The following is a summary of the Fate Therapeutics, Inc. (FATE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Fate Therapeutics reported a Q1 revenue of $1.9 million, primarily from the collaboration with Ono Pharmaceutical.
Ended Q1 with around $391 million in cash, cash equivalents, and investments.
Net loss for the quarter was $48 million or $0.47 per share.
Operating expenses are projected to be between $215 million and $230 million for the full year.
GAAP operating expenses and cash burn remained consistent with a slight increase expected in cash burn.
Business Progress:
Promising progress with FT819 and FT522 treatments for B cell-mediated diseases and cancer.
Phase I study of FT819 has begun with positive initial signs.
FT825 has entered patient trials, backed by Ono Pharmaceutical.
Target to achieve five clinical milestones across iPSC product pipeline in H2 2024.
Plans to file an IND for FT522 to expand into the autoimmune field.
Considering a shift away from intense conditioning chemotherapy for autoimmunity development.
FT819 shows effective homing, trafficking, and tissue infiltration in manufacturing.
Company is progressing with their clinical programs with an expected shift in business mix through the year due to increased investment in clinical programs.
More details: Fate Therapeutics IR
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