Here are 1-2 brief analogies for FibroGen (FGEN):

• Like a specialized Amgen or Gilead Sciences, focused on developing novel drugs for conditions such as anemia, fibrosis, and certain cancers.
• Similar to a focused Vertex Pharmaceuticals, aiming for breakthrough treatments in areas like chronic kidney disease anemia and various fibrotic diseases.

• Roxadustat (brand names include Evrenzo): An oral medication approved for the treatment of anemia in chronic kidney disease patients.
• Pamrevlumab: An investigational antibody in late-stage clinical trials for treating serious fibrotic and cancerous diseases, including idiopathic pulmonary fibrosis, Duchenne muscular dystrophy, and pancreatic cancer.

FibroGen (FGEN) sells primarily to other companies, specifically large pharmaceutical companies, through strategic collaboration agreements for the development and commercialization of its pharmaceutical products. Its revenue is largely generated from upfront payments, milestone payments, and royalties from these partners rather than direct sales to end-users or healthcare providers.

The major customer companies are:

• AstraZeneca (Symbol: AZN)
• Astellas Pharma (Symbol: TYO: 4503)

Thane Wettig, Chief Executive Officer

Thane Wettig was appointed Chief Executive Officer of FibroGen in July 2023. Prior to this role, he served as FibroGen's Chief Commercial Officer since June 2020. Before joining FibroGen, Mr. Wettig was the Chief Commercial Officer and Metabolic Franchise Head at Intarcia Therapeutics. He spent over 27 years at Eli Lilly, where he held various leadership positions, including Vice President of Global Marketing for Lilly Diabetes. In this role, he was instrumental in the development and launch of several blockbuster diabetes medicines and played a key part in the Lilly and Boehringer-Ingelheim diabetes alliance. Mr. Wettig began his career in sales at Eli Lilly in 1990.

David DeLucia, Chief Financial Officer

David DeLucia assumed the role of Chief Financial Officer at FibroGen in 2024. Before his promotion, he held the position of Vice President and Head of Corporate Financial Planning and Analysis, Investor Relations, and Treasury within FibroGen. Earlier in his career, Mr. DeLucia was at TherapeuticsMD, where he oversaw Financial Planning and Analysis, Corporate Development, and Investor Relations.

John Alden, General Counsel

John Alden serves as the General Counsel of FibroGen.

John Hunter, Ph.D., Chief Scientific Officer

Dr. John Hunter was appointed Chief Scientific Officer of FibroGen in July 2021. With over two decades of experience in the biotechnology sector, his expertise lies in antibody and small molecule drug discovery. Before joining FibroGen, he was the Chief Executive & Scientific Officer of Keyhole Therapeutics Inc., a private immuno-oncology company. Dr. Hunter also spent eight years at Compugen Limited, where he was Chief Scientific Officer & US Site Head, leading an international drug development team that resulted in three IND filings, including two first-in-class immune checkpoint inhibitors. Earlier in his career, he was a Senior Director at XOMA, managing strategic and functional activities for the preclinical antibody pipeline, and worked at Millennium Pharmaceuticals on target discovery and translational medicine for small molecule drug programs.

Tricia Stewart, Chief People Officer

Tricia Stewart has been the Chief People Officer of FibroGen since May 2021. Prior to her role at FibroGen, she held several positions at Genentech, including Vice-President Human Resources Pharma International in Basel, Switzerland, Vice-President Human Resources Product Development in South San Francisco, and Head of Global Mobility in Basel, Switzerland.

FibroGen (FGEN) faces clear emerging threats from two primary areas:

• Clinical Trial Failures for Key Pipeline Assets: Pamrevlumab, a critical investigational therapeutic in FibroGen's pipeline, failed to meet its primary endpoint in the Phase 3 LAPIS trial for Idiopathic Pulmonary Fibrosis (IPF) in March 2024. IPF was a major potential indication for pamrevlumab, and this clinical setback significantly diminishes the drug's market potential and future revenue prospects in a substantial market opportunity. Such a failure for a late-stage asset is a material blow to the company's valuation and strategic direction.

• Exclusion from the US Market for Roxadustat Amidst Competitor Approvals: Following the US FDA's rejection of Roxadustat (Evrenzo) for anemia of chronic kidney disease (CKD) due to safety concerns, FibroGen has effectively been excluded from the lucrative US market for this key product. Simultaneously, competitors have secured US FDA approval for similar mechanism-of-action drugs, such as GSK's daprodustat (Jesduvroq). This situation represents a clear threat, as FibroGen is unable to capitalize on a major market opportunity for one of its most advanced commercialized products, while rivals are establishing market share with competing therapies.

Addressable Markets for FibroGen's Main Products

Roxadustat (Anemia in Chronic Kidney Disease)

FG-3246 (Metastatic Castration-Resistant Prostate Cancer)

Pamrevlumab Program

FibroGen (symbol: FGEN) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from its strategic pipeline advancements and continued leverage of existing assets in specific markets. The company's focus has shifted following the planned sale of its China operations, emphasizing new product development and market expansion for its core therapies.

1. Expansion of Roxadustat into Myelodysplastic Syndromes (MDS) in the U.S.: FibroGen is actively pursuing regulatory approval for roxadustat in the treatment of anemia associated with lower-risk myelodysplastic syndromes (LR-MDS) in the United States. The company has reached an agreement with the U.S. Food and Drug Administration (FDA) on important design elements for a pivotal Phase 3 trial, with plans to submit the Phase 3 protocol by Q4 2025. This represents a significant new market opportunity for roxadustat beyond its current anemia of chronic kidney disease (CKD) indication.
2. Advancement and Potential Commercialization of FG-3246 for Metastatic Castration-Resistant Prostate Cancer (mCRPC): FibroGen's lead oncology asset, FG-3246, a first-in-class antibody-drug conjugate (ADC) targeting CD46, is a major focus for future growth. The company expects to initiate a Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC in Q3 2025. Topline results from the Phase 2 portion of an investigator-sponsored study of FG-3246 in combination with enzalutamide in mCRPC patients are anticipated in Q4 2025. Successful progression and eventual commercialization of FG-3246 would open up a new revenue stream in precision oncology.
3. Roxadustat Approval for Chemotherapy-Induced Anemia (CIA) in China: Despite the sale of FibroGen China to AstraZeneca, FibroGen anticipates a potential approval decision for roxadustat in chemotherapy-induced anemia (CIA) in China in the second half of 2024. If approved, FibroGen is expected to receive a $10 million milestone payment from AstraZeneca. While direct product revenue from China will be significantly impacted by the sale, milestone payments related to new indications for Roxadustat in China still represent a revenue driver in the near term.

Share Issuance

• FibroGen executed a 1-for-25 reverse stock split, effective June 16, 2025.
• This action reduced the number of issued and outstanding shares from approximately 101.1 million to about 4.0 million.
• The primary goal of the reverse stock split was to increase the per-share market price to regain compliance with Nasdaq listing requirements.

Inbound Investments

• FibroGen completed the sale of its China subsidiary to AstraZeneca on August 29, 2025, for a total consideration of approximately $220 million.
• The total consideration included $85 million in enterprise value and approximately $135 million in net cash held in China.
• This transaction enabled FibroGen to repay its term loan of approximately $81 million to Morgan Stanley Tactical Value and extended its cash runway into 2028.

Capital Expenditures

• FibroGen's capital expenditures were approximately $0.27 million in 2024, $2.52 million in 2023, $3.74 million in 2022, $5.19 million in 2021, and $3.99 million in 2020.
• The company's facilities were deemed adequate for its current needs, indicating no major capital outlays for new facilities during this period.