Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage
biopharmaceutical company dedicated to the development of
programmed cellular immunotherapies for patients with cancer, today
reported business highlights and financial results for the fourth
quarter ended December 31, 2020.
“2020 was a pivotal year for Fate Therapeutics. We demonstrated
the clinical safety and therapeutic activity of engineered
iPSC-derived NK cell therapy as patients with relapsed / refractory
lymphoma achieved objective responses across our FT516 and FT596
Phase 1 studies. We successfully worked with the FDA to enable
clinical investigation of FT538, the first-ever CRISPR-edited,
iPSC-derived cell therapy, and FT576, the first-ever cell therapy
engineered with four functional anti-tumor modalities, in patients
with multiple myeloma. We also made strong progress with our
strategic partners, Ono Pharmaceutical and Janssen, in leveraging
the unique advantages of our iPSC product platform to advance
multiplexed-engineered CAR NK and CAR T-cell product candidates
toward clinical development for solid tumors,” said Scott Wolchko,
President and Chief Executive Officer of Fate Therapeutics. “We
look forward to a promising 2021 where we expect to have clinical
read-outs across our programs, treat patients with the first-ever
iPSC-derived CAR T-cell therapy, submit IND applications for two
iPSC-derived CAR NK cell programs targeting novel antigens in solid
tumors, and open our second cGMP manufacturing facility for an
additional 40,000 square feet of capacity.”
Clinical Programs
FT516 (hnCD16) NK Cell Product Candidate
- Reported
Positive Interim Clinical Data for B-cell
Lymphoma. In December 2020, the Company reported positive
interim data from its Phase 1 study of FT516 in combination with
rituximab for patients with relapsed / refractory B-cell lymphoma
(BCL) who have previously failed or progressed on CD20-targeted
monoclonal antibody therapy. As of a November 16, 2020 cutoff date,
three patients in the second dose cohort (90 million cells per
dose) and one patient in the third dose cohort (300 million cells
per dose) had each received two FT516 treatment cycles, each cycle
consisting of three days of outpatient lympho-conditioning, one
dose of rituximab, and three once-weekly infusions of FT516
with IL-2 cytokine support. Three of four relapsed / refractory
patients achieved an objective response, including two complete
responses, following the second FT516 treatment cycle. The
two-cycle treatment regimen was well-tolerated, supporting the
potential to safely administer up to six doses of FT516 in the
outpatient setting. No dose-limiting toxicities (DLTs), no
FT516-related serious adverse events (AEs), no FT516-related grade
3 or greater AEs, and no events of any grade of cytokine release
syndrome (CRS), immune effector cell-associated neurotoxicity
syndrome (ICANS), or graft-versus-host disease (GvHD) were reported
by investigators. In addition, no evidence of anti-product T- or
B-cell mediated host-versus-product alloreactivity was
detected.
- Phase 1 Dose Escalation Ongoing
at 900 Million Cells. The Phase 1 clinical trial is
designed to assess the safety and determine the maximum dose of
FT516 as a monotherapy for the treatment of relapsed / refractory
acute myeloid leukemia (AML) and in combination with CD20-targeted
monoclonal antibody therapy for the treatment of relapsed /
refractory BCL (NCT04023071). Dose escalation is ongoing at 900
million cells per dose in both disease regimens.
FT596 (CAR19 + hnCD16 + IL-15RF) NK Cell
Product Candidate
- Presented Patient Case Study
Demonstrating Clinical Activity in Refractory DLBCL. The
case study, which was presented at the 62nd Annual Society of
Hematology (ASH) Annual Meeting and Exposition in December 2020,
described a heavily pre-treated patient with diffuse large B-cell
lymphoma (DLBCL) who was enrolled in the first dose cohort (30
million cells) and achieved a partial response following
administration of a single dose of FT596 as monotherapy. The
patient subsequently received a second, single dose of FT596, which
resulted in a deepening response as evidenced by further decreases
in both tumor size and metabolic activity. No DLTs, no
FT596-related serious AEs, and no events of any grade of CRS,
ICANS, or GvHD were reported by the investigator. The patient had
previously received seven prior treatment regimens, including five
rituximab-containing regimens as well as autologous stem cell
transplantation, and was most recently refractory to an
experimental natural killer (NK) cell therapy regimen comprised of
fludarabine and cyclophosphamide lympho-conditioning followed by ex
vivo expanded, donor-derived NK cells, IL-2, and rituximab.
