Fate Therapeutics, Inc. (FATE) Stock

Fate Therapeutics, Inc. (FATE) is a Healthcare stock trading at $2.32 (as of 2026-08-21), with a market capitalization of $277.98M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Fate Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing programmed cellular immunotherapies, including NK- and T-cell approaches, for cancer and immune disorders. Its pipeline includes multiple product candidates targeting conditions such as acute myeloid leukemia, B-cell lymphoma, chronic lymphocytic leukemia, multiple myeloma, and other hematologic malignancies and solid tumors.

Understand Fate Therapeutics, Inc.: how it makes money

Fate Therapeutics develops programmed cellular immunotherapies for cancer and immune disorders, and it generates revenue from partner-related collaboration, milestone, and related activities with pharmaceutical companies such as Janssen and Ono.

Because Fate is clinical-stage, its near-term profit potential is driven less by product sales and more by whether partners fund or pay through collaboration revenue, milestone payments, and related wind-down and reimbursement items tied to its development programs.

Revenue by segment (latest quarter)
Partner collab	$0.0B

Business quality (Weak): Revenue is de minimis in the latest reported quarter, and the operating result is deeply negative, so investors must focus on program progress and partner-driven cash inflows rather than near-term operating performance.

Bull case

Partner-driven revenue exists: In the quarter ended 2026-03-31, Fate reported collaboration revenue from Janssen and Ono pharmaceutical partnerships (0.04B), plus additional partner-related items including wind-down activities (0.01B) and R&D expense reimbursement (0.01B).
Clinical signals are being tracked in multiple programs: Fate reports objective response patients for FT596 (10) and FT516 (8), indicating ongoing clinical measurement of response in development programs.

Bear case

Operating losses are very large: For the quarter ended 2026-03-31, operating margin was -2540.4.
Revenue is effectively zero on the reported scale: Reported revenue_b is 0.0 for 2026-03-31, even though some partner-related revenue items were recorded at small absolute levels.
Cash flow depends on development and partnerships: The revenue items provided are tied to collaborations, wind-down activities, R&D reimbursement, and milestones, so timing and eligibility for these payments depend on ongoing program progress and partner arrangements.

Valuation — source: SEC EDGAR (first-party)
Price	$2.32
Market Cap	$277.98M
Price / Book	1.81
Price / Sales	43.29
FCF Yield	-62.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.65M
Net Margin	-2051.1%
Revenue Growth (YoY)	-51.2%
EPS Growth (YoY)	-29.9%
FCF Growth (YoY)	-9.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	-6.14 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Redmile Group, LLC ($15.45M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Bahram Valamehr
Employees	181
Country	US
IPO Date	2013-10-01

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.