FibroGen Inc reported a modest QQ3 2025 revenue run rate of $1.076 million, reflecting a continuing transition from commercialization activity toward late-stage development and clinical execution. The quarter shows a pronounced earnings-quality distortion driven by a substantial negative income tax expense of $213.8 million, which yields a reported net income of $200.6 million despite an operating loss of $5.4 million and negative EBITDA of $10.9 million. In short, the quarter’s bottom-line strength is largely non-cash and tax-driven, underscoring the need for investors to separate accounting quirks from cash-generation reality.
R&D outlays remained elevated at $1.209 million, while selling, general, and administrative expenses stood at $5.295 million, culminating in total operating expenses of $6.504 million. Interest expense and depreciation added another $2.083 million and $0.192 million, respectively, pressuring near-term profitability. The company’s EPS of $49.61 is distorted by the tax credit and does not reflect cash profitability. Weighted average shares outstanding were 4.044 million, implying an outsized effect of the tax benefit on per-share metrics.
Management commentary on the call (where disclosed) and the company’s pipeline narrative emphasize Roxadustat as a foundational revenue/therapeutic franchise in anemia and Pamrevlumab as a multi-indication anti-CTGF antibody with potential in IPF, cancer stroma, and DMD. The lack of explicit quarterly revenue acceleration or profitability metrics points to ongoing development milestones, regulatory developments, and potential collaboration-driven upside. Investors should treat the QQ3 2025 results as a near-term data point within a longer pipeline-led story, with key catalysts likely to derive from pivotal trial data, regulatory milestones, and potential strategic partnerships.