- First CLL Patient
Treated. The Phase 1 clinical trial is designed to assess
the safety and determine the maximum dose of FT596 as a monotherapy
and in combination with CD20-targeted monoclonal antibody therapies
for the treatment of relapsed / refractory BCL and chronic
lymphocytic leukemia (CLL) (NCT04245722). Dose escalation for the
treatment of BCL is ongoing in the second dose cohorts of 90
million cells as monotherapy and in combination with rituximab. The
first patient with CLL has been treated in the first dose cohort of
30 million cells as monotherapy, and the Company plans to begin
enrollment in combination with obinutuzumab upon clearance of the
first monotherapy dose cohort.
- First Patients Treated in
Investigator-initiated Study for Relapse Prevention following
HSCT. Investigators from the Masonic Cancer Center,
University of Minnesota, are conducting a Phase 1 study of FT596 in
combination with rituximab for the prevention of relapse in
patients with BCL who have undergone autologous hematopoietic stem
cell transplant (HSCT) and are considered high risk for early
relapse (NCT04555811). The first patients have been treated in the
first dose cohort of 90 million cells.
FT538 (hnCD16 + IL-15RF + CD38KO) NK Cell Product
Candidate
- First AML Patients
Treated. FT538 is the first-ever CRISPR-edited cell
therapy derived from a clonal master engineered induced pluripotent
stem cell (iPSC) line, and is modified with three functional
components to enhance innate immunity. The Phase 1 clinical trial
is designed to assess three once-weekly doses of FT538 as a
monotherapy for patients with relapsed / refractory AML and in
combination with the CD38-targeted monoclonal antibody daratumumab
for patients with relapsed / refractory multiple myeloma
(NCT04614636). The first patients with AML have been treated in the
first dose cohort of 100 million cells per dose.
- Second IND Allowed by FDA for
AML in Combination with CD38-targeted Monoclonal Antibody.
In December 2020, the FDA allowed a second Investigational New Drug
(IND) application for the clinical investigation of three
once-weekly doses of FT538 in combination with daratumumab for the
treatment of relapsed / refractory AML. The Phase 1 clinical trial
is sponsored and managed by investigators from the Masonic Cancer
Center, University of Minnesota. CD38 expression on leukemic blasts
has been observed in a significant number of AML patients,
indicating the potential of CD38 as a therapeutic target for
AML.
FT576 (CAR-BCMA + hnCD16 + IL-15RF + CD38KO) NK Cell
Product Candidate
- IND Application Allowed by FDA
for Multiple Myeloma. FT576 is an investigational,
off-the-shelf, chimeric antigen receptor (CAR) NK cell cancer
immunotherapy targeting B-cell maturation antigen (BCMA). FT576 is
derived from a clonal master iPSC line engineered with four
functional components designed to enable multi-antigen targeting of
myeloma cells, augment antibody-dependent cellular cytotoxicity
(ADCC), enhance cell persistence and prevent anti-CD38 monoclonal
antibody-induced fratricide. In December 2020, the U.S. Food &
Drug Administration (FDA) allowed the Company’s IND application for
clinical investigation of FT576 in patients with relapsed /
refractory multiple myeloma who have failed at least two lines of
therapy. The Company is preparing to initiate a Phase 1 clinical
trial to assess single-dose and multi-dose treatment regimens of
FT576 as monotherapy and in combination with CD38-targeted
monoclonal antibody therapy.
Preclinical Programs for Solid
Tumors
- CAR MICA/B Program Featured in
Oral Presentation at ASH. Dr. Kai W. Wucherpfennig, Chair
of Cancer Immunology and Virology and Director of the Center for
Cancer Immunotherapy Research at Dana-Farber Cancer Institute
(DFCI), presented preclinical data highlighting the Company’s
development of FT536, a novel CAR NK cell product candidate
targeting the alpha-3 domain of the pan-tumor associated stress
antigens MICA and MICB. While MICA/B are selectively expressed at
high levels on many solid tumors, proteolytic shedding of MICA/B is
a prominent mechanism of tumor escape from NK cell-mediated
destruction. Several recent publications have shown that targeting
the alpha-3 domain strongly inhibits MICA/B shedding, resulting in
a substantial increase in the cell surface density of MICA/B and
restoration of NK cell-mediated tumor immunity. The Company plans
to submit an IND application in the second half of 2021 to initiate
a Phase 1 clinical trial of FT536 for the treatment of solid
tumors.
