0001193125-25-279096 | 10-Q | XBRL Viewer

Segment Reporting (Additional Information) (Details)	9 Months Ended
Segment Reporting (Additional Information) (Details)	Sep. 30, 2025 Segment
Segment Reporting Information [Line Items]
Number Of Operating Segments	1
Segment Reporting Expense Information	The Company’s Chief Operating Decision Maker (the CODM), our Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by certain categories and makes decisions using this information.

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

9. Segment Reporting

The Company has one reportable segment relating to its operations. The segment derives its current revenues from research and development collaborations.

The Company’s Chief Operating Decision Maker (the CODM), our Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by certain categories and makes decisions using this information.

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Collaboration revenue	$	1,741		$	3,074		$	5,277		$	11,771
Less:
Personnel costs		10,997			10,420			33,383			33,378
Clinical programs		6,065			7,343			18,126			19,041
Research activities		1,100			4,596			5,406			11,125
Facilities costs		6,113			6,785			18,078			20,446
Other segment expenses (1)		12,201			26,307			43,267			76,309
Total operating expenses		36,476			55,451			118,260			160,299
Loss from operations		(34,735	)		(52,377	)		(112,983	)		(148,528	)
Other income (expense):
Interest income		2,575			4,438			8,832			13,414
Change in fair value of stock price appreciation milestones		(90	)		(13	)		117			149
Other income		—			274			93			856
Total other income		2,485			4,699			9,042			14,419
Net loss	$	(32,250	)	$	(47,678	)	$	(103,941	)	$	(134,109	)

(1) Other segment expenses include stock compensation expense, depreciation, legal fees, general & administrative expenses, and corporate expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 40,622	$ 36,056
Accounts receivable	682	3,539
Short-term investments	174,801	243,012
Prepaid expenses and other current assets	5,146	9,302
Total current assets	221,251	291,909
Long-term investments	10,305	27,657
Property and equipment, net	59,475	64,384
Operating lease right-of-use assets	42,413	46,508
Restricted cash	10,227	10,227
Other assets	0	9
Total assets	343,671	440,694
Current liabilities:
Accounts payable	3,504	9,365
Accrued expenses	17,571	21,348
CIRM award liability, current portion	2,280	0
Deferred revenue	5	393
Operating lease liabilities, current portion	4,751	7,416
Total current liabilities	28,111	38,522
CIRM award liability, net of current portion	6,590	5,070
Operating lease liabilities, net of current portion	74,494	77,849
Stock price appreciation milestones	410	527
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; authorized shares - 5,000,000 at September 30, 2025 and December 31, 2024; Class A Convertible Preferred shares issued and outstanding - 2,755,086 at September 30, 2025 and December 31, 2024	3	3
Common stock, $0.001 par value; authorized shares - 350,000,000 at September 30, 2025 and 250,000,000 at December 31, 2024; issued and outstanding - 115,336,697 at September 30, 2025 and 113,928,279 at December 31, 2024	115	114
Additional paid-in capital	1,735,730	1,716,335
Accumulated other comprehensive income	153	268
Accumulated deficit	(1,501,935)	(1,397,994)
Total stockholders’ equity	234,066	318,726
Total liabilities and stockholders’ equity	$ 343,671	$ 440,694

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	350,000,000	250,000,000
Common stock issued	115,336,697	113,928,279
Common stock, outstanding shares	115,336,697	113,928,279
Convertible Preferred Stock
Preferred stock, issued shares	2,755,086	2,755,086
Preferred stock, outstanding shares	2,755,086	2,755,086

Organization and Summary of Significant Accounting Policies - Schedule of Basic and diluted net loss per share attributable to stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net Income (Loss)	$ (32,250)	$ (34,070)	$ (37,621)	$ (47,678)	$ (38,427)	$ (48,004)	$ (103,941)	$ (134,109)
Denominator:
Weighted-average common shares outstanding	115,105,019			113,875,487			114,742,701	109,486,740
Weighted-average pre-funded warrants	3,893,674			3,893,674			3,893,674	2,818,690
Weighted-average common shares outstanding used to compute basic net loss per share	118,998,693			117,769,161			118,636,375	112,305,430
Weighted-average common shares outstanding used to compute diluted net loss per share	118,998,693			117,769,161			118,636,375	112,305,430
Net loss per share, basic and diluted
Net loss per share, basic	$ (0.27)			$ (0.4)			$ (0.88)	$ (1.19)
Net loss per share, diluted	$ (0.27)			$ (0.4)			$ (0.88)	$ (1.19)

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of stock price appreciation milestones	$ 90			$ 13			$ (117)	$ (149)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at the beginning of the period	320	$ 247	$ 527	1,184	$ 2,740	$ 1,346	527	1,346
Change in fair value of stock price appreciation milestones	90	73	(280)	13	(1,556)	1,394
Balance at the end of the period	$ 410	$ 320	$ 247	$ 1,197	$ 1,184	$ 2,740	$ 410	$ 1,197

Convertible Preferred Stock and Stockholders' Equity - Stock based compensation for all stock awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Convertible preferred stock
Total stock-based compensation expense	$ 4,861	$ 11,765	$ 19,396	$ 32,376
Research and Development
Convertible preferred stock
Total stock-based compensation expense	2,448	5,295	10,146	16,248
General and Administrative
Convertible preferred stock
Total stock-based compensation expense	$ 2,413	$ 6,470	$ 9,250	$ 16,128

California Institute for Regenerative Medicine Award

9 Months Ended

Sep. 30, 2025

Award From California Institute For Regenerative Medicine Abstract

California Institute for Regenerative Medicine Award

3. California Institute for Regenerative Medicine Awards

FT819 CIRM Award

In February 2024, the Company was awarded $7.9 million from the California Institute for Regenerative Medicine (CIRM) to support the conduct of the Company’s Phase 1 study of FT819 in patients with systemic lupus erythematosus and, in April 2024, the Company executed an award agreement with CIRM (the FT819 CIRM Award). Pursuant to the terms of the FT819 CIRM Award, the Company is eligible to receive five disbursements in varying amounts from CIRM, with one disbursement receivable upon the execution of the award and four disbursements receivable based upon the completion of certain development milestones throughout the period of the award, which is estimated to be from April 1, 2024 to March 31, 2028 (the Award Period). Under the FT819 CIRM Award, the Company has certain obligations of co-funding and is required to provide CIRM progress and financial update reports throughout the Award Period.

Following the conclusion of the Award Period, the Company, in its sole discretion, has the option to treat the FT819 CIRM Award either as a loan or as a grant. If the Company does not elect to treat the FT819 CIRM Award as a loan within 10 years of the award date, the award will be considered a grant and the Company will be obligated to pay CIRM, on a quarterly basis, a low single-digit royalty on commercial sales of FT819 until such aggregate royalty payments equal nine times the total amount awarded to the Company under the FT819 CIRM Award.

Since the Company may, at its election, repay some or all of the FT819 CIRM Award, the Company accounts for the award as a liability until the time of election. As of September 30, 2025, the Company has received two disbursements under the FT819 CIRM Award in the aggregate amount of $5.1 million, which is recorded as a liability on the accompanying consolidated balance sheets. As of September 30, 2025, the entire balance is classified as non-current as the Company does not expect any amount to be payable within the next 12 months.

FT836 CIRM Award

In January 2025, the Company was awarded $4.0 million from CIRM to support the conduct of preclinical and Investigational New Drug (IND)-enabling activities for FT836, and in May 2025, the Company executed an award agreement with CIRM (the FT836 CIRM Award). Pursuant to the terms of the FT836 CIRM Award, the Company is eligible to receive four disbursements in varying amounts from CIRM, with one disbursement receivable upon the execution of the award and three disbursements receivable based upon the completion of certain development milestones throughout the period of the award, which is estimated to be from May 1, 2025 to October 31, 2025 (the Award Period). Under the FT836 CIRM Award, the Company has certain obligations of co-funding and is required to provide CIRM progress and financial update reports throughout the Award Period.

Following the conclusion of the Award Period, the Company, in its sole discretion, has the option to treat the FT836 CIRM Award either as a loan or as a grant. If the Company does not elect to treat the FT836 CIRM Award as a loan within 10 years of the award date, the award will be considered a grant and the Company will be obligated to pay CIRM, on a quarterly basis, a low

single-digit royalty on commercial sales of FT836 until such aggregate royalty payments equal nine times the total amount awarded to the Company under the FT836 CIRM Award.

Since the Company may, at its election, repay some or all of the FT836 CIRM Award, the Company accounts for the award as a liability until the time of election. As of September 30, 2025, the Company has received three disbursements under the FT836 CIRM Award in the aggregate amount of $3.8 million. As of September 30, 2025, the total amount received is recorded as a CIRM liability in the consolidated balance sheets, with $2.3 million classified as current and the remaining $1.5 million as non-current, based on the portion expected to be payable within twelve months from the balance sheet date.

Investments (Details) - USD ($) $ in Millions	9 Months Ended
Investments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expenses And Other Assets
Schedule Of Available For Sale Securities [Line Items]
Accured Interest on investments	$ 1.4	$ 2.1
Treasuries, Non-U.S. Government Securities, Municipal Securities, Corporate Debt Securities and Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Short term investments, maturity start range	3 months
Short term investments, maturity end range	36 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Collaboration and License Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Collaboration And License Agreements Disclosure [Abstract]

Summary of all Possible Stock Price Appreciation Milestone Payments

The following table summarizes the common stock multiples and the stock price appreciation milestone payments under the terms of the Amended MSKCC License:


Common stock multiple	5.0x		10.0x		15.0x
Ten-trading day trailing average common stock price	$	50.18	$	100.36	$	150.54
Stock price appreciation milestone payment (in millions)	$	20.0	$	30.0	$	25.0

Organization and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Corporate Restructuring

In August 2025, the Company implemented a corporate restructuring to streamline operations, reduce operating expenses, and extend cash runway. In connection with the restructuring, the Company committed to a reduction in total workforce. Affected employees were informed on August 12, 2025. The Company incurred charges of $1.1 million during the three months ended September 30, 2025 for severance and other employee termination-related costs. As of September 30, 2025, all restructuring and related expenses have been fully recognized and paid by the Company.

Use of Estimates

The Company’s unaudited condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements relate to its stock price appreciation milestone obligations, contracts containing leases, and accrued expenses. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash in readily available operating accounts, money market accounts and money market funds. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows as of September 30, 2025 and 2024 (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	40,622	$	37,909
Restricted cash		10,227		10,227
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$	50,849	$	48,136

For each of the nine months ended September 30, 2025 and 2024, the restricted cash balance includes a cash-collateralized irrevocable standby letter of credit for $10.2 million associated with the Company’s facilities leases.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and following the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required can be condensed or omitted. The interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2024, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed by the Company with the SEC on March 5, 2025. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period.

