FibroGen reported Q4 2024 with a highly unusual revenue line and a consequential distortion of profitability metrics. Revenue registered at -$123.256 million, marking a YoY decrease of approximately 554% and QoQ decline of about 366%. Despite the negative top-line, net income was reported at $17.98 million, supported by a positive contribution from total other income and expenses and a minimal income tax expense, yielding a positive EPS of $0.18. EBITDA stood at -$91.1 million and operating income was -$73.54 million, underscoring a heavy cost structure and ongoing R&D investment that persist in late-stage disease programs. The quarter also featured a notable cash burn from operations (-$30.47 million) and negative free cash flow (-$30.61 million), with cash at period-end of $102.18 million and total debt around $73.09 million, leaving net debt near $22.61 million as reported. Importantly, FibroGen’s balance sheet shows total assets of $214.5 million against liabilities of $398.2 million, producing a negative stockholders’ equity of -$225.6 million, signaling solvency risk if the company cannot stabilize operating cash flow or secure external financing. The liquidity profile remains modest (current ratio ~1.47, quick ratio ~1.45), aided by deferred revenue totaling non-current $114.71 million and current $27.29 million. The company continues to pursue Roxadustat and Pamrevlumab as core growth vectors, with potential upside from pipeline progress, potential licensing or collaboration milestones, and any favorable regulatory decisions. Given the lack of an earnings call transcript in the provided data, management commentary could not be quoted; thus, qualitative insights rely on disclosed financials and known pipeline context. Investors should monitor regulatory milestones, trial readouts for Pamrevlumab, potential licensing deals, and the company’s ability to monetize deferred revenue and reduce the equity burden going forward.