Fibrogen, Inc. (FGEN): ANSOFF Matrix Analysis [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Fibrogen, Inc. se dresse à un carrefour pivot de transformation stratégique, traduisant méticuleusement une trajectoire de croissance multiforme qui transcende les limites pharmaceutiques traditionnelles. Avec une matrice Ansoff ambitieuse sur le point de révolutionner les traitements de néphrologie et d'hématologie, la société se positionne stratégiquement pour étendre la portée du marché, innover des solutions thérapeutiques et explorer des opportunités sans précédent dans les paysages internationaux. Des stratégies de vente ciblées aux initiatives de recherche révolutionnaires, l'approche complète du fibrogène promet de redéfinir les contours des interventions médicales personnalisées, invitant les parties prenantes et les observateurs de l'industrie à approfondir leur feuille de route visionnaire.

Fibrogen, Inc. (FGEN) - Matrice Ansoff: pénétration du marché

Développez la force de vente directe ciblant les principaux spécialistes de la néphrologie et de l'hématologie

Depuis le quatrième trimestre 2022, le fibrogène a employé 290 représentants des ventes axés sur les marchés de soins spécialisés. La société a alloué 42,3 millions de dollars aux frais de vente et de marketing en 2022.

Métrique de la force de vente	2022 données
Représentants des ventes totales	290
Ventes & Frais de marketing	42,3 millions de dollars
Target spécialiste des médecins	3 750 spécialistes de la néphrologie / hématologie

Augmenter les efforts de marketing pour Roxadustat sur les marchés chroniques des maladies rénales

Roxadustat a généré 224,7 millions de dollars de revenus de produits nets pour 2022. Le marché chronique des maladies rénales devrait atteindre 22,5 milliards de dollars d'ici 2026.

• 2022 Roxadustat Revenue: 224,7 millions de dollars
• Taille du marché cible: 22,5 milliards de dollars d'ici 2026
• Population de patients ciblée: 37 millions de patients atteints d'une maladie rénale chronique aux États-Unis

Optimiser les stratégies de tarification pour améliorer le positionnement concurrentiel

Le coût moyen d'acquisition de gros de Roxadustat se situe entre 1 200 $ et 1 800 $ par cycle de traitement mensuel.

Composant de tarification	Valeur
Coût du traitement mensuel	$1,200 - $1,800
Différentiel de prix compétitif	7-12% en dessous des alternatives du marché

Améliorer les programmes de soutien aux patients pour améliorer l'adhésion aux médicaments

Fibrogen a investi 8,6 millions de dollars dans des programmes de soutien aux patients et d'assistance en 2022.

• Budget de soutien aux patients: 8,6 millions de dollars
• Objectif d'adhésion aux médicaments: passant de 62% à 75%
• Inscription du programme d'assistance aux patients: 4 200 patients

Renforcer les relations avec les prestataires de soins de santé et les centres de traitement existants

Le fibrogène a maintenu des relations avec 1 275 centres de traitement des soins de santé en 2022.

Métrique relationnelle du fournisseur	2022 données
Centres de traitement engagés	1,275
Accords de partenariat clinique	87 partenariats actifs
Programmes de formation des fournisseurs	42 réalisé en 2022

Fibrogen, Inc. (FGEN) - Matrice Ansoff: développement du marché

Opportunités d'expansion internationales sur les marchés européens et asiatiques

Fibrogen a déclaré un chiffre d'affaires international de 78,3 millions de dollars en 2022, avec un accent spécifique sur les marchés asiatiques. Roxadustat a reçu l'approbation en Chine, générant 94,8 millions de dollars de ventes nettes pour 2022.

Marché	Taille du marché potentiel	Statut réglementaire
Chine	Marché potentiel de 385 millions de dollars	Approuvé pour le traitement de l'anémie
Japon	Marché potentiel de 210 millions de dollars	Approbation réglementaire partielle
Union européenne	Marché potentiel de 275 millions de dollars	Examen réglementaire en attente

Approbations réglementaires dans des pays supplémentaires

En 2022, le fibrogène a des soumissions de régulation actives dans 6 pays pour Roxadustat.

• Chine: approbation complète reçue
• Japon: approbation partielle
• Union européenne: sous-évaluée
• États-Unis: discussions en cours avec la FDA

Cibler de nouveaux segments thérapeutiques

Le foyer thérapeutique actuel du fibrogène comprend des traitements rénaux et des traitements d'anémie. Roxadustat a généré 198,2 millions de dollars de ventes nettes totales en 2022.

