Fate Therapeutics (FATE) Q3 2026 earnings summary

Executive summary

• RECLAIM-LN, a Phase 2 FT819 trial for lupus nephritis, began in August; FT839 received FDA clearance for clinical research in July and its COMPLETE trial activated multiple sites.

• Q3 collaboration revenue was $0 after Ono research and nonclinical development obligations ended in June; no therapeutic product sales have been generated.

Financial highlights

• Q3 revenue was $0 versus $1.7M; operating expenses were $32.2M versus $36.5M, and net loss was $30.7M versus $32.3M.

• 9M revenue was $3.4M versus $5.3M; operating expenses were $99.8M versus $118.3M, and net loss was $92.1M versus $103.9M.

• Q3 R&D was $24.2M versus $25.8M and G&A was $8.0M versus $10.6M; higher clinical-trial costs partly offset lower compensation and manufacturing-material costs.

• 9M R&D was $73.3M versus $82.4M and G&A was $26.5M versus $35.9M; clinical-trial costs rose $4.9M.

Outlook and guidance

• September 30 cash, cash equivalents and short-term investments of $139.1M were expected to fund operations for at least 12 months from financial-statement issuance.

• Management’s cash-runway outlook extends to mid-2028, including the $15.0M CIRM grant; the award remained contingent on an executed agreement and operational milestones, with no funding recognized at quarter-end.

• Significant operating losses and negative operating cash flows are expected to continue, with spending focused on trials, GMP manufacturing, process development and research.

• COMPLETE was expected to dose patients, including rheumatoid arthritis patients, by year-end 2026; multiple clinical milestones were planned for 2027.