$FATE
Fate Therapeutics Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019016536 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $2.817M $2.632M $1.026M
YoY Change 174.29% 156.53% -0.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.270M $5.350M $3.600M
YoY Change 37.96% 48.61% 18.81%
% of Gross Profit
Research & Development $21.63M $17.73M $11.48M
YoY Change 28.63% 54.48% 43.99%
% of Gross Profit
Depreciation & Amortization $540.0K $440.0K $286.0K
YoY Change 92.86% 53.85% 38.83%
% of Gross Profit
Operating Expenses $26.90M $23.08M $15.08M
YoY Change 30.38% 53.04% 37.12%
Operating Profit -$24.08M -$20.45M
YoY Change 22.85%
Interest Expense $409.0K $405.0K -$80.00K
YoY Change -3.76% -606.25% -50.0%
% of Operating Profit
Other Income/Expense, Net $606.0K $686.0K
YoY Change -1336.73%
Pretax Income -$23.48M -$19.76M -$14.14M
YoY Change 19.49% 39.75% 39.59%
Income Tax
% Of Pretax Income
Net Earnings -$23.48M -$19.76M -$14.14M
YoY Change 19.46% 39.79% 39.59%
Net Earnings / Revenue -833.44% -750.76% -1377.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$360.1K -$304.4K -$268.0K
COMMON SHARES
Basic Shares Outstanding 65.19M 65.00M 52.77M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $183.0M $88.60M
YoY Change 107.69% 106.55% 7.65%
Cash & Equivalents $71.44M $183.0M $33.03M
Short-Term Investments $90.60M $0.00 $55.70M
Other Short-Term Assets $3.200M $2.900M $1.500M
YoY Change 60.0% 93.33% 36.36%
Inventory
Prepaid Expenses
Receivables $0.00 $500.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $165.2M $186.4M $90.60M
YoY Change 106.38% 105.77% 8.63%
LONG-TERM ASSETS
Property, Plant & Equipment $9.225M $8.402M $2.600M
YoY Change 218.76% 223.15% 52.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $100.0K
YoY Change 0.0% 100.0% 0.0%
Total Long-Term Assets $34.70M $34.47M $2.800M
YoY Change 1011.79% 1131.07% 47.37%
TOTAL ASSETS
Total Short-Term Assets $165.2M $186.4M $90.60M
Total Long-Term Assets $34.70M $34.47M $2.800M
Total Assets $199.9M $220.9M $93.40M
YoY Change 140.37% 136.51% 9.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.410M $5.400M $2.200M
YoY Change 54.13% 145.45% -12.0%
Accrued Expenses $9.834M $11.20M $7.400M
YoY Change 17.41% 51.35% 57.45%
Deferred Revenue $5.049M $6.576M
YoY Change 184.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.447M $3.941M $800.0K
YoY Change 170.86% 392.63% -89.5%
Total Short-Term Liabilities $29.42M $29.14M $12.60M
YoY Change 80.78% 131.27% -25.43%
LONG-TERM LIABILITIES
Long-Term Debt $9.469M $10.96M $14.10M
YoY Change -26.23% -22.28% 1181.82%
Other Long-Term Liabilities $33.50M $34.90M $1.800M
YoY Change 1422.73% 1838.89% -48.57%
Total Long-Term Liabilities $9.469M $10.96M $15.90M
YoY Change -26.23% -31.08% 245.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.42M $29.14M $12.60M
Total Long-Term Liabilities $9.469M $10.96M $15.90M
Total Liabilities $38.89M $40.10M $28.40M
YoY Change 33.6% 41.19% 32.09%
SHAREHOLDERS EQUITY
Retained Earnings -$328.6M -$305.2M
YoY Change 30.11%
Common Stock $65.00K $65.00K
YoY Change 22.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.5M $145.8M $65.00M
YoY Change
Total Liabilities & Shareholders Equity $199.9M $220.9M $93.40M
YoY Change 140.37% 136.47% 9.5%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$23.48M -$19.76M -$14.14M
YoY Change 19.46% 39.79% 39.59%
Depreciation, Depletion And Amortization $540.0K $440.0K $286.0K
YoY Change 92.86% 53.85% 38.83%
Cash From Operating Activities -$20.31M -$17.49M -$12.55M
YoY Change 76.3% 39.38% 68.24%
INVESTING ACTIVITIES
Capital Expenditures -$1.790M $1.746M $184.0K
YoY Change 539.29% 848.91% 18.71%
Acquisitions
YoY Change
Other Investing Activities -$90.18M $10.50M -$43.66M
YoY Change -744.14% -124.05% 14.23%
Cash From Investing Activities -$91.97M $8.754M -$43.84M
YoY Change -770.34% -119.97% 14.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 690.0K 1.258M 355.0K
YoY Change -40.0% 254.37% -116.36%
NET CHANGE
Cash From Operating Activities -20.31M -17.49M -12.55M
Cash From Investing Activities -91.97M 8.754M -43.84M
Cash From Financing Activities 690.0K 1.258M 355.0K
Net Change In Cash -111.6M -7.481M -56.04M
YoY Change -3431.04% -86.65% 16.73%
FREE CASH FLOW
Cash From Operating Activities -$20.31M -$17.49M -$12.55M
Capital Expenditures -$1.790M $1.746M $184.0K
Free Cash Flow -$18.52M -$19.24M -$12.74M
YoY Change 64.77% 51.07% 67.24%

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The Company can extend the term of the lease for five years after the end of 2028 at the then prevalent market rate, subject to the Company's delivery to the landlord of twelve months' prior written notice.
CY2018Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2019Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2019Q1 fate Early Termination Payment Description
EarlyTerminationPaymentDescription
the Company maintains the right to terminate the lease after October 2025, subject to the Company's delivery to the landlord of twelve month's prior written notice and an early termination payment of $2.5 million.
CY2018Q2 fate Lease Expiration Period
LeaseExpirationPeriod
2025-10
CY2018Q2 fate Payment For Early Termination Of Lease
PaymentForEarlyTerminationOfLease
2500000
CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
200000
CY2019Q1 fate Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
7700000
CY2019Q1 fate Increase Decrease In Operating Lease Liabilites
IncreaseDecreaseInOperatingLeaseLiabilites
9600000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
40624000
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P9Y9M18D
CY2019Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.080
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1500000
CY2019Q1 fate Straightline Recognition Of Fixed Payments
StraightlineRecognitionOfFixedPayments
900000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
600000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2422000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3761000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3873000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3989000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4109000
CY2019Q1 fate Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
4232000
CY2019Q1 fate Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
18238000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12907000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
27717000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1258000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3868000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
77189000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
606000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1382000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
37000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-10000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
64995000

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