Collaborative Arrangements

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement between the Company and its collaboration partner are within the scope of other accounting literature, including ASC Topic 606, Revenue from Contracts with Customers (ASC 606). If it is concluded that some or all aspects of the arrangement represent a transaction with a customer, the Company will account for those aspects of the arrangement within the scope of ASC 606.

ASC 808 provides guidance for the presentation and disclosure of transactions in collaborative arrangements, but it does not provide recognition or measurement guidance. Therefore, if the Company concludes a counterparty to a transaction is not a customer or otherwise not within the scope of ASC 606, the Company considers the guidance in other accounting literature as applicable or by analogy to account for such transaction. The classification of transactions under the Company’s arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants.

Revenue Recognition

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC 606.

For arrangements attributable to ASC 606, the Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service.

Leases

The Company determines if a contract contains a lease at the inception of the contract. The Company currently has leases related to its facilities leased for office and laboratory space, which are classified as operating leases. These leases result in operating right-of-use (ROU) assets, current operating lease liabilities, and non-current operating lease liabilities in the Company’s consolidated balance sheets. The Company does not have any financing leases. Leases with a term of 12 months or less are considered short-term and ROU assets and lease obligations are not recognized. Payments associated with short-term leases are expensed on a straight-line basis over the lease term.

Lease liabilities represent an obligation to make lease payments arising from the lease and ROU assets represent the right to use the underlying asset identified in the lease for the lease term. Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company

determines an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. ROU assets are measured as the present value of the lease payments and also include any prepaid lease payments made and any other indirect costs incurred, and exclude any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company aggregates all lease and non-lease components for each class of underlying assets into a single lease component.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee stock option and restricted stock unit grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis. Performance-based stock units/awards represent a right to receive a certain number of shares of the Company’s common stock based on the achievement of corporate performance goals and continued employment during the vesting period. At each reporting period, and to the extent achievement of one or any of the performance conditions is probable, the Company reassesses the probability of the achievement of such corporate performance goals and any increase or decrease in share-based compensation expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of adjustment. For stock awards for which vesting is subject to both performance-based milestones and market conditions, expense is recorded over the derived service period after the point when the achievement of the performance-based milestone is probable or the performance condition has been achieved.

The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, with the exception of option grants for which vesting is subject to both performance-based milestones and market conditions, which are valued using a lattice-based model. The fair value of restricted stock units, including performance-based restricted stock units, is based on the closing price of the Company’s common stock as reported on the Nasdaq Global Market on the date of grant. The Company recognizes forfeitures for all awards as such forfeitures occur.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non‑owner sources. Other comprehensive loss includes unrealized gains and losses on available-for-sale securities.

Net Loss per Common Share

Net Loss Per Common Share

Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. The pre-funded warrants associated with the January 2021 public equity offering and the private placement concurrent with the March 2024 public equity offering (see Note 8) are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price. Dilutive common stock equivalents comprise convertible preferred stock, warrants for the purchase of common stock, and common stock options and restricted stock units outstanding under the Company’s stock option plans. For all periods presented, there is no difference in the number of common shares used to calculate basic and diluted common shares outstanding due to the Company’s net loss position.

Basic and diluted net loss per share attributable to stockholders for the three and nine months ended September 30, 2025 and 2024 are calculated as follows (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(32,250	)	$	(47,678	)	$	(103,941	)	$	(134,109	)
Denominator:
Shares used to compute net loss per share, basic and diluted
Weighted-average common shares outstanding		115,105,019			113,875,487			114,742,701			109,486,740
Weighted-average pre-funded warrants		3,893,674			3,893,674			3,893,674			2,818,690
Weighted-average common shares outstanding used to compute basic and diluted net loss per share		118,998,693			117,769,161			118,636,375			112,305,430
Net loss per share, basic and diluted
Basic and diluted	$	(0.27	)	$	(0.40	)	$	(0.88	)	$	(1.19	)

The following weighted-average outstanding shares of potentially dilutive securities are excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:


	As of September 30,
	2025		2024
Convertible preferred stock		13,775,430		13,805,540
Outstanding options to purchase common stock		12,597,399		11,238,387
Outstanding restricted stock units		6,647,093		6,207,574
Total		33,019,922		31,251,501

Leases (Additional Information) (Details) $ in Thousands	9 Months Ended
Leases (Additional Information) (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Oct. 31, 2024 USD ($) ft²
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years
Tenant Improvements		$ 2,500
Future minimum payments under the operating leases	$ 122,378
Remaining weighted-average lease term	10 years 3 months 18 days
Operating lease liabilities, weighted-average discount rate	8.40%
Net Rentable Area \| ft²		72,000
Minimum
Lessee Lease Description [Line Items]
Future minimum payments under the operating leases	$ 122,400

Convertible Preferred Stock and Stockholders' Equity - Weighted average assumptions used in the Black-Scholes option pricing model (Details) - Employee And Non Employee Stock Option	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Weighted-average assumptions to determine fair value of stock options
Risk-free interest rate	4.40%	3.90%
Expected volatility	90.40%	87.10%
Expected term (in years)	6 years 2 months 12 days	6 years 4 months 24 days
Expected dividend yield	0.00%	0.00%

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current accrued expenses
Accrued payroll and other employee benefits	$ 7,395	$ 9,710
Accrued clinical trial related costs	6,319	5,279
Accrued other	3,857	6,359
Total current accrued expenses	$ 17,571	$ 21,348

Collaboration and License Agreements (Details 1) - Amended MSK License $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares
Milestone One
Collaboration agreement
Common stock multiple	5.0x
Ten-trading day trailing average common stock price \| $ / shares	$ 50.18
Stock price appreciation milestone payment (in millions) \| $	$ 20.0
Milestone Two
Collaboration agreement
Common stock multiple	10.0x
Ten-trading day trailing average common stock price \| $ / shares	$ 100.36
Stock price appreciation milestone payment (in millions) \| $	$ 30.0
Milestone Three
Collaboration agreement
Common stock multiple	15.0x
Ten-trading day trailing average common stock price \| $ / shares	$ 150.54
Stock price appreciation milestone payment (in millions) \| $	$ 25.0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (32,250)	$ (34,070)	$ (37,621)	$ (47,678)	$ (38,427)	$ (48,004)	$ (103,941)	$ (134,109)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Fate Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on April 27, 2007 and has its principal operations in San Diego, California. The Company is a clinical-stage biopharmaceutical company dedicated to bringing off-the-shelf, multiplexed-engineered, induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients.

As of September 30, 2025, the Company has devoted substantially all of its efforts to product development, raising capital and building infrastructure and has not generated any revenues from any sales of its therapeutic product candidates. To date, the Company’s revenues have been derived from collaboration agreements and government grants.

Corporate Restructuring

Use of Estimates

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Cash, Cash Equivalents and Restricted Cash


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	40,622	$	37,909
Restricted cash		10,227		10,227
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$	50,849	$	48,136

Unaudited Interim Financial Information

Collaborative Arrangements

Revenue Recognition

Leases

Stock-Based Compensation

Comprehensive Loss

Net Loss Per Common Share


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(32,250	)	$	(47,678	)	$	(103,941	)	$	(134,109	)
Denominator:
Shares used to compute net loss per share, basic and diluted
Weighted-average common shares outstanding		115,105,019			113,875,487			114,742,701			109,486,740
Weighted-average pre-funded warrants		3,893,674			3,893,674			3,893,674			2,818,690
Weighted-average common shares outstanding used to compute basic and diluted net loss per share		118,998,693			117,769,161			118,636,375			112,305,430
Net loss per share, basic and diluted
Basic and diluted	$	(0.27	)	$	(0.40	)	$	(0.88	)	$	(1.19	)


	As of September 30,
	2025		2024
Convertible preferred stock		13,775,430		13,805,540
Outstanding options to purchase common stock		12,597,399		11,238,387
Outstanding restricted stock units		6,647,093		6,207,574
Total		33,019,922		31,251,501

Organization and Summary of Significant Accounting Policies - Schedule of weighted-average outstanding shares of potentially dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	33,019,922	31,251,501
Common Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	12,597,399	11,238,387
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	6,647,093	6,207,574
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	13,775,430	13,805,540

Investments (Details 1) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Investments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Money market funds \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	1 or less	1 or less
Amortized Cost	$ 23,316	$ 29,491
Unrealized Losses	0	0
Unrealised Gains	0	0
Estimated Fair Value	$ 23,316	$ 29,491
U.S. Treasury debt securities \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	1 or less	1 or less
Amortized Cost	$ 41,672	$ 40,206
Unrealized Losses	0	(6)
Unrealised Gains	33	91
Estimated Fair Value	$ 41,705	$ 40,291
U.S. Treasury debt securities \| Non-current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)		Greater than 1
Amortized Cost		$ 9,752
Unrealized Losses		(9)
Unrealised Gains		2
Estimated Fair Value		$ 9,745
Non-U.S. government securities \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	1 or less	1 or less
Amortized Cost	$ 3,227	$ 2,994
Unrealized Losses	0	0
Unrealised Gains	3	1
Estimated Fair Value	$ 3,230	$ 2,995
Municipal securities \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)		1 or less
Amortized Cost		$ 2,490
Unrealized Losses		0
Unrealised Gains		2
Estimated Fair Value		$ 2,492
Corporate debt securities \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	1	1 or less
Amortized Cost	$ 101,309	$ 170,169
Unrealized Losses	(13)	(70)
Unrealised Gains	116	228
Estimated Fair Value	$ 101,412	$ 170,327
Corporate debt securities \| Non-current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	Greater than 1	Greater than 1
Amortized Cost	$ 10,301	$ 17,887
Unrealized Losses	0	(7)
Unrealised Gains	4	32
Estimated Fair Value	$ 10,305	$ 17,912
Commercial Paper \| Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity (in years)	1 or less	1 or less
Amortized Cost	$ 34,416	$ 26,903
Unrealized Losses	(3)	(10)
Unrealised Gains	13	14
Estimated Fair Value	34,426	26,907
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	203,940	272,253
Unrealized Losses	(16)	(86)
Unrealised Gains	165	336
Estimated Fair Value	204,089	272,503
Long-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,301	27,639
Unrealized Losses	0	(16)
Unrealised Gains	4	34
Estimated Fair Value	$ 10,305	$ 27,657

