[Form 4] FibroGen, Inc Insider Trading Activity

Rhea-AI Filing Summary

Thane Wettig, listed as CEO and Director of FibroGen, Inc. (FGEN), reported two stock disposals in 2025 and an indirect holding by his spouse. On 06/06/2025 he disposed of 21,487 shares at a reported price of $7.8325, and on 09/06/2025 he disposed of 21,239 shares at $12.10. The filing states these share amounts were withheld by the issuer to satisfy a tax obligation arising from the vesting of restricted stock units.

The form also notes an indirect beneficial ownership of 40 shares by his spouse. A 1-for-25 reverse stock split effective June 16, 2025 is disclosed and the reported share counts and prices reflect that split. The form is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Clear disclosure of the reporting person's role as CEO and Director
• Explanation provided that shares were withheld to satisfy tax obligations on vested restricted stock units
• Reverse split disclosure clarifies that reported share counts and prices are split-adjusted
• Form signed (attorney-in-fact), indicating procedural completion of filing requirements

Negative

• Insider disposals of 21,487 and 21,239 shares reduce the reporting person's direct holdings
• No context provided on total pre‑transaction holdings or percent ownership to gauge materiality

Insights

Financial Analyst

TL;DR: Routine insider tax-related share withholding produced two reported disposals totaling 42,726 shares; no forward guidance or operational metrics disclosed.

The transactions are recorded as disposals tied to tax withholding on vested restricted stock units, which is a common, non-discretionary event that does not by itself indicate active selling for cash management or signaling of company prospects. The split-adjusted quantities (21,487 and 21,239 shares) and the presence of an explanation improve transparency. Without additional context on total insider holdings or timing relative to other disclosures, the direct investor impact is limited.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 requirements and includes a clear explanation for shares withheld to cover taxes; this is standard governance practice.

The Form 4 identifies the reporting person as CEO and Director and documents the mechanics of the transactions (withholding for tax obligations). The explicit note about the reverse stock split and attorney-in-fact signature supports filing completeness. From a governance perspective, these entries are routine and properly explained; they do not indicate a governance breach or unexplained insider disposition.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wettig Thane

(Last) (First) (Middle)

C/O FIBROGEN, INC.

350 BAY STREET, SUITE 100, #6009

(Street)

SAN FRANCISCO CA 94133

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIBROGEN INC [ FGEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/06/2025		F		246(1)	D	$7.8325	21,487	D
Common Stock	09/06/2025		F		248(1)	D	$12.1	21,239	D
Common Stock								40	I	By spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld by the issuer to satisfy a tax obligation realized by the reporting person upon the vesting of restricted stock units.

Remarks:

Share amount and share prices reflect a 1-for-25 reverse stock split effective on June 16, 2025.

	/s/ Michael Hom, Attorney-in-Fact	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Thane Wettig report for FibroGen (FGEN) on the Form 4?

The Form 4 reports two disposals: 21,487 shares on 06/06/2025 at $7.8325 and 21,239 shares on 09/06/2025 at $12.10.

Why were shares disposed of according to the Form 4?

The filing states the shares were withheld by the issuer to satisfy a tax obligation realized upon the vesting of restricted stock units.

Does the Form 4 show any indirect holdings for the reporting person?

Yes, the Form indicates an indirect beneficial ownership of 40 shares held by the reporting person's spouse.

Did the filing note any corporate actions that affect reported share counts?

Yes, it discloses a 1-for-25 reverse stock split effective June 16, 2025, and states that share amounts and prices reflect that split.

Was the Form 4 signed and filed properly?

The document shows a signature by an attorney-in-fact dated 09/09/2025, indicating the filing was executed.