In This Article:
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Revenue: Reported $1.7 million for the fourth quarter of 2023.
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Operating Expenses: GAAP operating expenses were $49.8 million for the fourth quarter.
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Net Loss: Recorded a net loss of $44.1 million for the fourth quarter.
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Cash Position: Ended the year with $316.2 million in cash, cash equivalents, and investments.
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Clinical Progress: Initiated and advanced multiple Phase 1 studies, including FT819 and FT825 / ONO-8250 CAR T-cell programs.
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Shares Outstanding: 98.6 million common shares and 2.8 million preferred shares as of December 31, 2023.
On February 26, 2024, Fate Therapeutics Inc (NASDAQ:FATE) released its 8-K filing, detailing its financial results for the fourth quarter and the full year ended December 31, 2023. The clinical-stage biopharmaceutical company, which specializes in programmed cellular immunotherapies for cancer and immune disorders, has reported significant progress in its clinical trials and maintains a strong cash position to support its operations.
Company Overview
Fate Therapeutics Inc is at the forefront of developing novel immunotherapies using its proprietary induced pluripotent stem cell (iPSC) product platform. The company's pipeline includes off-the-shelf engineered NK- and T-cell product candidates derived from clonal master iPSC lines, which are designed to target cancer and immune disorders. With a robust intellectual property portfolio, Fate Therapeutics is committed to delivering transformative treatments to a broad patient population.
Financial Highlights and Clinical Advancements
The company's financial results for the fourth quarter show a revenue of $1.7 million, primarily derived from preclinical development activities under its collaboration with Ono Pharmaceutical. Despite the revenue, the company reported a net loss of $44.1 million for the quarter, with total operating expenses amounting to $49.8 million, which included significant research and development costs.
Fate Therapeutics' cash reserves remain strong, with $316.2 million in cash, cash equivalents, and investments, providing a solid foundation for continued research and development efforts. The company's share structure consists of 98.6 million common shares and 2.8 million preferred shares, with each preferred share convertible into five common shares.
From a clinical perspective, Fate Therapeutics has made notable progress. The company was awarded a $7.9 million grant by the California Institute for Regenerative Medicine (CIRM) to support the Phase 1 study of its FT819 CAR T-cell program in systemic lupus erythematosus (SLE). Additionally, the first patient was treated in the Phase 1 study of FT522, an off-the-shelf CAR NK cell program targeting CD19+ B cells. The initiation of the Phase 1 study of FT825 / ONO-8250 CAR T-cell program for solid tumors also marks a significant milestone.