FibroGen Reports Fourth Quarter and Full Year 2024 Financial Results

Core Viewpoint - FibroGen, Inc. reported its financial results for Q4 and full year 2024, highlighting a strategic focus on advancing its clinical programs and improving its financial position through cost reduction and the sale of FibroGen China to AstraZeneca for approximately $160 million [1][2][8]. Financial Performance - Total revenue from continuing operations for Q4 2024 was$3.1 million, a decrease from $3.6 million in Q4 2023 [6]. - For the full year 2024, total revenue was$29.6 million, down from $46.8 million in 2023 [14]. - The net loss from continuing operations for Q4 2024 was$8.7 million, or $0.08 per share, compared to a net loss of$62.5 million, or $0.63 per share, in Q4 2023 [14][20]. - The net loss for the full year 2024 was$153.1 million, or $1.53 per share, compared to a net loss of$323.0 million, or $3.32 per share, in 2023 [14][20]. Recent Developments - The company plans to initiate a Phase 2 monotherapy trial of FG-3246, an ADC targeting CD46 for mCRPC, by mid-2025 [2][7]. - The sale of FibroGen China is expected to close by mid-2025, which will extend the company's cash runway into 2027 [8][14]. - FibroGen has completed a cost reduction program, aiming to create a leaner organization with a stronger financial position [2][8]. Upcoming Milestones - The initiation of the Phase 2 monotherapy dose optimization study of FG-3246 is anticipated by mid-2025 [8][11]. - Topline results from the Phase 2 portion of the investigator-sponsored study of FG-3246 in combination with enzalutamide are expected in the second half of 2025 [7][8]. Product Pipeline - FG-3246 is a first-in-class ADC targeting CD46, currently in a Phase 1b/2 study at UCSF [10][11]. - Roxadustat, an oral medication for anemia, is in development for lower-risk myelodysplastic syndrome (LR-MDS) and has a Supplemental New Drug Application accepted in China [5][12].