease Income
SubleaseIncome
273000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10981000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10983000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
368417000
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
299000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10981000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
74635000
CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
19996000
CY2024Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-209000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-48004000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
426115000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
483939000
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
222000
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10983000
CY2023Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1208000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-18881000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
477472000

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