Value Investor
Start free

Fate Therapeutics

FATE on Nasdaq. Fate Therapeutics sells cell therapies made from engineered stem cells to patients. Market value $291m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-38.5%low

For every $100 of what the whole company costs, it produced $-38.51 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.29 a share, 141% above its 1-year low

Over the past year the price has ranged from $0.95 to $3.23.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.2
-0.3
-0.1
n/a
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$56m$96m$64m$14m$7m
Operating margin
-388.6%-320.2%-299.9%-1542.6%-2222.4%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.10bn0.10bn0.11bn0.12bn0.12bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 26.7% a year
  • Buying back its own sharesNo, 23% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2 million last quarter, about the same as a year ago.
  • A loss of $30 million, compared with a loss of $34 million a year ago.
  • It loses 2058 cents on each $1 of sales, compared with 2271 cents a year earlier.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3m
December 2024$2m
March 2025$2m
June 2025$2m
September 2025$2m
December 2025$1m
March 2026$1m
June 2026$2m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$48m
December 2024-$52m
March 2025-$38m
June 2025-$34m
September 2025-$32m
December 2025-$32m
March 2026-$31m
June 2026-$30m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 155 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $322,811.

  • TAHL CINDY
    See Remarks
    Sold
    Date
    4 August 2026
    Shares
    38,800
    Price
    $2.46
    Value
    $95,405
  • Valamehr Bahram
    President and CEO, Director
    Sold
    Date
    4 August 2026
    Shares
    43,947
    Price
    $2.46
    Value
    $108,101
  • TAHL CINDY
    See Remarks
    Sold
    Date
    20 May 2026
    Shares
    25,590
    Price
    $1.88
    Value
    $48,109
  • Valamehr Bahram
    President and CEO, Director
    Sold
    Date
    20 May 2026
    Shares
    28,946
    Price
    $1.88
    Value
    $54,418
  • TAHL CINDY
    See Remarks
    Sold
    Date
    9 January 2026
    Shares
    10,589
    Price
    $1.06
    Value
    $11,224
  • Valamehr Bahram
    President and CEO, Director
    Sold
    Date
    9 January 2026
    Shares
    5,190
    Price
    $1.07
    Value
    $5,553

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 13 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 26.7% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.