FATE's near-term price action will be driven by enrollment updates for RECLAIM-LN and initial dosing data from the FT839 COMPLETE trial, not quarterly financials. Monitor for patient enrollment acceleration and any early efficacy signals from the FT839 Phase 1/2 basket study, which could be a major catalyst in H2 2026.
Price Chart
Executive Summary
Fate Therapeutics reported Q2 2026 results with a net loss of $0.25 per share, slightly beating the consensus estimate of -$0.26. The pre-revenue biotech's key catalysts are clinical milestones: first patient dosed in the potentially registrational RECLAIM-LN trial for FT819 in lupus nephritis, and FDA clearance of the FT839 IND for a Phase 1/2 autoimmune basket trial. Cash burn of $21M in the quarter leaves a runway into 2028, but with no revenue growth or path to profitability, the stock's direction hinges entirely on clinical execution and regulatory updates rather than financial performance.
Key Financial Metrics
Key Facts
- First patient dosed in RECLAIM-LN, a Phase 2 potentially registrational trial of FT819 in lupus nephritis; patient treated as outpatient with same-day discharge.
- FDA cleared IND for FT839, a next-generation dual CD19/CD38 CAR T-cell product candidate, advancing into a Phase 1/2 basket trial in autoimmune disease.
- Cash, cash equivalents, and investments were $153.8M as of June 30, 2026, a quarterly decrease of $21M; cash runway expected into 2028.
- Net loss was $30.2M ($0.25 per share) for Q2 2026, compared to $34.1M ($0.29 per share) in Q2 2025.
- Revenue was $2.1M for Q2 2026, derived from the Ono Pharmaceutical collaboration, compared to $1.9M in Q2 2025.
- Preliminary FT819 data in systemic sclerosis (SSc) showed rCRISS25 or greater responses and improvement in mRSS in all four treated patients.
Financial Impact
Quarterly net loss of $30.2M; cash burn of $21M; no revenue growth trajectory. Financials are secondary to clinical catalysts for this pre-revenue biotech.
Risk Factors
- Clinical trial failure or slower-than-expected enrollment in RECLAIM-LN or FT839 trials.
- Cash runway into 2028 depends on expense discipline; any unexpected cost overruns could necessitate dilutive financing.
- Competitive landscape for off-the-shelf CAR T-cell therapies in autoimmune diseases is rapidly evolving.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-347984 |
| Document: fate-20260813.htm | 0001193125-26-347984 |
| Document: 0001193125-26-347984-index-headers.html | 0001193125-26-347984 |
| Document: 0001193125-26-347984-index.html | 0001193125-26-347984 |
| Document: 0001193125-26-347984.txt | 0001193125-26-347984 |
| 8-K Data (Synthetic) | 0001193125-26-347984 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Press Release | $2.57 $2.34 | ▼ −8.95% | ▼ −6.96% | $2.30 (−10.70%) |
Aug 13, 2026 7w ago | 8-K | $2.52 $2.31 | ▼ −8.33% | ▼ −6.59% | $2.30 (−8.93%) |
Aug 5, 2026 8w ago | Insider Cluster | $2.49 $2.42 | ▲ +2.81% | ▲ +3.41% | $2.30 (+7.83%) |
Jun 11, 2026 16w ago | Institutional Cluster | $1.97 $3.11 | ▼ −57.87% | ▼ −55.98% | $2.30 (−16.50%) |
Jun 4, 2026 17w ago | 8-K | $1.98 $2.99 | ▲ +51.01% | ▲ +49.15% | $2.30 (+15.91%) |
Jun 1, 2026 17w ago | Press Release | $2.74 $2.70 | ▼ −1.46% | ▼ −0.16% | $2.30 (−16.24%) |
May 13, 2026 20w ago | 8-K | $2.14 $1.97 | ▼ −7.94% | ▼ −7.33% | $2.30 (+7.24%) |
May 11, 2026 20w ago | Press Release | $2.18 $1.90 | ▼ −12.84% | ▼ −12.54% | $2.30 (+5.28%) |
Apr 24, 2026 22w ago | DEFA14A | $1.31 $2.15 | ▲ +64.12% | ▲ +59.17% | $2.30 (+75.19%) |
US Market Status
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