The following is a summary of the FibroGen, Inc. (FGEN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FibroGen recorded a Q1 2024 revenue of $55.9 million, a 55% increase from Q1 2023, driven by net product revenue, primarily from its product Roxadustat sales in China.

• The company successfully accumulated $214.7 million in cash at the close of Q1 2024, sufficient to fund operations into 2026.

• Roxadustat sales in China contributed to $30.5 million of net product revenue, marking a 26% year-on-year increase.

• Despite the revenue increase, the company posted a net loss of $32.9 million for Q1 2024.

• Q1 operating costs and expenses dropped by $25.3 million (23%) year-on-year to $87 million, backing the forecast of expenses between $70 million and $80 million for Q2 2024.

Business Progress:

• FibroGen is making significant advances in the development of the drugs pamrevlumab and FG-3246, with the former expected to report results by mid-to-late 2024 and the latter having shown promising results in treating mCRPC.

• FibroGen is planning a meeting with the FDA in the third quarter of 2024 to discuss the development program for FG-3246.

• The company anticipates the initiation of Phase 2 monotherapy dose optimization study of FG-3246 in the latter half of 2024 pending FDA approval.

• Positive sales of Roxadustat are enabling its expansion across the global market, and it looks forward to approval to sell in China.

• The company is progressing with early-stage oncology pipeline developments, including the filing of submissions for IND FG-3165 and plans for FG-3175 by next year.

• FibroGen regained all U.S. rights for Roxadustat from AstraZeneca, barring South Korea.

More details: FibroGen IR

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