The company's financial position is increasingly vulnerable, characterized by a negative equity balance of -$17.0M and the near-total liquidation of PPE assets to zero by 2025Q3.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 133.42M | 196.51M | 331.56M | 492.83M | 474.06M | 755.11M | 702.49M | 690.01M | 748.97M | 266.52M | 200.56M | 198.24M | 143.64M | 52.8M |
| Cash & Short-Term Investments | 117.97M | 50.48M | 235.59M | 422.01M | 405.19M | 686.54M | 533.76M | 621.4M | 735.72M | 253.18M | 181.17M | 179.82M | 122.81M | 39.89M |
| Cash Only | 117.97M | 50.48M | 113.69M | 155.7M | 171.22M | 678.39M | 126.27M | 89.26M | 673.66M | 173.78M | 153.32M | 165.46M | 76.33M | 38.87M |
| Short-Term Investments | 0 | 0 | 121.9M | 266.31M | 233.97M | 8.14M | 407.49M | 532.14M | 62.06M | 79.4M | 27.85M | 14.36M | 46.48M | 1.02M |
| Accounts Receivable | 121K | 481K | 41.05M | 16.3M | 25.4M | 41.88M | 153.66M | 63.68M | 8.45M | 10.45M | 15.4M | 13.45M | 17.5M | 8.78M |
| Days Sales Outstanding | -0.68 | 5.93 | 320.16 | 42.27 | 39.4 | 86.7 | 218.6 | 109.15 | 24.55 | 21.24 | 31.09 | 35.69 | 62.5 | 48.63 |
| Inventory | 3.86M | 3.15M | 41.56M | 40.44M | 31.02M | 16.53M | 6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | -62.83 | 74 | 3.83K | 727.77 | 25.2 | 680.29 | 2.19K | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 140.49M | 6.71M | 4.35M | 5.07M | 1.81M | 1.72M | 4.93M | 4.8M | 2.89M | 3.99M | 4.97M | 0 | 0 |
| Total Non-Current Assets | 3.59M | 18.02M | 91.97M | 117.26M | 299.76M | 71.73M | 154.91M | 190.58M | 149.68M | 203.04M | 270.01M | 285.29M | 153.31M | 212.78M |
| Property, Plant & Equipment | 0 | 97K | 81.37M | 100.5M | 119.39M | 63.25M | 82.34M | 127.2M | 129.48M | 123.66M | 129.02M | 132.17M | 129.9M | 123.66M |
| Fixed Asset Turnover | -4869.81x | 305.37x | 0.58x | 1.40x | 1.97x | 2.79x | 3.12x | 1.67x | 0.97x | 1.45x | 1.40x | 1.04x | 0.79x | 0.53x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.04M | 0 | 5.29M | 9.41M | 171.62M | 2.97M | 61.12M | 55.82M | 10.51M | 71.01M | 131.72M | 144.27M | 15.36M | 81.61M |
| Other Non-Current Assets | 556K | 17.92M | 5.31M | 7.35M | 8.75M | 5.5M | 11.44M | 7.57M | 9.7M | 8.37M | 9.27M | 8.85M | 8.05M | 7.51M |
| Total Assets | 137.01M | 214.53M | 423.53M | 610.09M | 773.82M | 826.84M | 857.4M | 880.6M | 898.65M | 469.55M | 470.57M | 483.53M | 296.95M | 265.59M |
| Asset Turnover | -0.68x | 0.14x | 0.11x | 0.23x | 0.30x | 0.21x | 0.30x | 0.24x | 0.14x | 0.38x | 0.38x | 0.28x | 0.34x | 0.25x |
| Asset Growth % | -191.65% | -49.35% | -30.58% | -21.16% | -6.41% | -3.56% | -2.63% | -2.01% | 91.38% | -0.22% | -2.68% | 62.83% | 11.81% | - |
| Total Current Liabilities | 35.97M | 133.31M | 217.67M | 273.56M | 225.5M | 163.19M | 102.75M | 89.03M | 77.26M | 65.13M | 67.18M | 62.75M | 37.48M | 23.68M |
| Accounts Payable | 5.09M | 5.06M | 17.96M | 30.76M | 26.1M | 24.79M | 6.09M | 9.14M | 5.51M | 6.22M | 6.52M | 4.55M | 1.07M | 3.11M |
| Days Payables Outstanding | -124.95 | 118.78 | 1.65K | 553.58 | 21.21 | 1.02K | 1.94K | 14.14 | 10.23 | 12.13 | 11.12 | 11.02 | 4.54 | 15.28 |
| Short-Term Debt | 0 | 0 | 40K | 0 | 0 | 0 | 983K | 0 | 0 | 0 | 0 | 403K | 0 | 0 |
