FibroGen reported a Q2 2025 financial profile that underscores a pipeline-driven biotech with meaningful operating cash flow but continued negative earnings and an imbalanced balance sheet. Revenue for QQ2 2025 stood at $1.348 million, down sharply on both a YoY and QoQ basis, reflecting the company’s small top line and the cyclicality typical of late-stage development companies with limited commercial products. Gross margin remained exceptionally robust at 93.7% (gross profit of $1.263 million on revenue of $1.348 million), but this strength is driven by a minimal cost of revenue and does not offset the heavy operating spend, culminating in an operating loss of $12.052 million and a net loss of $7.603 million. EBITDA was negative at $11.545 million, with an EBIT margin of -8.94%. YoY revenue declined by 97.3% and gross profit by 97.2%, while net income improved YoY by about 51% (despite the ongoing net loss) and QoQ declined sharply by approximately 264%.