FibroGen Reports Third Quarter 2025 Financial Results and Provides Business Update
FibroGen (NASDAQ: FGEN) reported third-quarter 2025 results and a business update highlighting a completed sale, clinical progress, and improved balance sheet.
Key facts: sale of FibroGen China for ~$220 million (including ~$135 million net cash in China); cash, cash equivalents, accounts receivable, and investments of $121.1 million with management saying this provides a runway into 2028; repaid term loan, simplifying capital structure. Clinical updates include initiation of the Phase 2 monotherapy trial of FG-3246 with companion diagnostic FG-3180 (interim analysis H2 2026) and FDA agreement on pivotal Phase 3 roxadustat design with final protocol submission anticipated in 4Q 2025. Q3 revenue was $1.1M and net loss from continuing operations was $13.1M.
FibroGen (NASDAQ: FGEN) ha riportato i risultati del terzo trimestre 2025 e un aggiornamento aziendale che mette in evidenza una vendita completata, progressi clinici e un miglioramento del bilancio.
Fatti chiave: vendita di FibroGen China per circa 220 milioni di dollari (inclusi circa 135 milioni di dollari di liquidità netta in Cina); cassa, equivalenti di cassa, conti da ricevere e investimenti di 121,1 milioni di dollari, secondo la direzione ciò offre una finestra operativa fino al 2028; rimborso del prestito a termine, semplificando la struttura del capitale. Aggiornamenti clinici includono l’inizio dello studio di fase 2 come monoterapia di FG-3246 con diagnostico di accompagnamento FG-3180 (analisi interina nella seconda metà del 2026) e l’accordo della FDA sul design chiave di fase 3 di roxadustat con la presentazione del protocollo finale prevista nel 4Q 2025. Le entrate del Q3 sono state 1,1 milioni di dollari e la perdita netta dalle operazioni continue è stata di 13,1 milioni di dollari.
FibroGen (NASDAQ: FGEN) informó los resultados del tercer trimestre de 2025 y una actualización del negocio que destaca una venta completada, avances clínicos y una mejora del balance.
Hechos clave: venta de FibroGen China por aproximadamente 220 millones de dólares (incluye unos 135 millones de dólares en efectivo neto en China); caja, equivalentes de efectivo, cuentas por cobrar e inversiones de 121,1 millones de dólares, según la dirección esto proporciona una ventana de tiempo hasta 2028; reembolso de un préstamo a plazo, simplificando la estructura de capital. Las actualizaciones clínicas incluyen el inicio del ensayo de monoterapia de fase 2 de FG-3246 con el diagnóstico complementario FG-3180 (análisis interino en la segunda mitad de 2026) y el acuerdo de la FDA sobre el diseño pivotal de la fase 3 de roxadustat con la presentación del protocolo final prevista para el 4Q 2025. Los ingresos del 3T fueron de 1,1 millones de dólares y la pérdida neta de las operaciones en curso fue de 13,1 millones de dólares.
FibroGen (NASDAQ: FGEN)은 2025년 3분기 실적과 매각 완료, 임상 진행 및 개선된 재무 상태를 강조하는 비즈니스 업데이트를 발표했습니다.
주요 사실: FibroGen China 매매 약 2억 2천만 달러 (중국 내 순현금 약 1억 3천만 달러 포함); 현금 및 현금성 자산, 매출채권 및 투자 1억 2110만 달러, 경영진은 이를 통해 2028년까지의 운용 여유를 제공한다고 밝혔습니다; 기간 대출 상환으로 자본 구조가 단순화되었습니다. 임상 업데이트로는 FG-3246의 2상 단독요법 시험 시작과 동반 진단 FG-3180(2026년 하반기 중간 분석) 관련 내용, FDA가 roxadustat의 결정적 3상 설계에 동의하고 최종 프로토콜 제출은 2025년 4분기로 예상됩니다. 3분기 매출은 110만 달러, 계속운영 손실은 1310만 달러였습니다.
FibroGen (NASDAQ : FGEN) a publié les résultats du troisième trimestre 2025 et une mise à jour des activités soulignant une vente réalisée, des progrès cliniques et une amélioration du bilan.
