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FibroGen Reports Second Quarter 2025 Financial Results and Provides Business Update

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FibroGen (NASDAQ: FGEN) reported its Q2 2025 financial results and significant business updates. The company announced an increased total consideration of $210 million for the sale of FibroGen China to AstraZeneca, representing a $50 million increase from initial guidance. The transaction, expected to close in Q3 2025, includes an enterprise value of $85 million plus approximately $125 million in net cash.

Key financial results show Q2 2025 revenue of $1.3 million and a net loss of $13.7 million. The company reported $142.1 million in total consolidated cash and expects its cash runway to extend into 2028 post-China sale.

In clinical developments, FibroGen reached an agreement with the FDA on Phase 3 trial design for roxadustat in LR-MDS patients and plans to initiate a Phase 2 trial of FG-3246, their CD46-targeting ADC, in metastatic castration-resistant prostate cancer in Q3 2025.

[ "Sale of FibroGen China increased by $50 million to $210 million total consideration", "Cash runway expected to extend into 2028 after China sale closes", "FDA agreement reached on Phase 3 trial design for roxadustat in LR-MDS", "Net loss decreased significantly from $47.1M in Q2 2024 to $13.7M in Q2 2025", "Revenue increased 30% year-over-year to $1.3M in Q2 2025" ]

FibroGen (NASDAQ: FGEN) ha comunicato i risultati finanziari del secondo trimestre 2025 e aggiornamenti rilevanti sull'attività. L'azienda ha annunciato un corrispettivo totale aumentato a $210 milioni per la vendita di FibroGen China ad AstraZeneca, ovvero $50 milioni in più rispetto alle indicazioni iniziali. L'operazione, prevista in chiusura nel Q3 2025, comprende un valore d'impresa di $85 milioni più circa $125 milioni di cassa netta.

I principali risultati mostrano ricavi nel Q2 2025 pari a $1,3 milioni e una perdita netta di $13,7 milioni. La società riporta $142,1 milioni di cassa consolidata totale e prevede che la liquidità si estenderà fino al 2028 dopo il completamento della vendita in Cina.

Sul fronte clinico, FibroGen ha concordato con la FDA il disegno dello studio di Fase 3 per roxadustat in pazienti con LR-MDS e prevede di avviare nel Q3 2025 uno studio di Fase 2 su FG-3246, il suo ADC diretto contro CD46, nel carcinoma prostatico metastatico resistente alla castrazione.

  • Vendita di FibroGen China aumentata di $50 milioni, per un corrispettivo totale di $210 milioni
  • La disponibilità di cassa dovrebbe estendersi fino al 2028 dopo la chiusura della vendita in Cina
  • Accordo con la FDA sul disegno dello studio di Fase 3 per roxadustat in LR-MDS
  • La perdita netta è diminuita significativamente da $47,1 milioni nel Q2 2024 a $13,7 milioni nel Q2 2025
  • I ricavi sono aumentati del 30% su base annua, raggiungendo $1,3 milioni nel Q2 2025

FibroGen (NASDAQ: FGEN) informó sus resultados financieros del segundo trimestre de 2025 y actualizaciones comerciales relevantes. La compañía anunció una contraprestación total incrementada a $210 millones por la venta de FibroGen China a AstraZeneca, es decir, $50 millones más respecto a la guía inicial. La transacción, prevista para cerrarse en el Q3 2025, incluye un valor empresarial de $85 millones más aproximadamente $125 millones en efectivo neto.

Los principales resultados muestran ingresos en el Q2 2025 de $1,3 millones y una pérdida neta de $13,7 millones. La compañía reportó $142,1 millones en efectivo consolidado total y espera que su runway de caja se extienda hasta 2028 tras el cierre de la venta en China.

En desarrollos clínicos, FibroGen llegó a un acuerdo con la FDA sobre el diseño del ensayo de Fase 3 para roxadustat en pacientes con LR-MDS y planea iniciar en el Q3 2025 un ensayo de Fase 2 de FG-3246, su ADC dirigido a CD46, en cáncer de próstata metastásico resistente a la castración.