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of September 30, 2025
Financial assets:
Money market funds	$	23,316	$	23,316	$	—	$	—
U.S. Treasury debt securities		41,705		41,705		—		—
Non-US government securities		3,230		—		3,230		—
Corporate debt securities		111,717		—		111,717		—
Commercial paper		34,426		—		34,426		—
Total financial assets measured at fair value on a recurring basis	$	214,394	$	65,021	$	149,373	$	—

Financial liabilities:
Stock price appreciation milestones	$	410	$	—	$	—	$	410
Total financial liabilities measured at fair value on a recurring basis	$	410	$	—	$	—	$	410

As of December 31, 2024
Financial assets:
Money market funds	$	29,491	$	29,491	$	—	$	—
U.S. Treasury debt securities		50,036		50,036		—		—
Non-U.S. government securities		2,995		—		2,995		—
Municipal securities		2,492		—		2,492		—
Corporate debt securities		188,239		—		188,239		—
Commercial paper		26,907		—		26,907		—
Total assets measured at fair value on a recurring basis	$	300,160	$	79,527	$	220,633	$	—

Financial liabilities:
Stock price appreciation milestones	$	527	$	—	$	—	$	527
Total financial liabilities measured at fair value on a recurring basis	$	527	$	—	$	—	$	527

Summary of Changes in the Fair Value of the Company's Level 3 Enterprise Fair Value Milestone Payment Liability

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 30, 2025 (in thousands):


Balance at December 31, 2024	$	527
Changes in fair value of stock price appreciation milestones liability		(280	)
Balance at March 31, 2025	$	247
Changes in fair value of stock price appreciation milestones liability		73
Balance at June 30, 2025	$	320
Changes in fair value of stock price appreciation milestones liability		90
Balance at September 30, 2025	$	410

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 30, 2024 (in thousands):


Balance at December 31, 2023	$	1,346
Changes in fair value of stock price appreciation milestones liability		1,394
Balance at March 31, 2024	$	2,740
Changes in fair value of stock price appreciation milestones liability		(1,556	)
Balance at June 30, 2024	$	1,184
Changes in fair value of stock price appreciation milestones liability		13
Balance at September 30, 2024	$	1,197

Convertible Preferred Stock and Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Convertible Preferred Stock And Stockholders Deficit Disclosure [Abstract]

Convertible Preferred Stock and Stockholders’ Equity

8. Convertible Preferred Stock and Stockholders’ Equity

Convertible Preferred Stock

In November 2016, the Company completed a private placement of stock in which investors, including investors affiliated with the directors and officers of the Company, purchased convertible preferred stock and common stock of the Company (the November 2016 Placement). The Company issued 2,819,549 shares of Class A Convertible Preferred Stock, $0.001 par value per share (the Class A Preferred), at $13.30 per share, each of which is convertible into five shares of common stock upon certain conditions defined in the Certificate of Designation of Preferences, Rights and Limitations of the Class A Preferred filed with the Delaware Secretary of State on November 22, 2016 (the CoD). The Class A Preferred were purchased exclusively by entities affiliated with Redmile Group, LLC (collectively, Redmile). The terms of the CoD prohibited Redmile from converting the Class A Preferred into shares of the Company’s common stock if, as a result of conversion, Redmile, together with its affiliates, would own more than 9.99% of the Company’s common stock then issued and outstanding (the Redmile Percentage Limitation), which percentage could change at Redmile’s election upon 61 days’ notice to the Company to (i) any other number less than or equal to 19.99% or (ii) subject to approval of the Company’s stockholders to the extent required in accordance with the Nasdaq Global Market rules, any number in excess of 19.99%. On May 2, 2017, the Company’s stockholders approved the issuance of up to an aggregate of 14,097,745 shares of common stock upon the conversion of the outstanding shares of Class A Preferred. As a result, Redmile has the right to increase the Redmile Percentage Limitation to any percentage in excess of 19.99% at its election. The Company also issued 7,236,837 shares of common stock at $2.66 per share as part of the November 2016 Placement. In April 2023, the Company filed with the office of the Secretary of State of the State of Delaware a Certificate of Amendment to Certificate of Designation of Preferences, Rights and Limitations of Class A Convertible Preferred Stock which amends the definition of Beneficial Ownership Limitation to be 14.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to the issuance of shares of common stock pursuant to a Notice of Conversion. In April 2023, 33,441 shares of Class A Preferred were converted into 167,205 shares of the Company’s common stock. In December 2024, 6,022 shares of the Class A Preferred were converted into 30,110 shares of the Company’s common stock. In July 2025, Redmile provided the Company with notice of its intent to increase the Redmile Percentage Limitation from 9.99% to 14.99%, which became effective on August 31, 2025.

The Class A Preferred are non-voting shares and are convertible into five shares of the Company’s common stock at a conversion price of $2.66 per share, which was the fair value of the Company’s common stock on the date of issuance. Holders of the Class A Preferred have the same dividend rights as holders of the Company’s common stock. Additionally, the liquidation preferences of the Class A Preferred are pari passu among holders of the Company’s common stock and holders of the Class A Preferred, pro rata based on the number of shares held by each such holder (treated for this purpose as if the Class A Preferred had been converted to common stock).

Pre-Funded Warrants

In January 2021, in conjunction with a public offering, the Company issued pre-funded warrants, in lieu of common stock to certain investors, to purchase 257,310 shares of the Company’s common stock (the 2021 Pre-Funded Warrants). The purchase price for the 2021 Pre-Funded Warrants was $85.499 per pre-funded warrant, which equals the per share public offering price for the shares

of common stock less the $0.001 exercise price for each such pre-funded warrant. Given that the 2021 Pre-Funded Warrants are indexed to the Company’s own shares of common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the consideration received from the issuance of the warrants as additional paid-in capital on the Company’s consolidated balance sheets.

In March 2024, in conjunction with a public offering, the Company issued in a private placement, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,636,364 shares of the Company’s common stock (2024 Pre-Funded Warrants, and collectively with the 2021 Pre-Funded Warrants, the Pre-Funded Warrants). The purchase price for the 2024 Pre-Funded Warrants was $5.499 per pre-funded warrant, which equals the per share public offering price for the shares of common stock issued in the March 2024 public offering, less the $0.001 exercise price for each such pre-funded warrant. Given that the 2024 Pre-Funded Warrants are indexed to the Company’s own shares of common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the consideration received from the issuance of the warrants as additional paid-in capital on the Company’s unaudited condensed consolidated balance sheets.

The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of Pre-Funded Warrants may increase or decrease this percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

As of September 30, 2025, there were 3,893,674 Pre-Funded Warrants outstanding.

Stock Options and Restricted Stock Unit Awards

The following table summarizes stock option activity and related information under all equity plans for the period ended September 30, 2025:


	Number of Options			Weighted- Average Price
Balance at December 31, 2024		10,722,674		$	10.99
Granted		3,690,400			1.29
Exercised		(832	)		1.32
Cancelled		(1,814,843	)		7.45
Balance at September 30, 2025		12,597,399		$	8.66

Restricted stock unit activity under all equity and stock option plans is summarized as follows:


	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value per Share
Balance at December 31, 2024		6,214,064		$	15.50
Granted		3,395,020			1.20
Vested		(1,407,586	)		15.79
Cancelled		(1,554,405	)		7.59
Balance at September 30, 2025		6,647,093		$	9.98

The allocation of stock-based compensation for all stock awards is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	2,448	$	5,295	$	10,146	$	16,248
General and administrative		2,413		6,470		9,250		16,128
Total	$	4,861	$	11,765	$	19,396	$	32,376

As of September 30, 2025, the unrecognized compensation cost related to outstanding options was $6.8 million and is expected to be recognized as expense over a weighted-average period of approximately 1.5 years.

As of September 30, 2025, the unrecognized compensation cost related to restricted stock units was $14.9 million which is expected to be recognized as expense over a weighted-average period of approximately 1.6 years.

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:


	Nine Months Ended September 30,
	2025			2024
Risk-free interest rate		4.4	%		3.9	%
Expected volatility		90.4	%		87.1	%
Expected term (in years)		6.2			6.4
Expected dividend yield		0.0	%		0.0	%

Reconciliation of Consolidated Stockholders’ Equity Accounts

The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2025 (in thousands, except share data):


	Convertible Preferred Stock				Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital			Gain (Loss)			Deficit			Equity
Balance at December 31, 2024		2,755,086	$	3		113,928,279	$	114	$	1,716,335		$	268		$	(1,397,994	)	$	318,726
Issuance of common stock upon vesting of restricted stock units		—		—		675,631		1		(1	)		—			—			—
Stock-based compensation		—		—		—		—		7,381			—			—			7,381
Unrealized loss on investments		—		—		—		—		—			(77	)		—			(77	)
Net loss		—		—		—		—		—			—			(37,621	)		(37,621	)
Balance at March 31, 2025		2,755,086	$	3		114,603,910	$	115	$	1,723,715		$	191		$	(1,435,615	)	$	288,409
Exercise of stock options, net of issuance costs		—		—		832		—		—			—			—			832
Issuance of common stock upon vesting of restricted stock units		—		—		50,325		—		—			—			—			50,325
Stock-based compensation		—		—		—		—		7,154			—			—			7,154
Unrealized loss on investments		—		—		—		—		—			(129	)		—			(129	)
Net loss		—		—		—		—		—			—			(34,070	)		(34,070	)
Balance at June 30, 2025		2,755,086	$	3		114,655,067	$	115	$	1,730,869		$	62		$	(1,469,685	)	$	261,364
Issuance of common stock upon vesting of restricted stock units		—		—		681,630		—		—			—			—			681,630
Stock-based compensation		—		—		—		—		4,861			—			—			4,861
Unrealized gain on investments		—		—		—		—		—			91			—			91
Net loss		—		—		—		—		—			—			(32,250	)		(32,250	)
Balance at September 30, 2025		2,755,086	$	3		115,336,697	$	115	$	1,735,730		$	153		$	(1,501,935	)	$	234,066

The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2024 (in thousands, except share data):


