Why did FATE's operating expenses drop sharply in Q2 2024?

Fate Therapeutics' operating expenses dropped sharply in Q2 2024 due to a more controlled spending approach and a decrease in previous year's expenses. The company's research and development expenses decreased to $32.1 million in Q2 2024, down from $87.6 million in the same period the previous year. This reduction suggests a more focused and efficient use of resources, which could be attributed to strategic planning, prioritization of projects, or a reduction in non-essential expenditures. Such a drop in operating expenses can positively impact the company's financial health by improving profitability and cash flow.