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FibroGen Inc (FGEN+1.17%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total revenue to $29.6 million from $46.8 million in the previous year. The decrease is attributed to lower development and license revenue, despite an increase in drug product revenue.
Research and development expenses were $95.7 million, down from $266.5 million in the previous year, primarily due to the termination of pamrevlumab programs and cost control efforts.
Selling, general, and administrative expenses decreased to $49.3 million from $86.5 million, reflecting the impact of workforce reductions and other cost-saving measures.
The company reported a net loss of $47.6 million for the year, compared to a net loss of $284.2 million in 2023. Loss from continuing operations was $153.1 million, down from $323.0 million in the previous year.
FibroGen entered into a share purchase agreement with AstraZeneca Treasury Limited to sell its subsidiary FibroGen International (Hong Kong) Ltd., which includes all roxadustat assets in China. The transaction is expected to close by mid-2025.
The company continues to develop FG-3246, an antibody-drug conjugate for metastatic castration-resistant prostate cancer, and is evaluating a development plan for roxadustat in myelodysplastic syndromes.
FibroGen's cash and cash equivalents totaled $50.5 million as of December 31, 2024, with additional cash and receivables held in China, which are expected to be accessible upon the closing of the sale to AstraZeneca.
The company acknowledges substantial doubt about its ability to continue as a going concern within 12 months unless it completes the sale of FibroGen International or raises additional capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FibroGen Inc annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.