	Convertible Preferred Stock				Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital			Gain (Loss)			Deficit			Equity
Balance at December 31, 2023		2,761,108	$	3		98,627,076	$	99	$	1,580,032		$	15		$	(1,211,732	)	$	368,417
Exercise of stock options, net of issuance costs		—		—		45,438		—		299			—			—			299
Issuance of common stock upon vesting of restricted stock units		—		—		580,974		—		—			—			—			—
Stock-based compensation		—		—		—		—		10,981			—			—			10,981
Public offering of common stock, net of issuance costs		—		—		14,545,454		15		74,620			—			—			74,635
Private placement of pre-funded warrants, net of issuance costs		—		—		—		—		19,996			—			—			19,996
Unrealized loss on investments		—		—		—		—		—			(209	)		—			(209	)
Net loss		—		—		—		—		—			—			(48,004	)		(48,004	)
Balance at March 31, 2024		2,761,108	$	3		113,798,942	$	114	$	1,685,928		$	(194	)	$	(1,259,736	)	$	426,115
Exercise of stock options, net of issuance costs		—		—		—		—		(4	)		—			—			(4	)
Issuance of common stock upon vesting of restricted stock units		—		—		50,615		—		—			—			—			—
Stock-based compensation		—		—		—		—		9,630			—			—			9,630
Public offering of common stock, net of issuance costs		—		—		—		—		(104	)		—			—			(104	)
Unrealized loss on investments		—		—		—		—		—			(228	)		—			(228	)
Net loss		—		—		—		—		—			—			(38,427	)		(38,427	)
Balance at June 30, 2024		2,761,108	$	3		113,849,557	$	114	$	1,695,450		$	(422	)	$	(1,298,163	)	$	396,982
Issuance of common stock upon vesting of restricted stock units		—		—		35,327		—		—			—			—			—
Stock-based compensation		—		—		—		—		11,765			—			—			11,765
Unrealized gain on investments		—		—		—		—		—			1,257			—			1,257
Net loss		—		—		—		—		—			—			(47,678	)		(47,678	)
Balance at September 30, 2024		2,761,108	$	3		113,884,884	$	114	$	1,707,215		$	835		$	(1,345,841	)	$	362,326

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of segment profit or loss, including segment expenses

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Collaboration revenue	$	1,741		$	3,074		$	5,277		$	11,771
Less:
Personnel costs		10,997			10,420			33,383			33,378
Clinical programs		6,065			7,343			18,126			19,041
Research activities		1,100			4,596			5,406			11,125
Facilities costs		6,113			6,785			18,078			20,446
Other segment expenses (1)		12,201			26,307			43,267			76,309
Total operating expenses		36,476			55,451			118,260			160,299
Loss from operations		(34,735	)		(52,377	)		(112,983	)		(148,528	)
Other income (expense):
Interest income		2,575			4,438			8,832			13,414
Change in fair value of stock price appreciation milestones		(90	)		(13	)		117			149
Other income		—			274			93			856
Total other income		2,485			4,699			9,042			14,419
Net loss	$	(32,250	)	$	(47,678	)	$	(103,941	)	$	(134,109	)

(1) Other segment expenses include stock compensation expense, depreciation, legal fees, general & administrative expenses, and corporate expenses.

Convertible Preferred Stock and Stockholders' Equity - Restricted stock unit activity under all equity and stock option plans (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Restricted Stock Units
Balance at the beginning of the period \| shares	6,214,064
Granted \| shares	3,395,020
Vested \| shares	(1,407,586)
Cancelled \| shares	(1,554,405)
Balance at the end of the period \| shares	6,647,093
Weighted-Average Grant Date Fair Value per Share
Balance at the beginning of the period \| $ / shares	$ 15.5
Granted \| $ / shares	1.2
Vested \| $ / shares	15.79
Cancelled \| $ / shares	7.59
Balance at the end of the period \| $ / shares	$ 9.98

Organization and Summary of Significant Accounting Policies - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restructuring Charges	$ 1,100
Gross proceeds from the public offering							$ 0	$ 74,531
Net loss	(32,250)	$ (34,070)	$ (37,621)	$ (47,678)	$ (38,427)	$ (48,004)	$ (103,941)	$ (134,109)
Anti-dilutive securities (in shares)							33,019,922	31,251,501
Letters of credit outstanding amount	10,200			10,200			$ 10,200	$ 10,200
Operating Expenses	$ 36,476			$ 55,451			$ 118,260	$ 160,299
Restricted Stock Units (RSUs)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Anti-dilutive securities (in shares)							6,647,093	6,207,574
Class A Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Anti-dilutive securities (in shares)							13,775,430	13,805,540
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Short-term leases term excluded from calculation of ROU and lease liabilities							12 months
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock in conjunction with public offering (in shares)						14,545,454

Segment Reporting - Schedule of Segment Profit or Loss, Including Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting Information [Line Items]

Collaboration revenue

$ 1,741

$ 3,074

$ 5,277

$ 11,771

Type of Revenue [Extensible List]

us-gaap:LicenseMember

Less:

Personnel costs

$ 10,997

$ 10,420

$ 33,383

$ 33,378

Clinical programs

6,065

7,343

18,126

19,041

Research activities

1,100

4,596

5,406

11,125

Facilities costs

6,113

6,785

18,078

20,446

Other segment expenses

^[1]

12,201

26,307

43,267

76,309

Total operating expenses

36,476

55,451

118,260

160,299

Loss from operations

(34,735)

(52,377)

(112,983)

(148,528)

Other income (expense):

Interest income

2,575

4,438

8,832

13,414

Change in fair value of stock price appreciation milestones

(90)

(13)

117

149

Other income

274

856

Total other income

2,485

4,699

9,042

14,419

Net loss

$ (32,250)

$ (34,070)

$ (37,621)

$ (47,678)

$ (38,427)

$ (48,004)

$ (103,941)

$ (134,109)

[1]	Other segment expenses include stock compensation expense, depreciation, legal fees, general & administrative expenses, and corporate expenses.

Collaboration and License Agreements (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended			9 Months Ended
	Nov. 07, 2022	Sep. 14, 2018	Sep. 14, 2018	May 31, 2024	Jun. 30, 2022	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Aug. 31, 2024	Nov. 30, 2023	Dec. 31, 2021	Dec. 31, 2020
Collaboration agreement
Revenue recognized						$ 1,741	$ 3,074		$ 5,277	$ 11,771
Proceeds from issuance of private placement								$ 19,996
Income expense in change in fair value of the stock price appreciation milestones						2,485	4,699		9,042	14,419
Candidate 2
Collaboration agreement
Clinical development milestone fees				$ 5,000
Ono Pharmaceutical Company Ltd
Collaboration agreement
Non-refundable upfront payments recorded as deferred revenue		$ 10,000
Non-refundable upfront payments recorded as deferred revenue		10,000	$ 10,000
Aggregate research and development fees payments receivable		20,000	20,000
Collaborative arrangement potential additional milestones		$ 44,500	44,500
Transaction price of the agreement			54,500
Revenue recognized						1,700	3,100		5,300	11,800
Ono Pharmaceutical Company Ltd \| Candidate 1
Collaboration agreement
Percentage of reduction on milestone payments		50.00%
Ono Pharmaceutical Company Ltd \| Candidate 2
Collaboration agreement
Milestone payments		$ 10,000	10,000
Milestone payment under Deferred revenue			10,000
Collaborative arrangement annual payments receivable recorded as deferred revenue			$ 5,000
Contra research and development expenses						1,300	1,700		4,500	3,600
Option exercise payment	$ 12,500
Ono Pharmaceutical Company Ltd \| Minimum \| Candidate 1
Collaboration agreement
Profits and losses sharing percentage					50.00%
Collaborative arrangement potential additional milestones					$ 9,300									$ 1,400
Ono Pharmaceutical Company Ltd \| Minimum \| Candidate 3
Collaboration agreement
Collaborative arrangement potential additional milestones											$ 6,500		$ 7,300
Ono Pharmaceutical Company Ltd \| Maximum \| Candidate 1
Collaboration agreement
Collaborative arrangement potential additional milestones					$ 29,300									$ 30,700
Ono Pharmaceutical Company Ltd \| Maximum \| Candidate 2
Collaboration agreement
Aggregate milestone payments		$ 843,000
Ono Pharmaceutical Company Ltd \| Maximum \| Candidate 3
Collaboration agreement
Collaborative arrangement potential additional milestones											$ 44,500		$ 38,000
Amended Mskcc License
Collaboration agreement
Enterprise value milestone payment						75,000			75,000
Stock price appreciation milestone payable															$ 20,000
Enterprise value milestones liability at fair value						400			400			$ 500
Amended MSK License
Collaboration agreement
Income expense in change in fair value of the stock price appreciation milestones						$ 100	$ 100		$ 100	$ 100
Ono Letter Agreement \| Ono Pharmaceutical Company Ltd
Collaboration agreement
Milestone payments																$ 10,000

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of accrued expenses

Current accrued expenses consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued payroll and other employee benefits	$	7,395	$	9,710
Accrued clinical trial related costs		6,319		5,279
Accrued other		3,857		6,359
Total current accrued expenses	$	17,571	$	21,348

Investments

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments

4. Investments

The Company invests portions of excess cash in United States treasuries, commercial paper, non-U.S. government securities, municipal securities, and corporate debt securities with maturities ranging from three to thirty-six months from the purchase date. These investments are accounted for as available-for-sale securities and are classified as short-term and long-term investments in the accompanying consolidated balance sheets based on each security’s contractual maturity date. There were no significant realized losses on available-for-sale securities during the period ended September 30, 2025. As of September 30, 2025, the Company did not intend to sell the investments in an unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis.

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of September 30, 2025 and December 31, 2024 (in thousands, except for maturity in years):


	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
September 30, 2025
Classified as current assets:
Money market fund	1 or less	$	23,316	$	—		$	—	$	23,316
U.S. Treasury debt securities	1 or less		41,672		—			33		41,705
Non-US government securities	1 or less		3,227		—			3		3,230
Corporate debt securities	1 or less		101,309		(13	)		116		101,412
Commercial paper	1 or less		34,416		(3	)		13		34,426
Total short-term investments		$	203,940	$	(16	)	$	165	$	204,089
Classified as non-current assets:
Corporate debt securities	Greater than 1		10,301		—			4		10,305
Total long-term investments		$	10,301	$	—		$	4	$	10,305

December 31, 2024
Classified as current assets:
Money market fund	1 or less	$	29,491	$	—		$	—	$	29,491
U.S. Treasury debt securities	1 or less		40,206		(6	)		91		40,291
Non-US government securities	1 or less		2,994		—			1		2,995
Municipal securities	1 or less		2,490		—			2		2,492
Corporate debt securities	1 or less		170,169		(70	)		228		170,327
Commercial paper	1 or less		26,903		(10	)		14		26,907
Total short-term investments		$	272,253	$	(86	)	$	336	$	272,503
Classified as non-current assets:
U.S. Treasury debt securities	Greater than 1	$	9,752	$	(9	)	$	2	$	9,745
Corporate debt securities	Greater than 1		17,887		(7	)		32		17,912
Total long-term investments		$	27,639	$	(16	)	$	34	$	27,657

As of September 30, 2025 and December 31, 2024, the Company had $1.4 million and $2.1 million, respectively, of accrued interest on investments recorded in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.