| Deferred Revenue (Current) | 49.82M | 0 | 12.74M | 12.74M | 19.03M | 6.55M | 490K | 13.77M | 7.97M | 7.99M | 12.73M | 9.22M | 5.74M | 2.39M |
| Other Current Liabilities | 5.1M | 115.23M | 152.58M | 7.25M | 4.91M | 95.53M | 63.05M | 44.69M | 17.38M | 36.68M | 34.4M | 5.16M | 2.51M | 2.43M |
| Current Ratio | 3.71x | 1.47x | 1.52x | 1.80x | 2.10x | 4.63x | 6.84x | 7.75x | 9.69x | 4.09x | 2.99x | 3.16x | 3.83x | 2.23x |
| Quick Ratio | 3.60x | 1.45x | 1.33x | 1.65x | 1.96x | 4.53x | 6.77x | 7.75x | 9.69x | 4.09x | 2.99x | 3.16x | 3.83x | 2.23x |
| Cash Conversion Cycle | 61.44 | -38.85 | 2.49K | 216.46 | 43.4 | -253.19 | 472.86 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 83.56M | 264.85M | 368.06M | 338M | 319.21M | 222.2M | 219.25M | 263.1M | 238.94M | 229.32M | 206.57M | 180.1M | 151.87M | 119.73M |
| Long-Term Debt | 19.47M | 90.1M | 89.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.86M | -5.81M |
| Capital Lease Obligations | 70K | 70K | 66.64M | 79.59M | 88.78M | 26.24M | 38.55M | 97.16M | 97.76M | 97.35M | 97.04M | 96.82M | 96.41M | 92.5M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.04M | 3.66M | 4.21M | 4.7M | 5.13M | 5.5M | 5.81M |
| Other Non-Current Liabilities | 64.08M | 174.68M | 54.17M | 72.69M | 43.63M | 57.49M | 81.25M | 29.83M | 167.19M | 25.26M | 24.39M | 22.29M | 31.1M | 12.24M |
| Total Liabilities | 119.53M | 398.16M | 585.73M | 611.57M | 544.71M | 385.39M | 321.99M | 352.13M | 316.2M | 294.44M | 273.75M | 242.85M | 189.35M | 143.4M |
| Total Debt | 19.47M | 90.17M | 170.46M | 89.89M | 99.72M | 39.76M | 51.89M | 97.16M | 97.76M | 97.35M | 97.04M | 97.22M | 96.81M | 93.23M |
| Net Debt | -98.5M | 39.69M | 56.77M | -65.81M | -71.5M | -638.63M | -74.38M | 7.9M | -575.89M | -76.43M | -56.28M | -68.23M | 20.48M | 54.36M |
| Debt / Equity | 1.11x | - | - | - | 0.44x | 0.09x | 0.10x | 0.18x | 0.17x | 0.56x | 0.49x | 0.40x | 0.90x | 0.76x |
| Debt / EBITDA | -0.16x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.80x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -20.28x | -18.24x | -39.87x | -209.05x | -268.40x | -79.88x | -31.05x | -7.89x | -12.63x | -5.00x | -7.04x | -4.51x | -0.74x | -2.72x |
| Total Equity | 17.48M | -183.63M | -162.2M | -1.48M | 229.11M | 441.45M | 535.41M | 528.47M | 582.45M | 175.11M | 196.82M | 240.68M | 107.6M | 122.18M |
| Equity Growth % | 106.39% | -13.22% | -10859.39% | -100.65% | -48.1% | -17.55% | 1.31% | -9.27% | 232.62% | -11.03% | -18.22% | 123.67% | -11.93% | - |
| Book Value per Share | 4.32 | -1.84 | -1.67 | -0.02 | 2.48 | 4.91 | 6.18 | 6.29 | 7.98 | 2.79 | 3.26 | 4.19 | 2.28 | 9.28 |
| Total Shareholders' Equity | -17.03M | -225.6M | -204.17M | -21.45M | 209.15M | 422.18M | 516.13M | 509.2M | 563.18M | 155.84M | 177.55M | 221.41M | 79.73M | 94.48M |
| Common Stock | -17.03M | 1.01M | 988K | 942K | 929K | 914K | 877K | 854K | 825K | 637K | 620K | 590K | 132K | 132K |
| Retained Earnings | 0 | -1.89B | -1.84B | -1.56B | -1.26B | -974.01M | -784.72M | -715.83M | -595.95M | -469.74M | -408.06M | -322.28M | -262.78M | -247.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -5.73M | -6.88M | -5.72M | -4.16M | -4.5M | -747K | -2.28M | -1.79M | -960K | -1.65M | -3.15M | -3.51M | -167K |
