10-Q · May 13, 2026
Fate Therapeutics reported a disappointing Q1 for 2026, with revenues of $1.3 million, falling short of expectations, while EPS loss of $0.26 was better than the anticipated loss of $0.32. Management indicated a…
Earnings analysis · 10-Q
FATE earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Fate Therapeutics reported Q2 2026 revenue of $2.082 million, up approximately 9.2% year over year, while diluted EPS improved to $(0.25) from $(0.29) in Q2 2025. The company had $153.8 million of cash, cash equivalents…
Read full summary
Fate Therapeutics reported Q2 2026 revenue of $2.082 million, up approximately 9.2% year over year, while diluted EPS improved to $(0.25) from $(0.29) in Q2 2025. The company had $153.8 million of cash, cash equivalents and investments as of June 30, 2026, supporting management’s stated operating runway into 2028. Clinical progress—including FDA clearance for FT839 in July 2026 and FT819’s May 2026 CDRP selection—is balanced by continued losses, substantial funding requirements and regulatory, manufacturing and clinical-execution risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
What stood out
-
Revenue increased 9.2% year over year
Q2 2026 revenue was $2.082 million, up from $1.907 million in the prior-year quarter, an increase of $0.175 million, or approximately 9.2%.
-
EPS loss narrowed year over year
Diluted EPS was $(0.25), improving from $(0.29) in Q2 2025 by $0.04 per share and from $(0.26) in Q1 2026 by $0.01 per share.
-
Cash runway extends into 2028
Cash, cash equivalents and investments totaled $153.8 million as of June 30, 2026, and management expects this balance to support an operating runway into 2028.
-
FT839 received FDA clinical clearance
The FDA cleared FT839 for clinical research in July 2026. FT839 is described as an off-the-shelf CAR T-cell candidate engineered to co-target CD19 and CD38.
-
FT819 entered FDA CMC pilot
FT819 was selected for the FDA’s CMC Development and Readiness Pilot Program in May 2026, providing additional CMC-focused interaction with the FDA, although the filing cautions that participation may not accelerate development or manufacturing readiness.
-
No material control changes reported
Management reported effective disclosure controls as of June 30, 2026, with no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
-
Continued funding need and accumulated losses
The company has not obtained regulatory approval for any product candidate and has not generated revenue from therapeutic product sales. As of June 30, 2026, accumulated deficit was $1.6 billion, while current operations continue to require substantial additional funding.
-
FDA pilot participation may not accelerate approval
FT819’s participation in the FDA CDRP Program does not assure faster development, review or approval. The company was accepted into the program in May 2026, but the filing states that FDA may remove a product candidate from the program if continued support is not justified by clinical-development data.
-
China vendor restrictions may delay trials
The company faces increased geopolitical and supply-chain risk from vendors in China or affiliated with Chinese companies. The BIOSECURE Act was enacted on December 18, 2025, and replacement vendors could be more expensive, have longer lead times or lack comparable technical capabilities.
Management's outlook
No numeric revenue or EPS guidance was provided. Management maintained an expectation for an operating runway into 2028, supported by $153.8 million of cash, cash equivalents and investments.
Earlier filings 4
10-K · February 26, 2026
Fate Therapeutics, Inc. reported a total revenue of $1 million for Q4 2025, a decrease from $2 million in the prior quarter, with corresponding operating losses and net losses increasing sharply, driven by significant…
10-Q · November 13, 2025
Fate Therapeutics, Inc. reported strong Q3 results with actual revenues of $1.74 million, exceeding expectations and significantly higher than the previous year's $3.07 million. While still operating at a loss, they…
10-Q · August 12, 2025
Fate Therapeutics reported significant revenue growth in Q2 2025 with actual revenue reaching $1.9 million, a 38% decrease from $6.8 million the previous year but a remarkable surprise against the expected $947,940,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.