On November 8, 2023, Fate Therapeutics Inc (FATE, Financial) released its financial results for the third quarter ended September 30, 2023. The company, a pioneer in the development of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies, has made significant strides in its clinical programs targeting cancer and autoimmune disorders.
Business Highlights and Clinical Advancements
Fate Therapeutics has initiated patient enrollment for its Phase 1 study of FT522, an ADR-armed, CD19-targeted CAR NK cell program for B-cell lymphoma. The study aims to evaluate the safety and efficacy of FT522 with and without conditioning chemotherapy. The company's collaboration with ONO Pharmaceutical has also borne fruit, with the FDA clearing the IND application for the FT825/ONO-8250 CAR T-cell program for solid tumors. Additionally, Fate Therapeutics has expanded its iPSC product platform into autoimmunity, receiving FDA clearance for the IND application of its FT819 CD19-targeted 1XX CAR T-cell program for systemic lupus erythematosus (SLE).
Financial Performance
Fate Therapeutics reported a solid financial position with $349.7 million in cash, cash equivalents, and investments as of September 30, 2023. The company's revenue for the third quarter was $1.9 million, attributed to its preclinical development activities under the ONO collaboration. Operating expenses for the quarter totaled $53.2 million, which included $34.3 million in research and development expenses and $18.9 million in general and administrative expenses. The company also reported non-cash stock-based compensation expense of $10.1 million.
Stock and Shareholder Information
As of the end of Q3 2023, Fate Therapeutics had 98.6 million common shares and 2.8 million preferred shares outstanding, with each preferred share convertible into five common shares.
Conference Call and Webcast Details
Fate Therapeutics conducted a conference call on November 8, 2023, to discuss the Q3 financial and operating results. The webcast is accessible through the Investors section of the company's website, with an archived version available shortly after the event.
Outlook and Future Directions
The company's iPSC product platform continues to demonstrate potential in addressing the limitations associated with the manufacture of cell therapies using patient- or donor-sourced cells. With a robust intellectual property portfolio and a focus on mass production of off-the-shelf, multiplexed-engineered cell products, Fate Therapeutics is well-positioned to advance its clinical programs and potentially serve a broad patient population.
For detailed financial tables and further information, readers are encouraged to visit the full earnings release on Fate Therapeutics' website or consult the company's filings with the Securities and Exchange Commission.
Contact information for investor relations is provided, with Christina Tartaglia of Stern Investor Relations, Inc. available for further inquiries.
Explore the complete 8-K earnings release (here) from Fate Therapeutics Inc for further details.
