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SAN DIEGO - Fate Therapeutics, Inc. (NASDAQ:FATE) saw its shares jump 5.3% after the clinical-stage biopharmaceutical company reported fourth quarter 2024 financial results that beat revenue expectations.
The company posted revenue of $1.86 million for the quarter, surpassing the analyst consensus estimate of $1.58 million. Adjusted earnings per share came in at -$0.44, in line with Wall Street forecasts.
Fate Therapeutics said its revenue was derived from preclinical development activities for a second collaboration candidate targeting an undisclosed solid tumor antigen under its partnership with Ono Pharmaceutical (TADAWUL:2070).
The company ended the quarter with $306.7 million in cash, cash equivalents and investments, which it projects will fund operations through the end of 2026.
"We begin 2025 with resolve and focus to advance our lead clinical programs in autoimmunity and oncology," said Bob Valamehr, President and CEO of Fate Therapeutics. He added that the company looks forward to providing clinical and regulatory updates as it advances its FT819 off-the-shelf CAR T-cell product candidate in systemic lupus erythematosus (SLE).
Fate Therapeutics highlighted progress with its FT819 program, including initiating dose expansion in SLE using a fludarabine-free conditioning regimen. The company also treated its first patient with FT819 as an add-on to maintenance therapy without conditioning chemotherapy in SLE.
Additionally, Fate completed a Type D meeting with the FDA that will allow for clinical investigation of FT819 in additional B cell-mediated autoimmune diseases beyond SLE.
The company’s shares rose 5.3% following the earnings release, suggesting investors reacted positively to the revenue beat and clinical progress updates.
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