Convertible Preferred Stock and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Convertible Preferred Stock And Stockholders Equity Disclosure [Abstract]

Summary of stock option activity and related information under all equity plans

The following table summarizes stock option activity and related information under all equity plans for the period ended September 30, 2025:


	Number of Options			Weighted- Average Price
Balance at December 31, 2024		10,722,674		$	10.99
Granted		3,690,400			1.29
Exercised		(832	)		1.32
Cancelled		(1,814,843	)		7.45
Balance at September 30, 2025		12,597,399		$	8.66

Summary of restricted stock unit activity under the Plan

Restricted stock unit activity under all equity and stock option plans is summarized as follows:


	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value per Share
Balance at December 31, 2024		6,214,064		$	15.50
Granted		3,395,020			1.20
Vested		(1,407,586	)		15.79
Cancelled		(1,554,405	)		7.59
Balance at September 30, 2025		6,647,093		$	9.98

Schedule of allocation of stock-based compensation for all stock awards

The allocation of stock-based compensation for all stock awards is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	2,448	$	5,295	$	10,146	$	16,248
General and administrative		2,413		6,470		9,250		16,128
Total	$	4,861	$	11,765	$	19,396	$	32,376

Schedule of weighted-average assumptions used to determine the fair value of employee and nonemployee stock option grants

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:


	Nine Months Ended September 30,
	2025			2024
Risk-free interest rate		4.4	%		3.9	%
Expected volatility		90.4	%		87.1	%
Expected term (in years)		6.2			6.4
Expected dividend yield		0.0	%		0.0	%

Summary of changes in stockholders' equity

The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2025 (in thousands, except share data):


	Convertible Preferred Stock				Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital			Gain (Loss)			Deficit			Equity
Balance at December 31, 2024		2,755,086	$	3		113,928,279	$	114	$	1,716,335		$	268		$	(1,397,994	)	$	318,726
Issuance of common stock upon vesting of restricted stock units		—		—		675,631		1		(1	)		—			—			—
Stock-based compensation		—		—		—		—		7,381			—			—			7,381
Unrealized loss on investments		—		—		—		—		—			(77	)		—			(77	)
Net loss		—		—		—		—		—			—			(37,621	)		(37,621	)
Balance at March 31, 2025		2,755,086	$	3		114,603,910	$	115	$	1,723,715		$	191		$	(1,435,615	)	$	288,409
Exercise of stock options, net of issuance costs		—		—		832		—		—			—			—			832
Issuance of common stock upon vesting of restricted stock units		—		—		50,325		—		—			—			—			50,325
Stock-based compensation		—		—		—		—		7,154			—			—			7,154
Unrealized loss on investments		—		—		—		—		—			(129	)		—			(129	)
Net loss		—		—		—		—		—			—			(34,070	)		(34,070	)
Balance at June 30, 2025		2,755,086	$	3		114,655,067	$	115	$	1,730,869		$	62		$	(1,469,685	)	$	261,364
Issuance of common stock upon vesting of restricted stock units		—		—		681,630		—		—			—			—			681,630
Stock-based compensation		—		—		—		—		4,861			—			—			4,861
Unrealized gain on investments		—		—		—		—		—			91			—			91
Net loss		—		—		—		—		—			—			(32,250	)		(32,250	)
Balance at September 30, 2025		2,755,086	$	3		115,336,697	$	115	$	1,735,730		$	153		$	(1,501,935	)	$	234,066

The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2024 (in thousands, except share data):


	Convertible Preferred Stock				Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital			Gain (Loss)			Deficit			Equity
Balance at December 31, 2023		2,761,108	$	3		98,627,076	$	99	$	1,580,032		$	15		$	(1,211,732	)	$	368,417
Exercise of stock options, net of issuance costs		—		—		45,438		—		299			—			—			299
Issuance of common stock upon vesting of restricted stock units		—		—		580,974		—		—			—			—			—
Stock-based compensation		—		—		—		—		10,981			—			—			10,981
Public offering of common stock, net of issuance costs		—		—		14,545,454		15		74,620			—			—			74,635
Private placement of pre-funded warrants, net of issuance costs		—		—		—		—		19,996			—			—			19,996
Unrealized loss on investments		—		—		—		—		—			(209	)		—			(209	)
Net loss		—		—		—		—		—			—			(48,004	)		(48,004	)
Balance at March 31, 2024		2,761,108	$	3		113,798,942	$	114	$	1,685,928		$	(194	)	$	(1,259,736	)	$	426,115
Exercise of stock options, net of issuance costs		—		—		—		—		(4	)		—			—			(4	)
Issuance of common stock upon vesting of restricted stock units		—		—		50,615		—		—			—			—			—
Stock-based compensation		—		—		—		—		9,630			—			—			9,630
Public offering of common stock, net of issuance costs		—		—		—		—		(104	)		—			—			(104	)
Unrealized loss on investments		—		—		—		—		—			(228	)		—			(228	)
Net loss		—		—		—		—		—			—			(38,427	)		(38,427	)
Balance at June 30, 2024		2,761,108	$	3		113,849,557	$	114	$	1,695,450		$	(422	)	$	(1,298,163	)	$	396,982
Issuance of common stock upon vesting of restricted stock units		—		—		35,327		—		—			—			—			—
Stock-based compensation		—		—		—		—		11,765			—			—			11,765
Unrealized gain on investments		—		—		—		—		—			1,257			—			1,257
Net loss		—		—		—		—		—			—			(47,678	)		(47,678	)
Balance at September 30, 2024		2,761,108	$	3		113,884,884	$	114	$	1,707,215		$	835		$	(1,345,841	)	$	362,326

Convertible Preferred Stock and Stockholders' Equity - Stock option activity under all equity and stock option plans (Details) - Employee And Non Employee Stock Option	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Options
Balance at the beginning of the period \| shares	10,722,674
Granted \| shares	3,690,400
Exercised \| shares	(832)
Cancelled \| shares	(1,814,843)
Balance at the end of the period \| shares	12,597,399
Weighted-Average Price
Balance at the beginning of the period \| $ / shares	$ 10.99
Granted \| $ / shares	1.29
Exercised \| $ / shares	1.32
Cancelled \| $ / shares	7.45
Balance at the end of the period \| $ / shares	$ 8.66

Accrued Expenses

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued Expenses

Current accrued expenses consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued payroll and other employee benefits	$	7,395	$	9,710
Accrued clinical trial related costs		6,319		5,279
Accrued other		3,857		6,359
Total current accrued expenses	$	17,571	$	21,348

Convertible Preferred Stock and Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Apr. 30, 2023	Jan. 31, 2021	Nov. 30, 2016	Mar. 31, 2024	Sep. 30, 2025	Dec. 31, 2024	Aug. 31, 2025	Aug. 30, 2025	May 02, 2017
Convertible preferred stock
Preferred stock, par value (in dollars per share)						$ 0.001	$ 0.001
Employee And Non Employee Stock Option
Convertible preferred stock
Unrecognized compensation cost related to outstanding options						$ 6.8
Expected recognition weighted average period of unrecognized compensation cost						1 year 6 months
Restricted Stock Units (RSUs)
Convertible preferred stock
Expected recognition weighted average period of unrecognized compensation cost						1 year 7 months 6 days
Unrecognized compensation cost related to unvested restricted shares						$ 14.9
Pre-Funded Warrants
Convertible preferred stock
Number of shares to be purchased	3,636,364		257,310		3,636,364	3,893,674
Purchase price of prefunded warrants	$ 5.499		$ 85.499
Exercise price of warrants	$ 0.001		$ 0.001		$ 0.001
Terms of exercise			The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of Pre-Funded Warrants may increase or decrease this percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.
Maximum percentage of common stock ownership together with affiliates allowable after exercise of prefunded warrants			9.99%
Maximum percentage of common stock ownership after change upon notice			19.99%
Redmile Group, LLC and Affiliates
Convertible preferred stock
Percentage of common stock ownership upon preferred stock conversion								14.99%	9.99%
Common Stock
Convertible preferred stock
Public offering of common stock, net of issuance costs (in shares)					14,545,454
Conversion of preferred shares to common stock		167,205					30,110
Non-Voting Class A Preferred Stock \| Redmile Group, LLC and Affiliates
Convertible preferred stock
Terms of conversion						The Class A Preferred were purchased exclusively by entities affiliated with Redmile Group, LLC (collectively, Redmile). The terms of the CoD prohibited Redmile from converting the Class A Preferred into shares of the Company’s common stock if, as a result of conversion, Redmile, together with its affiliates, would own more than 9.99% of the Company’s common stock then issued and outstanding (the Redmile Percentage Limitation), which percentage could change at Redmile’s election upon 61 days’ notice to the Company to (i) any other number less than or equal to 19.99% or (ii) subject to approval of the Company’s stockholders to the extent required in accordance with the Nasdaq Global Market rules, any number in excess of 19.99%. On May 2, 2017, the Company’s stockholders approved the issuance of up to an aggregate of 14,097,745 shares of common stock upon the conversion of the outstanding shares of Class A Preferred. As a result, Redmile has the right to increase the Redmile Percentage Limitation to any percentage in excess of 19.99% at its election.
Non-Voting Class A Preferred Stock \| Maximum
Convertible preferred stock
Number of shares to be issued upon conversion										14,097,745
Non-Voting Class A Preferred Stock \| Maximum \| Redmile Group, LLC and Affiliates
Convertible preferred stock
Percentage of common stock ownership upon preferred stock conversion				9.99%
Preferred shares converted into common stock percentage of ownership change upon notice				19.99%
Convertible Preferred Stock
Convertible preferred stock
Preferred stock, issued shares						2,755,086	2,755,086
Percentage of common stock ownership upon preferred stock conversion		14.99%
Conversion of preferred shares to common stock		33,441					6,022
Convertible Preferred Stock \| Redmile Group, LLC and Affiliates
Convertible preferred stock
Percentage of common stock ownership upon preferred stock conversion				19.99%
November 2016 Placement \| Common Stock
Convertible preferred stock
Share issue price (in dollars per share)				$ 2.66
Public offering of common stock, net of issuance costs (in shares)				7,236,837
November 2016 Placement \| Non-Voting Class A Preferred Stock
Convertible preferred stock
Preferred stock, issued shares				2,819,549
Share issue price (in dollars per share)				$ 13.3
Preferred stock, par value (in dollars per share)				0.001
Conversion price				$ 2.66

