On May 12, 2025 FibroGen, Inc. (NASDAQ: FGEN) reported financial results for the first quarter 2025 and provided an update on the company’s recent developments (Press release, FibroGen, MAY 12, 2025, View Source [SID1234652879]).

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"We continue to focus on our most important strategic priority of advancing our lead asset, FG-3246, with the initiation of the Phase 2 monotherapy dose optimization study in mCRPC, expected to start in the third quarter of 2025," said Thane Wettig, Chief Executive Officer, FibroGen. "In addition, we have filed a Type C meeting request with the FDA to discuss the potential Phase 3 development program for roxadustat in the treatment of anemia associated with LR-MDS, an indication with significant unmet medical need. As we look to finalize the sale of FibroGen China in the third quarter of 2025, we remain highly focused on driving significant shareholder value by supporting our US development initiatives with our strong balance sheet and extended cash runway into the second half of 2027."

Recent Developments and Key Highlights of First Quarter 2025:

Sale of FibroGen China to AstraZeneca now expected to be for a total consideration of approximately $185 million, representing an enterprise value of $85 million plus estimated net cash held in China at closing of approximately $100 million. The transaction is expected to close in the third quarter of 2025.
Upon closing, FibroGen will repay its term loan to Morgan Stanley Tactical Value, further simplifying the Company’s capital structure.
FibroGen maintains its rights to roxadustat in the U.S. and in all markets outside of China, South Korea, and those licensed to Astellas.
Publication of results from Phase 1 Monotherapy Study of FG-3246 titled, "A Phase 1, First-in-Human Study of FOR46 (FG-3246), an Immune-Modulating Antibody-Drug Conjugate Targeting CD46, in Patients with Metastatic Castration Resistant Prostate Cancer", in the peer-reviewed Journal of Clinical Oncology (JCO). The trial results provide key insights into the clinical impact of targeting CD46 and its potential to become the next generation target in the prostate cancer treatment paradigm.
Upcoming Milestones:

FG-3246 (CD46 Targeting ADC) and FG-3180 (CD46 Targeting PET Imaging Agent)

Anticipate initiation of Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC in the third quarter of 2025.
Phase 2 trial will include FG-3180 to enable assessment of its diagnostic performance and the potential correlation between CD46 expression and response to FG-3246.
Topline results from the Phase 2 portion of the investigator-sponsored Phase 1b/2 study conducted by UCSF of FG-3246 in combination with enzalutamide in patients with mCRPC expected in the fourth quarter of 2025.
Phase 2 portion of the study will include data on FG-3180.
Roxadustat

Filed a Type-C meeting request with the FDA for roxadustat in anemia associated with LR-MDS. The Company expects feedback on a potential path forward in the third quarter of 2025.
Financial:

Total revenue from continuing operations for the first quarter of 2025 was $2.7 million, as compared to $25.4 million for the first quarter of 2024.
Net loss from continuing operations for the first quarter of 2025 was $16.8 million, or $0.16 net loss per basic and diluted share, compared to a net loss of $49.0 million, or $0.49 net loss per basic and diluted share, one year ago.
At March 31, 2025, FibroGen reported $33.8 million in cash, cash equivalents and accounts receivable in the U.S. and $128.4 million in total consolidated cash, cash equivalents and accounts receivable.
Upon closing of the announced sale of FibroGen China, the Company expects its cash, cash equivalents and accounts receivable to be sufficient to fund our operating plans into the second half of 2027.
Conference Call and Webcast Presentation
The FibroGen management team will host a conference call and webcast presentation to discuss the financial results and provide a business update. A live Q&A session will follow the brief presentation. Interested parties may access a live audio webcast of the conference call here. To access the call by phone, please register here, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on the Events & Presentations page on FibroGen’s website.

About FG-3246
FG-3246 (FOR46) is a potential first-in-class fully human antibody-drug conjugate (ADC), exclusively in-licensed from Fortis Therapeutics, and is being developed by FibroGen for metastatic castration-resistant prostate cancer and potentially other tumor types. FG-3246 binds to an epitope of CD46, a cell receptor target, that induces internalization upon antibody binding, is present at high levels in prostate cancer and other tumor types and demonstrates very limited expression in most normal tissues. FG-3246 is comprised of an anti-CD46 antibody, YS5, linked to the anti-mitotic agent, MMAE, which is a clinically and commercially validated ADC payload. FG-3246 has demonstrated anti-tumor activity in both preclinical and clinical studies.

FG-3246 is currently in an ongoing Phase 1b/2 study being conducted at UCSF as an investigator-sponsored trial to evaluate FG-3246 in combination with enzalutamide. An additional investigator-sponsored radiopharmaceutical marker trial using a zirconium-89 positron emission tomography (PET) tracer for CD46 that utilizes the YS5 antibody is also underway at UCSF. The initiation of the Phase 2 monotherapy dose optimization trial for FG-3246 in metastatic castration-resistant prostate cancer is anticipated in the third quarter of 2025. FG-3246 is an investigational drug and not approved for marketing by any regulatory authority.

About Roxadustat
Roxadustat, an oral medication, is the first in a new class of medicines comprising HIF-PH inhibitors that promote erythropoiesis, or red blood cell production, through increased endogenous production of erythropoietin, improved iron absorption and mobilization, and downregulation of hepcidin. Roxadustat is in clinical development for chemotherapy-induced anemia (CIA) and a Supplemental New Drug Application (sNDA) has been accepted by the China Health Authority.

Roxadustat is approved in China, Europe, Japan, and numerous other countries for the treatment of anemia of CKD in adult patients on dialysis (DD) and not on dialysis (NDD). FibroGen has the sole rights to roxadustat in the United States, Canada, Mexico, and in all markets not held by AstraZeneca or licensed to Astellas. Astellas and FibroGen are collaborating on the commercialization of roxadustat for the treatment of anemia in territories including Japan, Europe, Turkey, Russia, and the Commonwealth of Independent States, the Middle East, and South Africa.