- CAR B7H3 Program Featured in
Oral Presentation at SITC. During an oral session at the
Society for Immunotherapy of Cancer (SITC) annual meeting in
November 2020, preclinical data from the Company’s collaboration
with Dr. Jeffrey S. Miller, Professor of Medicine and Deputy
Director of the Masonic Comprehensive Cancer Center, University of
University of Minnesota, was presented that highlighted the
specificity and activity of CAR T cells incorporating a proprietary
camelid single-domain antibody fragment targeting B7H3, a pan-tumor
associated antigen expressed on a wide range of cancers. The
Company is currently incorporating novel CAR constructs targeting
B7H3 into multiplexed engineered master iPSC lines for selection of
a preclinical development candidate.
Other Corporate Highlights
- Preclinical Milestone Reached
under iPSC-derived CAR T-Cell Collaboration with Ono
Pharmaceutical. In December 2020, the Company and Ono
reviewed a preclinical data package for an iPSC-derived CAR T-cell
product candidate incorporating Ono’s proprietary antigen binding
domain targeting a cancer-specific antigen expressed on certain
solid tumors. The Company and Ono elected to continue preclinical
development of the iPSC-derived CAR T-cell product candidate under
the collaboration, and the Company received a $10 million milestone
fee from Ono. Ono maintains an option to develop and commercialize
the iPSC-derived CAR T-cell product candidate in all territories of
the world, with the Company retaining the option to co-develop and
co-commercialize the product candidate in the United States and
Europe under a joint arrangement with Ono whereby Fate is eligible
to share at least 50% of the profits and losses.
- Completed $460 Million Public
Offering. In January 2021, the Company completed an
underwritten public offering of 5.1 million shares of its common
stock priced at $85.50 per share and, in lieu of common stock to
certain investors, pre-funded warrants to purchase 0.3 million
shares of its common stock priced at $85.499 per pre-funded
warrant. Net proceeds to the Company were approximately $432
million.
Fourth Quarter 2020 Financial
Results
- Cash &
Investment Position: Cash, cash equivalents and
investments as of December 31, 2020 were $482.9 million. This
amount does not include net proceeds to the Company of
approximately $432 million from the January 2021 underwritten
public offering.
- Total
Revenue: Revenue was $15.9 million for the fourth quarter
of 2020, which was derived from the Company’s collaborations with
Janssen and Ono Pharmaceutical.
- R&D
Expenses: Research and development expenses were $39.0
million for the fourth quarter of 2020, which includes $5.3 million
of non-cash stock-based compensation expense.
- G&A
Expenses: General and administrative expenses were $10.3
million for the fourth quarter of 2020, which includes $3.4 million
of non-cash stock-based compensation expense.
- Other
Expenses: Other expenses, net were $19.7 million, which
includes a $20.1 million non-cash charge equal to the fair value
change of certain contingent milestone payments that will be owed
to Memorial Sloan Kettering Cancer Center upon the Company’s
achievement of a specified clinical milestone with an iPSC-derived
CAR T-cell product candidate and the subsequent appreciation of the
Company’s common stock price per share.
- Shares
Outstanding: Common shares outstanding were 87.7 million,
and preferred shares outstanding were 2.8 million, as of December
31, 2020. Each preferred share is convertible into five common
shares. Common shares outstanding does not include 5.4 million
common shares, including 0.3 million common shares issuable upon
exercise of pre-funded warrants, that were issued in the January
2021 underwritten public offering.
Today's Conference Call and WebcastThe Company
will conduct a conference call today, Wednesday, February 24, 2021
at 5:00 p.m. ET to review financial and operating results for the
quarter ended December 31, 2020. In order to participate in the
conference call, please dial 877-303-6235 (domestic) or
631-291-4837 (international) and refer to conference ID 6368962.
The live webcast can be accessed under "Events & Presentations"
in the Investors & Media section of the Company's website at
www.fatetherapeutics.com. The archived webcast will be available on
the Company's website beginning approximately two hours after the
event.
