FibroGen reported Q3 2024 revenue of $46.33 million, up 15.5% year over year but down 8.5% quarter over quarter, reflecting ongoing investment in a late-stage development portfolio and seasonal/quarterly dynamics. The gross margin remained robust at 88.6%, driven by mix and cost of revenue efficiency, while operating losses persisted: operating income was -$16.78 million and net income -$17.08 million, translating to an EPS of -$0.17. The company’s balance sheet shows a structurally weak equity position with total stockholders’ equity of -$201.7 million and total liabilities of $466.1 million against assets of $264.4 million, underscoring a need for continued external capital or milestone/dividend-related inflows to sustain liquidity as R&D remains a primary use of cash.