FibroGen(US:FGEN) Globenewswireยท2025-11-10 21:02Core Insights - FibroGen has completed the sale of its China operations to AstraZeneca for approximately $220 million, simplifying its capital structure and extending its cash runway into 2028 [2][5][6] - The company has initiated a Phase 2 monotherapy trial for FG-3246, a potential first-in-class antibody-drug conjugate targeting CD46 in metastatic castration-resistant prostate cancer, with interim results expected in the second half of 2026 [2][5][6] - FibroGen is on track to submit the Phase 3 protocol for roxadustat for the treatment of anemia in lower-risk myelodysplastic syndromes in the fourth quarter of 2025 [2][7] Recent Developments - The sale of FibroGen China included $85 million in enterprise value and approximately $135 million in net cash held in China [5][6] - The company has successfully repaid its term loan to Morgan Stanley Tactical Value, further simplifying its capital structure [6] - FibroGen maintains rights to roxadustat in the U.S. and other markets outside of China, South Korea, and those licensed to Astellas [6] Financial Performance - Total revenue for Q3 2025 was $1.1 million, compared to $0.1 million in Q3 2024 [15] - The net loss from continuing operations for Q3 2025 was $13.1 million, or $3.25 loss per share, a significant improvement from a loss of $48.3 million, or $12.01 loss per share, in the same quarter last year [15] - As of September 30, 2025, the company reported cash, cash equivalents, accounts receivable, and investments totaling $121.1 million, sufficient to fund operations into 2028 [15] Upcoming Milestones - Topline results from the investigator-sponsored study of FG-3246 in combination with enzalutamide are expected to be presented at a medical conference in Q1 2026 [5][6] - The interim analysis for the Phase 2 monotherapy trial of FG-3246 is anticipated in the second half of 2026 [2][6] - The final protocol submission for the pivotal Phase 3 trial of roxadustat is expected in Q4 2025 [7]