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Thane Wettig

Chief Executive Officer

Thane Wettig joined FibroGen, which later rebranded to Kyntra Bio, Inc., in June 2020 as Chief Commercial Officer and was appointed interim CEO in July 2023, before becoming the permanent Chief Executive Officer. Prior to joining FibroGen, he served as Chief Commercial Officer and Metabolic Franchise Head at Intarcia Therapeutics. Before 2018, Wettig was the Chief Marketing Officer for Eli Lilly's diabetes segment, where he played a significant role in the development and launch of several major diabetes medicines. He also contributed to the design and management of the successful diabetes alliance between Eli Lilly and Boehringer-Ingelheim. Under his leadership, Kyntra Bio completed the sale of FibroGen China to AstraZeneca, which Wettig described as a transformational event for the company.

David DeLucia

Senior Vice President and Chief Financial Officer

David DeLucia was appointed Chief Financial Officer of FibroGen (now Kyntra Bio, Inc.) on December 16, 2024. He joined the company in 2022 and previously served as Vice President, Head of Corporate Financial Planning and Analysis, Investor Relations, and Treasury. Before his tenure at FibroGen, DeLucia held various financial and corporate development roles at TherapeuticsMD. Earlier in his career, he worked as a buy-side investor at J.P. Morgan Asset Management, specializing in small and mid-cap healthcare companies. He holds the Chartered Financial Analyst (CFA) designation and dual degrees in Finance & Accounting and Economics from the University of Michigan Ross School of Business.

John Alden

General Counsel

John Alden serves as the General Counsel for Kyntra Bio, Inc.

Carol Gaddum

Vice President of Product Development

Carol Gaddum is the Vice President of Product Development at Kyntra Bio, Inc.

For Kyntra Bio, Inc. (symbol: KYNB), the key risks to the business are:

1. Clinical Trial and Regulatory Approval Risks

As a biopharmaceutical company, Kyntra Bio's success is heavily reliant on the successful development and regulatory approval of its drug candidates. The company is currently advancing FG-3246, an antibody-drug conjugate for metastatic castration-resistant prostate cancer, which is in Phase 2 development with interim results expected in the second half of 2026. Kyntra Bio is also pursuing the development of Roxadustat for anemia in lower-risk myelodysplastic syndromes (LR-MDS) in the U.S., having submitted a pivotal Phase 3 clinical trial protocol. The company, formerly FibroGen, Inc., has a history of late-stage trial failures and regulatory setbacks for Roxadustat in the U.S., including a rejection by the Food and Drug Administration (FDA) in 2021 due to safety concerns and a failed Phase 3 trial in 2023 for a broader myelodysplastic syndrome indication. Any further setbacks, trial failures, or adverse regulatory decisions for FG-3246 or Roxadustat would significantly jeopardize the company's future prospects and ability to bring products to market.

2. Financial Health and Funding Risk

Kyntra Bio faces significant financial challenges, having reported substantial net losses from continuing operations, including $58.2 million for the full year 2025. The company's revenue from continuing operations has also declined significantly, from $29.6 million in 2024 to $6.4 million in 2025. Financial health assessments categorize the company as having "poor financial strength" with a distressed Altman Z-Score, which implies a high risk of bankruptcy. While Kyntra Bio anticipates its cash, cash equivalents, and investments of $109.4 million as of December 31, 2025, to fund operations into 2028, the substantial capital required for ongoing and future clinical trials, particularly the planned Phase 3 for Roxadustat, suggests a continued high reliance on securing additional funding in the future.

3. Competition and Market Acceptance Risk

The biopharmaceutical industry is highly competitive. For Roxadustat, Kyntra Bio faces an already established competitive landscape. A rival, Akebia Therapeutics, received FDA approval for a competing anemia drug in March 2024, thereby capturing the U.S. market for anemia in dialysis patients with chronic kidney disease. Although Kyntra Bio is now targeting a narrower indication with Roxadustat in LR-MDS in the U.S., the presence of approved alternatives poses a challenge. Similarly, FG-3246, while a potential first-in-class antibody-drug conjugate, is entering the highly competitive oncology market, particularly for metastatic castration-resistant prostate cancer, where numerous existing and emerging treatments are available. Even if Kyntra Bio's drug candidates receive regulatory approval, securing significant market acceptance and adoption by physicians and patients is not guaranteed.

