May 07, 2024 (24/7 Market News via COMTEX) --
DENVER, Colo., May 07, 2024 (247marketnews.com)- FibroGen, Inc. (NASDAQ:FGEN) reported its first quarter 2024 financial results and provided an update on the company's recent developments.
Total first quarter revenue for 2024 was $55.9 million, a 55% year over year increase, from $36.2 million, for the first quarter of 2023, driven by net product revenue in China and one-time drug product revenue of $25.7 million recognized due to the termination of US/RoW AstraZeneca agreement.
Net loss for the first quarter improved from $76.7 million, or $0.81 net loss per basic and diluted share, in 2023 to $32.9 million, or $0.33 net loss per basic and diluted share, for 2024.
"We are off to a strong start in 2024 marked by the recent release of compelling Phase 1 data on FG-3246, our CD46 targeted antibody drug conjugate, in metastatic castration-resistant prostate cancer and continued robust growth of our roxadustat business in China," commented FibroGen's CEO, Thane Wettig. "Looking ahead, we expect to report topline data from our two late-stage clinical trials of pamrevlumab in pancreatic cancer in the coming months. In addition, we have a strong balance sheet and reaffirm our cash runway into 2026."
FibroGen reported $214.7 million in cash and equivalents that provides a runway into 2026.
The post FibroGen Reports Q1 2024 Financial Results appeared first on 24/7 MarketNews.
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