Fate Therapeutics, Inc. reported a net loss of $186.2 million for the fiscal year ended December 31, 2024, compared to a net loss of $160.9 million in 2023. Collaboration revenue decreased significantly to $13.6 million in 2024 from $63.5 million in 2023, primarily due to the termination of a collaboration agreement with Janssen Biotech, Inc. in April 2023. Research and development expenses decreased by $37.6 million to $135.0 million in 2024, while general and administrative expenses decreased by $7.3 million to $74.2 million. The company recorded a $14.7 million impairment loss on long-lived assets in 2024.
Significant changes in financial performance were driven by the Janssen collaboration termination and a decrease in research and development spending. The company's collaboration revenue with Ono Pharmaceutical Co., Ltd. increased slightly year-over-year, reaching $13.6 million in 2024 compared to $11.2 million in 2023. A $5 million clinical development milestone was achieved for Candidate 2 under the Ono agreement during 2024. The company also received $5.1 million in disbursements from the California Institute for Regenerative Medicine (CIRM) during 2024 to support clinical investigation of FT819.
During the year, Fate Therapeutics discontinued several NK cell programs (FT516, FT596, FT538, and FT536) to focus resources on other programs. The company also submitted an amended clinical protocol to the FDA to include three additional B cell-mediated autoimmune diseases (AAV, IMM, and SSc) in the ongoing Phase 1 clinical trial of FT819. In addition, the FDA allowed an IND application to initiate clinical development of FT522, a CD19-targeted CAR NK cell product candidate, for the treatment of certain B cell-mediated autoimmune diseases. The company also presented initial clinical data from a Phase 1 trial of FT825, a CAR T-cell product candidate for the treatment of advanced solid tumors, developed in collaboration with Ono Pharmaceutical.
As of December 31, 2024, Fate Therapeutics employed 181 full-time employees. The company's workforce comprised 56% women and 56% ethnic or racial minorities. The company's cash, cash equivalents, and investments totaled $306.7 million as of December 31, 2024. The company anticipates continuing to incur significant losses for the foreseeable future and plans to fund operations through various means, including equity and debt financings and collaborations. The company's outlook includes continued clinical development of its product candidates and pursuit of regulatory approvals. The company also noted several ongoing legal proceedings, including a securities class action lawsuit and derivative litigation.
About FATE THERAPEUTICS INC
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