$FATE
Fate Therapeutics Inc

2019 Q3 Form 10-Q Financial Statement

#000156459019040360 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $2.429M $1.661M $1.026M
YoY Change 136.74% 61.73% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.350M $4.310M $4.080M
YoY Change 55.64% 27.51% 46.24%
% of Gross Profit
Research & Development $23.20M $14.10M $13.64M
YoY Change 70.14% 42.57% 58.98%
% of Gross Profit
Depreciation & Amortization $590.0K $320.0K $310.0K
YoY Change 90.32% 10.34% 29.17%
% of Gross Profit
Operating Expenses $29.55M $18.40M $17.72M
YoY Change 66.77% 38.66% 55.89%
Operating Profit -$27.12M -$16.69M
YoY Change 62.47% 61.43%
Interest Expense $510.0K $710.0K $429.0K
YoY Change 18.88% -384.0% 13.49%
% of Operating Profit
Other Income/Expense, Net -$90.00K
YoY Change
Pretax Income -$26.61M -$16.03M -$16.78M
YoY Change 58.58% 28.24% 57.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$26.61M -$16.03M -$16.78M
YoY Change 58.56% 28.25% 57.08%
Net Earnings / Revenue -1095.47% -964.9% -1635.67%
Basic Earnings Per Share
Diluted Earnings Per Share -$397.6K -$247.8K -$309.7K
COMMON SHARES
Basic Shares Outstanding 53.42M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.8M $201.0M $211.2M
YoY Change 43.37% 99.21% 205.2%
Cash & Equivalents $249.6M $190.5M $183.2M
Short-Term Investments $53.20M $10.50M $27.90M
Other Short-Term Assets $2.800M $3.700M $2.200M
YoY Change 27.27% 131.25% 175.0%
Inventory
Prepaid Expenses
Receivables $0.00 $500.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $305.6M $205.2M $213.9M
YoY Change 42.87% 100.0% 205.57%
LONG-TERM ASSETS
Property, Plant & Equipment $9.653M $5.125M $3.800M
YoY Change 154.03% 100.98% 52.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.000K $526.0K $200.0K
YoY Change -95.5% 2091.67% 100.0%
Total Long-Term Assets $34.61M $7.836M $6.100M
YoY Change 467.33% 190.65% 125.93%
TOTAL ASSETS
Total Short-Term Assets $305.6M $205.2M $213.9M
Total Long-Term Assets $34.61M $7.836M $6.100M
Total Assets $340.2M $213.0M $220.0M
YoY Change 54.64% 102.32% 202.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.715M $4.205M $5.200M
YoY Change 9.9% 150.6% 136.36%
Accrued Expenses $13.84M $10.93M $9.600M
YoY Change 44.2% 50.62% 77.78%
Deferred Revenue $3.367M $7.588M $3.250M
YoY Change 3.6% 260.48%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.93M $2.438M $3.300M
YoY Change 322.18%
Total Short-Term Liabilities $40.60M $27.26M $22.70M
YoY Change 78.83% 146.75% 134.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $12.45M $11.60M
YoY Change -100.0% -15.95% -21.62%
Other Long-Term Liabilities $31.60M $12.90M $11.80M
YoY Change 167.8% 486.36% 391.67%
Total Long-Term Liabilities $31.60M $12.45M $23.40M
YoY Change 35.04% -15.95% 36.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.60M $27.26M $22.70M
Total Long-Term Liabilities $31.60M $12.45M $23.40M
Total Liabilities $72.20M $39.71M $46.00M
YoY Change 56.96% 53.57% 71.0%
SHAREHOLDERS EQUITY
Retained Earnings -$285.4M
YoY Change 30.44%
Common Stock $65.00K
YoY Change 22.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $268.0M $160.5M $173.9M
YoY Change
Total Liabilities & Shareholders Equity $340.2M $213.0M $220.0M
YoY Change 54.64% 102.32% 202.61%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$26.61M -$16.03M -$16.78M
YoY Change 58.56% 28.25% 57.08%
Depreciation, Depletion And Amortization $590.0K $320.0K $310.0K
YoY Change 90.32% 10.34% 29.17%
Cash From Operating Activities -$19.84M -$11.02M -$3.560M
YoY Change 457.3% 1.94% -63.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.270M -$1.110M -$730.0K
YoY Change 73.97% 38.75% 102.78%
Acquisitions
YoY Change
Other Investing Activities $37.55M $17.50M $14.00M
YoY Change 168.21% 25.0% 0.0%
Cash From Investing Activities $36.28M $16.39M $13.27M
YoY Change 173.4% 24.17% -2.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 161.7M 1.900M 137.4M
YoY Change 17.71% -95.61% 1555.06%
NET CHANGE
Cash From Operating Activities -19.84M -11.02M -3.560M
Cash From Investing Activities 36.28M 16.39M 13.27M
Cash From Financing Activities 161.7M 1.900M 137.4M
Net Change In Cash 178.1M 7.270M 147.1M
YoY Change 21.12% -84.1% 1108.55%
FREE CASH FLOW
Cash From Operating Activities -$19.84M -$11.02M -$3.560M
Capital Expenditures -$1.270M -$1.110M -$730.0K
Free Cash Flow -$18.57M -$9.910M -$2.830M
YoY Change 556.18% -1.0% -69.93%

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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>
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0
CY2019Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2018Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3451000
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2938000
CY2019Q3 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
5946000
CY2018Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
4729000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
600000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
913000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3760000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3873000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3989000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4109000
CY2019Q3 fate Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
4232000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4446000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3259000
CY2019Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14000000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2018Q4 fate Debt Instrument Discount Non Current
DebtInstrumentDiscountNonCurrent
54000
CY2019Q3 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
14000000
CY2018Q4 fate Long Term Debt Net Of Long Term Portion Of Debt Issuance Costs And Discounts
LongTermDebtNetOfLongTermPortionOfDebtIssuanceCostsAndDiscounts
14946000
CY2019Q3 fate Long Term Debt Gross Current
LongTermDebtGrossCurrent
14000000
CY2018Q4 fate Long Term Debt Gross Current
LongTermDebtGrossCurrent
2500000
CY2019Q3 fate Debt Instrument Discount Current
DebtInstrumentDiscountCurrent
68000
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
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39114000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1500000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4600000
CY2019Q3 fate Straightline Recognition Of Fixed Payments
StraightlineRecognitionOfFixedPayments
900000
fate Straightline Recognition Of Fixed Payments
StraightlineRecognitionOfFixedPayments
2800000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
600000
us-gaap Variable Lease Cost
VariableLeaseCost
1800000
CY2019Q3 fate Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
18238000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11812000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
27302000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4573000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1642000
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
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-23478000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
127526000
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
163000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4573000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
162431000
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-42000
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 Net Income Loss
NetIncomeLoss
-19654000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
51825000
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1133000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1642000
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
134855000
CY2018Q3 fate Stock Issued During Period Value For Licence Agreements
StockIssuedDuringPeriodValueForLicenceAgreements
1255000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
173929000

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