SAN DIEGO (AP) _ Fate Therapeutics Inc. (FATE) on Tuesday reported a loss of $23.5 million in its second quarter.
The San Diego-based company said it had a loss of 36 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
The clinical-stage biotech company that develops stem cell treatments posted revenue of $2.8 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $1.3 million.
Fate Therapeutics shares have climbed 54% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.82, a rise of 95% in the last 12 months.