Fate Therapeutics (FATE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Fate Therapeutics

NasdaqGM•Healthcare•Biotechnology

$2.48+0.06(0.02%)Market closed

Market Cap

$300.99M

P/S

46.4x

P/B

2.0x

Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders in the United States and internationally. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT836 which is in preclinical stage for multiple tumor types; and FT522, to treat B-cell Lymphoma and autoimmunity. Its CAR T-cell programs include FT819 to treat systemic lupus erythematosus, FT839, to treat complex autoimmune diseases; and FT825 to treat solid tumors. It has a collaboration and option agreement with Ono Pharmaceutical Co. Ltd. for the development and commercialization of off-the-shelf, iPSC-derived CAR T-cell product candidates for the treatment of solid tumors. The company was incorporated in 2007 and is headquartered in San Diego, California.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (7/25).

Profitability11/25

Growth7/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality8/25

Strengths

Interest easily coveredProfit converts from growthNet cash positionImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 46.4x5y range 2.0x – 110.5x

Currently above its 20-quarter median.

P/B · 2.0x5y range 0.3x – 8.5x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $300.99M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $6.49M
Q. Revenue: $2.08M
TTM EBITDA: $-122.02M
TTM Op. Income: $-133.59M
Q. Op. Income: $-31.13M
TTM Net Income: $-126.00M
Q. Net Income: $-30.16M
EPS: $-0.25
Shares Out.: $120.40M

$6.49M in TTM revenue declined 23.4% YoY, reaching $2.08M last quarter. TTM EBITDA of $-122.02M and TTM operating income of $-133.59M show growth is flowing through to the bottom line. However, net income is negative at $126.00M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 23% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -1221.7%
Op. Margin: -1495.4%
Net Margin: -1448.6%

Op. margin of -1495.4% is up 443.2% YoY — cost efficiency is improving. Net margin at -1448.6% Over the past year, operating margin is up 23% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 46.4x
P/B Ratio: 2.0x

P/S of 46.4x and P/B of 2.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $260.10M
Cash: $32.43M
Long-Term Debt: N/A
Book Value: $153.44M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-23.43M
TTM Free Cash Flow: $-105.66M
FCF Margin: -1627.8%
FCF / Net Income: 0.8

TTM FCF of $-105.66M on $-23.43M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.