Zone thérapeutique	Potentiel de marché	Étape de développement actuelle
Maladie du rein	12,5 milliards de dollars sur le marché mondial	Essais cliniques avancés
Traitement de l'anémie	Marché mondial de 8,7 milliards de dollars	Produit commercial

Partenariats stratégiques

Fibrogen a établi des partenariats avec Astellas Pharma et CSPC Pharmaceutical Group, générant des revenus collaboratifs de 45,6 millions de dollars en 2022.

Étude de marché pour les marchés géographiques inexploités

Le fibrogène a identifié une expansion potentielle sur les marchés émergents avec une population de patients adressable estimée de 3,2 millions pour les traitements rénaux et anémiques.

• Inde: 1,1 million de patients potentiels
• Brésil: 0,7 million de patients potentiels
• Asie du Sud-Est: 1,4 million de patients potentiels

Fibrogen, Inc. (FGEN) - Matrice Ansoff: développement de produits

Investissez dans la recherche et le développement de nouveaux composés thérapeutiques

En 2022, Fibrogen a investi 217,3 millions de dollars dans les frais de recherche et de développement. L'entreprise s'est concentrée sur le développement de la thérapeutique innovante dans plusieurs domaines de maladie.

Année	Investissement en R&D	Domaines d'intervention clés
2022	217,3 millions de dollars	Troubles sanguins rares, maladies rénales
2021	252,1 millions de dollars	Anémie, maladies fibrotiques

Développer le pipeline pour les traitements potentiels dans les troubles sanguins rares

Le fibrogène compte actuellement 4 candidats thérapeutiques à stade clinique actif ciblant les troubles sanguins rares.

• Roxadustat: Approuvé pour le traitement de l'anémie dans une maladie rénale chronique
• Pamrevlumab: traitement potentiel de la dystrophie musculaire de Duchenne
• FG-3087: Développement à un stade précoce pour la fibrose pulmonaire

Développer des diagnostics d'accompagnement pour soutenir une approche de médecine personnalisée

La société a investi environ 35,4 millions de dollars dans le développement de technologies de diagnostic pour soutenir les stratégies de médecine personnalisées.

Technologie de diagnostic	Maladie cible	Étape de développement
Plateforme d'identification des biomarqueurs	Maladies rénales	Recherche avancée
Outil de dépistage génétique	Troubles sanguins rares	Préclinique

Améliorer les formulations de médicaments existantes pour améliorer les résultats des patients

Le fibrogène possède 3 projets de reformulation médicamenteuse en cours susceptibles d'améliorer les propriétés pharmacocinétiques.

• Formulation à libération prolongée de Roxadustat
• Amélioration du régime de dosage pour Pamrevlumab
• Stabilité améliorée pour FG-3087

Explorez de nouvelles indications potentielles pour le portefeuille de médicaments actuel

La société étudie 5 nouvelles indications thérapeutiques potentielles dans son portefeuille de médicaments existant.

Médicament	Indication actuelle	De nouvelles indications potentielles
Roxadustat	Anémie en CKD	Anémie liée au cancer, insuffisance cardiaque
Pamrévlumab	Dystrophie musculaire de Duchenne	Fibrose pulmonaire idiopathique

Fibrogen, Inc. (FGEN) - Matrice Ansoff: diversification

Étudier les acquisitions stratégiques potentielles dans le secteur de la biotechnologie

La capitalisation boursière du fibrogène de 360,22 millions de dollars au troisième trimestre 2023 offre une capacité d'acquisition stratégique potentielle. Les équivalents en espèces et en espèces de la société étaient de 316,7 millions de dollars au 30 juin 2023.

Critères d'acquisition potentiels	Paramètres financiers
Taille de l'entreprise cible	50-200 millions de dollars de capitalisation boursière
Attribution du budget de recherche	15-25 millions de dollars pour les acquisitions potentielles

Explorez les opportunités dans les zones thérapeutiques adjacentes comme l'oncologie

Le marché en oncologie devrait atteindre 269,4 milliards de dollars d'ici 2026. Les frais de recherche et développement actuels de Fibrogène se sont élevés à 242,6 millions de dollars en 2022.

• Potentiel en oncologie Investissement cible: 50-75 millions de dollars
• Coût de l'entrée sur le marché estimé: 25 à 40 millions de dollars

Développer des technologies de santé numérique

Le marché de la santé numérique devrait atteindre 639,4 milliards de dollars d'ici 2026.

Catégorie de technologie	Investissement estimé
Plates-formes de diagnostic axées sur l'IA	10-20 millions de dollars
Surveillance à distance des patients	15-25 millions de dollars

Créer des plateformes de diagnostic pour les troubles rénaux et sanguins

Le marché mondial des diagnostics rénaux d'une valeur de 8,3 milliards de dollars en 2022.

