The company's financial position is increasingly fragile, with total assets eroding to $284.9M in 2026Q1 while an accumulated deficit of $1.6B underscores the immense capital intensity of its iPSC platform.
Fate Therapeutics, Inc. (FATE) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 157.95M | 208.7M | 291.91M | 331.54M | 502.07M | 633.41M | 494.32M | 227.09M | 205.2M | 102.6M | 93.32M | 65.65M | 49.87M | 54.65M | 9.79M | 6.69M |
| Cash & Short-Term Investments | 153.77M | 203.66M | 279.07M | 315.18M | 436.23M | 615.91M | 482.92M | 221.43M | 201.01M | 100.95M | 92.11M | 64.81M | 49.1M | 54.04M | 9.09M | 6.39M |
| Cash Only | 32.43M | 46.63M | 36.06M | 41.87M | 61.33M | 133.58M | 167.35M | 99.81M | 190.51M | 88.95M | 88.61M | 64.81M | 49.1M | 54.04M | 9.09M | 6.39M |
| Short-Term Investments | 121.34M | 157.03M | 243.01M | 273.31M | 374.89M | 482.33M | 315.57M | 121.61M | 10.49M | 12M | 3.5M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 703K | 916K | 3.54M | 1.83M | 38.48M | 8.68M | 5.51M | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 42.24 | 50.31 | 94.76 | 10.49 | 145.85 | 56.7 | 64.04 | - | 38.5 | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 4.13M | 9.3M | 900K | 27.37M | 1.1M | 5.89M | 5.66M | 0 | 1.65M | 1.21M | 843K | 771K | 615K | 0 | 0 |
| Total Non-Current Assets | 102.15M | 110.23M | 148.78M | 174.68M | 203.49M | 288.04M | 128.13M | 75.19M | 7.84M | 2.7M | 1.73M | 2.31M | 1.33M | 932K | 1.28M | 1.16M |
| Property, Plant & Equipment | 92.1M | 98.53M | 110.89M | 158.51M | 66.07M | 162.25M | 99.39M | 22.75M | 5.13M | 2.55M | 1.58M | 2.16M | 1.2M | 810K | 1.16M | 1.04M |
| Fixed Asset Turnover | 0.07x | 0.07x | 0.12x | 0.40x | 1.46x | 0.34x | 0.32x | 0.47x | 0.92x | 1.61x | 2.79x | 1.13x | - | 1.20x | 2.30x | 1.12x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 11.78M | 1.47M | 27.66M | 980K | 4.94M | 100.66M | 28.73M | 39.44M | 2.19M | 122K | 122K | 122K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10.05M | 10.23M | 10.24M | 15.19M | 132.48M | 25.13M | 9K | 12.99M | 526K | 24K | 24K | 24K | 132K | 122K | 122K | 122K |
| Total Assets | 260.1M | 318.94M | 440.69M | 506.22M | 705.56M | 921.46M | 622.46M | 302.27M | 213.03M | 105.29M | 95.05M | 67.96M | 51.2M | 55.58M | 11.08M | 7.85M |
| Asset Turnover | 0.02x | 0.02x | 0.03x | 0.13x | 0.14x | 0.06x | 0.05x | 0.04x | 0.02x | 0.04x | 0.05x | 0.04x | - | 0.02x | 0.24x | 0.15x |
| Asset Growth % | -116.74% | -27.63% | -12.94% | -28.25% | -23.43% | 48.04% | 105.92% | 41.89% | 102.33% | 10.78% | 39.86% | 32.72% | -7.88% | 401.83% | 41.06% | - |
| Total Current Liabilities | 32.59M | 36.07M | 38.52M | 39.09M | 114.05M | 81.28M | 85.56M | 27.81M | 27.26M | 11.05M | 15.19M | 13.44M | 4.58M | 4.6M | 4.85M | 3.67M |
| Accounts Payable | 3.26M | 2.66M | 9.37M | 4.72M | 8.27M | 8.61M | 6.28M | 5.82M | 4.21M | 1.68M | 934K | 996K | 645K | 682K | 1.23M | 1.86M |
| Days Payables Outstanding | 40.28 | 75.14 | 28.84 | 10.96 | 219.27 | 537.33 | 18.26 | - | 27.4 | 17.83 | 12.89 | 18.3 | 14.32 | 20.73 | 37.35 | - |
| Short-Term Debt | 0 | 0 | 0 | 6.18M | 0 | 0 | 3.35M | 0 | 2.44M | 0 | 8.19M | 7.55M | 1.55M | 1.73M | 1.94M | 1.25M |
