Fate Therapeutics (FATE) Q2 2026 earnings summary

Executive summary

• Focused on developing off-the-shelf, multiplexed-engineered iPSC-derived cellular immunotherapies for cancer and autoimmune diseases, with a pipeline of CAR T-cell and NK cell product candidates in clinical and preclinical stages.

• First lupus nephritis patient dosed in RECLAIM-LN Phase 2 trial using FT819, an iPSC-derived off-the-shelf CAR T-cell therapy, with same-day outpatient discharge.

• FDA cleared IND for FT839, a dual CD19/CD38 targeting CAR T-cell, advancing to Phase 1/2 basket trial in autoimmune diseases.

• Preliminary data in systemic sclerosis (SSc) showed rCRISS25+ responses and mRSS improvement in all four treated patients, with no major adverse events.

• Ongoing collaborations with Ono Pharmaceutical for joint development of CAR T-cell candidates, with all preclinical obligations for Candidate 3 met as of June 30, 2026.

Financial highlights

• Cash, cash equivalents, and investments totaled $153.8M as of June 30, 2026, down $21M sequentially, expected to fund operations for at least 12 months.

• Collaboration revenue was $2.1M for Q2 2026, up from $1.9M in Q2 2025; $3.4M for the first half of 2026, slightly down from $3.5M in the prior year.

• Net loss for Q2 2026 was $30.2M ($0.25 per share), improved from $34.1M ($0.29 per share) in Q2 2025; net loss for the first half of 2026 was $61.4M, improved from $71.7M in the prior year.

• Research and development expenses decreased to $24.4M in Q2 2026 from $27.4M in Q2 2025; general and administrative expenses decreased to $8.8M from $11.4M.

• Year-to-date operating expenses decreased by $14.3M compared to the same period in 2025, reflecting cost reductions in both R&D and G&A.

Outlook and guidance

• Cash runway expected into 2028, supported by improved expense structure and current cash position.

• Expects to continue incurring significant operating losses as research and clinical development activities expand.

• Plans to seek additional capital through equity, debt, or collaborations as needed to support ongoing and future programs.

• RECLAIM-LN enrollment completion targeted for the first half of 2028, with ongoing site activations and drug inventory ready for on-demand distribution.

• FT839 Phase 1/2 trial enrollment update anticipated later in 2026.