SAN DIEGO (AP) _ Fate Therapeutics Inc. (FATE) on Wednesday reported a loss of $45.1 million in its first quarter.

On a per-share basis, the San Diego-based company said it had a loss of 48 cents.

The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 42 cents per share.

The clinical-stage biotech company that develops stem cell treatments posted revenue of $11.1 million in the period, beating Street forecasts. Eight analysts surveyed by Zacks expected $7.1 million.

Fate Therapeutics shares have dropped 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $77.41, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FATE at https://www.zacks.com/ap/FATE