Revenue: As of FY2025, the actual value is USD 6.646 M, beating the estimate of USD 6.462 M.EPS: As of FY2025, the actual value is USD -1.15, missing the estimate of USD -1.1482.EBIT: As of FY2025, the actual value is USD -158.76 M.<h3>Collaboration Revenue</h3>Fate Therapeutics, Inc. has not generated revenues from therapeutic product sales or royalties to date, with revenues primarily derived from collaboration agreements and government grants . Collaboration revenue decreased to $6.6 million for the year ended December 31, 2025, from $13.6 million for the year ended December 31, 2024, mainly due to the recognition of a $5.0 million clinical development milestone in 2024 . As of December 31, 2025, aggregate deferred revenue related to the Ono Arrangement was $0.4 million .<h3>Operating Expenses</h3><ul><li>Research and Development Expenses: These expenses decreased to $107.8 million for the year ended December 31, 2025, from $135.0 million for the year ended December 31, 2024 . This reduction was driven by a - $9.5 million decrease in employee stock-based compensation, a - $6.0 million decrease in depreciation expense, a - $5.0 million decrease in third-party professional consultant expense, a - $4.1 million decrease in laboratory materials and supplies expenses, and a - $1.1 million decrease in sub-licensing fees .</li><li>General and Administrative Expenses: These expenses decreased to $46.5 million for the year ended December 31, 2025, from $74.2 million for the year ended December 31, 2024 . This was primarily due to a - $20.0 million decrease in patent and legal expense and a - $7.1 million decrease in employee stock-based compensation expense .</li><li>Impairment Loss: No impairment loss was recorded for the year ended December 31, 2025, compared to a - $14.7 million impairment loss in 2024 .</li></ul><h3>Net Loss</h3>Fate Therapeutics, Inc. reported a net loss of - $136.3 million for the year ended December 31, 2025, an improvement from a net loss of - $186.3 million for the year ended December 31, 2024 . The accumulated deficit as of December 31, 2025, was - $1.5 billion .<h3>Other Income</h3>Total other income was $11.4 million for the year ended December 31, 2025, a decrease from $24.0 million in 2024 . In 2025, this primarily included $11.1 million in interest income . In 2024, other income included proceeds from a settlement agreement, $0.8 million from a decrease in the fair value of stock price appreciation milestones, and $17.3 million in interest income .<h3>Cash Flow</h3><ul><li>Net cash used in operating activities: This was - $106.1 million for 2025, compared to - $122.9 million for 2024 . The 2025 figure included a net loss of - $136.3 million, adjusted for non-cash items such as $24.9 million in stock-based compensation and $12.9 million in depreciation and amortization .</li><li>Net cash provided by investing activities: This was $111.2 million for 2025, compared to $12.2 million for 2024 . This increase was mainly driven by $311.9 million in maturities of investments, partially offset by $195.1 million in investment purchases in 2025 .</li><li>Net cash provided by financing activities: This was $5.5 million for 2025, primarily from proceeds from CIRM awards, a decrease from $99.9 million in 2024, which included proceeds from a public offering of common stock and pre-funded warrants .</li></ul><h3>Liquidity and Capital Resources</h3>As of December 31, 2025, Fate Therapeutics, Inc. had aggregate cash, cash equivalents, and investments of $205.1 million . The company anticipates further operating losses and will seek additional funding through equity or debt financings or collaboration arrangements, as future capital requirements will depend on factors like clinical trial progress and manufacturing activities .<h3>Outlook / Guidance</h3>Fate Therapeutics, Inc. expects to continue incurring significant operating losses for the foreseeable future due to funding ongoing and planned clinical trials, preclinical development, and research activities . The company does not anticipate generating meaningful revenues from product sales or royalties until regulatory approval for its product candidates is obtained, which is expected to take several years . Fate Therapeutics, Inc. believes it has sufficient funding to operate for at least twelve months from the date of issuance of the financial statements .

Fate Therap | 10-K: FY2025 Revenue Beats Estimate at USD 6.646 M