• Coût de développement de plate-forme potentiel: 30 à 45 millions de dollars
• Pénétration estimée du marché: 5-7% en 3 ans

Établir un bras de capital-risque

Attribution initiale du fonds de capital-risque: 50 à 75 millions de dollars.

Focus d'investissement	Pourcentage d'allocation
Startups biotechnologiques à un stade précoce	40-50%
Technologies de santé numérique	30-35%
Technologie de diagnostic	15-20%

FibroGen, Inc. (FGEN) - Ansoff Matrix: Market Penetration

Maximize Roxadustat's value in existing licensed territories.

Roxadustat is approved in China, Europe, Japan, and numerous other countries for the treatment of anemia of CKD in adult patients on dialysis (DD) and not on dialysis (NDD).

FibroGen completed the sale of FibroGen China to AstraZeneca in the third quarter of 2025 for a total consideration of approximately $220 million, consisting of $85 million in enterprise value and approximately $135 million in net cash held in China.

FibroGen maintains the sole rights to roxadustat in the United States, Canada, Mexico, and in all markets not held by AstraZeneca or licensed to Astellas.

Astellas and FibroGen are collaborating on the commercialization of roxadustat in territories including Japan, Europe, Turkey, Russia, and the Commonwealth of Independent States, the Middle East, and South Africa.

Increase U.S. physician awareness of Roxadustat's mechanism (HIF-PHI).

Roxadustat is described as the first in a new class of medicines comprising HIF-PH inhibitors that promote erythropoiesis.

Prepare U.S. commercial infrastructure for Roxadustat's LR-MDS launch.

FibroGen reported cash, cash equivalents, accounts receivable, and investments of $121.1 million on September 30, 2025.

The Company expects its cash, cash equivalents, accounts receivable, and investments to be sufficient to fund operating plans into 2028.

The company's Q3 2025 net loss from continuing operations was $13.1 million.

The company's total revenue from continuing operations for the third quarter of 2025 was $1.1 million.

FibroGen's lack of commercial infrastructure could delay market entry.

Negotiate favorable U.S. payer coverage for Roxadustat post-approval.

The company is advancing roxadustat for the treatment of anemia in patients with lower-risk myelodysplastic syndromes (LR-MDS) and high red blood cell (RBC) transfusion burden.

FibroGen intends to file the pivotal Phase 3 clinical trial protocol for roxadustat in LR-MDS in the fourth quarter of 2025.

The planned Phase 3 trial will enroll approximately 200 patients.

Defintely focus marketing spend on high-volume anemia centers.

In a post-hoc subgroup analysis from the MATTERHORN Phase 3 trial, 36% of patients with high transfusion burden achieved transfusion independence for at least 56 days on roxadustat compared to 7% on placebo.

Approximately 80% of patients with MDS have anemia at the time of diagnosis.

Around 60% of patients with MDS will experience severe anemia (hemoglobin <8 g/dL) at some point during the course of their disease.

The following table summarizes key financial and development metrics relevant to the U.S. market strategy as of late 2025:

Metric	Value (2025 Data)	Context
Consolidated Cash, Investments, AR (Sep 30, 2025)	$121.1 million	Cash runway expected into 2028
Q3 2025 Revenue (Continuing Operations)	$1.1 million	Compared to $0.1 million in Q3 2024
Q3 2025 Net Loss (Continuing Operations)	$13.1 million	Compared to a loss of $48.3 million one year ago
FibroGen China Sale Consideration	Approx. $220 million	Completed in Q3 2025
Planned LR-MDS Phase 3 Enrollment	Approx. 200 patients	Protocol submission anticipated Q4 2025
LR-MDS Trial Efficacy (Roxadustat TI >= 56 days)	36%	Compared to 7% on placebo in subgroup analysis

The following are key operational milestones related to the U.S. LR-MDS indication:

• Reached agreement with the U.S. Food and Drug Administration (FDA) on important design elements for a pivotal Phase 3 trial.
• Final Phase 3 protocol submission anticipated in the fourth quarter of 2025.
• The patient population for the Phase 3 trial will include those refractory to, intolerant to, or ineligible for prior erythropoiesis-stimulating agents therapy.
• Annual incidence rates of MDS are estimated to be 4.9/100,000 adults in the U.S.

FibroGen, Inc. (FGEN) - Ansoff Matrix: Market Development

You're looking at how FibroGen, Inc. (FGEN) can take its existing product, Roxadustat, into new markets or new patient segments. This is the essence of Market Development in the Ansoff Matrix. Given the recent financial restructuring, understanding the capacity for this expansion is key.

