$FATE
FATE THERAPEUTICS INC

2019 Q2 Form 10-Q Financial Statement

#000156459019029333 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $2.817M $1.661M $1.027M
YoY Change 174.29% 61.73% 0.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.270M $4.310M $3.820M
YoY Change 37.96% 27.51% 43.07%
% of Gross Profit
Research & Development $21.63M $14.10M $16.82M
YoY Change 28.63% 42.57% 112.14%
% of Gross Profit
Depreciation & Amortization $540.0K $320.0K $280.0K
YoY Change 92.86% 10.34% 21.74%
% of Gross Profit
Operating Expenses $26.90M $18.40M $20.63M
YoY Change 30.38% 38.66% 94.71%
Operating Profit -$24.08M -$19.61M
YoY Change 22.85% 104.86%
Interest Expense $409.0K $710.0K $425.0K
YoY Change -3.76% -384.0% -631.25%
% of Operating Profit
Other Income/Expense, Net $606.0K -$49.00K
YoY Change -1336.73%
Pretax Income -$23.48M -$16.03M -$19.65M
YoY Change 19.49% 28.24% 103.63%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$23.48M -$16.03M -$19.65M
YoY Change 19.46% 28.25% 103.77%
Net Earnings / Revenue -833.44% -964.9% -1913.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$360.1K -$247.8K -$369.8K
COMMON SHARES
Basic Shares Outstanding 65.19M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $201.0M $78.00M
YoY Change 107.69% 99.21% 9.86%
Cash & Equivalents $71.44M $190.5M $36.16M
Short-Term Investments $90.60M $10.50M $41.90M
Other Short-Term Assets $3.200M $3.700M $2.000M
YoY Change 60.0% 131.25% 150.0%
Inventory
Prepaid Expenses
Receivables $0.00 $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $165.2M $205.2M $80.03M
YoY Change 106.38% 100.0% 11.31%
LONG-TERM ASSETS
Property, Plant & Equipment $9.225M $5.125M $2.894M
YoY Change 218.76% 100.98% 52.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $526.0K $200.0K
YoY Change 0.0% 2091.67% 100.0%
Total Long-Term Assets $34.70M $7.836M $3.121M
YoY Change 1011.79% 190.65% 48.62%
TOTAL ASSETS
Total Short-Term Assets $165.2M $205.2M $80.03M
Total Long-Term Assets $34.70M $7.836M $3.121M
Total Assets $199.9M $213.0M $83.16M
YoY Change 140.37% 102.32% 12.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.410M $4.205M $3.510M
YoY Change 54.13% 150.6% 192.5%
Accrued Expenses $9.834M $10.93M $8.376M
YoY Change 17.41% 50.62% 74.5%
Deferred Revenue $5.049M $7.588M $1.776M
YoY Change 184.29% 260.48%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.447M $2.438M $2.011M
YoY Change 170.86%
Total Short-Term Liabilities $29.42M $27.26M $16.27M
YoY Change 80.78% 146.75% 100.9%
LONG-TERM LIABILITIES
Long-Term Debt $9.469M $12.45M $12.84M
YoY Change -26.23% -15.95% 91.57%
Other Long-Term Liabilities $33.50M $12.90M $2.200M
YoY Change 1422.73% 486.36% -45.0%
Total Long-Term Liabilities $9.469M $12.45M $12.84M
YoY Change -26.23% -15.95% 19.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.42M $27.26M $16.27M
Total Long-Term Liabilities $9.469M $12.45M $12.84M
Total Liabilities $38.89M $39.71M $29.11M
YoY Change 33.6% 53.57% 55.66%
SHAREHOLDERS EQUITY
Retained Earnings -$328.6M -$285.4M -$252.6M
YoY Change 30.11% 30.44%
Common Stock $65.00K $65.00K $53.00K
YoY Change 22.64% 22.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.5M $160.5M $51.83M
YoY Change
Total Liabilities & Shareholders Equity $199.9M $213.0M $83.16M
YoY Change 140.37% 102.32% 12.37%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$23.48M -$16.03M -$19.65M
YoY Change 19.46% 28.25% 103.77%
Depreciation, Depletion And Amortization $540.0K $320.0K $280.0K
YoY Change 92.86% 10.34% 21.74%
Cash From Operating Activities -$20.31M -$11.02M -$11.52M
YoY Change 76.3% 1.94% 29.88%
INVESTING ACTIVITIES
Capital Expenditures -$1.790M -$1.110M -$280.0K
YoY Change 539.29% 38.75% -31.71%
Acquisitions
YoY Change
Other Investing Activities -$90.18M $17.50M $14.00M
YoY Change -744.14% 25.0% 700.0%
Cash From Investing Activities -$91.97M $16.39M $13.72M
YoY Change -770.34% 24.17% 923.88%
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 1.900M 1.150M
YoY Change -40.0% -95.61% -157.21%
NET CHANGE
Cash From Operating Activities -20.31M -11.02M -11.52M
Cash From Investing Activities -91.97M 16.39M 13.72M
Cash From Financing Activities 690.0K 1.900M 1.150M
Net Change In Cash -111.6M 7.270M 3.350M
YoY Change -3431.04% -84.1% -135.12%
FREE CASH FLOW
Cash From Operating Activities -$20.31M -$11.02M -$11.52M
Capital Expenditures -$1.790M -$1.110M -$280.0K
Free Cash Flow -$18.52M -$9.910M -$11.24M
YoY Change 64.77% -1.0% 32.86%

