FATE Stock — Fate Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the-shelf cellular immunotherapies to patients.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.67

Market cap

$202.6M

Cash

$139.1M

Enterprise value

$63.5M

Balance sheet

Cash	$139.1M
Debt	$0.0M
Net cash	$139.1M
Enterprise value	$63.5M
Basic shares	121.6M shares
Fully diluted shares	156.5M shares
Fully diluted market cap	$261.4M
Cash per share	$1.14
Quarterly burn	$23.4M
Cash runway	5.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

119.8M

Pre-funded warrants

3.9M

Options

12.4M

RSUs

6.6M

Warrants

0.0M

Converts

0.0M

Conv preferred

13.8M

ESPP reserve

0.0M

FDSO

156.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

FT819 · Nov 11 - Dec 23 in 12 mo · Phase 1 · Antineutrophilic Cytoplasmic Antibody (ANCA)- Associated Vasculitis (A; Idiopathic Inflammatory Myositis (IIM); Systemic Sclerosis (SSc)

Recently reported

FT819 Phase 1/2 Mixed · 2026-11-10

SLEDAI-2K

Primary: Safety and clinical activity of FT819 (iPSC-derived CD19 CAR T) across three regimens in autoimmune disease, Phase 1 data cutoff August 18, 2026 — 36 patients treated across three regimens and four autoimmune disease indications, 30 with at least three months of follow-up, with no dose-limiting toxicities

· Regimen B (single dose, no conditioning chemotherapy): 100% (3 of 3) of extrarenal lupus patients achieved measurable responses, two achieving DORIS remission and one achieving Lupus Low Disease Activity State (LLDAS)

· Regimen C (two doses): first patient achieved a SLEDAI-2K reduction of 8 points at Month 1 and LLDAS by Month 2, sustained at Month 3

· Regimen A lupus nephritis: 100% (2 of 2) of patients on bendamustine conditioning achieved complete renal response or primary efficacy renal response at Month 6, and 50% (3 of 6) across both conditioning agents

· 12 of 36 patients (33%) received FT819 as outpatient administration; eight were discharged on the day of infusion and four the following day

· Grade ≥3 treatment-emergent adverse events within four days of first dose occurred in 16.7% of both outpatient and inpatient groups; serious adverse events occurred in 8.3% of both groups

Safety: Favorable safety profile across 36 patients with no dose-limiting toxicities

Source release →

FT839 Phase 1/2 Mixed · 2026-11-10

SLEDAI-2K

Primary: Preclinical activity of FT839 (dual CAR T co-targeting CD19 and CD38) in models of rheumatoid arthritis, presented at ACR Convergence 2026 — New preclinical data show FT839 eliminates a broad spectrum of activated immune cells in models of rheumatoid arthritis supporting immune cell reset in multicellular disease

· FT839 is a dual-CAR T cell co-targeting CD19 and CD38 for broad elimination of activated immune cells

· COMPLETE Phase 1/2 basket trial is open for enrollment

Safety: not disclosed

Figures auto-extracted, pending review.

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 11 - Dec 23 in 12 mo	FT819	Phase 1	Antineutrophilic Cytoplasmic Antibody (ANCA)- Associated Vasculitis (A; Idiopathic Inflammatory Myositis (IIM); Systemic Sclerosis (SSc)	—
Feb 12 - Mar 25 in 15 mo	FT836	Phase 1	Non-Small Cell Lung Cancer; Colorectal Cancer; Breast Cancer	—
Nov 12 - Dec 24 in 24 mo	FT839	Phase 1/2	ANCA-Associated Vasculitis (AAV); Idiopathic Inflammatory Myositis (IIM); Rheumatoid Arthritis (RA)	—
Jun 12 - Jul 24 in 31 mo	FT825	Phase 1	Advanced Solid Tumor	—
Aug 12 - Sep 23 in 34 mo	FT819	Phase 2	Lupus Nephritis; Systemic Lupus Erythematosus; SLE - Systemic Lupus Erythematosus	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

FT819

Phase 1 · Active Modality: cell therapy (off-the-shelf iPSC-derived CAR T-cell)

Target CD19

Partnerships $7.9M CIRM award (Feb 2024) supporting the Phase 1 study in SLE (award period Apr 2024-Mar 2028).

Indications

Systemic lupus erythematosus (moderate-to-severe), with and without lupus nephritis (Phase 1)
Systemic sclerosis (SSc) (Phase 1)
ANCA-associated vasculitis (AAV) (Phase 1)
Idiopathic inflammatory myositis (IIM) (Phase 1)

Status note Off-the-shelf, iPSC-derived, CD19-targeted CAR T-cell product candidate designed to deplete disease-causing B cells in B cell-mediated autoimmune diseases. Multi-center Phase 1 in moderate-to-severe SLE (U.S., U.K., EU); dose-escalation at 900M cells completed in SLE, dose-expansion cohorts initiated in SSc, AAV and IIM (first SSc patient treated Oct 2025). FDA Regenerative Medicine Advanced Therapy (RMAT) designation for moderate-to-severe SLE (Apr 2025); company plans a Phase 2 registration-enabling protocol in lupus nephritis then extrarenal lupus, advancing toward BLA over the next several years.

