Fibrogen Reports 37% Revenue Decline to $29.6 Million for 2024

Fibrogen Inc. reported total revenue of $29.6 million for the year ended December 31, 2024, a 37% decrease compared to the $46.8 million reported in 2023. This decline is attributed to a decrease in license revenue (from $9.6 million in 2023 to $0 in 2024) and development revenue (from $18.4 million to $1.9 million). However, drug product revenue increased by 48%, rising from $18.7 million to $27.7 million, primarily due to a $25.7 million cumulative catch-up net adjustment resulting from the termination of the AstraZeneca U.S./RoW Agreement (excluding South Korea) in February 2024.

Operating costs and expenses decreased by 51% year-over-year, falling from $369.5 million in 2023 to $180.0 million in 2024. This significant reduction reflects lower clinical trial expenses ($61.4 million), employee-related expenses ($51.5 million), and stock-based compensation ($24.9 million), partially offset by higher cost of goods sold ($11.6 million) and a larger restructuring charge ($6.8 million) related to a workforce reduction. Research and development expenses decreased from $266.5 million to $95.7 million, primarily due to the termination of pamrevlumab programs.

A key strategic development was the February 20, 2025, agreement to sell all equity interests of FibroGen International (Hong Kong) Ltd. to AstraZeneca Treasury Limited for approximately $160 million. This sale encompasses all roxadustat assets in China, including FibroGen International’s subsidiary and its 51.1% interest in Beijing Falikang Pharmaceutical Co. Ltd. The transaction is expected to close by mid-2025, subject to customary closing conditions. Fibrogen retained roxadustat rights in the U.S., Canada, Mexico, and other markets not held by AstraZeneca or licensed to Astellas. As of December 31, 2024, Fibrogen had 52 employees in the U.S. and 173 in China.

Operational developments included roxadustat achieving approximately 46% value share in the China CKD anemia market in 2024, despite the approval of eight generic versions. Fibrogen anticipates a potential national tender for roxadustat in the first half of 2025 under China's volume-based purchasing program. In the mCRPC space, Fibrogen anticipates initiating a Phase 2 study of FG-3246 in mid-2025, and an exploratory study of the associated PET imaging agent FG-3180. The company also plans to meet with the FDA in the second quarter of 2025 to discuss the potential path forward for roxadustat in myelodysplastic syndromes.

The company reported a loss from continuing operations of $153.1 million for 2024, compared to a loss of $323.0 million in 2023. As of December 31, 2024, Fibrogen had $50.5 million in cash and cash equivalents for continuing operations, along with $51.7 million in cash and cash equivalents and $18.4 million in accounts receivable in China (held for sale). The company acknowledges substantial doubt about its ability to continue as a going concern within 12 months, contingent upon the successful completion of the sale of FibroGen International, access to additional cash from China operations, or securing additional capital.