Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FATE THERAPEUTICS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
4.4
4.11
4.74
10.7
31.4
55.8
96.3
63.5
13.6
6.65
Research and development
26.5
34.4
56
87.8
126
216
320
173
135
108
General and administrative
9.91
11.9
15.8
23.6
33.9
57.3
84.2
81.4
74.2
46.5
Operating expenses
36.4
46.2
71.8
111
160
273
405
254
224
154
Operating income
-32
-42.1
-67.1
-101
-128
-217
-308
-191
-210
-148
Interest expense
1.64
1.27
1.7
1.75
0
0
Interest income
0.14
0.56
2.19
4.33
2.4
1.31
5.84
17.2
17.3
11.1
Other non-operating income
-1.5
-0.83
0.49
2.58
-45.3
4.84
26.7
29.6
24
11.4
Income tax
0
0
0
0
0
0
0
Net income
-33.5
-43
-66.6
-98.1
-173
-212
-282
-161
-186
-136
EBITDA
-31.1
-41.2
-65.9
-98.5
-125
-211
-295
-172
-191
-135
EPS, basic
-1.05
-1.02
-1.19
-1.44
-2.10
-2.24
-2.91
-1.64
-1.64
-1.15
EPS, diluted
-1.05
-1.02
-1.19
-1.44
-2.10
-2.24
-2.91
-1.64
-1.64
-1.15
Shares, basic (weighted)
31.8
42
56.2
68.2
82.4
94.7
96.8
98.4
114
119
Shares, diluted (weighted)
31.8
42
56.2
68.2
82.4
94.7
96.8
98.4
114
119
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
88.6
89
191
99.8
167
134
61.3
41.9
36.1
46.6
Short-term investments
3.5
482
375
273
243
157
Receivables
0.5
5.52
8.68
38.5
1.83
3.54
0.92
Other current assets
1.21
1.65
3.69
5.66
5.89
8.83
27.4
14.5
9.3
4.13
Total current assets
93.3
103
205
227
494
633
502
332
292
209
Property, plant and equipment
1.58
2.55
5.13
11.4
32.3
91.5
110
96.8
64.4
56.9
Lease right-of-use assets
22.8
67.1
70.7
66.1
61.7
46.5
41.6
Long-term investments
39.4
101
4.94
0.98
27.7
1.47
Other non-current assets
0.02
0.02
0.53
0.01
0.01
0.03
0.03
0.01
0.01
0
Total assets
95
105
213
302
622
921
706
506
441
319
Accounts payable
0.93
1.68
4.21
5.82
6.28
8.61
8.27
4.72
9.37
2.66
Accrued liabilities
3.96
7.25
10.9
14.7
15.6
42.4
53.9
27.5
21.3
20
Deferred revenue
2.11
2.11
7.59
2.79
21.1
21.5
42.2
0.69
0.39
0.38
Short-term debt
8.19
2.44
Total current liabilities
15.2
11
27.3
27.8
85.6
81.3
114
39.1
38.5
36.1
Long-term debt
2.5
14.8
12.4
Lease liabilities
25.2
93.9
109
104
97.4
77.8
73.3
Total liabilities
21.9
28.1
52.6
57.5
238
243
222
138
122
112
Total debt
12.8
19.3
18.5
Paid-in capital
249
296
446
628
941
1,449
1,536
1,580
1,716
1,741
Retained earnings
-176
-219
-285
-384
-557
-769
-1,051
-1,212
-1,398
-1,534
Other comprehensive income
-0
-0
-0
0.02
0.07
-0.76
-1.85
0.02
0.27
0.12
Shareholders' equity
73.2
77.2
160
245
384
679
484
368
319
207
Total equity
73.2
77.2
160
245
384
679
484
368
319
207
Total liabilities and equity
95
105
213
302
622
921
706
506
441
319
Shares outstanding
41.4
52.6
64.7
75.7
87.7
95.7
97.3
98.6
114
115
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-33.5
-43
-66.6
-98.1
-173
-212
-282
-161
-186
-136
Depreciation and amortization
0.88
0.97
1.2
2.19
3.09
5.85
13.8
18.3
19
12.9
Stock-based compensation
3.18
3.61
6.29
17.4
30.8
54.4
78.7
43.5
41.5
24.9
Change in receivables
-0.5
0.5
-5.52
-3.16
-29.8
36.7
-1.11
2.62
Change in payables
1.56
2.51
4.25
4.28
-1.55
5.91
14.3
-28.9
-1.66
-9.03
Cash from operations
-29.8
-36.8
-38.7
-83.2
-39.2
-163
-248
-132
-123
-106
Capital expenditures
-0.46
-1.73
-2.3
-7.4
-4.93
-50.7
-35.6
-6.15
-0.73
-5.95
Purchases of investments
-19.7
-40
-55.7
-249
-277
-968
-405
-359
-318
-195
Sales and maturities of investments
31.5
57.5
98.8
121
695
607
478
331
312
Cash from investing
-4.11
-10.2
-0.46
-157
-161
-324
167
113
12.2
111
Debt issued
15
Debt repaid
-7.69
-10.8
-15
Stock issued
43.2
135
162
189
412
9.21
0.09
0.3
0
Cash from financing
57.7
47.4
141
150
283
453
9.21
0.09
99.9
5.49
Net change in cash
23.8
0.34
102
-90.7
82.5
-33.8
-72.3
-19.5
-10.8
10.6
Free cash flow
-30.3
-38.5
-41
-90.6
-44.2
-214
-284
-138
-124
-112
Interest paid
1.07
2.31
1.24
2.29
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.35 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-2,058.0%
Operating income / revenue.
EBITDA margin
-1,873.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-1,941.0%
Net income / revenue.
FCF margin
-1,627.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,570.0%
Cash from operations / revenue.
Return on equity (ROE)
-82.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-48.4%
Net income / average total assets.
Return on invested capital (ROIC)
-87.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1,546.0%
Research and development expense / revenue.
Stock-based pay / revenue
274.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
57.2%
Capital expenditures / revenue.
D&A / revenue
184.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-51.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-59.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-26.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-35.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-24.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-11.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-27.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-23.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-12.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
4.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
7.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.85x
Current assets / current liabilities.
Quick ratio
4.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.72x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$0.88
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.85
Cash from operations / diluted weighted shares.
Book value per share
$1.31
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
43.4x
Market cap / revenue.
P/B
1.84x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.84x
Market cap / tangible book value, when positive.
EV/Sales
19.7x
Enterprise value / revenue.
FCF yield
-37.5%
Free cash flow / market cap.
Earnings yield
-44.7%
Net income / market cap (the inverse of P/E).
What was FATE THERAPEUTICS INC's revenue in fiscal 2025?
FATE THERAPEUTICS INC reported revenue of $6.6M for fiscal 2025, 51.2% lower than the year before.
Was FATE THERAPEUTICS INC profitable in fiscal 2025?
No. It reported a net loss of $136.3M.
How much free cash flow did FATE THERAPEUTICS INC generate in fiscal 2025?
Cash from operations of $106.1M minus capital expenditures of $6.0M left free cash flow of -$112.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.