Fate Therapeutics (FATE) Misses Q3 EPS by 2c

Fate Therapeutics (NASDAQ: FATE) reported Q3 EPS of ($0.40), $0.02 worse than the analyst estimate of ($0.38). Revenue for the quarter came in at $2.43 million versus the consensus estimate of $1.79 million.

• First Patients Treated with FT516, an Off-the-Shelf NK Cell Cancer Immunotherapy for AML and for B-cell Lymphoma in Combination with Rituximab
• Received FDA Clearance of IND Application for FT596, an Off-the-Shelf, Multi-Antigen Targeted CAR NK Cell Product Candidate
• Opened State-of-the-art cGMP Facility Dedicated to Manufacturing iPSC-derived Cell Therapies
• $303 Million in Cash & Short-term Investments as of September 30, 2019 following Completion of $173 Million Common Stock Offering

“We achieved several significant clinical milestones over the past three months including treating the first patients with FT516, the first-ever engineered iPSC-derived cellular immunotherapy, and securing FDA clearance to initiate clinical investigation of FT596, the first-ever cellular immunotherapy engineered to express three active anti-tumor modalities. We also successfully opened our new cGMP facility specifically designed to enable consistent, large-scale, and cost-effective manufacture of allogeneic NK cell and CAR-T cell products using clonal master iPSC lines as a starting cell source,” said Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. “We look forward to the ASH annual meeting in December, where we have had six abstracts accepted and will be sharing our first-in-human insights into the clinical safety and tolerability of FT500, the first-ever iPSC-derived cell therapy to be administered off-the-shelf in multiple doses over multiple cycles. With the completion of our recent common stock offering in September, we are well-positioned to generate clinical data across our iPSC-derived, cell-based cancer immunotherapy pipeline in 2020.”

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

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