Leases - Schedule of Future undiscounted minimum lease payments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remaining 2025	$ 3,075
2026	11,050
2027	11,382
2028	10,293
2029	10,602
2030	10,920
Thereafter	65,056
Total undiscounted lease payments	122,378
Less: imputed interest	(43,133)
Total lease liability	$ 79,245

Convertible Preferred Stock and Stockholders' Equity - Reconciliation of Consolidated Stockholders' Equity Accounts (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Class Of Stock [Line Items]
Beginning Balance	$ 261,364	$ 288,409	$ 318,726	$ 396,982	$ 426,115	$ 368,417	$ 318,726	$ 368,417
Exercise of stock options, net of issuance costs		(832)			(4)	(299)
Issuance of common stock upon vesting of restricted stock units	681,630	50,325
Stock-based compensation	4,861	7,154	7,381	11,765	9,630	10,981
Public offering of common stock, net of issuance costs					(104)	74,635
Private placement of pre-funded warrants, net of issuance costs						19,996
Unrealized loss on investments	91	(129)	(77)	1,257	(228)	(209)
Net Income (Loss)	(32,250)	(34,070)	(37,621)	(47,678)	(38,427)	(48,004)	(103,941)	(134,109)
Ending Balance	234,066	261,364	288,409	362,326	396,982	426,115	234,066	362,326
Preferred Stock \| Convertible Preferred Stock
Class Of Stock [Line Items]
Beginning Balance	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3
Beginning Balance (in shares)	2,755,086	2,755,086	2,755,086	2,761,108	2,761,108	2,761,108	2,755,086	2,761,108
Ending Balance	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3
Ending Balance (in shares)	2,755,086	2,755,086	2,755,086	2,761,108	2,761,108	2,761,108	2,755,086	2,761,108
Common Stock
Class Of Stock [Line Items]
Beginning Balance	$ 115	$ 115	$ 114	$ 114	$ 114	$ 99	$ 114	$ 99
Beginning Balance (in shares)	114,655,067	114,603,910	113,928,279	113,849,557	113,798,942	98,627,076	113,928,279	98,627,076
Exercise of stock options, net of issuance costs (in shares)		832				45,438
Issuance of common stock upon vesting of restricted stock units			$ 1
Issuance of common stock upon vesting of restricted stock units (in shares)	681,630	50,325	675,631	35,327	50,615	580,974
Public offering of common stock, net of issuance costs						$ 15
Public offering of common stock, net of issuance costs (in shares)						14,545,454
Ending Balance	$ 115	$ 115	$ 115	$ 114	$ 114	$ 114	$ 115	$ 114
Ending Balance (in shares)	115,336,697	114,655,067	114,603,910	113,884,884	113,849,557	113,798,942	115,336,697	113,884,884
Additional Paid In Capital
Class Of Stock [Line Items]
Beginning Balance	$ 1,730,869	$ 1,723,715	$ 1,716,335	$ 1,695,450	$ 1,685,928	$ 1,580,032	$ 1,716,335	$ 1,580,032
Exercise of stock options, net of issuance costs					(4)	(299)
Issuance of common stock upon vesting of restricted stock units			(1)
Stock-based compensation	4,861	7,154	7,381	11,765	9,630	10,981
Public offering of common stock, net of issuance costs					(104)	74,620
Private placement of pre-funded warrants, net of issuance costs						19,996
Ending Balance	1,735,730	1,730,869	1,723,715	1,707,215	1,695,450	1,685,928	1,735,730	1,707,215
Accumulated Other Comprehensive Gain (Loss)
Class Of Stock [Line Items]
Beginning Balance	62	191	268	(422)	(194)	15	268	15
Unrealized loss on investments	91	(129)	(77)	1,257	(228)	(209)
Ending Balance	153	62	191	835	(422)	(194)	153	835
Accumulated Deficit
Class Of Stock [Line Items]
Beginning Balance	(1,469,685)	(1,435,615)	(1,397,994)	(1,298,163)	(1,259,736)	(1,211,732)	(1,397,994)	(1,211,732)
Net Income (Loss)	(32,250)	(34,070)	(37,621)	(47,678)	(38,427)	(48,004)
Ending Balance	$ (1,501,935)	$ (1,469,685)	$ (1,435,615)	$ (1,345,841)	$ (1,298,163)	$ (1,259,736)	$ (1,501,935)	$ (1,345,841)

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Summary of Investments

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of September 30, 2025 and December 31, 2024 (in thousands, except for maturity in years):


	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
September 30, 2025
Classified as current assets:
Money market fund	1 or less	$	23,316	$	—		$	—	$	23,316
U.S. Treasury debt securities	1 or less		41,672		—			33		41,705
Non-US government securities	1 or less		3,227		—			3		3,230
Corporate debt securities	1 or less		101,309		(13	)		116		101,412
Commercial paper	1 or less		34,416		(3	)		13		34,426
Total short-term investments		$	203,940	$	(16	)	$	165	$	204,089
Classified as non-current assets:
Corporate debt securities	Greater than 1		10,301		—			4		10,305
Total long-term investments		$	10,301	$	—		$	4	$	10,305

December 31, 2024
Classified as current assets:
Money market fund	1 or less	$	29,491	$	—		$	—	$	29,491
U.S. Treasury debt securities	1 or less		40,206		(6	)		91		40,291
Non-US government securities	1 or less		2,994		—			1		2,995
Municipal securities	1 or less		2,490		—			2		2,492
Corporate debt securities	1 or less		170,169		(70	)		228		170,327
Commercial paper	1 or less		26,903		(10	)		14		26,907
Total short-term investments		$	272,253	$	(86	)	$	336	$	272,503
Classified as non-current assets:
U.S. Treasury debt securities	Greater than 1	$	9,752	$	(9	)	$	2	$	9,745
Corporate debt securities	Greater than 1		17,887		(7	)		32		17,912
Total long-term investments		$	27,639	$	(16	)	$	34	$	27,657

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net loss	$ (103,941)	$ (134,109)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,838	14,149
Stock-based compensation	19,396	32,376
Accretion and amortization of premiums and discounts on investments, net	(2,725)	(7,550)
Deferred revenue	(389)	(685)
Change in fair value of stock price appreciation milestones	(117)	(149)
(Gain) loss on disposal of property and equipment	(36)	942
Changes in operating assets and liabilities:
Accounts receivable	2,857	(1,701)
Prepaid expenses and other assets	4,165	5,294
Accounts payable and accrued expenses	(9,892)	(2,316)
Right-of-use assets and lease liabilities, net	(1,926)	(1,326)
Net cash used in operating activities	(82,770)	(95,075)
Investing activities
Proceeds from sale of property and equipment	125	0
Purchases of property and equipment	(4,761)	(632)
Purchases of investments	(157,412)	(279,745)
Maturities of investments	245,584	269,779
Net cash provided by (used in) investing activities	83,536	(10,598)
Financing activities
Issuance of common stock from equity incentive plans, net of issuance costs	0	295
Proceeds from public offering of common stock, net of issuance costs	0	74,531
Proceeds from issuance of pre-funded warrants, net of issuance costs	0	19,996
Proceeds from FT819 CIRM award	0	1,940
Proceeds from FT836 CIRM award	3,800	0
Net cash provided by financing activities	3,800	96,762
Net change in cash, cash equivalents and restricted cash	4,566	(8,911)
Cash, cash equivalents and restricted cash at beginning of the period	46,283	57,047
Cash, cash equivalents and restricted cash at end of the period	50,849	48,136
Supplemental schedule of noncash investing and financing activities
Purchases of property and equipment in accounts payable	$ 398	$ 16

California Institute For Regenerative Medicine Award (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jan. 31, 2025	Feb. 29, 2024	Sep. 30, 2025	Dec. 31, 2024
Award from California institute for regenerative medicine
Current Liability			$ 28,111	$ 38,522
California Institute for Regenerative Medicine \| FT819 [Member]
Award from California institute for regenerative medicine
Grant awarded		$ 7,900
First Disbursement Amount Under The Award			5,100
First Disbursement Amount Under The Award Payable For Next Twelve Months			0
California Institute for Regenerative Medicine \| FT836 [Member]
Award from California institute for regenerative medicine
First Disbursement Amount Under The Award			3,800
Funding Support the Conduct of Pre_ Clinical and Investigational New Drug (IND)	$ 4,000
Current Liability			2,300
NonCurrent Liability			$ 1,500

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	40,622	$	37,909
Restricted cash		10,227		10,227
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$	50,849	$	48,136

Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(32,250	)	$	(47,678	)	$	(103,941	)	$	(134,109	)
Denominator:
Shares used to compute net loss per share, basic and diluted
Weighted-average common shares outstanding		115,105,019			113,875,487			114,742,701			109,486,740
Weighted-average pre-funded warrants		3,893,674			3,893,674			3,893,674			2,818,690
Weighted-average common shares outstanding used to compute basic and diluted net loss per share		118,998,693			117,769,161			118,636,375			112,305,430
Net loss per share, basic and diluted
Basic and diluted	$	(0.27	)	$	(0.40	)	$	(0.88	)	$	(1.19	)

Schedule of Anti-Dilutive Securities not Included in Calculation of Net Loss per Common Share


	As of September 30,
	2025		2024
Convertible preferred stock		13,775,430		13,805,540
Outstanding options to purchase common stock		12,597,399		11,238,387
Outstanding restricted stock units		6,647,093		6,207,574
Total		33,019,922		31,251,501

Collaboration and License Agreements

9 Months Ended

Sep. 30, 2025

Collaboration And License Agreements Disclosure [Abstract]

Collaboration and License Agreements

2. Collaboration and License Agreements

Ono Collaboration and Option Agreement

On September 14, 2018, the Company entered into a Collaboration and Option Agreement (the Ono Agreement) with Ono Pharmaceutical Co., Ltd. (Ono) for the joint development and commercialization of two off-the-shelf, iPSC-derived CAR T-cell product candidates (Candidate 1 and Candidate 2). Pursuant to the terms of the Ono Agreement, the Company received an upfront, non-refundable and non-creditable payment of $10.0 million. Additionally, the Company was entitled to receive funding for the conduct of research and preclinical development under a joint research plan, which fees were estimated to be $20.0 million in aggregate.

In December 2020, the Company entered into a letter agreement with Ono (the Ono Letter Agreement) pursuant to which Ono delivered proprietary antigen binding domains targeting an antigen expressed on certain solid tumors for incorporation into Candidate 2 and paid the Company a milestone fee of $10.0 million for further research and preclinical development of Candidate 2. In addition, Ono terminated all further research and preclinical development with respect to Candidate 1, and the Company retained all rights to research, develop and commercialize Candidate 1 throughout the world without any obligation to Ono.