Points clés : vente de FibroGen China pour environ 220 millions de dollars (dont environ 135 millions de dollars en cash net en Chine) ; trésorerie, équivalents de trésorerie, comptes à recevoir et investissements de 121,1 millions de dollars, la direction indiquant que cela offre une marge de manœuvre jusqu'en 2028 ; rémunération d'un prêt à terme, simplifiant la structure du capital. Les mises à jour cliniques comprennent l’initiation de l’essai de phase 2 en monothérapie de FG-3246 avec le diagnostic compagnon FG-3180 (analyse intermédiaire au cours du deuxième semestre 2026) et l’accord de la FDA sur le design pivotal de la phase 3 de roxadustat avec la soumission du protocole final prévue au 4Q 2025. Le chiffre d’affaires du T3 s’élève à 1,1 M$ et la perte nette sur les opérations en cours est de 13,1 M$.
FibroGen (NASDAQ: FGEN) hat die Ergebnisse des dritten Quartals 2025 sowie ein Unternehmensupdate vorgelegt, das einen abgeschlossenen Verkauf, klinische Fortschritte und eine Verbesserung der Bilanz hervorhebt.
Wichtige Fakten: Verkauf von FibroGen China für ca. 220 Millionen USD (einschließlich ca. 135 Millionen USD Nettocash in China); Kasse, liquide Mittel, Forderungen und Investments von 121,1 Millionen USD, laut Management bietet dies eine Laufzeit bis 2028; Rückzahlung eines Term loans, was die Kapitalstruktur vereinfacht. Klinische Updates umfassen den Beginn der Phase-2-Monotherapie-Studie von FG-3246 mit dem Begleitdiagnostikum FG-3180 (interim-Analyse in H2 2026) und die FDA-Vereinbarung zum entscheidenden Phase-3-Design von roxadustat mit der endgültigen Protokoll-Einreichung voraussichtlich im 4Q 2025. Der Q3-Umsatz betrug 1,1 Mio. USD und der Nettosverlust aus fortgeführten Aktivitäten lag bei 13,1 Mio. USD.
FibroGen (NASDAQ: FGEN) أصدرت نتائج الربع الثالث من عام 2025 وتحديثاً للأعمال يبرز إتمام صفقة بيع وتقدمًا في الأبحاث وتحسنًا في الميزانية.
حقائق رئيسية: بيع FibroGen China مقابل نحو 220 مليون دولار (بما في ذلك نحو 135 مليون دولار نقداً صافيًا في الصين)؛ النقد وما يعادله من النقد، والحسابات المدينة، والاستثمارات يبلغ 121.1 مليون دولار، وتقول الإدارة إن ذلك يوفر نطاقاً عملياً حتى 2028؛ سداد القرض لأجل، مما يبسط هيكلة رأس المال. تشمل التحديثات الإكلينيكية بدء تجربة المرحلة 2 أحادية العلاج لـ FG-3246 مع التشخيص المرافق FG-3180 (تحليل وسط العام 2026) وموافقة FDA على التصميم المحوري للمرحلة 3 لروكسادستات مع توقع تقديم البروتوكول النهائي في الربع الرابع 2025. بلغت إيرادات الربع الثالث 1.1 مليون دولار وخسارة صافيّة من العمليات المستمرة بلغت 13.1 مليون دولار.
- Sale proceeds of approximately $220 million
- Cash balance and equivalents of $121.1 million
- Cash runway expected into 2028
- Repaid Morgan Stanley term loan, simplifying capital structure
- Initiated Phase 2 FG-3246 monotherapy trial (mCRPC)
- FDA agreement on pivotal Phase 3 roxadustat design; protocol due 4Q 2025
- Q3 2025 revenue only $1.1M
- Net loss from continuing operations of $13.1M in Q3 2025
Insights
Strong balance-sheet reset and clear development path; clinical and regulatory milestones materially derisk near-term programs.