  • Venta de FibroGen China incrementada en $50 millones, hasta $210 millones de contraprestación total
  • Se espera que la liquidez se extienda hasta 2028 tras el cierre de la venta en China
  • Acuerdo con la FDA sobre el diseño del ensayo de Fase 3 para roxadustat en LR-MDS
  • La pérdida neta se redujo significativamente de $47,1M en Q2 2024 a $13,7M en Q2 2025
  • Los ingresos aumentaron un 30% interanual hasta $1,3M en Q2 2025

FibroGen (NASDAQ: FGEN)이 2025년 2분기 재무실적과 주요 사업 업데이트를 발표했습니다. 회사는 AstraZeneca에 대한 FibroGen China 매각 대금 총액을 $210백만으로 상향 조정했으며, 이는 초기 가이던스보다 $50백만 증가한 수치입니다. 해당 거래는 2025년 3분기(Q3)에 마감될 예정이며, 기업가치 $85백만과 약 $125백만의 순현금을 포함합니다.

주요 재무 지표는 2025년 2분기 매출이 $1.3 million, 순손실이 $13.7 million임을 보여줍니다. 회사는 총 연결 현금이 $142.1 million이라고 보고했으며, 중국 매각 완료 후 현금 유동성이 2028년까지 이어질 것으로 예상합니다.

임상 측면에서 FibroGen은 LR-MDS 환자를 대상으로 한 roxadustat의 3상 시험 설계에 대해 FDA와 합의했으며, CD46을 표적하는 항체-약물 접합체(ADC)인 FG-3246의 전이성 거세저항성 전립선암(mCRPC) 대상 2상 시험을 2025년 3분기에 시작할 계획입니다.

  • FibroGen China 매각 대금이 $50백만 증가해 총 $210백만으로 상향
  • 중국 매각 종료 후 현금 소진 시점이 2028년까지 연장될 것으로 예상
  • LR-MDS 대상 roxadustat 3상 시험 설계에 대해 FDA와 합의
  • 순손실이 2024년 2분기의 $47.1M에서 2025년 2분기의 $13.7M으로 크게 감소
  • 매출이 전년 동기 대비 30% 증가해 2025년 2분기에 $1.3M 기록

FibroGen (NASDAQ: FGEN) a publié ses résultats financiers du deuxième trimestre 2025 et d'importantes actualités opérationnelles. La société a annoncé une contrepartie totale portée à 210 M$ pour la cession de FibroGen China à AstraZeneca, soit 50 M$ de plus que les indications initiales. La transaction, attendue au T3 2025, comprend une valeur d'entreprise de 85 M$ plus environ 125 M$ de trésorerie nette.

Les principaux résultats indiquent un chiffre d'affaires au T2 2025 de 1,3 M$ et une perte nette de 13,7 M$. La société fait état de 142,1 M$ de trésorerie consolidée totale et s'attend à ce que sa trésorerie couvre ses besoins jusqu'en 2028 après la vente en Chine.

Sur le plan clinique, FibroGen a convenu avec la FDA du design de l'essai de phase 3 pour le roxadustat chez des patients LR-MDS et prévoit de lancer au T3 2025 un essai de phase 2 de FG-3246, son ADC ciblant CD46, dans le cancer de la prostate métastatique résistant à la castration.

  • Vente de FibroGen China augmentée de 50 M$, portant la contrepartie totale à 210 M$
  • La trésorerie devrait permettre de tenir jusqu'en 2028 après la clôture de la vente en Chine
  • Accord avec la FDA sur le design de l'essai de phase 3 pour le roxadustat en LR-MDS
  • La perte nette a fortement diminué, de 47,1 M$ au T2 2024 à 13,7 M$ au T2 2025
  • Le chiffre d'affaires a augmenté de 30 % en glissement annuel, atteignant 1,3 M$ au T2 2025

FibroGen (NASDAQ: FGEN) hat seine Finanzergebnisse für das zweite Quartal 2025 und wesentliche Geschäftsupdates veröffentlicht. Das Unternehmen gab eine auf insgesamt $210 Millionen erhöhte Gegenleistung für den Verkauf von FibroGen China an AstraZeneca bekannt – ein Zuwachs von $50 Millionen gegenüber der ursprünglichen Orientierung. Die Transaktion, deren Abschluss für das Q3 2025 erwartet wird, umfasst einen Unternehmenswert von $85 Millionen zuzüglich etwa $125 Millionen Nettokasse.