In June 2022, the Company entered into an amendment with Ono to the Ono Agreement (the 2022 Ono Amendment). Pursuant to the 2022 Ono Amendment, the companies agreed to designate an additional antigen expressed on certain solid tumors for research and preclinical development, and Ono agreed to contribute proprietary antigen binding domains targeting such additional solid tumor antigen (Candidate 3). In addition, for both Candidate 2 and Candidate 3, Ono and the Company expanded the scope of the collaboration to include the research and preclinical development of iPSC-derived CAR NK cell product candidates (in addition to iPSC-derived CAR T-cell product candidates) targeting the designated solid tumor antigens. Similar to Candidate 2, the Company granted to Ono, during a specified period of time, a preclinical option (Candidate 3 Development Option) to obtain an exclusive license under certain intellectual property rights, subject to payment of an option exercise fee to the Company by Ono, to further develop and commercialize Candidate 3 in all territories of the world, where the Company retains rights to co-develop and co-commercialize Candidate 3 in the United States and Europe under a joint arrangement with Ono pursuant to which the Company is eligible to share at least 50% of the profits and losses. The Candidate 3 Development Option represents an option with no material right. Under the 2022 Ono Amendment, aggregate estimated research and preclinical development fees were increased by approximately $9.3 million, for a total estimated $29.3 million in aggregate research and preclinical development fees over the course of the joint research plan.

In November 2022, Ono exercised its option to obtain a license to develop and commercialize Candidate 2 (the Candidate 2 Development Option). The Company exercised its option (the CDCC Option) to co-develop and co-commercialize Candidate 2 in the United States and Europe. As a result, the Company received an Option Exercise Payment (as defined under the Ono Agreement) of $12.5 million. The Company and Ono are proceeding under a joint development plan for the ongoing development of Candidate 2. At the inception of the Ono Agreement, the Company determined the Candidate 2 Development Option represented an option with no material right that is distinct and separable from the ongoing development of Candidate 2 being performed by the parties. As such, the option exercise was treated as a separate contract with a single performance obligation of granting and delivering Ono a license to further develop and commercialize Candidate 2. The Company has completed its performance obligation with respect to the Candidate 2 Development Option and accordingly, recognized the Option Exercise Payment as revenue for the year ended December 31, 2022. The costs of this joint development plan are accounted for in accordance with ASC 808, and cost sharing payments to the Company from Ono are recorded net into research and development expenses. In addition, in connection with the ongoing joint development of Candidate 2, the Company is eligible to receive additional payments upon the achievement of certain clinical, regulatory, and commercial milestones (as further described below).

In November 2023, the Company entered into an amendment with Ono to the Ono Agreement (the 2023 Ono Amendment). Under the 2023 Ono Amendment, aggregate estimated research and preclinical development fees payable by Ono to the Company for Candidate 3 were increased by approximately $1.4 million, for a total estimated $30.7 million in aggregate research and preclinical development fees over the course of the joint research plan.

In May 2024, following Ono’s exercise of the Candidate 2 Development Option and grant of the development and commercialization license, the Company achieved a $5.0 million clinical development milestone for Candidate 2 and recognized such amount as revenue during the nine months ended September 30, 2024.

In August 2024, the Company entered into an amendment with Ono to the Ono Agreement (the 2024 Ono Amendment). Under the 2024 Ono Amendment, aggregate estimated research and preclinical development fees payable by Ono to the Company for Candidate 3 were increased by approximately $7.3 million, for a total estimated $38.0 million in aggregate research and preclinical development fees over the course of the joint research plan.

In June 2025, the Company entered into an amendment with Ono to the Ono Agreement (the 2025 Ono Amendment, and collectively with the 2022 Ono Amendment, 2023 Ono Amendment, and 2024 Ono Amendment, the Ono Amendments). Under the 2025 Ono Amendment, aggregate estimated research and preclinical development fees payable by Ono to the Company for Candidate 3 were increased by approximately $6.5 million, for a total estimated $44.5 million in aggregate research and preclinical development fees over the course of the joint research plan. The Company will continue to receive committed funding under the joint research plan from Ono through June 2026. The Candidate 3 Development Option expires upon the achievement of the pre-defined preclinical milestone under the joint research plan.

Under the terms of the Ono Agreement (as amended by the Ono Amendments), for Candidate 2 and for Candidate 3 (subject to exercise by Ono of its Candidate 3 Development Option), the Company is eligible to receive additional payments upon the achievement of certain clinical, regulatory and commercial milestones (the Ono Milestones) with respect to each Candidate in an amount up to $843.0 million in aggregate, with the applicable milestone payments for the United States and Europe subject to reduction by 50% if the Company elects to co-develop and co-commercialize the Candidate in the United States and Europe as described above. In addition, in those territories where Ono has exclusive rights of commercialization, the Company is eligible to receive tiered royalties (Royalties) ranging from the mid-single digits to the low-double digits based on annual net sales by Ono for each Candidate in such territories, with the Royalties subject to certain reductions.

The Ono Agreement will terminate with respect to a Candidate if Ono does not exercise its development option for the applicable Candidate within the option period, or in its entirety if Ono does not exercise any of its development options for the Candidates within their respective option periods. In addition, either party may terminate the Ono Agreement in the event of breach, insolvency or patent challenges by the other party; provided, that Ono may terminate the Ono Agreement in its sole discretion (x) on a Candidate-by-Candidate basis at any time after the second anniversary of the effective date of the Ono Agreement or (y) on a Candidate-by-Candidate or country-by-country basis at any time after the expiration of the development option period, subject to certain limitations. The Ono Agreement will expire on a Candidate-by-Candidate and country-by-country basis upon the expiration of the applicable royalty term, or in its entirety upon the expiration of all applicable payment obligations under the agreement.

The Company determined that the Ono Agreement, Ono Letter Agreement, and Ono Amendments (collectively, the Ono Arrangement) were within the scope of ASC 808 and applicable to such guidance. The Company concluded that certain units of account, specifically the grant of a research license to certain intellectual property and the performance of research and preclinical development, within the Ono Arrangement represented a customer relationship and applied relevant guidance from ASC 606 to evaluate the appropriate accounting for those units of account. In accordance with this guidance, the Company identified its promised goods and services, including its grant of a research license to Ono to certain of its intellectual property subject to certain conditions, its conduct of research and preclinical development services, and its participation in a joint steering committee. The Company determined that its grant of a research license to Ono to certain of its intellectual property was not distinct from its conduct of research and preclinical development services and participation in a joint steering committee. Accordingly, the Company determined that the research license, the research and preclinical development services, and the participation in a joint steering committee during the development option period, should be accounted for as one combined performance obligation, and that the combined performance obligation is transferred over the expected term of the conduct of the research and preclinical development services. The Company also determined that, subject to the guidance of ASC 606, the license to develop and commercialize Candidate 2 upon exercise of the Candidate 2 Development Option was distinct and separable from the development and commercialization activities, which are accounted for under ASC 808. The termination of the Ono Agreement with respect to Candidate 1 did not impact this assessment.

In accordance with ASC 606, the Company determined that the amended transaction price for research and preclinical development under the Ono Arrangement equaled $54.5 million, consisting of the upfront, non-refundable and non-creditable payment of $10.0 million and the aggregate estimated research and preclinical development fees of $44.5 million. The Company also concluded that the milestone fee of $10.0 million paid by Ono to the Company for further research and preclinical development of Candidate 2 represented a variable consideration that was previously constrained. Both the upfront payment of $10.0 million and the Candidate 2 milestone fee of $10.0 million were recorded as deferred revenue and were recognized as revenue over time in conjunction with the Company’s conduct of research and preclinical development services based on actual costs incurred as a percentage of the estimated total costs expected to be incurred over the expected term of conduct of the research and preclinical

development services. The Company recorded the $5.0 million prepayment of the first-year research and preclinical development fees as deferred revenue, and such fees were recognized as revenue as the research and preclinical development services were delivered.

The Company recognized revenue associated with research and preclinical development services of $1.7 million and $5.3 million under the Ono Arrangement for the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, the Company recognized revenue associated with research and preclinical development services of $3.1 million and $11.8 million, respectively.

The Company recognized contra-research and development expense of $1.3 million and $4.5 million associated with the joint development of Candidate 2 under the Ono Arrangement for the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, the Company recognized contra-research and development expense of $1.7 million and $3.6 million, respectively.

Memorial Sloan Kettering Cancer Center License Agreement

On May 15, 2018, the Company entered into an Amended and Restated Exclusive License Agreement (the Amended MSKCC License) with MSKCC. The Amended MSKCC License amends and restates the Exclusive License Agreement entered into between the Company and MSKCC on August 19, 2016 (the Original MSKCC License), pursuant to which the Company entered into an exclusive license agreement with MSKCC for rights relating to compositions and methods covering iPSC-derived cellular immunotherapy, including T-cells and NK-cells derived from iPSCs engineered with chimeric antigen receptors (CARs).

Pursuant to the Amended MSKCC License, MSKCC granted to the Company additional licenses to certain patents and patent applications relating to new CAR constructs and off-the-shelf CAR T-cells, including the use of clustered regularly interspaced short palindromic repeat (CRISPR) and other innovative technologies for their production, in each case to research, develop, and commercialize licensed products in the field of all human therapeutic uses worldwide. The Company has the right to grant sublicenses to certain licensed rights in accordance with the terms of the Amended MSKCC License, in which case it is obligated to pay MSKCC a percentage of certain sublicense income received by the Company.

The Company is obligated to pay MSKCC an annual license maintenance fee during the term of the agreement, milestone payments upon the achievement of specified clinical, regulatory and commercial milestones for licensed products as well as royalty payments on net sales of licensed products.

In the event a licensed product achieves a specified clinical milestone, MSKCC is then eligible to receive certain milestone payments totaling up to $75.0 million based on the price of the Company’s common stock, where the amount of such payments owed to MSKCC is contingent upon certain increases in the price of the Company’s common stock following the date of achievement of such clinical milestone. These payments are based on common stock price multiples, with the numerator being the fair value of the ten-trading day trailing average closing price of the Company’s common stock and the denominator being the ten-trading day trailing average closing price of the Company’s common stock as of the effective date of the Amended MSKCC License, adjusted for any stock splits, cash dividends, stock dividends, other distributions, combinations, recapitalizations, or similar events. Under the terms of the Amended MSKCC License, upon a change of control of the Company, in certain circumstances, the Company may be required to pay a portion of these payments to MSKCC based on the price of the Company’s common stock in connection with such change of control.

