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FGEN

FibroGen, Inc.

FGEN

FibroGen, Inc. • NASDAQ
$8.80 ▼ -0.51% (-0.04)
Market Cap $35.60 M
52w High $21.95
52w Low $4.85
Dividend Yield 0%
P/E -0.68
Volume 7.90K
Outstanding Shares 4.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.076M ▼ $6.545M ▼ $200.636M ▲ 18.646K% ▲ $49.61 ▲ $-10.871M ▲
Q2-2025 $1.348M ▼ $13.315M ▼ $-7.603M ▼ -564.021% ▼ $-1.88 ▼ $-11.545M ▲
Q1-2025 $2.739M ▲ $17.407M ▲ $4.639M ▼ 169.368% ▲ $0.05 ▼ $-14.18M ▲
Q4-2024 $-123.256M ▼ $-10.934M ▼ $17.982M ▲ -14.589% ▲ $4.5 ▲ $-91.1M ▼
Q3-2024 $46.333M $57.816M $-17.084M -36.872% $-4.25 $-12.237M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $117.975M ▲ $137.014M ▼ $119.529M ▼ $-17.028M ▲
Q2-2025 $23.367M ▼ $178.055M ▲ $359.085M ▲ $-222.997M ▼
Q1-2025 $33.609M ▼ $165.213M ▼ $340.142M ▼ $-216.896M ▲
Q4-2024 $50.482M ▼ $214.525M ▼ $398.16M ▼ $-225.602M ▲
Q3-2024 $131.003M $264.421M $466.121M $-243.667M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.146M ▼ $-1.847M ▼ $87.16M ▲ $-85.917M ▼ $94.608M ▲ $-1.856M ▼
Q2-2025 $-7.603M ▼ $12.682M ▲ $-13K ▲ $-9K ▲ $13.641M ▲ $12.669M ▲
Q1-2025 $4.639M ▼ $2.719M ▲ $-16K ▼ $-88K ▼ $4.022M ▲ $2.703M ▲
Q4-2024 $17.982M ▲ $-30.466M ▼ $1.723M ▲ $5K ▲ $-28.825M ▼ $-30.607M ▼
Q3-2024 $-17.084M $-8.376M $755K $-127K $-9.711M $-8.458M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Drug Product Revenue
Drug Product Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement FibroGen’s income statement shows a company that has largely lost its commercial footing and is now operating more like an early‑stage biotech again. Revenue is very small and has trended down, reflecting the loss or handoff of major products and regions. Gross profit is still positive but minimal, so it does not come close to covering the company’s research and operating costs. Operating losses have been persistent for several years, although the most recent year shows some narrowing of the net loss, likely driven by restructuring, cost cuts, and deal activity rather than true business growth. Overall, the business is not currently self‑funding and remains dependent on external capital events and its cash reserves.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been through a long period of losses and asset shrinkage. Total assets have steadily come down over the last few years, as cash has been spent and the business has been scaled back. Cash on hand has fallen sharply from earlier years, though the later sale of the China operations (not yet visible in these historical figures) has since added to liquidity and extended the runway. Debt levels are moderate in absolute terms, but shareholders’ equity has turned negative, signaling that accumulated losses exceed the company’s recorded net assets. This combination points to financial fragility and a capital structure that leaves little room for prolonged setbacks without further financing or additional asset sales.

Cash Flow

Cash Flow Cash flow is consistent with a clinical‑stage biotech under pressure. Operating cash flow has been negative in most years, meaning the core business and R&D spend consume cash rather than generate it. Free cash flow is similarly negative, with minimal capital spending, so the cash burn is mostly about running trials, paying staff, and general overhead rather than building physical assets. There was a time when operating cash was closer to break‑even, but more recently the burn increased before improving slightly in the latest year. In practical terms, FibroGen’s survival hinges on its cash balance and access to external funding or partnership payments until and unless it can secure a meaningful, sustainable revenue source.

Competitive Edge

Competitive Edge FibroGen’s competitive position has weakened considerably. It once held a strong edge in anemia and fibrosis biology, but regulatory setbacks, data credibility issues, and late‑stage clinical failures have eroded both its market presence and its reputation. The sale of its China operations removed a core commercial asset and recurring revenue stream, even though it strengthened the near‑term cash position. Today, the company’s competitive profile is narrow and concentrated: its main differentiator is now a single lead oncology asset, FG‑3246, while roxadustat is largely controlled by partners outside the United States. Competition in oncology, especially for advanced prostate cancer, is intense, and FibroGen is up against larger, better‑funded players. Any renewed moat will depend almost entirely on the clinical success and differentiation of FG‑3246 and its companion diagnostic.

Innovation and R&D

Innovation and R&D Innovation remains FibroGen’s main strength. The company has deep expertise in hypoxia and fibrosis pathways and is redirecting that know‑how into oncology after major disappointments in anemia and fibrotic diseases. The pipeline is now heavily focused on FG‑3246, a targeted antibody‑drug conjugate for difficult‑to‑treat prostate cancer, plus a companion diagnostic (FG‑3180) designed to select patients more likely to respond. Early signals have been encouraging but are still based on small, early‑stage studies, so the scientific and execution risk is high. Additional preclinical programs provide some longer‑term optionality but will need years of development. Overall, R&D is now a high‑stakes, concentrated bet rather than a diversified portfolio, which increases both the upside and the downside if key trials do not read out favorably.

Summary

FibroGen is in the middle of a major reset from a broader, partially commercial biotech to a leaner, oncology‑focused drug developer. The income statement and cash flows show a company that is still burning cash and not close to covering its expenses with recurring revenue. The balance sheet reveals accumulated losses and negative equity, highlighting the financial strain from past setbacks, although recent asset sales have temporarily eased funding pressure. Competitively, the company has lost much of its prior footing and now relies on a single flagship oncology asset and related diagnostic to rebuild its position. On the positive side, FibroGen still has strong scientific capabilities and a clearer, more focused R&D story, but its future now depends heavily on a few key clinical readouts over the next several years. The profile is therefore one of high scientific and financial risk, with outcomes closely tied to the success or failure of its lead oncology program.

NEWS

November 3, 2025 · 4:02 PM UTC

FibroGen to Report Third Quarter 2025 Financial Results

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September 24, 2025 · 7:00 AM UTC

FibroGen Initiates Phase 2 Monotherapy Trial of FG-3246, a First-in-Class CD46 Targeting ADC, in Metastatic Castration-Resistant Prostate Cancer

Read more