Wesentliche Finanzkennzahlen zeigen für Q2 2025 einen Umsatz von $1,3 Millionen und einen Nettoverlust von $13,7 Millionen. Das Unternehmen meldete insgesamt $142,1 Millionen konsolidierte Barmittel und erwartet, dass die Liquiditätsreichweite nach dem China-Verkauf bis ins Jahr 2028 reicht.

In klinischer Hinsicht erzielte FibroGen eine Einigung mit der FDA zum Design der Phase-3-Studie für Roxadustat bei LR-MDS-Patienten und plant im Q3 2025 den Start einer Phase-2-Studie mit FG-3246, seinem CD46-gerichteten ADC, beim metastasierten kastrationsresistenten Prostatakarzinom.

  • Verkauf von FibroGen China um $50 Millionen erhöht, Gesamtkaufpreis $210 Millionen
  • Liquiditätsreichweite soll nach Abschluss des China-Verkaufs bis 2028 reichen
  • Einigung mit der FDA über das Design der Phase-3-Studie für Roxadustat bei LR-MDS
  • Nettoverlust sank deutlich von $47,1M im Q2 2024 auf $13,7M im Q2 2025
  • Umsatz stieg im Jahresvergleich um 30 % auf $1,3M im Q2 2025
Positive
  • None.
Negative
  • Low current cash position of $23.5M in U.S. operations
  • Continued operating losses with $13.7M net loss in Q2 2025
  • Revenue remains minimal at $1.3M for Q2 2025

Insights

FibroGen's China sale deal improves by $50M, extending cash runway to 2028 while advancing clinical pipeline for roxadustat and FG-3246.

FibroGen's Q2 update delivers several significant positive developments that strengthen its financial position and advance its clinical pipeline. The headline improvement comes from the FibroGen China sale to AstraZeneca, now valued at approximately $210 million - a $50 million increase from initial guidance. This includes an $85 million enterprise value plus approximately $125 million in net cash held in China. With transaction closing expected in Q3 2025, this deal meaningfully extends the company's cash runway into 2028, providing crucial operational flexibility.

On the clinical front, FibroGen has reached agreement with the FDA on design elements for a pivotal Phase 3 trial of roxadustat for anemia in lower-risk myelodysplastic syndromes (LR-MDS) patients with high transfusion burden. This represents a potential new indication for roxadustat in an area with high unmet need. The company plans to submit the final protocol in Q4 2025.

The company continues advancing FG-3246, its antibody-drug conjugate targeting CD46 for metastatic castration-resistant prostate cancer (mCRPC). A Phase 2 monotherapy trial is expected to start in Q3 2025, with topline results from an investigator-sponsored combination study with enzalutamide anticipated in Q4 2025. The companion diagnostic FG-3180 will be evaluated for its ability to identify patients most likely to respond to treatment.

Financially, FibroGen reported $1.3 million in Q2 revenue from continuing operations (vs $1.0 million in Q2 2024) and reduced its net loss to $13.7 million (vs $47.1 million year-over-year). The company held $23.5 million in U.S. cash/receivables and $142.1 million in consolidated cash/receivables as of June 30.

The significantly improved China transaction terms and extended cash runway give FibroGen vital breathing room to advance its pipeline assets without immediate financing pressure, particularly as it pursues high-value indications in oncology and hematology.

  • Total consideration for the sale of FibroGen China to AstraZeneca now expected to be approximately $210 million, a $50 million increase from initial guidance
    • Net cash held in China at closing now estimated to be approximately $125 million
    • Transaction expected to close in 3Q 2025
  • Upon close of sale of FibroGen China, cash runway extended into 2028
  • Initiation of the Phase 2 monotherapy trial of FG-3246, a potential first-in-class antibody-drug conjugate (ADC) targeting CD46 in metastatic castration-resistant prostate cancer (mCRPC), expected in 3Q 2025
  • Reached agreement with the U.S. Food and Drug Administration (FDA) on important design elements for a pivotal Phase 3 trial for roxadustat for the treatment of anemia in patients with lower-risk myelodysplastic syndromes (LR-MDS) and high red blood cell (RBC) transfusion burden
  • Topline results from the investigator-sponsored study of FG-3246 in combination with enzalutamide in patients with mCRPC expected in 4Q 2025
  • FibroGen to host conference call and webcast presentation today at 5:00 PM ET

SAN FRANCISCO, Aug. 11, 2025 (GLOBE NEWSWIRE) -- FibroGen, Inc. (NASDAQ: FGEN) today reported financial results for the second quarter 2025 and provided an update on the company’s recent developments.

