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Mar 31, 2023
Fate Therapeutics Q1 2023 Earnings Report
Fate Therapeutics reported first quarter 2023 financial results and business updates, focusing on advancing clinical programs and strategic pipeline prioritization.
Key Takeaways
Fate Therapeutics reported a revenue of $59.0 million for Q1 2023, including $52.3 million from the termination of the Janssen collaboration and $6.7 million from the ONO collaboration. The company's cash, cash equivalents, and investments totaled $412.8 million, supporting operations into the second half of 2025. Strategic pipeline prioritization and corporate restructuring were completed during the quarter.
Dose escalation is ongoing in the Landmark Phase 1 study of FT819 CD19-targeted 1XX CAR T-cell program, with interim clinical data demonstrating a favorable safety profile and complete responses in aggressive large B-cell lymphoma.
FT576 BCMA-targeted CAR NK Cell Program is accruing patients in multi-dose escalation cohorts for multiple myeloma, with initial translational data supporting the potential of the combination regimen to induce a differentiated immune reconstitution profile and extend FT576 functional persistence.
Clinical initiation of FT522 ADR-armed, CD19-targeted CAR NK Cell Program for B-cell lymphoma is anticipated in 2H23, with preclinical studies ongoing to extend clinical reach to autoimmune diseases.
Corporate restructuring and strategic assessment of pipeline assets were completed, with $426 million in cash, cash equivalents, and receivables at the end of Q1 2023 supporting runway into 2H25.
Fate Therapeutics
Fate Therapeutics
Fate Therapeutics Revenue by Segment
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CapyFin.com Forward Guidance
Fate Therapeutics expects its cash, cash equivalents, and investments to exceed $300 million at year-end 2023 and GAAP operating expenses to be between $265 million to $285 million for the full year ending December 31, 2023.