Revenue growth remains in a contracting phase, evidenced by a 20.3% year-over-year decline in 2026Q1 and an operating margin of -25.4% that reflects a lack of scalable commercial traction.
| 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 |
|---|
| Sales/Revenue | 6.32M | 6.65M | 13.63M | 63.53M | 96.3M | 55.85M | 31.43M | 10.68M | 4.74M | 4.11M | 4.4M | 2.43M | 0 | 971K | 2.67M | 1.17M |
| Revenue Growth % | -52.64% | -51.24% | -78.55% | -34.03% | 72.44% | 77.66% | 194.33% | 125.32% | 15.44% | -6.72% | 81.08% | - | -100% | -63.63% | 128.21% | - |
| Cost of Goods Sold | 2.92M | 12.9M | 0 | 157.19M | 13.76M | 5.85M | 125.62M | 0 | 56.02M | 34.36M | 26.45M | 19.86M | 16.43M | 12.01M | 12M | 0 |
| COGS % of Revenue | - | 194.12% | - | 247.41% | 14.29% | 10.48% | 399.64% | - | 1181.94% | 836.78% | 600.91% | 816.99% | - | 1236.56% | 449.4% | - |
| Gross Profit | 3.4M | -6.25M | 13.63M | -93.65M | 82.54M | 50M | -94.19M | 10.68M | -51.28M | -30.25M | -22.05M | -17.43M | -16.43M | -11.04M | -9.33M | 1.17M |
| Gross Margin % | 53.8% | -94.12% | 100% | -147.41% | 85.71% | 89.52% | -299.64% | 100% | -1081.94% | -736.78% | -500.91% | -716.99% | - | -1136.56% | -349.4% | 100% |
| Gross Profit Growth % | - | -145.89% | 114.55% | -213.46% | 65.1% | 153.08% | -981.92% | 120.83% | -69.52% | -37.2% | -26.51% | -6.05% | -48.92% | -18.3% | -897.35% | - |
| Operating Expenses | 142.82M | 141.45M | 223.91M | 96.86M | 390.93M | 266.99M | 33.9M | 111.41M | 71.83M | 46.23M | 36.37M | 30.21M | 24.9M | 18.65M | 16.23M | 14.46M |
| OpEx % of Revenue | - | 2128.33% | 1642.63% | 152.45% | 405.95% | 478.08% | 107.83% | 1043.14% | 1515.44% | 1125.94% | 826.1% | 1242.82% | - | 1920.29% | 607.75% | 1236.15% |
| Selling, General & Admin | 42.34M | 46.52M | 74.17M | 96.86M | 84.23M | 57.32M | 33.9M | 23.64M | 15.81M | 11.87M | 9.91M | 10.35M | 8.47M | 6.64M | 4.23M | 4.61M |
| SG&A % of Revenue | - | 699.99% | 544.12% | 152.45% | 87.47% | 102.64% | 107.83% | 221.32% | 333.5% | 289.16% | 225.19% | 425.83% | - | 683.73% | 158.35% | 393.59% |
| Research & Development | 100.48M | 107.83M | 135M | 172.6M | 320.45M | 215.52M | 125.62M | 87.77M | 56.02M | 34.36M | 26.45M | 19.86M | 16.43M | 12.01M | 12M | 9.86M |
| R&D % of Revenue | - | 1622.46% | 990.4% | 271.66% | 332.77% | 385.92% | 399.64% | 821.82% | 1181.94% | 836.78% | 600.91% | 816.99% | - | 1236.56% | 449.4% | 842.56% |
| Other Operating Expenses | 0 | -12.9M | 14.74M | -172.6M | -13.76M | -5.85M | -125.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -139.42M | -147.7M | -210.28M | -190.51M | -308.39M | -216.99M | -128.09M | -100.73M | -67.09M | -42.13M | -31.96M | -27.78M | -24.9M | -17.68M | -13.56M | -13.29M |
| Operating Margin % | -2207.47% | -2222.45% | -1542.63% | -299.86% | -320.23% | -388.56% | -407.47% | -943.14% | -1415.44% | -1025.94% | -726.1% | -1142.82% | - | -1820.29% | -507.75% | -1136.15% |
| Operating Income Growth % | - | 29.76% | -10.37% | 38.22% | -42.12% | -69.41% | -27.16% | -50.13% | -59.27% | -31.79% | -15.05% | -11.56% | -40.9% | -30.38% | -1.99% | - |
| EBITDA | -126.94M | -138.41M | -191.31M | -172.23M | -294.63M | -211.14M | -125M | -98.53M | -65.89M | -41.15M | -31.08M | -27.09M | -24.41M | -17.1M | -12.97M | -12.62M |
