Fate Therapeutics Q3 net loss narrows as expenses fall

Overview

• U.S. cell therapy developer's Q3 net loss narrowed to $30.7 mln from $32.3 mln yr ago

• Operating expenses declined yr/yr, driven by lower R&D and G&A costs

• Company ended Q3 with $139.1 mln in cash and investments, cash runway to mid-2028

Outlook

• Company expects cash runway to extend to mid-2028 with CIRM grant support

• Fate Therapeutics continues enrollment for Phase 2 RECLAIM-LN trial in lupus nephritis

• Company expects to dose patients in COMPLETE trial for FT839 by year-end

Result Drivers

• OPERATING EXPENSE REDUCTION - Co attributed lower operating expenses to reduced R&D and G&A spending

• GRANT FUNDING - Co received $15 mln CIRM grant to support RECLAIM-LN clinical development

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Fate Therapeutics Inc is $4.00, about 91.4% above its November 4 closing price of $2.09

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)