Fate
Develops off-the-shelf iPSC-derived CAR T and CAR NK therapies for autoimmune disease and cancer.
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Profile
Develops off-the-shelf CAR T and CAR NK candidates from clonal iPSC master lines for autoimmune disease and cancer. Revenue currently comes from research and development collaborations, including Ono-supported solid-tumor work, rather than approved commercial products.
Develops cell-therapy candidates by engineering human iPSCs, creating clonal master lines, and differentiating them into off-the-shelf CAR T and CAR NK products. The current portfolio includes FT819 for autoimmune disease, FT522 for B-cell-mediated autoimmune diseases, and oncology programs such as FT825 / ONO-8250, FT836, and FT839.
Operations are anchored in San Diego with an integrated GMP manufacturing facility, while FT819 clinical work spans U.S., U.K., and EU treatment sites. The company reports one segment and remains pre-commercial; revenue comes from research and development collaborations, including Ono.
Execution depends on clinical trial progress, regulatory clearance, manufacturing consistency, and collaboration terms. The business is shaped by cell-therapy competition across autoimmune disease and cancer, not by marketed drug sales.
Company facts
Key statistics
Year to date +144% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Piper Sandler | Reiterate | Overweight | $6 | $8 | |
| Aug 14, 2026 | Wells Fargo | Reiterate | Equal Weight | $3.50 | ||
| Jun 8, 2026 | H.C. Wainwright | Target | $5 | $7 | ||
| May 19, 2026 | Jefferies | Target | $145 | $4 | ||
| Oct 31, 2025 | HC Wainwright & Co. | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.25 | −$0.25 | +1.4% | $1.9M | $2.1M | +7.1% | −7.35% |
| May 13, 2026Q1 FY26 | −$0.29 | −$0.26 | +10.3% | $1.5M | $1.3M | −12.9% | −10.80% |
| Feb 26, 2026Q4 FY25 | −$0.27 | −$0.27 | 0.0% | $1.3M | $1.4M | +2.4% | −5.13% |
| Nov 13, 2025Q3 FY25 | −$0.29 | −$0.27 | +6.9% | $1.2M | $1.7M | +45.3% | −2.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $1.9M | $1.7M | $1.4M | $1.3M | $2.1M | |
| Gross profit | −$27.5M | −$1.9M | −$24.1M | $1.4M | −$1.6M | $2.1M | |
| Operating income | −$41.3M | −$37.0M | −$34.7M | −$34.7M | −$33.0M | −$31.1M | |
| Net income | −$37.6M | −$34.1M | −$32.3M | −$32.4M | −$31.2M | −$30.2M | |
| Diluted EPS | −$0.32 | −$0.29 | −$0.27 | −$0.27 | −$0.26 | −$0.25 | |
| Gross margin | -1,688.6% | -100.4% | -1,384.1% | 100.0% | -124.6% | 100.0% | |
| Operating margin | -2,534.1% | -1,938.5% | -1,995.1% | -2,536.2% | -2,540.4% | -1,495.4% |
Fiscal years (4-quarter sums)FY21 $55.8M · FY22 $96.3M · FY23 $63.5M · FY24 $13.6M · FY25 $6.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $153.8M · Total debt $75.7M · Total assets $260.1M · Shareholders' equity $153.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 116.56M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Redmile Group, LLC | 12.87M | 11.04% | 13F | Aug 14, 2026 |
| RedCo II Master Fund, L.P. · director, 10 percent owner: | 8.98M | 7.70% | Form 4 | Jul 3, 2025 |
| BlackRock, Inc. | 7.30M | 6.26% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.55M | 3.90% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.45M | 3.81% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Bahram Valamehr | director, officer: President and CEO | −43,947 | $2.46 |
| Aug 4, 2026 | Cindy Tahl | officer: See Remarks | −38,800 | $2.46 |
| May 20, 2026 | Bahram Valamehr | director, officer: President and CEO | −28,946 | $1.88 |
| May 20, 2026 | Cindy Tahl | officer: See Remarks | −25,590 | $1.88 |
| Jan 9, 2026 | Bahram Valamehr | director, officer: President and CEO | −5,190 | $1.07 |
Peers
- Century Therapeutics
iPSC-derived allogeneic cell therapies for autoimmune disease and cancer
- Allogene Therapeutics
Allogeneic CAR T pressure in lymphoma and autoimmune disease
- CRISPR Therapeutics
CRISPR-edited CD19 CAR T for autoimmune disease and B-cell cancer
- Adicet Bio
Off-the-shelf gamma-delta CAR T across autoimmune disease and cancer
- Nkarta
Off-the-shelf CD19 CAR NK for B-cell-mediated autoimmune disease
- Artiva Biotherapeutics
Allogeneic NK plus anti-CD20 antibodies for autoimmune B-cell depletion
- Caribou Biosciences
Genome-edited off-the-shelf CAR T for lymphoma and myeloma
- Cellectis (ADR)
ADR-listed allogeneic CAR T developer in B-ALL and NHL
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fate | $2.43 | +0.60% | $283.2M | — | — | 43.6 | +9.2% |
| Century Therapeutics | $2.03 | +0.25% | $175.3M | — | — | — | — |
| Allogene Therapeutics | $2.01 | −0.09% | $697.2M | — | — | 150.3 | — |
| CRISPR Therapeutics | $57.50 | −0.35% | $5.57B | — | — | 415.7 | +1,041.4% |
| Adicet Bio | $9.06 | +0.17% | $84.7M | — | — | — | — |
| Nkarta | $2.80 | +1.45% | $197.5M | — | — | — | — |
| Artiva Biotherapeutics | $11.14 | +0.54% | $542.2M | — | — | — | — |
| Caribou Biosciences | $1.65 | +2.17% | $160.7M | — | — | 16.0 | −43.8% |
| Cellectis (ADR) | $3.41 | −0.58% | $341.4M | — | — | 4.5 | −59.2% |
| Median | — | — | 83.1 | −43.8% |