“In the second quarter, we continued to make steadfast progress in advancing our clinical pipeline. Trial initiation activities for the Phase 2 monotherapy trial of FG-3246 are progressing, and we expect to start the trial in the third quarter of 2025,” said Thane Wettig, Chief Executive Officer, FibroGen. “We are also excited about reaching agreement with the FDA to advance roxadustat towards a pivotal Phase 3 trial in LR-MDS in patients with high transfusion burden, an area with high unmet need. We are working diligently towards finalizing the Phase 3 trial protocol and plan to submit to the FDA in the fourth quarter of 2025. Concurrently, we will be exploring options for either internal development or partnership opportunities. With the expected close of the FibroGen China sale in the near term, extending our cash runway into 2028, we are strongly positioned to bring significant value for both patients and shareholders.”

Recent Developments and Key Highlights of Second Quarter 2025:

  • Sale of FibroGen China to AstraZeneca now expected to be for a total consideration of approximately $210 million, representing an enterprise value of $85 million plus estimated net cash held in China at closing of approximately $125 million. The transaction is expected to close in the third quarter of 2025.
    • Upon closing, FibroGen will repay its term loan to Morgan Stanley Tactical Value, further simplifying the Company’s capital structure.
    • FibroGen maintains its rights to roxadustat in the U.S. and in all markets outside of China, South Korea, and those licensed to Astellas.
  • Appointed Michael Kauffman, M.D., Ph.D. to the Board of Directors.
  • Had a positive Type-C meeting with the FDA in July 2025, where the Company reached agreement with the FDA on important design elements for a pivotal Phase 3 trial for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden.

Upcoming Milestones:

FG-3246 (CD46 Targeting ADC) and FG-3180 (CD46 Targeting PET Imaging Agent)

  • Trial initiation activities for the Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC remain ongoing, with an expected trial start in the third quarter of 2025 upon the close of the sale of FibroGen China. The trial will also assess the diagnostic performance of FG-3180 to determine the potential correlation between CD46 expression and response to FG-3246.
  • Topline results from the investigator-sponsored Phase 1b/2 study, conducted by UCSF, of FG-3246 in combination with enzalutamide in patients with mCRPC expected in the fourth quarter of 2025. The results will include data on FG-3180.

Roxadustat

  • FibroGen intends to file the pivotal Phase 3 clinical trial protocol for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden in the fourth quarter of 2025.

Financial:

  • Total revenue from continuing operations for the second quarter of 2025 was $1.3 million, as compared to $1.0 million for the second quarter of 2024.
  • Net loss from continuing operations for the second quarter of 2025 was $13.7 million, or $3.38 net loss per basic and diluted share, compared to a net loss of $47.1 million, or $11.79 net loss per basic and diluted share, one year ago.
  • On June 30, 2025, FibroGen reported $23.5 million in cash, cash equivalents and accounts receivable in the U.S. and $142.1 million in total consolidated cash, cash equivalents and accounts receivable.
  • Upon closing of the announced sale of FibroGen China, the Company expects its cash, cash equivalents and accounts receivable to be sufficient to fund our operating plans into 2028.

Conference Call and Webcast Presentation
The FibroGen management team will host a conference call and webcast presentation to discuss the financial results and provide a business update. A live Q&A session will follow the brief presentation. Interested parties may access a live audio webcast of the conference call here. To access the call by phone, please register here, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on the Events & Presentations page on FibroGen’s website.

About FG-3246
FG-3246 (FOR46) is a potential first-in-class fully human antibody-drug conjugate (ADC), exclusively in-licensed from Fortis Therapeutics, and is being developed by FibroGen for metastatic castration-resistant prostate cancer and potentially other tumor types. FG-3246 binds to an epitope of CD46, a cell receptor target, that induces internalization upon antibody binding, is present at high levels in prostate cancer and other tumor types and demonstrates very limited expression in most normal tissues. FG-3246 is comprised of an anti-CD46 antibody, YS5, linked to the anti-mitotic agent, MMAE, which is a clinically and commercially validated ADC payload. FG-3246 has demonstrated anti-tumor activity in both preclinical and clinical studies.