About Fate Therapeutics’ iPSC Product
PlatformThe Company’s proprietary induced pluripotent stem
cell (iPSC) product platform enables mass production of
off-the-shelf, engineered, homogeneous cell products that can be
administered with multiple doses to deliver more effective
pharmacologic activity, including in combination with other cancer
treatments. Human iPSCs possess the unique dual properties of
unlimited self-renewal and differentiation potential into all cell
types of the body. The Company’s first-of-kind approach involves
engineering human iPSCs in a one-time genetic modification event
and selecting a single engineered iPSC for maintenance as a clonal
master iPSC line. Analogous to master cell lines used to
manufacture biopharmaceutical drug products such as monoclonal
antibodies, clonal master iPSC lines are a renewable source for
manufacturing cell therapy products which are well-defined and
uniform in composition, can be mass produced at significant scale
in a cost-effective manner, and can be delivered off-the-shelf for
patient treatment. As a result, the Company’s platform is uniquely
capable of overcoming numerous limitations associated with the
production of cell therapies using patient- or donor-sourced cells,
which is logistically complex and expensive and is subject to
batch-to-batch and cell-to-cell variability that can affect
clinical safety and efficacy. Fate Therapeutics’ iPSC product
platform is supported by an intellectual property portfolio of over
350 issued patents and 150 pending patent applications.
About FT516FT516 is an
investigational, universal, off-the-shelf natural killer (NK) cell
cancer immunotherapy derived from a clonal master induced
pluripotent stem cell (iPSC) line engineered to express a novel
high-affinity 158V, non-cleavable CD16 (hnCD16) Fc receptor, which
has been modified to prevent its down-regulation and to enhance its
binding to tumor-targeting antibodies. CD16 mediates
antibody-dependent cellular cytotoxicity (ADCC), a potent
anti-tumor mechanism by which NK cells recognize, bind and kill
antibody-coated cancer cells. ADCC is dependent on NK cells
maintaining stable and effective expression of CD16, which has been
shown to undergo considerable down-regulation in cancer patients.
In addition, CD16 occurs in two variants, 158V or 158F, that elicit
high or low binding affinity, respectively, to the Fc domain of
IgG1 antibodies. Numerous clinical studies with FDA-approved
tumor-targeting antibodies, including rituximab, trastuzumab and
cetuximab, have demonstrated that patients homozygous for the 158V
variant, which is present in only about 15% of patients, have
improved clinical outcomes. FT516 is being investigated in an
open-label, multi-dose Phase 1 clinical trial as a monotherapy for
the treatment of acute myeloid leukemia and in combination with
CD20-targeted monoclonal antibodies for the treatment of advanced
B-cell lymphoma (NCT04023071). Additionally, FT516 is being
investigated in an open-label, multi-dose Phase 1 clinical trial in
combination with avelumab for the treatment of advanced solid tumor
resistant to anti-PDL1 checkpoint inhibitor therapy
(NCT04551885).
About FT596FT596 is an
investigational, universal, off-the-shelf natural killer (NK) cell
cancer immunotherapy derived from a clonal master induced
pluripotent stem cell (iPSC) line engineered with three anti-tumor
functional modalities: a proprietary chimeric antigen receptor
(CAR) optimized for NK cell biology that targets B-cell antigen
CD19; a novel high-affinity 158V, non-cleavable CD16 (hnCD16) Fc
receptor, which has been modified to prevent its down-regulation
and to enhance its binding to tumor-targeting antibodies; and an
IL-15 receptor fusion (IL-15RF) that augments NK cell activity. In
preclinical studies of FT596, the Company has demonstrated that
dual activation of the CAR19 and hnCD16 targeting receptors
enhances cytotoxic activity, indicating that multi-antigen
engagement may elicit a deeper and more durable response.
Additionally, in a humanized mouse model of lymphoma, FT596 in
combination with the anti-CD20 monoclonal antibody rituximab showed
enhanced killing of tumor cells in vivo as compared to rituximab
alone. FT596 is being investigated in an open-label, multi-center
Phase 1 clinical trial for the treatment of relapsed / refractory
B-cell lymphoma as a monotherapy and in combination with rituximab,
and for the treatment of relapsed / refractory chronic lymphocytic
leukemia (CLL) as a monotherapy and in combination with
obinutuzumab (NCT04245722).
About FT538FT538 is an
investigational, universal, off-the-shelf natural killer (NK) cell
cancer immunotherapy derived from a clonal master induced
pluripotent stem cell (iPSC) line engineered with three functional
components: a novel high-affinity 158V, non-cleavable CD16 (hnCD16)
Fc receptor, which has been modified to prevent its down-regulation
and to enhance its binding to tumor-targeting antibodies; an IL-15
receptor fusion (IL-15RF) that augments NK cell activity; and the
deletion of the CD38 gene (CD38KO), which promotes persistence and
function in high oxidative stress environments. FT538 is designed
to enhance innate immunity in cancer patients, where endogenous NK
cells are typically diminished in both number and function due to
prior treatment regimens and tumor suppressive mechanisms. In
preclinical studies, FT538 has shown superior NK cell effector
function, as compared to peripheral blood NK cells, with the
potential to confer significant anti-tumor activity to patients
through multiple mechanisms of action. FT538 is being investigated
in an open-label, multi-dose Phase 1 clinical trial for the
treatment of acute myeloid leukemia (AML) and in combination with
daratumumab, a CD38-targeted monoclonal antibody therapy, for the
treatment of multiple myeloma (NCT04614636).