| Minority Interest | 34.51M | 41.97M | 41.97M | 19.97M | 19.97M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 27.88M | 27.7M |
Imminent liquidity and insolvency
As reported in recent financial filings, FibroGen's total assets have plummeted from $515.1M in 2023Q2 to $137.0M by 2025Q3, signaling a severe contraction in the company's resource base as it struggles to fund ongoing clinical operations without a sustainable commercial revenue stream.
The consistent decline in total assets reflects a business model that is consuming its capital base to sustain R&D rather than generating internal growth. This trajectory suggests that the company is rapidly approaching a point where its asset base may no longer support its current operational scale.
Based on the company's latest balance sheet data, shareholders' equity has remained deeply negative, reaching -$17.0M in 2025Q3, which underscores the cumulative impact of years of heavy operating losses and the erosion of book value through persistent clinical-stage capital intensity.
The persistent negative equity position indicates that the company's liabilities have consistently exceeded its assets, a condition that typically signals significant financial distress. Investors should monitor whether this negative equity is addressed through further dilutive financing or if it continues to deteriorate as losses mount.
According to quarterly balance sheet disclosures, the company's cash position has fluctuated significantly, with the most recent $118.0M balance in 2025Q3 appearing volatile when compared against the historical trend of rapid cash depletion observed over the preceding eight quarters of operations.
While the current ratio of 3.71 suggests a temporary improvement in liquidity, this metric may be misleading given the company's history of erratic working capital swings and reliance on non-operating cash inflows. The lack of consistent, internally generated cash flow makes the current liquidity buffer appear highly fragile.
As evidenced by the balance sheet, the total absence of goodwill and the near-total liquidation of PPE, which dropped from $91.2M in 2023Q2 to effectively zero by 2025Q3, suggests that the company has been forced to divest its physical infrastructure to maintain basic operational solvency.
The liquidation of tangible assets implies that the company is stripping away its operational capacity to survive, which may limit its ability to scale or pivot in the future. This trend warrants further investigation into whether the remaining asset base is sufficient to support any meaningful commercial activity.
Quick answers to the most common questions about buying FGEN stock.
As of 2024, FibroGen, Inc. (FGEN) had total assets of $214.5M including $196.5M in current assets.
FibroGen, Inc. (FGEN) carries total debt of $90.2M, offset by $50.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FibroGen, Inc. (FGEN) has total shareholders' equity (book value) of $-225.6M ($-1.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FibroGen, Inc. (FGEN) reported a current ratio of 1.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.