| Deferred Revenue (Current) | 968K | 381K | 393K | 685K | 42.23M | 21.48M | 21.14M | 2.79M | 7.59M | 2.1M | 2.1M | 2.4M | 2.26M | 2.09M | 63K | 146K |
| Other Current Liabilities | 9.51M | 8.45M | 11.64M | 16.95M | 40.03M | 3.2M | 49.97M | 12.18M | 10.09M | 5.5M | 2.46M | 1.5M | 130K | 147K | 327K | 221K |
| Current Ratio | 4.85x | 5.79x | 7.58x | 8.48x | 4.40x | 7.79x | 5.78x | 8.17x | 7.53x | 9.29x | 6.14x | 4.88x | 10.89x | 11.88x | 2.02x | 1.82x |
| Quick Ratio | 4.85x | 5.79x | 7.58x | 8.48x | 4.40x | 7.79x | 5.78x | 8.17x | 7.53x | 9.29x | 6.14x | 4.88x | 10.89x | 11.88x | 2.02x | 1.82x |
| Cash Conversion Cycle | 1.96 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 74.07M | 75.68M | 83.45M | 98.71M | 107.57M | 161.33M | 152.45M | 29.71M | 25.3M | 17.05M | 6.71M | 16.48M | 18.28M | 135K | 59.05M | 54.86M |
| Long-Term Debt | 0 | 73.29M | 0 | 0 | 0 | 0 | 0 | 0 | 12.45M | 14.81M | 2.5M | 10.69M | 18.08M | 0 | 1.73M | 3.59M |
| Capital Lease Obligations | 145.25M | 0 | 77.85M | 97.36M | 103.71M | 109.24M | 93.94M | 25.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.32M | 2.4M | 5.6M | 1.35M | 3.86M | 24.97M | 12.48M | 702K | 5.35M | 1.52M | 1.38M | 857K | 200K | 135K | 57.32M | 51.27M |
| Total Liabilities | 106.67M | 111.75M | 121.97M | 137.8M | 221.62M | 242.62M | 238.01M | 57.52M | 52.56M | 28.1M | 21.89M | 29.92M | 22.86M | 4.74M | 63.9M | 58.53M |
| Total Debt | 75.67M | 77.85M | 85.27M | 103.54M | 109.34M | 114.82M | 97.3M | 26.93M | 14.88M | 14.81M | 10.69M | 18.24M | 19.63M | 1.73M | 3.67M | 4.84M |
| Net Debt | 43.25M | 31.22M | 49.21M | 61.67M | 48.01M | -18.77M | -70.05M | -72.89M | -175.63M | -74.14M | -77.92M | -46.57M | -29.47M | -52.3M | -5.41M | -1.55M |
| Debt / Equity | 0.49x | 0.38x | 0.27x | 0.28x | 0.23x | 0.17x | 0.25x | 0.11x | 0.09x | 0.19x | 0.15x | 0.48x | 0.69x | 0.03x | - | - |
| Debt / EBITDA | -0.61x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.35x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -55.02x | -38.27x | -32.87x | -19.44x | -12.51x | -46.15x | -25.25x | -28.24x | -104.72x |
| Total Equity | 153.44M | 207.18M | 318.73M | 368.42M | 483.94M | 678.84M | 384.44M | 244.76M | 160.47M | 77.19M | 73.15M | 38.04M | 28.34M | 50.85M | -52.83M | -50.68M |
| Equity Growth % | -149.38% | -35% | -13.49% | -23.87% | -28.71% | 76.58% | 57.07% | 52.53% | 107.89% | 5.52% | 92.32% | 34.22% | -44.27% | 196.26% | -4.23% | - |
| Book Value per Share | 1.27 | 1.74 | 2.80 | 3.74 | 5.00 | 7.16 | 4.67 | 3.59 | 2.86 | 1.84 | 2.30 | 1.49 | 1.39 | 2.57 | -5.96 | -5.72 |
| Total Shareholders' Equity | 153.44M | 207.18M | 318.73M | 368.42M | 483.94M | 678.84M | 384.44M | 244.76M | 160.47M | 77.19M | 73.15M | 38.04M | 28.34M | 50.85M | -52.83M | -50.68M |
| Common Stock | 117K | 115K | 114K | 99K | 97K | 96K | 88K | 76K | 65K | 53K | 41K | 29K | 21K | 20K | 1K | 1K |
| Retained Earnings | -1.6B | -1.53B | -1.4B | -1.21B | -1.05B | -769.08M | -556.93M | -383.55M | -285.4M | -218.8M | -175.85M | -142.38M | -112.39M | -86.51M | -65.61M | -51.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -117K | 116K | 268K | 15K | -1.85M | -762K | 70K | 22K | -2K | -3K | -1K | -3.47M | -2.79M | -2.3M | -1.75M | -1.16M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FATE stock.