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For Kyntra Bio, Inc. (KYNB), the addressable market for its main product candidate, FG-3246, is estimated to be over $5 billion annually in the U.S. alone. FG-3246 is an antibody-drug conjugate (ADC) currently in Phase 2 development for metastatic castration-resistant prostate cancer (mCRPC).

Kyntra Bio also has Roxadustat, which is approved in Europe, Japan, China, and other countries for the treatment of anemia in chronic kidney disease (CKD) patients on and not on dialysis. The company is also evaluating a Phase 3 trial for Roxadustat in the U.S. for anemia associated with lower-risk myelodysplastic syndromes (LR-MDS). However, the addressable market size for Roxadustat for these indications and regions is not explicitly quantified in the provided information.

Kyntra Bio, Inc. (KYNB), formerly known as FibroGen, Inc., officially rebranded and began trading under its new symbol on January 8, 2026. The company has undergone a strategic transformation to focus on oncology and rare disease therapies, which will be key drivers of its future revenue growth.

Here are 3-5 expected drivers of future revenue growth for Kyntra Bio, Inc. over the next 2-3 years:

1. Advancement and Potential Commercialization of Roxadustat for Anemia in Myelodysplastic Syndromes (MDS): Roxadustat, an oral small molecule inhibitor, is considered Phase III-ready for the treatment of anemia associated with lower-risk myelodysplastic syndromes. The company received Orphan Drug Designation from the FDA for this indication in December 2025, which could provide seven years of U.S. regulatory exclusivity upon approval. A potential Phase III trial is expected to commence in the second half of 2026.
2. Clinical Development and Potential Market Entry of FG-3246 in Prostate Cancer: Kyntra Bio is prioritizing the development of FG-3246, a CD46-targeting antibody drug conjugate, along with its companion PET imaging agent FG-3180. The company has initiated a Phase 2 monotherapy trial for FG-3246 in metastatic castration-resistant prostate cancer (mCRPC), with interim results anticipated in the latter half of 2026. Positive data from an investigator-sponsored Phase 1b/2 study in combination with enzalutamide have already shown promising clinical activity in a targeted patient population.
3. Leveraging Existing Roxadustat Approvals for Chronic Kidney Disease (CKD) Anemia in Approved Territories: While the company has refocused its strategy, Roxadustat is already approved in Europe, Japan, and other international markets for the treatment of anemia in chronic kidney disease patients. Continued sales and market penetration in these established regions will serve as a foundational revenue stream, contributing to the company's financial stability as new pipeline assets advance.
4. Pipeline Expansion and Strategic Partnerships in Oncology and Rare Diseases: Kyntra Bio's strategic shift explicitly targets oncology and rare disease therapeutics. Beyond FG-3246, the pipeline includes anti-GAL-9 antibodies (FG-3165 and FG-3175) targeting solid tumors, indicating a broader commitment to developing novel therapies in these high-value areas. Successful advancement of these and future pipeline assets, potentially through new collaborations or expanded existing agreements (such as with Astellas Pharma Inc. and AstraZeneca AB for certain indications), could drive significant long-term revenue growth.

Share Issuance

• Stock options were awarded to Kyntra Bio's CEO and CFO in February 2026, with the CEO receiving 60,000 options and the CFO receiving 26,000 options, both at an $8.50 strike price.

Inbound Investments

• In August 2025, the company completed the sale of its Chinese subsidiary, FibroGen China, to AstraZeneca for approximately $220 million. This transaction was transformative, extending the company's cash runway into 2028 and allowing for the repayment of a term loan.

Outbound Investments

• FibroGen licensed FG-3246 from Fortis Therapeutics in May 2023 as part of its strategy to rebuild its pipeline after several clinical failures.

Capital Expenditures

• In October 2024, the company paid $10 million to terminate its lease for its longtime Mission Bay headquarters, citing a reduced need for office space.
• Research and development (R&D) expenses for the third quarter of 2025 were $1.2 million, a 94% decrease compared to $20 million in the third quarter of 2024, reflecting significant cost reductions and portfolio prioritization.
• Total operating costs and expenses, including stock-based compensation, were guided to be between $50 million and $60 million for the full year 2025, representing a 70% reduction from the full year 2024.