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Dec 31, 2022
Fate Therapeutics Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2022.
Key Takeaways
Fate Therapeutics reported revenue of $44.4 million for Q4 2022, derived from collaborations with Janssen and ONO. The company ended the year with approximately $475 million in cash, cash equivalents, and receivables. They are focusing on advancing innovative programs and reducing expenses to achieve key clinical milestones.
Initiated multi-dose treatment cohorts in FT576 Phase 1 study for multiple myeloma, with interim data showing objective responses and selective depletion of activated host immune cells from single-dose cohorts.
Planned mid-2023 IND submission for FT522 NK cell program in B-cell lymphoma, with intent to expand clinical investigation to include severe autoimmune disorders.
Continued FT819 Phase 1 study of iPSC-derived CAR T-cell therapy, with interim data showing a favorable safety profile and complete responses in large B-cell lymphoma.
Planned 2023 IND submission for FT825/ONO-8250 CAR T-cell product candidate for solid tumors under Ono collaboration.
Fate Therapeutics
Fate Therapeutics
Forward Guidance
Fate Therapeutics plans to advance its most innovative programs, submit IND applications for FT522 and FT825/ONO-8250, and wind down collaboration activities with Janssen.
Positive Outlook
- Advancing FT576 into multi-dose treatment cohorts for multiple myeloma.
- Planning IND submission for FT522 in mid-2023 for B-cell lymphoma and autoimmune disorders.
- Continuing dose escalation in FT819 Phase 1 study for B-cell malignancies.
- Planning IND submission for FT825/ONO-8250 in 2023 for solid tumors.
- Expecting to receive milestone payments under the Janssen collaboration agreement.
Challenges Ahead
- Termination of Janssen collaboration agreement.
- Discontinuing development of FT516, FT596, FT538, and FT536 NK cell programs.
- Reducing workforce in the first quarter of 2023.
- Expecting to incur charges for severance and other employee termination-related costs.
- Winding down all collaboration activities with Janssen.