Q1 Financials; FATE Has Been Decided…To RECLAIM-LN

研报英文原文证据摘录

Q1 Financials; FATE Has Been Decided…To RECLAIM-LN

Company Report

May 14, 2026 Fate Therapeutics (FATE)

Rating: Q1 Financials; FATE Has Been Decided…To RECLAIM-LNOUTPERFORM

Price:

$2.14 The Wedbush View

12-Month Price Target:

$7.00 FATE confirmed plans to begin potentially registrational Ph 2 RECLAIM-LN (FT819

[CD19 allo-CAR-T] in lupus nephritis [LN]) in 2H26. FDA aligned on multiple

Analysts favorable points including a single-arm trial design, reduced intensity conditioning

Martin Fan, Ph.D. with bendamustine alone, outpatient administration, and a smaller enrollment

(213) 688-3404 target relative to biologics (N=~53 patients). FATE aims to complete enrollment

Martin.Fan@wedbush.com ~15 months after trial initiation. Considering a 6-month primary endpoint and an

David Nierengarten, Ph.D. estimated start date of July 2026 (link), we speculate a data readout is possible

(415) 274-6862 around mid-2028.David.Nierengarten@wedbush.com

Dennis Pak We view this timeline as feasible considering recent enrollment rates. As of May 5,

(415) 263-6647 FATE has dosed N=19 lupus patients with FT819, an increase of 25% over 2 monthsDennis.Pak@wedbush.com

(N=15 as of Feb. 25, 2026; Fig. 1). We view enrollment rates in clinical trials as having

direct read-through to the commercial potential of allogeneic cell therapies, and

Company Information observe FATE has now treated N=27 patients across I&I indications (up 35% from

Market Cap (M) $256 a Feb. 25 update of N=20).

Enterprise Value (M) $81

Shares Outst (M) 120.0 Skepticism over whether FT819 would advance to registrational development

52-Week Range $0.91 - $2.47 had been an investor concern, which we expect the current update will resolve.