As of 2025, Fate Therapeutics, Inc. (FATE) had total assets of $318.9M including $208.7M in current assets.
Fate Therapeutics, Inc. (FATE) carries total debt of $77.8M, offset by $203.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fate Therapeutics, Inc. (FATE) has total shareholders' equity (book value) of $207.2M ($1.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fate Therapeutics, Inc. (FATE) reported a current ratio of 5.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Asset Base Erosion Signals Distress
As reported in recent financial statements, Fate Therapeutics has seen its total assets decline from $569.9M in 2024Q1 to $284.9M in 2026Q1, a trend that reflects the aggressive consumption of capital to fund clinical operations in the absence of meaningful, recurring commercial revenue streams.
The consistent contraction of the asset base suggests that the company is liquidating its resource buffer to sustain R&D activities. This trajectory implies that the current business model is not self-sustaining and remains entirely dependent on external capital injections to maintain its operational footprint.
Leverage Ratios Mask Operational Fragility
Based on reported figures, Fate maintains a debt-to-equity ratio of 0.43 as of 2026Q1, which, while appearing moderate in isolation, must be interpreted alongside the company's persistent net losses and the lack of any predictable cash flow to service these obligations over the long term.
The presence of $76.8M in debt on a balance sheet with rapidly depleting cash reserves warrants caution regarding the company's ability to manage its capital structure. Investors should monitor whether this leverage becomes a constraint on future financing options as the company approaches a potential liquidity crunch.
Cash Runway Nearing Critical Threshold
According to the latest quarterly filings, Fate's cash position has dwindled to $39.6M as of 2026Q1, a significant reduction from the $121.3M reported in 2024Q1, which indicates that the company's liquidity buffer is rapidly eroding under the weight of its ongoing clinical development and overhead costs.
While the current ratio of 5.85 suggests sufficient short-term liquidity, this metric is misleading for a pre-revenue biotech where cash burn is the primary operational reality. The rapid depletion of cash reserves suggests that the company may be forced to seek dilutive financing in the near term to avoid a going-concern risk.
Capital Intensity of iPSC Infrastructure
As indicated by the company's balance sheet, net PPE remains a significant component of total assets at $95.3M, reflecting the heavy, fixed-cost burden of maintaining specialized manufacturing facilities required for the company's proprietary iPSC-derived cell therapy platform despite the lack of commercial product sales.
The high concentration of assets in specialized manufacturing equipment suggests an asset-heavy model that requires high utilization rates to achieve profitability. Without a clear path to commercialization, these assets may face impairment risks if the company is forced to restructure its operations or pivot its clinical strategy further.
Accumulated Deficit Undermines Equity Quality
Data from recent financial reports reveals an accumulated deficit of $1.6B as of 2026Q1, a figure that highlights the massive historical capital investment required to develop the iPSC platform and underscores the extreme difficulty of achieving a positive return on invested capital for shareholders.
The sheer scale of the accumulated deficit suggests that the company's equity value is highly sensitive to future clinical trial outcomes rather than tangible book value. This distortion makes traditional valuation metrics less relevant, as the company's survival is predicated on future breakthroughs rather than current balance sheet strength.