$FATE
FATE THERAPEUTICS INC

2017 Q2 Form 10-Q Financial Statement

#000156459017017677 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $1.026M $1.027M
YoY Change -0.1% 212.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.670M $2.250M
YoY Change 18.67% -16.36%
% of Gross Profit
Research & Development $7.927M $6.780M
YoY Change 16.92% 39.51%
% of Gross Profit
Depreciation & Amortization $230.0K $230.0K
YoY Change 0.0% 43.75%
% of Gross Profit
Operating Expenses $10.60M $9.031M
YoY Change 17.33% 19.66%
Operating Profit -$9.570M
YoY Change
Interest Expense -$80.00K -$400.0K
YoY Change -80.0% -28.57%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.650M -$8.410M
YoY Change 14.74% 8.1%
Income Tax
% Of Pretax Income
Net Earnings -$9.645M -$8.408M
YoY Change 14.71% 8.09%
Net Earnings / Revenue -940.06% -818.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$233.0K -$291.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.00M $45.90M
YoY Change 54.68% -43.47%
Cash & Equivalents $31.19M $35.99M
Short-Term Investments $40.00M $10.10M
Other Short-Term Assets $800.0K $1.200M
YoY Change -33.33% 200.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $71.90M $47.10M
YoY Change 52.65% -42.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900M $1.900M
YoY Change 0.0% 5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.100M $2.100M
YoY Change 0.0% 10.53%
TOTAL ASSETS
Total Short-Term Assets $71.90M $47.10M
Total Long-Term Assets $2.100M $2.100M
Total Assets $74.00M $49.20M
YoY Change 50.41% -41.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $2.000M
YoY Change -40.0% 33.33%
Accrued Expenses $4.800M $2.400M
YoY Change 100.0% -4.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $7.900M
YoY Change -100.0% 51.92%
Total Short-Term Liabilities $8.100M $14.30M
YoY Change -43.36% 26.55%
LONG-TERM LIABILITIES
Long-Term Debt $6.700M $6.700M
YoY Change 0.0% -53.79%
Other Long-Term Liabilities $4.000M $5.000M
YoY Change -20.0% -24.24%
Total Long-Term Liabilities $10.70M $11.70M
YoY Change -8.55% -44.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.100M $14.30M
Total Long-Term Liabilities $10.70M $11.70M
Total Liabilities $18.70M $26.00M
YoY Change -28.08% -19.75%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.21M $23.10M
YoY Change
Total Liabilities & Shareholders Equity $74.00M $49.20M
YoY Change 50.41% -41.08%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$9.645M -$8.408M
YoY Change 14.71% 8.09%
Depreciation, Depletion And Amortization $230.0K $230.0K
YoY Change 0.0% 43.75%
Cash From Operating Activities -$8.870M -$7.510M
YoY Change 18.11% -461.06%
INVESTING ACTIVITIES
Capital Expenditures -$410.0K -$200.0K
YoY Change 105.0% -9.09%
Acquisitions
YoY Change
Other Investing Activities $1.750M $6.000M
YoY Change -70.83%
Cash From Investing Activities $1.340M $5.790M
YoY Change -76.86% -2731.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.010M -1.900M
YoY Change 5.79% -105.14%
NET CHANGE
Cash From Operating Activities -8.870M -7.510M
Cash From Investing Activities 1.340M 5.790M
Cash From Financing Activities -2.010M -1.900M
Net Change In Cash -9.540M -3.620M
YoY Change 163.54% -109.33%
FREE CASH FLOW
Cash From Operating Activities -$8.870M -$7.510M
Capital Expenditures -$410.0K -$200.0K
Free Cash Flow -$8.460M -$7.310M
YoY Change 15.73% -417.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
1776000
CY2017Q2 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
1414000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-117000
us-gaap Paid In Kind Interest
PaidInKindInterest
284000
us-gaap Straight Line Rent
StraightLineRent
10000
fate Deferred Revenue Expense
DeferredRevenueExpense
1349000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-9645000
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-5000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
14000
us-gaap Paid In Kind Interest
PaidInKindInterest
138000
us-gaap Straight Line Rent
StraightLineRent
-548000
fate Deferred Revenue Expense
DeferredRevenueExpense
1053000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
302000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1168000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-14756000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
39971000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16166000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
3500000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
6000000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-37037000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10550000
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
66000
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
143000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4055000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3776000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4182000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3633000
fate Cash Cash Equivalents And Restricted Cash Period Increase Decrease
CashCashEquivalentsAndRestrictedCashPeriodIncreaseDecrease
-57546000
fate Cash Cash Equivalents And Restricted Cash Period Increase Decrease
CashCashEquivalentsAndRestrictedCashPeriodIncreaseDecrease
-28939000
CY2016Q4 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88731000
CY2015Q4 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64931000
CY2017Q2 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31185000
CY2016Q2 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35992000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company&#8217;s consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (&#8220;GAAP&#8221;). The preparation of the Company&#8217;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&#8217;s consolidated financial statements and accompanying notes. The most significant estimates in the Company&#8217;s consolidated financial statements relate to accrued expenses. Although these estimates are based on the Company&#8217;s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</p></div>
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
3503000
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2017Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2017Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1060000
CY2016Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1505000
CY2017Q2 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
1768000
CY2016Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
1043000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1941000
us-gaap Revenue Recognition Milestone Method Factors
RevenueRecognitionMilestoneMethodFactors
(i) persuasive evidence that an agreement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured.
CY2017Q2 fate Common Stock Issuable Upon Exercise Of Outstanding Options
CommonStockIssuableUponExerciseOfOutstandingOptions
6100000
fate Common Stock Issuable Upon Exercise Of Outstanding Options
CommonStockIssuableUponExerciseOfOutstandingOptions
6100000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4700000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4700000
CY2017Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
39989000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
3504000
CY2017Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
39000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2017Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
39950000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1409000
CY2017Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6709000
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10765000
CY2017Q2 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
33000
CY2016Q4 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
7000
CY2017Q2 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
6676000
CY2016Q4 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
10758000
CY2016Q4 fate Long Term Debt Gross Current
LongTermDebtGrossCurrent
8257000
CY2016Q4 fate Debt Instrument Discount Current
DebtInstrumentDiscountCurrent
70000
CY2017Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
200000
us-gaap Interest Expense Debt
InterestExpenseDebt
500000
CY2016Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
400000
us-gaap Interest Expense Debt
InterestExpenseDebt
900000
CY2016Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
100000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
973000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
786000

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