FibroGen Reports First Quarter 2017 Financial Results
“This is an exciting time for
Recent Developments AND HIGHLIGHTS
U.S. Roxadustat for Anemia in Chronic Kidney Disease (CKD)
- The independent data safety monitoring board (DSMB) recommended in April that all trials continue with no modifications to current protocols.
- On track to submit the NDA for roxadustat in the U.S. in 2018.
U.S. Roxadustat for Anemia in Myelodysplastic Syndromes (MDS)
- Received approval from
FDA to conduct Phase 3 study for the treatment of anemia in MDS. This study is planned to start in the third quarter of 2017.
China Roxadustat Anemia in CKD: Dialysis and Non-Dialysis
- Positive Phase 3 results from two pivotal trials in
China were announced onJanuary 30, 2017 . - On target for NDA submission in
China in the third quarter of 2017.
China Roxadustat for Myelodysplastic Syndromes (MDS)
- Received approval from the CFDA to undertake a Phase 2/3 study for the treatment of anemia in MDS. We plan to start this study in the fourth quarter of 2017.
Pamrevlumab in Idiopathic Pulmonary Fibrosis (IPF)
- On track to report topline Phase 2 study results from a double-blind, placebo-controlled study, and a double-blind, active-controlled sub-study for the treatment of IPF in the third quarter of 2017.
Pamrevlumab in Pancreatic Cancer
- Positive findings from an ongoing open-label, randomized Phase 1/2 study in locally advanced pancreatic cancer were presented at the 2017 Gastrointestinal Cancers Symposium in January.
- Positive results from a prior Phase 1/2 trial were published online in
January 2017 in theJournal of Cancer Clinical Trials .
Corporate and Financial Highlights
- Net loss per basic and diluted share for the quarter ended
March 31, 2017 was$0.52 , as compared to$0.45 a year ago. - At
March 31, 2017 ,FibroGen had$314.2 million of cash, restricted time deposits, cash equivalents, investments, and receivables. - In addition, we completed an equity financing on
April 11, 2017 that generated$115.1 million in net proceeds.
Conference Call Details
About Roxadustat
Roxadustat (FG-4592) is a first-in-class, orally administered small molecule currently in global Phase 3 clinical development as a potential therapy for anemia associated with chronic kidney disease (CKD). Roxadustat is a hypoxia-inducible factor prolyl hydroxylase inhibitor (HIF-PHI) that promotes erythropoiesis through increasing endogenous erythropoietin, improving iron regulation, and reducing hepcidin. Administration of roxadustat has been shown to induce coordinated erythropoiesis – increasing red blood cell count while maintaining plasma erythropoietin levels within or near normal physiologic range in multiple subpopulations of CKD patients – including in the presence of inflammation and without a need for supplemental intravenous iron.
Roxadustat is currently advancing through Phase 3 clinical trials worldwide, supported by extensive Phase 2 clinical data demonstrating correction and maintenance of hemoglobin levels in multiple subpopulations of CKD anemia patients. To date, roxadustat has been evaluated in Phase 1 and Phase 2 studies involving more than 1,400 subjects. Globally, a total of 17 studies are currently underway involving a total of more than 11,000 patients. Of these, 15 are Phase 3 pivotal studies comprising 10,400 patients, and are currently being conducted to support independent regulatory approvals of roxadustat in both non-dialysis and dialysis CKD patients in the U.S.,
About Pamrevlumab
Pamrevlumab (FG-3019) is an investigational therapeutic antibody developed by
About
Forward-Looking Statements
This release contains forward-looking statements regarding our strategy, future plans and prospects, including statements regarding the development of the Company's product candidates, roxadustat and pamrevlumab, the potential safety and efficacy profile of our product candidates, the timelines for reporting of our clinical data reporting, potential milestones, and regulatory submissions, our clinical plans and our financial projections. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of our various non-clinical and clinical programs, including enrollment of our Phase 3 trials and other clinical trials, and our collaboration partners’ clinical trials for roxadustat in anemia associated with CKD, the continued progress of our plans and programs in
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| March 31, 2017 | December 31, 2016 | |||||||
| (Unaudited) | (1) |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 170,598 | $ | 173,782 | ||||
| Short-term investments | 72,824 | 79,397 | ||||||
| Accounts receivable | 7,248 | 10,448 | ||||||
| Prepaid expenses and other current assets | 5,911 | 2,889 | ||||||
| Total current assets | 256,581 | 266,516 | ||||||
| Restricted time deposits | 6,217 | 6,217 | ||||||
| Long-term investments | 53,155 | 71,010 | ||||||
| Property and equipment, net | 122,818 | 123,657 | ||||||
| Other assets | 2,985 | 2,152 | ||||||
| Total assets | $ | 441,756 | $ | 469,552 | ||||
| Liabilities, stockholders' equity and non-controlling interests | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,950 | $ | 6,223 | ||||
| Accrued liabilities | 49,179 | 50,914 | ||||||
| Deferred revenue | 7,984 | 7,988 | ||||||
| Total current liabilities | 60,113 | 65,125 | ||||||
| Long-term portion of lease financing obligations | 97,536 | 97,352 | ||||||
| Product development obligations | 15,152 | 14,854 | ||||||
| Deferred rent | 4,075 | 4,212 | ||||||
| Deferred revenue, net of current | 108,068 | 106,709 | ||||||
| Other long-term liabilities | 5,840 | 6,191 | ||||||
| Total liabilities | 290,784 | 294,443 | ||||||
| Total stockholders’ equity | 131,701 | 155,838 | ||||||
| Non-controlling interests | 19,271 | 19,271 | ||||||
| Total equity | 150,972 | 175,109 | ||||||
| Total liabilities, stockholders' equity and non-controlling interests | $ | 441,756 | $ | 469,552 | ||||
| (1) The condensed consolidated balance sheet amounts at December 31, 2016 are derived from audited financial statements. | ||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (In thousands, except per share data) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2017 | 2016 | ||||||||
| (Unaudited) | |||||||||
| Revenue: | |||||||||
| License and milestone revenue | $ | 19,581 | $ | 19,738 | |||||
| Collaboration services and other revenue | 7,310 | 8,544 | |||||||
| Total revenue | 26,891 | 28,282 | |||||||
| Operating expenses: | |||||||||
| Research and development | 46,732 | 43,650 | |||||||
| General and administrative | 11,530 | 11,417 | |||||||
| Total operating expenses | 58,262 | 55,067 | |||||||
| Loss from operations | (31,371 | ) | (26,785 | ) | |||||
| Interest and other, net: | |||||||||
| Interest expense | (2,375 | ) | (2,777 | ) | |||||
| Interest income and other, net | 645 | 1,416 | |||||||
| Total interest and other, net | (1,730 | ) | (1,361 | ) | |||||
| Loss before income taxes | (33,101 | ) | (28,146 | ) | |||||
| Provision for (benefit from) income taxes | 60 | (305 | ) | ||||||
| Net loss | $ | (33,161 | ) | $ | (27,841 | ) | |||
| Net loss per share - basic and diluted | $ | (0.52 | ) | $ | (0.45 | ) | |||
| Weighted average number of common shares used to calculate net loss per share - basic and diluted | 64,037 | 62,184 | |||||||
ContactFibroGen, Inc. Karen L. Bergman VP, Investor Relations and Corporate Communications +1 (415) 978-1433 kbergman@fibrogen.com