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us-gaap Use Of Estimates
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<p style="margin-top:18pt;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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s unaudited condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (GAAP). The preparation of the Company&#8217;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&#8217;s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company&#8217;s unaudited condensed 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>
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
227000
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
24100000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
24100000
CY2019Q2 fate Common Stock Issuable Upon Exercise Of Outstanding Options And Restricted Stock
CommonStockIssuableUponExerciseOfOutstandingOptionsAndRestrictedStock
9900000
fate Common Stock Issuable Upon Exercise Of Outstanding Options And Restricted Stock
CommonStockIssuableUponExerciseOfOutstandingOptionsAndRestrictedStock
9900000
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
21600000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
21600000
CY2018Q2 fate Common Stock Issuable Upon Exercise Of Outstanding Options And Restricted Stock
CommonStockIssuableUponExerciseOfOutstandingOptionsAndRestrictedStock
7400000
fate Common Stock Issuable Upon Exercise Of Outstanding Options And Restricted Stock
CommonStockIssuableUponExerciseOfOutstandingOptionsAndRestrictedStock
7400000
fate Period To Treat Award As Grant If Award Not Treated As Loan
PeriodToTreatAwardAsGrantIfAwardNotTreatedAsLoan
P10Y
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
90480000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
10495000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
93000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
90573000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
10493000
CY2019Q2 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2019Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2036000
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2938000
CY2019Q2 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
4858000
CY2018Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
4729000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2940000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3259000
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2019Q2 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
31000
CY2018Q4 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
54000
CY2019Q2 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
14969000
CY2018Q4 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
14946000
CY2019Q2 fate Long Term Debt Gross Current
LongTermDebtGrossCurrent
5500000
CY2018Q4 fate Long Term Debt Gross Current
LongTermDebtGrossCurrent
2500000
CY2019Q2 fate Debt Instrument Discount Current
DebtInstrumentDiscountCurrent
53000
CY2018Q4 fate Debt Instrument Discount Current
DebtInstrumentDiscountCurrent
62000
CY2018Q2 fate Lease Expiration Period
LeaseExpirationPeriod
2028
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Company can extend the term of each 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
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
fate Early Termination Payment Description
EarlyTerminationPaymentDescription
the Company maintains the right to terminate each 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 Early Termination Option Period
LeaseEarlyTerminationOptionPeriod
2025-10
CY2018Q2 fate Payment For Early Termination Of Lease
PaymentForEarlyTerminationOfLease
2500000
CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
200000
fate Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
7700000
fate Increase Decrease In Operating Lease Liabilites
IncreaseDecreaseInOperatingLeaseLiabilites
9600000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
40027000
CY2019Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P9Y6M
CY2019Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.080
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1500000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3000000
CY2019Q2 fate Straightline Recognition Of Fixed Payments
StraightlineRecognitionOfFixedPayments
900000
fate Straightline Recognition Of Fixed Payments
StraightlineRecognitionOfFixedPayments
1900000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
600000
us-gaap Variable Lease Cost
VariableLeaseCost
1100000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1825000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3760000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3873000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3989000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4109000
CY2019Q2 fate Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
4232000
CY2019Q2 fate Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
18239000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12357000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
27670000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4386000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1485000
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
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-19760000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
145837000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
688000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4386000
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
93000
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 Net Income Loss
NetIncomeLoss
-14135000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
64995000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
175000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1485000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
19000
CY2018Q2 fate Stock Issued During Period Value For Licence Agreements
StockIssuedDuringPeriodValueForLicenceAgreements
4845000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
51825000

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