FibroGen, Inc (FGEN) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FGEN SEC filings page.
FibroGen, Inc (FGEN) reported $7.4M in revenue over the twelve months to Mar 31, 2026, up 6.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business has shrunk into a development-stage operation, with 2025 profit driven outside operations while liabilities still exceed assets.
Reported net income of$183M sits beside an operating loss of$45.9M , so the year's accounting profit did not come from the operating engine. Operating cash flow remained negative at-$4.8M , reinforcing that earnings and cash generation diverged rather than confirming a commercial turnaround.
Revenue contracted to
The current ratio improved to 3.4x as current liabilities fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of FibroGen, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FibroGen, Inc held $109.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $4.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and FibroGen, Inc scores 98/100 among other emerging companies.
FibroGen, Inc had 4M shares outstanding at the end of fiscal year 2025, against 4M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and FibroGen, Inc scores 98/100 among other emerging companies.
FibroGen, Inc spent $23.5M on research and development in fiscal year 2025, which was 44.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and FibroGen, Inc scores 75/100 among other emerging companies.
FibroGen, Inc reported revenue of $6.4M in fiscal year 2025, against $29.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and FibroGen, Inc scores 2/100 among other emerging companies.
FibroGen, Inc's operations used $4.8M of cash in fiscal year 2025, against $138.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and FibroGen, Inc scores 87/100 among other emerging companies.
FibroGen, Inc's cash, cash equivalents and investments came to $109.1M at the end of fiscal year 2025, against $149.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and FibroGen, Inc scores 51/100 among other emerging companies.
FibroGen, Inc scores -20.33, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($39.3M) relative to total liabilities ($149.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
FibroGen, Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, FibroGen, Inc used $0.03 of operating cash (-$4.8M OCF vs $183.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
FibroGen, Inc reported an operating loss of $45.9M against $8.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
FibroGen, Inc generated $3.7M in revenue in Q1 2026. This represents an increase of 36.5% from the same quarter a year earlier. Against the prior quarter it is up 192.7%.
FibroGen, Inc's EBITDA was -$13.8M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.4% from the same quarter a year earlier.
FibroGen, Inc reported -$15.2M in net income in Q1 2026. This represents a decrease of 427.6% from the same quarter a year earlier. Against the prior quarter it is down 6.9%.
Cash & Balance Sheet
FibroGen, Inc recorded an outflow of $13.9M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 613.8% from the same quarter a year earlier. Against the prior quarter it is up 24.2%.
FibroGen, Inc held $37.0M in cash against $74.1M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
FibroGen, Inc's gross margin was -9.8% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 100.6 percentage points from the same quarter a year earlier.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q1 2026.
Capital Allocation
FibroGen, Inc invested $7.6M in research and development in Q1 2026. This represents a decrease of 17.5% from the same quarter a year earlier. Against the prior quarter it is up 4.1%.
FibroGen, Inc reported no capital expenditure in Q1 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Not reported for Q1 2026.
FGEN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7M+36.5% | $1.3M-59.3% | $1.1M+774.8% | $1.3M+35.1% | $2.7M-89.2% | $3.1M | $123K-99.7% | $998K-97.7% |
