Revenue: As of FY2026 Q2, the actual value is USD 2.082 M, beating the estimate of USD 1.274 M.

EPS: As of FY2026 Q2, the actual value is USD -0.25, beating the estimate of USD -0.2682.

EBIT: As of FY2026 Q2, the actual value is USD -31.13 M.

Cash & Investment Position

As of June 30, 2026, Fate Therapeutics, Inc. reported total cash, cash equivalents, and investments of $153.8 million, which represents a quarterly decrease of $21 million. Cash and cash equivalents were $32,429 thousand, and short-term investments amounted to $121,341 thousand on this date. This is a decrease from December 31, 2025, when cash and cash equivalents were $46,628 thousand and short-term investments were $157,029 thousand. Total current assets as of June 30, 2026, were $157,953 thousand, a reduction from $208,704 thousand as of December 31, 2025.

Collaboration Revenue

Collaboration revenue for the second quarter of 2026 increased to $2,082 thousand from $1,907 thousand in the second quarter of 2025. For the six months ended June 30, 2026, collaboration revenue was $3,381 thousand, a decrease from $3,536 thousand for the same period in 2025. This revenue was derived from preclinical development activities under the company’s collaboration with Ono Pharmaceutical.

Total Operating Expenses

Total operating expenses for the second quarter of 2026 were $33,216 thousand, a reduction from $38,875 thousand in the second quarter of 2025. This included research and development (R&D) expenses of $24,387 thousand and general and administrative (G&A) expenses of $8,829 thousand. For the six months ended June 30, 2026, total operating expenses decreased by $14.3 million to $67,515 thousand, compared to $81,784 thousand for the same period in 2025. R&D expenses for the six-month period decreased by $7.5 million (13%) to $49,090 thousand, and G&A expenses decreased by $6.8 million (27%) to $18,425 thousand compared to the prior year. Non-cash stock-based compensation expense for the second quarter of 2026 was $3.5 million.

Loss from Operations

Loss from operations for the second quarter of 2026 was - $31,134 thousand, an improvement from - $36,968 thousand for the second quarter of 2025. For the six months ended June 30, 2026, the loss from operations was - $64,134 thousand, an improvement compared to - $78,248 thousand for the same period in 2025.

Other Income (Expense), Net

Interest income for the second quarter of 2026 was $1,555 thousand, down from $2,921 thousand in the second quarter of 2025. The change in fair value of stock price appreciation milestones was - $580 thousand in Q2 2026, compared to - $73 thousand in Q2 2025. Total other income, net, for Q2 2026 was $975 thousand, decreasing from $2,898 thousand in Q2 2025. For the six months ended June 30, 2026, interest income was $3,422 thousand, and the change in fair value of stock price appreciation milestones was - $660 thousand, resulting in total other income, net, of $2,762 thousand for the period.

Net Loss

Net loss for the second quarter of 2026 was - $30,159 thousand, or - $0.25 per share, an improvement from - $34,070 thousand, or - $0.29 per share, for the second quarter of 2025. For the six months ended June 30, 2026, net loss was - $61,372 thousand, or - $0.51 per share, compared to - $71,691 thousand, or - $0.61 per share, for the same period in 2025.

Comprehensive Loss

Comprehensive loss for the second quarter of 2026 was - $30,199 thousand, compared to - $34,199 thousand for the second quarter of 2025. For the six months ended June 30, 2026, comprehensive loss was - $61,605 thousand, compared to - $71,897 thousand for the same period in 2025. This includes an unrealized loss on available-for-sale securities, net, of - $40 thousand in Q2 2026 and - $233 thousand year-to-date 2026.

Shares Outstanding

As of June 30, 2026, Fate Therapeutics, Inc. had 116.7 million common shares outstanding, 3.9 million pre-funded warrants outstanding, and 2.8 million preferred shares outstanding. Each preferred share is convertible into five common shares.

Outlook / Guidance

Fate Therapeutics, Inc. anticipates its operating runway will extend into 2028, supported by enhancements to the organization’s expense structure and its $153.8 million in cash, cash equivalents, and investments as of June 30, 2026. The company plans to complete enrollment for the RECLAIM-LN trial in the first half of 2028. Additionally, Fate Therapeutics, Inc. expects to provide the next clinical update on FT836 in the first half of 2027.