FG-3246 is currently in an ongoing Phase 1b/2 study being conducted at UCSF as an investigator-sponsored trial to evaluate FG-3246 in combination with enzalutamide. An additional investigator-sponsored radiopharmaceutical marker trial using a zirconium-89 positron emission tomography (PET) tracer for CD46 that utilizes the YS5 antibody is also underway at UCSF. The initiation of the Phase 2 monotherapy dose optimization trial for FG-3246 in metastatic castration-resistant prostate cancer is anticipated in the third quarter of 2025. FG-3246 is an investigational drug and not approved for marketing by any regulatory authority.

About Roxadustat
Roxadustat, an oral medication, is the first in a new class of medicines comprising HIF-PH inhibitors that promote erythropoiesis, or red blood cell production, through increased endogenous production of erythropoietin, improved iron absorption and mobilization, and downregulation of hepcidin. Roxadustat is in clinical development for chemotherapy-induced anemia (CIA) and a Supplemental New Drug Application (sNDA) has been accepted by the China Health Authority. 

Roxadustat is approved in China, Europe, Japan, and numerous other countries for the treatment of anemia of CKD in adult patients on dialysis (DD) and not on dialysis (NDD). FibroGen has the sole rights to roxadustat in the United States, Canada, Mexico, and in all markets not held by AstraZeneca or licensed to Astellas. Astellas and FibroGen are collaborating on the commercialization of roxadustat for the treatment of anemia in territories including Japan, Europe, Turkey, Russia, and the Commonwealth of Independent States, the Middle East, and South Africa.

About FibroGen
FibroGen, Inc. is a biopharmaceutical company focused on development of novel therapies at the frontiers of cancer biology and anemia. Roxadustat (爱瑞卓®, EVRENZOTM) is currently approved in China, Europe, Japan, and numerous other countries for the treatment of anemia in chronic kidney disease (CKD) patients on dialysis and not on dialysis. The Company continues to evaluate a development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome (LR-MDS) in the U.S. FG-3246 (also known as FOR46), a first-in-class antibody-drug conjugate (ADC) targeting CD46 is in development for the treatment of metastatic castration-resistant prostate cancer. This program also includes the development of FG-3180, an associated CD46-targeted PET biomarker. For more information, please visit www.fibrogen.com

Forward-Looking Statements 
This release contains forward-looking statements regarding FibroGen’s strategy, future plans and prospects, including statements regarding its commercial products and clinical programs and those of its collaboration partners Fortis and UCSF. These forward-looking statements include, but are not limited to, statements regarding the efficacy, safety, convenience, and potential clinical or commercial success of FibroGen products and product candidates, statements under the caption “Upcoming Milestones”, statements about regulatory interactions, the estimated net cash portion of the purchase price and closing of the sale of FibroGen China as well as the payoff of the Morgan Stanley Tactical Value term loan, statements regarding cash, such as the expectation that, upon closing of the FibroGen China sale, cash, cash equivalents and accounts receivable will be sufficient to fund FibroGen’s operating plans into 2028, and statements about FibroGen’s plans and objectives. These forward-looking statements are typically identified by use of terms such as “may,” “will”, “should,” “on track,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. FibroGen’s actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of its various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in FibroGen’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the Securities and Exchange Commission (SEC), including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and FibroGen undertakes no obligation to update any forward-looking statement in this press release, except as required by law. 