| Cost of Revenue | $4.1M+1529.4% | $277K+104.7% | -$58K+22.7% | $85K-39.3% | $252K-98.8% | -$5.8M | -$75K-101.8% | $140K-97.5% |
| Gross Profit | -$368K-114.8% | N/A | N/A | $1.3M+47.2% | $2.5M-38.1% | N/A | N/A | $858K-97.8% |
| R&D Expenses | $7.6M-17.5% | $7.3M+5.8% | $1.2M-93.9% | $5.9M-81.9% | $9.2M-74.9% | $6.9M | $20.0M-67.4% | $32.4M-66.1% |
| SG&A Expenses | $5.9M-27.7% | $7.3M-13.1% | $5.3M-43.4% | $7.1M-52.7% | $8.1M-51.5% | $8.3M | $9.4M-63.4% | $14.9M-52.2% |
| Operating Income | -$13.8M+7.4% | -$13.5M-89.4% | -$5.4M+88.7% | -$12.1M+74.0% | -$14.9M+69.7% | -$7.1M | -$47.7M+24.9% | -$46.4M+47.3% |
| EBITDA | -$13.8M+5.4% | N/A | N/A | N/A | -$14.6M+69.8% | N/A | N/A | N/A |
| Interest Expense | $2.4M+7.5% | $2.4M+8.7% | $2.1M+0.7% | $2.0M+7.5% | $2.3M+7.9% | $2.2M | $2.1M-58.8% | $1.9M-39.1% |
| Income Tax | $0-100.0% | $0-100.0% | $0-100.0% | -$92K+67.3% | $2K-71.4% | $2K | $3K-96.4% | -$281K-19.6% |
| Net Income | -$15.2M-427.6% | -$14.2M-179.1% | $200.6M+1274.4% | -$7.6M+51.1% | $4.6M+114.1% | $18.0M | -$17.1M+73.1% | -$15.5M+82.3% |
| EPS (Basic) | -$3.76-427.0% | N/A | $49.61+1267.3% | -$1.88+51.7% | $1.15+448.5% | N/A | -$4.25-553.8% | -$3.89-332.2% |
| EPS (Diluted) | -$3.76 | N/A | $49.61+1267.3% | -$1.88 | $1.15 | N/A | -$4.25 | -$3.89 |
| Diluted Shares (Avg) | 4M | N/A | 4M+0.6% | 4M | 4M | N/A | 4M | 4M |
FGEN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $109.6M-33.6% | $119.6M-44.3% | $137.0M-48.2% | $178.1M-39.3% | $165.2M-54.8% | $214.5M-49.3% | $264.4M-42.6% | $293.2M-43.1% |
| Current Assets | $101.4M-31.8% | $99.1M-49.6% | $133.4M-45.4% | $162.3M-22.5% | $148.5M-46.6% | $196.5M-40.7% | $244.5M-32.8% | $209.5M-49.1% |
| Cash & Equivalents | $37.0M+10.1% | $47.9M-5.2% | $118.0M-9.9% | $23.4M-83.4% | $33.6M-68.2% | $50.5M-38.1% | $131.0M+8.3% | $140.7M-7.8% |
| Inventory | $3.4M+7.3% | $3.7M+18.6% | $3.9M-83.9% | $3.9M-84.8% | $3.2M-88.5% | $3.2M-81.6% | $23.9M-41.2% | $25.4M-38.3% |
| Accounts Receivable | $5.0M+3328.6% | $216K-55.1% | $121K-99.6% | $136K-97.9% | $147K-99.6% | $481K-90.6% | $29.0M-8.4% | $6.4M-75.0% |
| Total Liabilities | $153.4M-59.8% | $149.6M-62.4% | $154.0M-67.0% | $401.1M-17.1% | $382.1M-30.8% | $398.2M-32.0% | $466.1M-19.0% | $483.6M-16.0% |
| Current Liabilities | $28.1M-61.7% | $29.2M-78.1% | $36.0M-81.1% | $155.9M+4.9% | $73.4M-62.7% | $133.3M-38.8% | $190.5M-9.0% | $148.6M-23.4% |
| Non-Current Liabilities | $125.3M-59.4% | $120.4M-54.5% | $118.1M-57.2% | $245.2M-26.8% | $308.7M-13.1% | $264.9M-28.0% | $275.6M-24.7% | $335.0M-12.2% |
| Long-Term Debt | $74.1M | N/A | $75.0M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$43.8M+79.8% | -$30.0M+86.7% | -$17.0M+93.0% | -$223.0M+4.0% | -$216.9M+4.9% | -$225.6M-10.5% | -$243.7M-55.0% | -$232.3M-127.2% |
| Retained Earnings | -$1.7B+8.7% | -$1.7B+9.7% | -$1.7B+11.3% | -$1.9B-0.1% | -$1.9B-0.5% | -$1.9B-2.6% | -$1.9B-6.8% | -$1.9B-9.8% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
FGEN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.9M-610.7% | -$18.3M+39.8% | -$1.8M+77.9% | $12.7M+131.8% | $2.7M+104.6% | -$30.5M-66.3% | -$8.4M+90.1% | -$39.9M+63.9% |
| Depreciation & Amortization | $7K-97.9% | N/A | N/A | N/A | $327K-60.1% | N/A | N/A | N/A |
| Stock-Based Compensation | $1.2M-59.6% | N/A | N/A | N/A | $2.9M-67.5% | N/A | N/A | N/A |
| Capital Expenditures | $0-100.0% | $0-100.0% | $9K-89.0% | $13K-7.1% | $16K-44.8% | $141K-43.8% | $82K-88.0% | $14K-98.6% |
| Free Cash Flow | -$13.9M-613.8% | -$18.3M+40.1% | -$1.9M+78.1% | $12.7M+131.8% | $2.7M+104.6% | -$30.6M-64.8% | -$8.5M+90.1% | -$39.9M+64.3% |
| Investing Cash Flow | $3.0M+18962.5% | -$51.7M-3101.3% | $87.2M+11444.4% | -$13K-100.0% | -$16K-100.0% | $1.7M-83.2% | $755K-98.6% | $72.2M+605.7% |
| Financing Cash Flow | -$7K+92.0% | -$14K-380.0% | -$85.9M-67551.2% | -$9K-128.1% | -$88K+46.7% | $5K+102.0% | -$127K-477.3% | $32K-100.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FGEN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -9.8%-100.6pp | N/A | N/A | 93.7%+7.7pp | 90.8%+75.0pp | N/A | N/A | 86.0%-1.1pp |
