Fate Therapeutics (FATE) Misses Q1 EPS by 5c

Fate Therapeutics (NASDAQ: FATE) reported Q1 EPS of ($0.44), $0.05 worse than the analyst estimate of ($0.39). Revenue for the quarter came in at $2.52 million versus the consensus estimate of $1.8 million.

“We are encouraged by the resilience of our employees, our clinical trial investigators and participating patients, and our collaboration partners in the face of the challenge posed by the global pandemic. Like others, we have been affected by COVID-19, which has impacted clinical site initiation, slowed the cadence of new patient enrollment, and changed how we conduct our day-to-day business,” said Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. “Nevertheless, we have continued to enroll patients across our three Phase 1 clinical programs, expanded the clinical footprint of our FT596 program into relapse prevention following autologous HSCT, and submitted our IND application to the FDA for FT538, the first-ever CRISPR-edited, iPSC-derived cell therapy, in multiple myeloma. Additionally, we entered into a transformative collaboration with Janssen that leverages our iPSC product platform and Janssen’s proprietary tumor-targeting antigen binders to develop novel CAR NK and CAR T-Cell product candidates for hematologic malignancies and solid tumors, supporting our fundamental goal of bringing off-the-shelf, iPSC-derived cell-based cancer immunotherapies to patients.”

For earnings history and earnings-related data on Fate Therapeutics (FATE) click here.

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