About Fate Therapeutics, Inc.Fate Therapeutics
is a clinical-stage biopharmaceutical company dedicated to the
development of first-in-class cellular immunotherapies for patients
with cancer. The Company has established a leadership position in
the clinical development and manufacture of universal,
off-the-shelf cell products using its proprietary induced
pluripotent stem cell (iPSC) product platform. The Company’s
immuno-oncology pipeline includes off-the-shelf, iPSC-derived
natural killer (NK) cell and T-cell product candidates, which are
designed to synergize with well-established cancer therapies,
including immune checkpoint inhibitors and monoclonal antibodies,
and to target tumor-associated antigens using chimeric antigen
receptors (CARs). The Company’s pipeline also includes ProTmune™, a
pharmacologically modulated, donor cell graft that is currently
being evaluated in a Phase 2 clinical trial for the prevention of
graft-versus-host disease in patients with hematologic malignancies
undergoing allogeneic stem cell transplant. Fate Therapeutics is
headquartered in San Diego, CA. For more information, please visit
www.fatetherapeutics.com.
Forward-Looking StatementsThis release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 including statements
regarding the Company’s results of operations, financial condition
and sufficiency of its cash and cash equivalents to fund its
operations, as well as statements regarding the advancement of and
plans related to its product candidates, clinical studies and
preclinical research and development programs, the Company’s
progress, plans and timelines for the manufacture and clinical
investigation of its product candidates, the timing for the
Company’s receipt of data from its clinical trials and preclinical
studies, the initiation of additional clinical trials of the
Company’s product candidates and the submission of IND applications
for additional programs, the Company’s development and regulatory
strategy, and the therapeutic and market potential of the Company’s
product candidates and the Company’s plans to open its new
corporate headquarters. These and any other forward-looking
statements in this release are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, the risk that the Company’s product
candidates may not demonstrate the requisite safety or efficacy to
achieve regulatory approval or to warrant further development, the
risk that results observed in prior studies of the Company’s
product candidates, including preclinical studies and clinical
trials, will not be observed in ongoing or future studies involving
these product candidates, the risk of a delay or difficulties in
the manufacturing of the Company’s product candidates or in the
initiation of, or enrollment of patients in, any clinical studies,
the risk that the Company may cease or delay preclinical or
clinical development of any of its product candidates for a variety
of reasons (including requirements that may be imposed by
regulatory authorities on the initiation or conduct of clinical
trials or to support regulatory approval, difficulties or delays in
patient enrollment in current and planned clinical trials,
difficulties in manufacturing or supplying the Company’s product
candidates for clinical testing, and any adverse events or other
negative results that may be observed during preclinical or
clinical development), risks related to the impact of the COVID-19
pandemic on various aspects of the Company’s business and
operations, including its ability to initiate, conduct and complete
its clinical trials, and the risk that the Company’s expenditures
may exceed current expectations for a variety of reasons. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause the Company’s actual results to
differ from those contained in the forward-looking statements, see
the risks and uncertainties detailed in the Company’s periodic
filings with the Securities and Exchange Commission, including but
not limited to the Company’s most recently filed periodic report,
and from time to time in the Company’s press releases and other
investor communications. Fate Therapeutics is providing the
information in this release as of this date and does not undertake
any obligation to update any forward-looking statements contained
in this release as a result of new information, future events or
otherwise.