| Operating Margin | -369.7% | -1058.1% | -502.9% | -894.1% | -544.7% | -227.5% | -38774.0% | -4650.1% |
| Net Margin | -406.6% | -1113.5% | 18646.5% | -564.0% | 169.4% | 573.4% | -13889.4% | -1557.5% |
| Return on Assets | -13.9%-16.7pp | -11.9%-20.3pp | 146.4%+152.9pp | -4.3%+1.0pp | 2.8%+11.8pp | 8.4% | -6.5%+7.4pp | -5.3%+11.7pp |
| Current Ratio | 3.61+1.6x | 3.39+1.9x | 3.71+2.4x | 1.04-0.4x | 2.02+0.6x | 1.470.0x | 1.28-0.5x | 1.41-0.7x |
| Asset Turnover | 0.030.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.02-0.1x | 0.01 | 0.00-0.1x | 0.00-0.1x |
| FCF Margin | -371.5% | -1435.2% | -172.5% | 939.8% | 98.7% | -976.0% | -6876.4% | -3996.3% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$30.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| FibroGen, Inc FGEN | FY2025 | $6.4M | $183.5M | N/A | $39.3M | 69/100 |
| vTv Therapeutics Inc. VTVT | FY2025 | $0 | -$27.0M | N/A | $122.6M | — |
| PDS Biotechnology Corporation PDSB | FY2025 | N/A | -$34.5M | N/A | $77.2M | — |
| Actinium Pharmaceuticals, Inc ATNM | FY2025 | $90K | -$33.9M | N/A | $33.6M | — |
| Serina Therapeutics, Inc. SER | FY2025 | $130K | -$19.2M | N/A | $51.1M | — |
| Relmada Therapeutics, Inc. RLMD | FY2025 | N/A | $0 | N/A | $346.7M | — |
Where FibroGen, Inc Ranks
Frequently Asked Questions
What is FibroGen, Inc's annual revenue?
FibroGen, Inc (FGEN) reported $6.4M in total revenue for fiscal year 2025. This represents a -78.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FibroGen, Inc's revenue growing?
FibroGen, Inc (FGEN) revenue declined by 78.3% year-over-year, from $29.6M to $6.4M in fiscal year 2025.
Is FibroGen, Inc profitable?
Yes, FibroGen, Inc (FGEN) reported a net income of $183.5M in fiscal year 2025.
What is FibroGen, Inc's EBITDA?
FibroGen, Inc (FGEN) had EBITDA of -$45.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is FibroGen, Inc's gross margin?
FibroGen, Inc (FGEN) had a gross margin of 91.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is FibroGen, Inc's free cash flow?
FibroGen, Inc (FGEN) recorded an outflow of $4.8M in free cash flow during fiscal year 2025. This represents a 96.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FibroGen, Inc's operating cash flow?
FibroGen, Inc (FGEN) recorded an outflow of $4.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are FibroGen, Inc's total assets?
FibroGen, Inc (FGEN) had $119.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FibroGen, Inc's capital expenditures?
FibroGen, Inc (FGEN) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FibroGen, Inc spend on research and development?
FibroGen, Inc (FGEN) invested $23.5M in research and development during fiscal year 2025.
What is FibroGen, Inc's current ratio?
FibroGen, Inc (FGEN) had a current ratio of 3.39 as of fiscal year 2025, which is generally considered healthy.
What is FibroGen, Inc's return on assets (ROA)?
FibroGen, Inc (FGEN) had a return on assets of 153.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is FibroGen, Inc's debt-to-equity ratio negative or not reported?
FibroGen, Inc (FGEN) has negative shareholder equity of -$30.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is FibroGen, Inc's Altman Z-Score?
FibroGen, Inc (FGEN) has an Altman Z-Score of -20.33, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is FibroGen, Inc's Piotroski F-Score?
FibroGen, Inc (FGEN) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FibroGen, Inc's earnings high quality?
For every $1 of reported earnings, FibroGen, Inc (FGEN) used $0.03 of operating cash (-$4.8M OCF vs $183.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FibroGen, Inc cover its interest payments?
FibroGen, Inc (FGEN) reported an operating loss of $45.9M against $8.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FibroGen, Inc?
FibroGen, Inc (FGEN) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.