$FATE
Fate Therapeutics Inc

2017 Q3 Form 10-Q Financial Statement

#000156459017020777 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.026M $1.026M
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.790M $2.610M
YoY Change 6.9% 11.06%
% of Gross Profit
Research & Development $8.578M $6.804M
YoY Change 26.07% 36.0%
% of Gross Profit
Depreciation & Amortization $240.0K $220.0K
YoY Change 9.09% 15.79%
% of Gross Profit
Operating Expenses $11.37M $9.415M
YoY Change 20.72% 28.03%
Operating Profit -$10.34M -$8.389M
YoY Change 23.26% 32.57%
Interest Expense $378.0K $385.0K
YoY Change -1.82% -31.49%
% of Operating Profit
Other Income/Expense, Net -$348.0K
YoY Change -37.63%
Pretax Income -$10.68M -$8.740M
YoY Change 22.2% 26.85%
Income Tax
% Of Pretax Income
Net Earnings -$10.68M -$8.737M
YoY Change 22.28% 26.88%
Net Earnings / Revenue -1041.33% -851.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$257.8K -$272.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.20M $46.60M
YoY Change 48.5% -36.08%
Cash & Equivalents $43.35M $37.22M
Short-Term Investments $26.00M $9.500M
Other Short-Term Assets $800.0K $800.0K
YoY Change 0.0% 60.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $70.00M $47.40M
YoY Change 47.68% -36.12%
LONG-TERM ASSETS
Property, Plant & Equipment $2.500M $1.800M
YoY Change 38.89% -14.29%
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 $2.700M $1.900M
YoY Change 42.11% -13.64%
TOTAL ASSETS
Total Short-Term Assets $70.00M $47.40M
Total Long-Term Assets $2.700M $1.900M
Total Assets $72.70M $49.30M
YoY Change 47.46% -35.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.200M $1.200M
YoY Change 83.33% -7.69%
Accrued Expenses $5.400M $3.300M
YoY Change 63.64% 43.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $8.025M
YoY Change -100.0% 23.46%
Total Short-Term Liabilities $9.700M $14.68M
YoY Change -33.91% 16.49%
LONG-TERM LIABILITIES
Long-Term Debt $14.80M $4.610M
YoY Change 221.04% -63.41%
Other Long-Term Liabilities $2.400M $4.600M
YoY Change -47.83% -25.81%
Total Long-Term Liabilities $17.20M $4.610M
YoY Change 273.1% -75.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.700M $14.68M
Total Long-Term Liabilities $17.20M $4.610M
Total Liabilities $26.90M $19.29M
YoY Change 39.46% -38.57%
SHAREHOLDERS EQUITY
Retained Earnings -$167.9M
YoY Change
Common Stock $193.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.75M $25.37M
YoY Change
Total Liabilities & Shareholders Equity $72.70M $49.30M
YoY Change 47.48% -35.48%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$10.68M -$8.737M
YoY Change 22.28% 26.88%
Depreciation, Depletion And Amortization $240.0K $220.0K
YoY Change 9.09% 15.79%
Cash From Operating Activities -$9.770M -$7.510M
YoY Change 30.09% 5.33%
INVESTING ACTIVITIES
Capital Expenditures -$360.0K -$40.00K
YoY Change 800.0% -93.85%
Acquisitions
YoY Change
Other Investing Activities $14.00M $490.0K
YoY Change 2757.14%
Cash From Investing Activities $13.64M $460.0K
YoY Change 2865.22% -170.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.300M 8.280M
YoY Change 0.24% -1633.33%
NET CHANGE
Cash From Operating Activities -9.770M -7.510M
Cash From Investing Activities 13.64M 460.0K
Cash From Financing Activities 8.300M 8.280M
Net Change In Cash 12.17M 1.230M
YoY Change 889.43% -114.78%
FREE CASH FLOW
Cash From Operating Activities -$9.770M -$7.510M
Capital Expenditures -$360.0K -$40.00K
Free Cash Flow -$9.410M -$7.470M
YoY Change 25.97% 15.28%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
2105000
CY2017Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
1250000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-118000
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-118000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
111000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-158000
us-gaap Straight Line Rent
StraightLineRent
8000
fate Deferred Revenue Expense
DeferredRevenueExpense
1875000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
30000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-387000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-81000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
957000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1344000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-26184000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-22272000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
417000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
39971000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
19675000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
17500000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
10000000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23399000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10092000
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
172000
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
167000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
10201000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
15000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10764000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5714000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
10000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4205000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4654000
fate Cash Cash Equivalents And Restricted Cash Period Increase Decrease
CashCashEquivalentsAndRestrictedCashPeriodIncreaseDecrease
-45378000
fate Cash Cash Equivalents And Restricted Cash Period Increase Decrease
CashCashEquivalentsAndRestrictedCashPeriodIncreaseDecrease
-27710000
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
CY2017Q3 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43353000
CY2016Q3 fate Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37221000
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>
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4600000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4600000
CY2016Q3 fate Common Stock Issuable Upon Exercise Of Outstanding Options
CommonStockIssuableUponExerciseOfOutstandingOptions
4500000
fate Common Stock Issuable Upon Exercise Of Outstanding Options
CommonStockIssuableUponExerciseOfOutstandingOptions
4500000
CY2017Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
25996000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
3504000
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2017Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
25983000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
3503000
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2017Q3 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
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.
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20500000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20500000
CY2017Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1597000
CY2016Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1505000
CY2017Q3 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
2287000
CY2016Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
1043000
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1529000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1409000
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10765000
CY2017Q3 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
211000
CY2016Q4 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
7000
CY2017Q3 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
14789000
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
CY2017Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
100000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
871000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
783000

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