Availability of Other Information about
Fate Therapeutics, Inc.Investors and others should note
that the Company routinely communicates with investors and the
public using its website (www.fatetherapeutics.com) and its
investor relations website (ir.fatetherapeutics.com) including,
without limitation, through the posting of investor presentations,
SEC filings, press releases, public conference calls and webcasts
on these websites. The information posted on these websites could
be deemed to be material information. As a result, investors, the
media, and others interested in Fate Therapeutics are encouraged to
review this information on a regular basis. The contents of the
Company’s website, or any other website that may be accessed from
the Company’s website, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
Condensed Consolidated Statements of
Operations and Comprehensive Loss(in thousands,
except share and per share
data)(unaudited)
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue |
|
$ |
15,896 |
|
|
$ |
2,802 |
|
|
$ |
31,434 |
|
|
$ |
10,680 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
38,982 |
|
|
|
25,209 |
|
|
|
125,623 |
|
|
|
87,770 |
|
General and administrative |
|
|
10,313 |
|
|
|
6,671 |
|
|
|
33,896 |
|
|
|
23,637 |
|
Total operating expenses |
|
|
49,295 |
|
|
|
31,880 |
|
|
|
159,519 |
|
|
|
111,407 |
|
Loss from operations |
|
|
(33,399 |
) |
|
|
(29,078 |
) |
|
|
(128,085 |
) |
|
|
(100,727 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
345 |
|
|
|
1,314 |
|
|
|
2,400 |
|
|
|
4,330 |
|
Interest expense |
|
|
— |
|
|
|
(538 |
) |
|
|
— |
|
|
|
(1,752 |
) |
Change in fair value of stock price appreciation milestones |
|
|
(20,058 |
) |
|
|
— |
|
|
|
(47,702 |
) |
|
|
— |
|
Total other income (expense),
net |
|
|
(19,713 |
) |
|
|
776 |
|
|
|
(45,302 |
) |
|
|
2,578 |
|
Net loss |
|
$ |
(53,112 |
) |
|
$ |
(28,302 |
) |
|
$ |
(173,387 |
) |
|
$ |
(98,149 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
available-for-sale securities, net |
|
|
(244 |
) |
|
|
(29 |
) |
|
|
48 |
|
|
|
24 |
|
Comprehensive loss |
|
$ |
(53,356 |
) |
|
$ |
(28,331 |
) |
|
$ |
(173,339 |
) |
|
$ |
(98,125 |
) |
Net loss per common share,
basic and diluted |
|
$ |
(0.61 |
) |
|
$ |
(0.37 |
) |
|
$ |
(2.10 |
) |
|
$ |
(1.44 |
) |
Weighted–average common shares
used to compute basic and diluted net loss per share |
|
|
87,358,287 |
|
|
|
75,596,026 |
|
|
|
82,385,319 |
|
|
|
68,190,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets(in
thousands)(unaudited)
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
167,347 |
|
|
$ |
99,814 |
|
Accounts receivable |
|
|
5,515 |
|
|
|
— |
|
Short-term investments and related maturity receivables |
|
|
315,569 |
|
|
|
121,613 |
|
Prepaid expenses and other current assets |
|
|
5,892 |
|
|
|
5,662 |
|
Total current assets |
|
|
494,323 |
|
|
|
227,089 |
|
Long-term investments |
|
|
— |
|
|
|
39,440 |
|
Operating lease right-of-use
asset |
|
|
67,084 |
|
|
|
22,752 |
|
Other long-term assets |
|
|
61,050 |
|
|
|
12,993 |
|
Total assets |
|
$ |
622,457 |
|
|
$ |
302,274 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
21,847 |
|
|
$ |
20,519 |
|
Deferred revenue, current portion |
|
|
21,144 |
|
|
|
2,787 |
|
CIRM award liability, current portion |
|
|
3,200 |
|
|
|
2,808 |
|
Operating lease liability, current portion |
|
|
3,355 |
|
|
|
1,692 |
|
Stock price appreciation milestones, current portion |
|
|
36,018 |
|
|
|
— |
|
Total current liabilities |
|
|
85,564 |
|
|
|
27,806 |
|
Deferred revenue, net of
current portion |
|
|
46,021 |
|
|
|
3,775 |
|
CIRM award liability, net of
current portion |
|
|
800 |
|
|
|
702 |
|
Operating lease liability, net
of current portion |
|
|
93,943 |
|
|
|
25,235 |
|
Stock price appreciation
milestones, net of current portion |
|
|
11,684 |
|
|
|
— |
|
Stockholders’ equity |
|
|
384,445 |
|
|
|
244,756 |
|
Total liabilities and
stockholders’ equity |
|
$ |
622,457 |
|
|
$ |
302,274 |
|
|
|
|
|
|
|
|
|
|
Contact:Christina TartagliaStern
Investor Relations, Inc.212.362.1200christina@sternir.com
Fate Therapeutics (NASDAQ:FATE)
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