FibroGen converted its China business sale into
The company advanced two clinical priorities: initiation of a Phase 2 monotherapy dose‑optimization trial of FG-3246 (with companion diagnostic FG-3180) in mCRPC and agreement with the FDA on key design elements for a pivotal Phase 3 roxadustat trial in LR‑MDS, with final protocol submission expected in Risks and dependencies remain: reported net loss from continuing operations was
- Completed the sale of FibroGen China to AstraZeneca for approximately
$220 million - Initiated 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)
- Reached agreement with the U.S. Food and Drug Administration (FDA) on important design elements for the 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
- Final protocol submission anticipated in 4Q 2025
- Final protocol submission anticipated in 4Q 2025
- Topline results from the investigator-sponsored study of FG-3246 in combination with enzalutamide in patients with mCRPC expected to be presented at a medical conference in 1Q 2026
- Cash, cash equivalents, investments, and accounts receivable of
$121.1 million , providing cash runway into 2028 - FibroGen to host conference call and webcast presentation today at 5:00 PM ET
SAN FRANCISCO, Nov. 10, 2025 (GLOBE NEWSWIRE) -- FibroGen, Inc. (NASDAQ: FGEN) today reported financial results for the third quarter 2025 and provided an update on the company’s recent developments.
“With the completion of the transformative sale of our FibroGen China operations, we have significantly simplified our capital structure and extended our cash runway into 2028. Notably, we initiated the Phase 2 monotherapy trial of FG-3246 and its companion diagnostic FG-3180, with an interim analysis anticipated in the second half of 2026,” said Thane Wettig, Chief Executive Officer, FibroGen. “We remain on track to submit the Phase 3 protocol for roxadustat in LR-MDS in the fourth quarter of 2025 and continue to assess its development options. We are excited to continue building on the strong momentum we have gained throughout this year.”
Recent Developments and Key Highlights of Third Quarter 2025:
- Completed the sale of FibroGen China to AstraZeneca for a total consideration of approximately
$220 million , consisting of$85 million in enterprise value and approximately$135 million in net cash held in China.- Successfully repaid 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.
- Initiated the Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC. The trial will also evaluate FG-3180 as a companion PET imaging agent and a potential predictive patient selection biomarker.
- Reached agreement with the FDA on important design elements for the pivotal Phase 3 trial for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden. FibroGen continues to assess both internal development or partnership opportunities for this program.
Upcoming Milestones:
FG-3246 (CD46 Targeting ADC) and FG-3180 (CD46 Targeting PET Imaging Agent)
- Topline results from the investigator-sponsored Phase 1b/2 study, conducted by UCSF, of FG-3246 in combination with enzalutamide in patients with mCRPC are expected to be presented at a medical conference in the first quarter of 2026.
- Interim results from the Phase 2 monotherapy trial are expected in the second half of 2026. The trial will also assess the diagnostic performance of FG-3180 to determine the potential correlation between CD46 expression and response to FG-3246.
Roxadustat
- FibroGen remains on track 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 third quarter of 2025 was
$1.1 million , as compared to$0.1 million for the third quarter of 2024. - Net loss from continuing operations for the third quarter of 2025 was
$13.1 million , or$3.25 loss per basic and diluted share, compared to a loss of$48.3 million , or$12.01 loss per basic and diluted share, one year ago. - On September 30, 2025, FibroGen reported cash, cash equivalents, accounts receivable, and investments of
$121.1 million . - The Company expects its cash, cash equivalents, accounts receivable, and investments to be sufficient to fund 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 Phase 2 monotherapy dose optimization trial for FG-3246 in metastatic castration-resistant prostate cancer has been initiated. 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 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®, EVRENZO™) 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 the development plan for the Phase 3 trial of 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 Phase 2 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 of the sale of FibroGen China, statements regarding cash, such as the expectation that 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) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | (1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 117,975 | $ | 50,482 | ||||
