US-based biotech FibroGen Inc. (NASDAQ: FGEN) released its Q4 and full-year 2024 financial results, showing a significant decline in global sales. The company reported sales of USD3.14 million in Q4 and USD29.62 million for the entire year, marking a year-on-year decrease of 13.5% and 36.7%, respectively. Net losses from continuing operations were USD8.7 million for Q4 and USD153.1 million for the full year. Despite these challenges, FibroGen maintains a cash reserve of USD51.0 million in the US and a total consolidated cash position of USD121.1 million.
Core Product Performance and Future Development
Evrenzo (roxadustat), FibroGen’s first-in-class hypoxia-inducible factor–prolyl hydroxylase (HIF-PH) inhibitor for anemia in chronic kidney disease (CKD), continues to drive the company’s performance. A pivotal meeting with the FDA is scheduled for the second quarter of 2025 to outline the next steps for its development in anemia associated with lower-risk myelodysplastic syndrome (LR-MDS).
New Drug Development
FG-3246, a CD46-targeted antibody drug conjugate (ADC), is slated to begin a Phase II study in metastatic castration-resistant prostate cancer (mCRPC) by mid-2025. This study will include a sub-study of FG-3180, a CD46-targeted PET imaging agent, to evaluate its diagnostic capabilities.
Strategic Business Moves
FibroGen announced the sale of its FibroGen China subsidiary to AstraZeneca for USD160 million, a transaction expected to close by mid-2025. This move is part of the company’s broader strategy to streamline its business operations and focus on core drug development initiatives.-Fineline Info & Tech
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