| EBITDA Margin % | -2009.78% | -2082.59% | -1403.52% | -271.09% | -305.95% | -378.08% | -397.65% | -922.6% | -1390.04% | -1002.29% | -706.09% | -1114.56% | - | -1761.48% | -485.66% | -1078.72% |
| EBITDA Growth % | 30.64% | 27.65% | -11.08% | 41.54% | -39.54% | -68.92% | -26.86% | -49.55% | -60.1% | -32.4% | -14.71% | -11.01% | -42.7% | -31.9% | -2.74% | - |
| D&A (Non-Cash Add-back) | 12.49M | 9.29M | 18.96M | 18.28M | 13.76M | 5.85M | 3.09M | 2.19M | 1.2M | 971K | 881K | 687K | 496K | 571K | 590K | 672K |
| EBIT | -134.04M | -136.31M | -195.54M | -190.51M | -308.39M | -216.99M | -128.09M | -96.4M | -64.9M | -41.68M | -31.82M | -27.77M | -25.33M | -20.1M | -13.75M | -13.3M |
| Net Interest Income | 9.58M | 11.05M | 17.29M | 17.19M | 5.84M | 1.31M | 2.4M | 2.58M | 494K | -709K | -1.5M | -2.21M | -547K | -790K | -486K | -125K |
| Interest Income | 9.58M | 11.05M | 17.29M | 17.19M | 5.84M | 1.31M | 2.4M | 4.33M | 2.19M | 559K | 138K | 10K | 2K | 6K | 1K | 2K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.75M | 1.7M | 1.27M | 1.64M | 2.22M | 549K | 796K | 487K | 127K |
| Other Income/Expense | 9.52M | 11.39M | 24.01M | 29.58M | 26.66M | 4.84M | -45.3M | 2.58M | 494K | -827K | -1.5M | -2.21M | -979K | -3.22M | -682K | -134K |
| Pretax Income | -129.91M | -136.31M | -186.26M | -160.93M | -281.72M | -212.15M | -173.39M | -98.15M | -66.6M | -42.95M | -33.46M | -29.99M | -25.88M | -20.89M | -14.24M | -13.43M |
| Pretax Margin % | -2056.79% | -2051.08% | -1366.46% | -253.3% | -292.55% | -379.89% | -551.59% | -919% | -1405.02% | -1046.08% | -760.15% | -1233.73% | - | -2151.8% | -533.3% | -1147.61% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 297K | 0 | 0 | 53K | 0 | 0 | 127K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.69% | 0% | 0% | -0.2% | 0% | 0% | -0.95% |
| Net Income | -129.91M | -136.31M | -186.26M | -160.93M | -281.72M | -212.15M | -173.39M | -98.15M | -66.6M | -42.95M | -33.46M | -29.99M | -25.88M | -20.89M | -14.24M | -13.43M |
| Net Margin % | -2056.79% | -2051.08% | -1366.46% | -253.3% | -292.55% | -379.89% | -551.59% | -919% | -1405.02% | -1046.08% | -760.15% | -1233.73% | - | -2151.8% | -533.3% | -1147.61% |
| Net Income Growth % | 26.14% | 26.82% | -15.74% | 42.88% | -32.79% | -22.36% | -76.66% | -47.38% | -55.05% | -28.36% | -11.57% | -15.88% | -23.88% | -46.74% | -6.05% | - |
| Net Income (Continuing) | -129.91M | -136.31M | -186.26M | -160.93M | -281.72M | -212.15M | -173.39M | -98.15M | -66.6M | -42.95M | -33.46M | -29.99M | -25.88M | -20.89M | -14.24M | -13.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.08 | -1.15 | -1.64 | -1.64 | -2.91 | -2.24 | -2.10 | -1.43 | -1.19 | -1.02 | -1.05 | -1.18 | -1.27 | -1.06 | -1.61 | -1.51 |
| EPS Growth % | 26.85% | 29.88% | 0% | 43.64% | -29.91% | -6.67% | -46.85% | -20.17% | -16.67% | 2.86% | 11.02% | 7.09% | -19.81% | 34.16% | -6.62% | - |
| EPS (Basic) | - | -1.15 | -1.64 | -1.64 | -2.91 | -2.24 | -2.10 | -1.43 | -1.19 | -1.02 | -1.05 | -1.18 | -1.27 | -1.07 | -1.61 | -1.51 |
| Diluted Shares Outstanding | 120.03M | 118.79M | 113.69M | 98.41M | 96.83M | 94.75M | 82.39M | 68.19M | 56.2M | 41.98M | 31.75M | 25.48M | 20.45M | 19.75M | 8.87M | 8.87M |