| Accounts receivable, net | 121 | 481 | ||||||
| Inventory | 3,864 | 3,155 | ||||||
| Prepaid expenses and other current assets | 11,463 | 31,542 | ||||||
| Current assets held for sale | — | 110,849 | ||||||
| Total current assets | 133,423 | 196,509 | ||||||
| Long-term investments | 3,035 | — | ||||||
| Other assets | 556 | 1,405 | ||||||
| Long-term assets held for sale | — | 16,611 | ||||||
| Total assets | $ | 137,014 | $ | 214,525 | ||||
| Liabilities, stockholders’ equity and non-controlling interests | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,093 | $ | 5,064 | ||||
| Accrued and other liabilities | 25,776 | 62,035 | ||||||
| Deferred revenue | 5,104 | 27,290 | ||||||
| Current liabilities held for sale | — | 38,917 | ||||||
| Total current liabilities | 35,973 | 133,306 | ||||||
| Product development obligations | 19,471 | 17,012 | ||||||
| Deferred revenue, net of current | 573 | 114,708 | ||||||
| Senior secured term loan facilities, non-current | — | 73,092 | ||||||
| Liability related to sale of future revenues, non-current | 63,414 | 58,864 | ||||||
| Other long-term liabilities | 98 | 822 | ||||||
| Long-term liabilities held for sale | — | 356 | ||||||
| Total liabilities | 119,529 | 398,160 | ||||||
| Redeemable non-controlling interests | 21,480 | 21,480 | ||||||
| Total stockholders’ deficit attributable to FibroGen | (17,028 | ) | (225,602 | ) | ||||
| Nonredeemable non-controlling interests | 13,033 | 20,487 | ||||||
| Total deficit | (3,995 | ) | (205,115 | ) | ||||
| Total liabilities, redeemable non-controlling interests and deficit | $ | 137,014 | $ | 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | |||||||||||||||
| Revenue: | |||||||||||||||
| Development and other revenue | $ | 119 | $ | 385 | 396 | 1,532 | |||||||||
| Drug product revenue, net | 957 | (262 | ) | 4,767 | 24,954 | ||||||||||
| Total revenue | 1,076 | 123 | 5,163 | 26,486 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| Cost of goods sold | (58 | ) | (75 | ) | 278 | 21,407 | |||||||||
| Research and development | 1,209 | 19,974 | 16,249 | 88,824 | |||||||||||
| Selling, general and administrative | 5,295 | 9,362 | 20,459 | 40,984 | |||||||||||
| Restructuring charge | 41 | 18,554 | 560 | 18,554 | |||||||||||
| Total operating costs and expenses | 6,487 | 47,815 | 37,546 | 169,769 | |||||||||||
| Loss from operations | (5,411 | ) | (47,692 | ) | (32,383 | ) | (143,283 | ) | |||||||
| Interest and other, net: | |||||||||||||||
| Interest expense | (2,083 | ) | (2,069 | ) | (6,346 | ) | (6,029 | ) | |||||||
| Loss on debt extinguishments | (6,583 | ) | — | (6,583 | ) | — | |||||||||
| Interest income and other income (expenses), net | 931 | 1,472 | 1,628 | 4,608 | |||||||||||
| Total interest and other, net | (7,735 | ) | (597 | ) | (11,301 | ) | (1,421 | ) | |||||||
| Loss from continuing operations before income taxes | (13,146 | ) | (48,289 | ) | (43,684 | ) | (144,704 | ) | |||||||
| Provision for (benefit from) income taxes | — | 3 | (90 | ) | (271 | ) | |||||||||
| Loss from continuing operations | (13,146 | ) | (48,292 | ) | (43,594 | ) | (144,433 | ) | |||||||
| Income from discontinued operations, net of tax | 213,782 | 31,208 | 241,266 | 78,872 | |||||||||||
| Net income (loss) | $ | 200,636 | $ | (17,084 | ) | $ | 197,672 | $ | (65,561 | ) | |||||
| Loss from continuing operations per share - basic and diluted | $ | (3.25 | ) | $ | (12.01 | ) | $ | (10.79 | ) | $ | (36.19 | ) | |||
| Income from discontinued operations per share - basic and diluted | 52.86 | 7.76 | 59.69 | 19.76 | |||||||||||
| Net income (loss) per share - basic and diluted | $ | 49.61 | $ | (4.25 | ) | $ | 48.90 | $ | (16.43 | ) | |||||
| Weighted average number of common shares used to calculate net income (loss) per share - basic and diluted | 4,044 | 4,021 | 4,042 | 3,991 | |||||||||||
For Investor Inquiries:
David DeLucia, CFA
Senior Vice President and Chief Financial Officer
ir@fibrogen.com
FAQ
What did FibroGen (FGEN) receive for the sale of FibroGen China on Nov 10, 2025?
How much cash does FibroGen (FGEN) report and how long is the runway as of Sep 30, 2025?
What clinical progress did FibroGen (FGEN) announce for FG-3246 in Nov 2025?
What is the timeline for FibroGen's (FGEN) roxadustat Phase 3 protocol submission?
When are topline results expected for the FG-3246 plus enzalutamide study mentioned by FibroGen?
What were FibroGen's (FGEN) Q3 2025 revenue and net loss figures?