The following table summarizes the common stock multiples and the stock price appreciation milestone payments under the terms of the Amended MSKCC License:


Common stock multiple	5.0x		10.0x		15.0x
Ten-trading day trailing average common stock price	$	50.18	$	100.36	$	150.54
Stock price appreciation milestone payment (in millions)	$	20.0	$	30.0	$	25.0

In July 2021, the Company achieved the specified clinical milestone for a licensed product under the Amended MSKCC License and the Company’s ten-trading day trailing average common stock price exceeded the first, pre-specified threshold. As a result, the Company remitted the first milestone payment of $20.0 million to MSKCC during the year ended December 31, 2021.

To determine the estimated fair value of the remaining stock price appreciation milestones, the Company uses a Monte Carlo simulation methodology which models future Company common stock prices based on the current stock price and several key variables.

The key inputs to the Monte Carlo simulation to determine the fair value of the stock price appreciation milestones include the Company’s stock price as of the measurement date; the estimated term which is based in part on the last valid patent claim date; the expected volatility of the Company’s common stock, estimated using the Company’s historical common stock volatility as of the remeasurement date; and the risk-free rate based on the U.S. Treasury yield for the estimated term determined. Fair value measurements are highly sensitive to changes in these inputs and significant changes could result in a significantly higher or lower fair value and resulting expense or gain.

At each balance sheet date, the Company remeasures the fair value of the stock price appreciation milestones, with changes in fair value recognized as a component of other income (expense) in the unaudited condensed consolidated statements of operations and comprehensive loss. Amounts are included in current or non-current liabilities based on the estimated timeline associated with the individual potential payments. During the three and nine months ended September 30, 2025, the Company recorded other expense of $0.1 million and other income of $0.1 million, respectively, associated with the change in fair value of the stock price appreciation milestones. During the three and nine months ended September 30, 2024, the Company recorded expense of $0.1 million and other income of $0.1 million, respectively, associated with the change in fair value of the stock price appreciation milestone. As of September 30, 2025 and December 31, 2024, the Company recorded a liability of $0.4 million and $0.5 million, respectively, associated with the stock price appreciation milestones for the Amended MSKCC License.

Fair Value Measurements (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial assets:
Total financial assets measured at fair value on a recurring basis	$ 214,394	$ 300,160
Financial liabilities:
Total financial liabilities measured at fair value on a recurring basis	410	527
Stock price appreciation milestones
Financial liabilities:
Stock price appreciation milestones	410	527
Money market funds
Financial assets:
Money market funds	23,316	29,491
U.S. Treasury debt securities
Financial assets:
Investment	41,705	50,036
Non-U.S. government securities
Financial assets:
Investment	3,230	2,995
Municipal securities
Financial assets:
Investment		2,492
Corporate debt securities
Financial assets:
Investment	111,717	188,239
Commercial paper
Financial assets:
Investment	34,426	26,907
Quoted prices in Active Market for Identical Assets (Level 1)
Financial assets:
Total financial assets measured at fair value on a recurring basis	65,021	79,527
Quoted prices in Active Market for Identical Assets (Level 1) \| Money market funds
Financial assets:
Money market funds	23,316	29,491
Quoted prices in Active Market for Identical Assets (Level 1) \| U.S. Treasury debt securities
Financial assets:
Investment	41,705	50,036
Significant Other Observable Inputs (Level 2)
Financial assets:
Total financial assets measured at fair value on a recurring basis	149,373	220,633
Significant Other Observable Inputs (Level 2) \| Non-U.S. government securities
Financial assets:
Investment	3,230	2,995
Significant Other Observable Inputs (Level 2) \| Municipal securities
Financial assets:
Investment		2,492
Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Financial assets:
Investment	111,717	188,239
Significant Other Observable Inputs (Level 2) \| Commercial paper
Financial assets:
Investment	34,426	26,907
Significant Unobservable Inputs (Level 3)
Financial liabilities:
Total financial liabilities measured at fair value on a recurring basis	410	527
Significant Unobservable Inputs (Level 3) \| Stock price appreciation milestones
Financial liabilities:
Stock price appreciation milestones	$ 410	$ 527

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Collaboration revenue	$ 1,741	$ 3,074	$ 5,277	$ 11,771
Type of Revenue [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 25,838	$ 34,650	$ 82,404	$ 101,392
General and administrative	10,638	20,801	35,856	58,907
Total operating expenses	36,476	55,451	118,260	160,299
Loss from operations	(34,735)	(52,377)	(112,983)	(148,528)
Other income (expense):
Interest income	2,575	4,438	8,832	13,414
Change in fair value of stock price appreciation milestones	(90)	(13)	117	149
Other income	0	274	93	856
Total other income	2,485	4,699	9,042	14,419
Net loss	(32,250)	(47,678)	(103,941)	(134,109)
Other comprehensive (loss):
Unrealized loss on available-for-sale securities, net	91	1,257	(115)	820
Comprehensive loss	$ (32,159)	$ (46,421)	$ (104,056)	$ (133,289)
Net loss per common share, basic	$ (0.27)	$ (0.4)	$ (0.88)	$ (1.19)
Net loss per common share, diluted	$ (0.27)	$ (0.4)	$ (0.88)	$ (1.19)
Weighted-average common shares outstanding used to compute diluted net loss per share	118,998,693	117,769,161	118,636,375	112,305,430
Weighted-average common shares outstanding used to compute basic net loss per share	118,998,693	117,769,161	118,636,375	112,305,430

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Future Minimum Payments Under Non-cancelable Operating Leases

Future undiscounted minimum lease payments under the Company’s operating leases as of September 30, 2025 are as follows (in thousands):


	Operating Lease Payments
Remaining 2025	$	3,075
2026		11,050
2027		11,382
2028		10,293
2029		10,602
2030		10,920
Thereafter		65,056
Total undiscounted lease payments	$	122,378
Less: imputed interest		(43,133	)
Total lease liability	$	79,245

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 06, 2025
Cover [Abstract]
Entity Registrant Name	FATE THERAPEUTICS, INC.
Entity Central Index Key	0001434316
Document Type	10-Q
Document Period End Date	Sep. 30, 2025
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Trading Symbol	FATE
Entity Common Stock, Shares Outstanding		115,352,289
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36076
Entity Tax Identification Number	65-1311552
Entity Address, Address Line One	12278 Scripps Summit Drive
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92131
City Area Code	858
Local Phone Number	875-1800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of September 30, 2025
Financial assets:
Money market funds	$	23,316	$	23,316	$	—	$	—
U.S. Treasury debt securities		41,705		41,705		—		—
Non-US government securities		3,230		—		3,230		—
Corporate debt securities		111,717		—		111,717		—
Commercial paper		34,426		—		34,426		—
Total financial assets measured at fair value on a recurring basis	$	214,394	$	65,021	$	149,373	$	—

Financial liabilities:
Stock price appreciation milestones	$	410	$	—	$	—	$	410
Total financial liabilities measured at fair value on a recurring basis	$	410	$	—	$	—	$	410

As of December 31, 2024
Financial assets:
Money market funds	$	29,491	$	29,491	$	—	$	—
U.S. Treasury debt securities		50,036		50,036		—		—
Non-U.S. government securities		2,995		—		2,995		—
Municipal securities		2,492		—		2,492		—
Corporate debt securities		188,239		—		188,239		—
Commercial paper		26,907		—		26,907		—
Total assets measured at fair value on a recurring basis	$	300,160	$	79,527	$	220,633	$	—

Financial liabilities:
Stock price appreciation milestones	$	527	$	—	$	—	$	527
Total financial liabilities measured at fair value on a recurring basis	$	527	$	—	$	—	$	527

Level 1 assets consisted of money market funds and U.S. Treasury securities measured at fair value based on quoted prices in active markets as provided by the Company’s investment managers.

Level 2 assets consisted of corporate debt securities, commercial paper, municipal securities, and non-U.S. government securities measured at fair value using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source.

There were no Level 3 assets held by the Company as of September 30, 2025.

Level 3 liabilities consisted of stock price appreciation milestones associated with the Amended MSKCC License as described in detail in Note 2.

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 30, 2025 (in thousands):


Balance at December 31, 2024	$	527
Changes in fair value of stock price appreciation milestones liability		(280	)
Balance at March 31, 2025	$	247
Changes in fair value of stock price appreciation milestones liability		73
Balance at June 30, 2025	$	320
Changes in fair value of stock price appreciation milestones liability		90
Balance at September 30, 2025	$	410

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 30, 2024 (in thousands):


Balance at December 31, 2023	$	1,346
Changes in fair value of stock price appreciation milestones liability		1,394
Balance at March 31, 2024	$	2,740
Changes in fair value of stock price appreciation milestones liability		(1,556	)
Balance at June 30, 2024	$	1,184
Changes in fair value of stock price appreciation milestones liability		13
Balance at September 30, 2024	$	1,197

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Summary of Significant Accounting Policies - Schedule of reconciliation of cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 40,622	$ 36,056	$ 37,909
Restricted cash	10,227		10,227
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$ 50,849	$ 46,283	$ 48,136	$ 57,047

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

7. Leases

The Company has lease agreements for office, laboratory and manufacturing spaces that are classified as operating leases on the consolidated balance sheets. These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years, as well as early termination options. Extension and termination options are included in the total lease term when the Company is reasonably certain to exercise them. The leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. Additionally, some of the Company’s leases are subject to certain fixed fees which the Company has determined to be non-lease components. The Company has elected to combine and account for lease and non-lease components as a single-lease component for purposes of determining the total future lease payments.

In October 2024, the Company exercised its right of early termination for its Torrey Pines operating lease, which consists of 72,000 square feet of office, laboratory, and Good Manufacturing Practice (GMP) space. In connection with such exercise, the Company paid $2.5 million to its landlord during the year ended December 31, 2024. Termination of the lease, which previously extended through December 31, 2028, took effect on October 31, 2025. The Company accounted for this transaction as a modification to the lease agreement, which reduced the ROU asset and corresponding lease liability balances as of December 31, 2024 in connection with such transaction.

As of September 30, 2025, future undiscounted minimum contractual payments under the Company’s operating leases were $122.4 million, which will be paid over a remaining weighted-average lease term of 10.3 years. The weighted-average discount rate

for the operating lease liabilities was 8.4%, which was the Company’s incremental borrowing rate at lease commencement, as the discount rates implicit in the leases could not be readily determined.

Future undiscounted minimum lease payments under the Company’s operating leases as of September 30, 2025 are as follows (in thousands):


	Operating Lease Payments
Remaining 2025	$	3,075
2026		11,050
2027		11,382
2028		10,293
2029		10,602
2030		10,920
Thereafter		65,056
Total undiscounted lease payments	$	122,378
Less: imputed interest		(43,133	)
Total lease liability	$	79,245