        
Condensed Consolidated Balance Sheets
(In thousands)
        
 June 30, 2025
 December 31, 2024
 (Unaudited)
 (1)
Assets       
Current assets:       
Cash and cash equivalents$23,367  $50,482 
Accounts receivable, net 136   481 
Inventory 3,863   3,155 
Prepaid expenses and other current assets 2,306   31,542 
Current assets held for sale 132,650   110,849 
Total current assets 162,322   196,509 
Other assets 839   1,405 
Long-term assets held for sale 14,894   16,611 
Total assets$178,055  $214,525 
        
Liabilities, stockholders’ equity and non-controlling interests       
Current liabilities:       
Accounts payable$10,477  $5,064 
Accrued and other liabilities 35,916   62,035 
Deferred revenue 27,311   27,290 
Senior secured term loan facilities, current 73,733    
Current liabilities held for sale 8,458   38,917 
Total current liabilities 155,895   133,306 
Product development obligations 19,398   17,012 
Deferred revenue, net of current 122,224   114,708 
Senior secured term loan facilities, non-current    73,092 
Liability related to sale of future revenues, non-current 61,306   58,864 
Other long-term liabilities 106   822 
Long-term liabilities held for sale 156   356 
Total liabilities 359,085   398,160 
        
Redeemable non-controlling interests 21,480   21,480 
Total stockholders’ deficit attributable to FibroGen (222,997)  (225,602)
Nonredeemable non-controlling interests 20,487   20,487 
Total deficit (202,510)  (205,115)
Total liabilities, redeemable non-controlling interests and deficit$178,055  $214,525 
        
(1) The condensed consolidated balance sheet amounts at December 31, 2024 are derived from audited financial statements.
        


Condensed Consolidated Statements of Operations
(In thousands, except per share data)
                
 Three Months Ended June 30,
 Six Months Ended June 30,
 2025
 2024
 2025
 2024
 (Unaudited)
Revenue:               
Development and other revenue$133  $269   277   1,147 
Drug product revenue, net 1,215   729   3,811   25,216 
Total revenue 1,348   998   4,088   26,363 
                
Operating costs and expenses:               
Cost of goods sold 85   140   337   21,483 
Research and development 5,865   32,360   15,040   68,848 
Selling, general and administrative 7,057   14,906   15,164   31,622 
Restructuring charge 393      519    
Total operating costs and expenses 13,400   47,406   31,060   121,953 
Loss from operations (12,052)  (46,408)  (26,972)  (95,590)
                
Interest and other, net:               
Interest expense (2,009)  (1,868)  (4,265)  (3,960)
Interest income and other income (expenses), net 286   900   698   3,135 
Total interest and other, net (1,723)  (968)  (3,567)  (825)
                
Loss from continuing operations before income taxes (13,775)  (47,376)  (30,539)  (96,415)
Benefit from income taxes (92)  (281)  (90)  (274)
Loss from continuing operations (13,683)  (47,095)  (30,449)  (96,141)
Income from discontinued operations, net of tax 6,080   31,551   27,485   47,664 
Net loss$(7,603) $(15,544) $(2,964) $(48,477)
                
Loss from continuing operations per share - basic and diluted$(3.38) $(11.79) $(7.54) $(24.18)
Income from discontinued operations per share - basic and diluted 1.50   7.90   6.81   11.99 
Net loss per share - basic and diluted$(1.88) $(3.89) $(0.73) $(12.19)
                
Weighted average number of common shares used to calculate net income (loss) per share - basic and diluted 4,042   3,993   4,040   3,976 
                

For Investor Inquiries:
David DeLucia, CFA
Senior Vice President and Chief Financial Officer
ir@fibrogen.com


FAQ

What is the total value of FibroGen's China sale to AstraZeneca in 2025?

The total consideration for FibroGen China's sale to AstraZeneca is $210 million, which includes an enterprise value of $85 million plus approximately $125 million in net cash held in China at closing.

What were FibroGen's (FGEN) Q2 2025 financial results?

FibroGen reported Q2 2025 revenue of $1.3 million and a net loss of $13.7 million ($3.38 per share), compared to a net loss of $47.1 million in Q2 2024.

How long will FibroGen's cash runway extend after the China sale?

Following the closure of the FibroGen China sale, the company expects its cash runway to extend into 2028.

What are the next major clinical milestones for FibroGen (FGEN)?

FibroGen plans to initiate a Phase 2 trial of FG-3246 in Q3 2025 and expects to file the Phase 3 clinical trial protocol for roxadustat in LR-MDS in Q4 2025. Topline results from the FG-3246 combination study are expected in Q4 2025.

How much cash does FibroGen (FGEN) currently have?

As of June 30, 2025, FibroGen had $23.5 million in cash, cash equivalents and accounts receivable in the U.S., and $142.1 million in total consolidated cash, cash equivalents and accounts receivable.
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