FibroGen Reports Q3 2024 Results

TL;DR

FibroGen's Q3 2024 shows revenue from AstraZeneca and Astellas deals.

AI Summary

FibroGen Inc. reported its third-quarter results for the period ending September 30, 2024. The company's revenue from drug product sales in the United States and Rest of World, under agreements with AstraZeneca, was recognized for the nine months ended September 30, 2024. Additionally, revenue from the Astellas collaboration agreement for the same period was also reported.

Why It Matters

This filing provides insight into FibroGen's ongoing revenue streams from its key partnerships, which are crucial for its financial health and future development.

Risk Assessment

Risk Level: medium — The company's reliance on partnerships and drug development success presents inherent risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is provided.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter for which financial information is provided.)

Key Players & Entities

• FibroGen Inc. (company) — Filer
• AstraZeneca (company) — Partner for drug product revenue
• Astellas (company) — Partner for collaboration agreement
• September 30, 2024 (date) — End of reporting period

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FGEN The Nasdaq Global Se

Filing Documents

• fgen-20240930.htm (10-Q) — 3128KB
• fgen-ex31_1.htm (EX-31.1) — 9KB
• fgen-ex31_2.htm (EX-31.2) — 9KB
• fgen-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-125388.txt ( ) — 11166KB
• fgen-20240930.xsd (EX-101.SCH) — 1705KB
• fgen-20240930_htm.xml (XML) — 1746KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Notes to the Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 85 Item 3. Defaults Upon Senior Securities 85 Item 4. Mine Safety Disclosures 85 Item 5. Other Information 85 Item 6. Exhibits 85

Signatures

Signatures 87 1 Table of Contents FIBROGEN, INC.

—FINANCIA L INFORMATION

PART I—FINANCIA L INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 131,003 $ 113,688 Short-term investments — 121,898 Accounts receivable, net ($ 15,534 and $ 6,079 from related parties) 29,030 12,553 Inventories 23,937 41,565 Prepaid expenses and other current assets ($ 24,785 and $ 0 from a related party) 60,559 41,855 Total current assets 244,529 331,559 Restricted time deposits 1,658 1,658 Property and equipment, net 7,603 13,126 Equity method investment in unconsolidated variable interest entity 5,806 5,290 Operating lease right-of-use assets 2,093 68,093 Other assets 2,732 3,803 Total assets $ 264,421 $ 423,529 Liabilities, redeemable non-controlling interests and deficit Current liabilities: Accounts payable ($ 2 and $ 0 to a related party) $ 9,238 $ 17,960 Accrued and other current liabilities ($ 12,592 and $ 39,814 to a related party) 151,141 172,891 Deferred revenue ($ 6,723 and $ 7,220 to related parties) 28,858 12,740 Operating lease liabilities, current 1,293 14,077 Total current liabilities 190,530 217,668 Product development obligations 18,199 17,763 Deferred revenue, net of current ($ 1,388 and $ 9,705 to a related party) 126,219 157,555 Operating lease liabilities, non-current 707 66,537 Senior secured term loan facilities, non-current 72,779 71,934 Liability related to sale of future revenues, non-current 56,850 51,413 Other long-term liabilities ($ 559 and $ 656 to a related party) 837 2,858 Total liabilities 466,121 585,728 Commitments and Contingencies Redeemable non-controlling interests 21,480 21,480 Stockholders' deficit: Preferred stock, $ 0.01 par value; 125,000 shares authorized; no shares issued and outstanding at S

View Full Filing

View this 10-Q filing on SEC EDGAR