| Basic Shares Outstanding | 120.03M | 118.79M | 113.69M | 98.41M | 96.83M | 94.75M | 82.39M | 68.19M | 56.2M | 41.98M | 31.75M | 25.48M | 20.45M | 19.44M | 8.87M | 8.87M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial filings, Fate Therapeutics' revenue has experienced a consistent downward trajectory, with a -20.3% year-over-year decline in 2026Q1, underscoring the company's reliance on lumpy, non-recurring milestone payments that have failed to materialize following the termination of key strategic collaborations.
The absence of commercial product sales leaves the company entirely dependent on project-based revenue, which has proven highly volatile and unsustainable. This trend suggests that the firm's current business model lacks the necessary scale to generate consistent top-line growth, forcing a reliance on external funding to sustain operations.
Based on the provided income statement data, Fate's operating expenses remain heavily skewed toward R&D, which totaled $21.8M in 2026Q1, significantly exceeding the $1.3M in revenue and highlighting the structural difficulty of maintaining a specialized iPSC manufacturing platform without a commercial revenue base.
While management has demonstrated some discipline in reducing SG&A from $20.9M in 2024Q1 to $9.6M in 2026Q1, the core R&D burn remains stubbornly high. This cost structure appears to be a permanent feature of the current clinical-stage model, necessitating a pivot to more efficient R&D allocation to preserve the remaining cash runway.
According to the latest quarterly figures, Fate's operating margin of -25.4% in 2026Q1 illustrates a lack of operating leverage, as the company continues to incur substantial losses that are not scaling proportionally with the minimal revenue generated from its remaining partnership agreements.
The inability to achieve positive operating leverage suggests that the company's current infrastructure is oversized relative to its current clinical output. Investors should monitor whether the recent strategic pivot to autoimmune indications can eventually drive a more efficient cost-to-clinical-milestone ratio.
Data from recent filings indicates a precarious financial position, with $46.6M in cash reserves against persistent quarterly operating losses, suggesting that the company faces a significant risk of insolvency or extreme shareholder dilution if new capital is not secured in the immediate future.
The market's current valuation appears to reflect a distressed scenario where the company's intellectual property may be worth less than the cost of the capital required to commercialize it. The lack of a clear path to self-funding makes the firm highly vulnerable to sector-wide downturns and unfavorable equity market conditions.
Quick answers to the most common questions about buying FATE stock.
For fiscal year 2025, Fate Therapeutics, Inc. (FATE) reported total revenue of $6.6M. This represents a 468.0% increase compared to $1.2M in 2011.
Fate Therapeutics, Inc. (FATE) reported a net loss of $136.3M for the fiscal year ending 2025.
Fate Therapeutics, Inc. (FATE) reported an operating income of $-147.7M, resulting in an operating profit margin of -2222.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Fate Therapeutics, Inc. (FATE) generated $-6.3M in gross profit for the year, representing a gross profit margin of -94.1%. This demonstrates the company's core pricing power and production efficiency.