FT522

Stage not disclosed · Active Modality: cell therapy (off-the-shelf iPSC-derived CAR NK cell)

Target CD19

Indications

B cell-mediated autoimmune diseases (Stage not disclosed)

Status note Off-the-shelf, CD19-targeted CAR NK cell candidate incorporating high-affinity non-cleavable CD16 (hnCD16) Fc receptor and Alloimmune Defense Receptor (ADR) technology designed to reduce the need for intense conditioning chemotherapy. FDA IND allowed Oct 2024 for B cell-mediated autoimmune diseases; company evaluating opportunities and timelines for clinical development, including potential combination with CD20/CD38 antibodies without conditioning chemotherapy.

FT825

Phase 1 · Active Modality: cell therapy (off-the-shelf iPSC-derived multiplexed-engineered CAR T-cell)

Target HER2

Partnerships In clinical collaboration with Ono Pharmaceutical (R&D collaboration for off-the-shelf multiplexed-engineered iPSC-derived CAR T/NK candidates for solid tumors).

Indications

Solid tumors (Phase 1)

Status note First multiplexed-engineered CAR T-cell candidate for solid tumors, incorporating seven novel synthetic controls including a cancer-selective HER2 binding domain (preferentially recognizes tumor-associated HER2 variants), synthetic CXCR2 receptor for tumor trafficking, synthetic TGFβ receptor to resist immunosuppression, and hnCD16. Phase 1 investigation ongoing.

FT836

Preclinical · Active Modality: cell therapy (off-the-shelf iPSC-derived CAR T-cell)

Target MICA/MICB

Partnerships $4.0M CIRM award (Jan 2025) supporting preclinical and IND-enabling activities (award period May-Oct 2025).

Indications

Cancer (pan-tumor strategy) (Stage not disclosed)

Status note Off-the-shelf CAR T-cell candidate targeting MICA/MICB stress proteins via a shedding-resistant domain as a pan-tumor strategy; incorporates 9 edits including hnCD16 for ADCC and Sword & Shield/ADR technology designed to reduce the need for conditioning chemotherapy.

FT839

Preclinical · Active Modality: cell therapy (off-the-shelf iPSC-derived CAR T-cell)

Target CD19 / CD38

Indications

Autoimmune diseases and hematological malignancies (Stage not disclosed)

Status note Next-generation CAR T program expressing two distinct CARs targeting CD19 and CD38, incorporating 13 edits including CD3 Fusion Receptor, hnCD16, and Sword & Shield technology. Described as a preclinical program; no clinical trial disclosed in the excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	FT839
Lead indication	ANCA-Associated Vasculitis (AAV)
Lead phase	Phase 2
Active trials	6
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07570862	Phase 2	Recruiting	Sponsor	Fate Therapeutics	—	Lupus Nephritis; Systemic Lupus Erythematosus; SLE - Systemic Lupus Erythematosus	—
NCT07800871	Phase 1/2	Recruiting	Sponsor	Fate Therapeutics	—	ANCA-Associated Vasculitis (AAV); Idiopathic Inflammatory Myositis (IIM); Rheumatoid Arthritis (RA)	—
NCT06308978	Phase 1	Recruiting	Sponsor	Fate Therapeutics	—	Antineutrophilic Cytoplasmic Antibody (ANCA)- Associated Vasculitis (A; Idiopathic Inflammatory Myositis (IIM); Systemic Sclerosis (SSc)	—
NCT07216105	Phase 1	Recruiting	Sponsor	Fate Therapeutics	—	Non-Small Cell Lung Cancer; Colorectal Cancer; Breast Cancer	—
NCT06241456	Phase 1	Recruiting	Sponsor	Fate Therapeutics	—	Advanced Solid Tumor	—
NCT04629729	Phase 1	Active, not recruiting	Sponsor	Fate Therapeutics	—	Lymphoma, B-Cell; Chronic Lymphocytic Leukemia; Precursor B-Cell Acute Lymphoblastic Leukemia	—
NCT07560865	Phase 1	Recruiting	Collaborator	Masonic Cancer Center, University of Minnesota	—	Astrocytoma; Glioblastoma; Progressive Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Fate Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
DAFNA Capital	525,000	-25,000	0.27%	2026-08-14
Tang Capital Partners	0	-1,167,773	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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FATE — Fate Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

FATE — Fate Therapeutics Inc.