Financially, as of September 30, 2025, FibroGen, Inc. reported cash, cash equivalents, investments, and accounts receivable totaling $121.1 million. This balance, coupled with the recent completion of the sale of FibroGen China for approximately $220 million, provides a cash runway extending into 2028. The company estimates the pivotal Phase 3 trial for LR-MDS could cost roughly $50-$60 million.

Secure U.S. FDA Approval for Roxadustat in LR-MDS Anemia

The immediate focus for U.S. market development is securing approval for Roxadustat in anemia associated with lower-risk myelodysplastic syndromes (LR-MDS). This is a specific new patient segment within the U.S. market where the drug is not yet approved. The regulatory pathway is anchored by a post-hoc subgroup analysis from the MATTERHORN Phase 3 trial, which showed compelling efficacy in patients with high red blood cell (RBC) transfusion burden.

The data supporting this push showed that among patients requiring $\ge$ 4 units of RBC transfusion over 8 weeks at baseline, 36% (8/22) achieved transfusion independence for $\ge$ 56 days on roxadustat compared to 7% (1/15) on placebo within 28 weeks, with a nominal p-value of 0.041. The U.S. market for this indication has an estimated annual incidence of MDS of 4.9 per 100,000 adults, with 77% classified as LR-MDS. Approximately 50% of these patients require regular transfusions.

Initiate the Pivotal Phase 3 Trial for Roxadustat in LR-MDS in Q4 2025

FibroGen, Inc. has reached agreement with the U.S. Food and Drug Administration (FDA) on important design elements for this pivotal trial. The company intends to file the full Phase 3 protocol in the fourth quarter of 2025. This trial will be a randomized, double-blind, placebo-controlled study enrolling approximately 200 patients. The primary endpoint under consideration is either 8-week or 16-week RBC transfusion independence.

Key parameters for the planned Phase 3 trial include:

• Enrollment target: Approximately 200 patients.
• Patient criteria: Refractory to, intolerant to, or ineligible for prior erythropoiesis-stimulating agents (ESA) therapy.
• Transfusion burden: Requiring $\ge$ 4 pRBC units in two consecutive 8-week periods prior to randomization.
• Protocol submission target: Q4 2025.

Explore Partnership Options for Roxadustat in Canada and Mexico

FibroGen, Inc. holds the sole rights to roxadustat in the United States, Canada, and Mexico. Following the positive FDA feedback for the LR-MDS indication, the company stated it is evaluating internal development and potential partnership opportunities for this late-stage program. Given the estimated cost of the Phase 3 trial, running it without a partner could shorten the cash runway into H2 2027 unless additional capital is raised.

The current commercial rights structure for Roxadustat is:

Territory	Rights Holder	Status/Collaboration
U.S., Canada, Mexico	FibroGen, Inc.	Evaluating internal development/partnership for LR-MDS
China, South Korea	AstraZeneca (post-sale)	Approved for CKD anemia; sNDA accepted for CIA
Japan, Europe, Turkey, Russia, CIS, Middle East, South Africa	Astellas	Collaboration for commercialization

Investigate Roxadustat for Other Anemia Indications like Chemotherapy-Induced Anemia (CIA)

Roxadustat is in clinical development for CIA, which is a major area of unmet need. The drug previously met its primary efficacy endpoint in the Phase 2 WHITNEY trial, which enrolled 92 patients with non-myeloid malignancy and hemoglobin $\le$ 10 g/dL. Furthermore, a pivotal Phase 3 study in China for CIA demonstrated non-inferiority to recombinant erythropoietin alfa (SEPO®) in 159 patients. Roxadustat is already approved in China for anemia of CKD, and a Supplemental New Drug Application (sNDA) for CIA in China has been accepted by the China Health Authority.

Target New Patient Segments within the Broader Anemia Market

The primary Market Development focus is shifting from the already-approved Chronic Kidney Disease (CKD) anemia market to the LR-MDS patient population with high transfusion burden. This represents a distinct, high-need segment in the U.S. market. The total addressable population for MDS in the U.S. is estimated to be approximately 75K patients.

FibroGen, Inc.'s Q3 2025 financial performance shows a net loss from continuing operations of $13.1 million and total revenue from continuing operations of $1.1 million. The company's R&D expenses for Q3 2025 were $1.2 million, a significant decrease from $20 million in Q3 2024. This reduced burn rate supports the internal funding evaluation for the LR-MDS Phase 3 trial, estimated at $50-$60 million.

FibroGen, Inc. (FGEN) - Ansoff Matrix: Product Development

You're looking at the near-term execution plan for FibroGen, Inc.'s key pipeline assets, which is heavily concentrated on advancing the antibody-drug conjugate (ADC), FG-3246, in the U.S. market for metastatic castration-resistant prostate cancer (mCRPC).

Advancing FG-3246 through Phase 2 for mCRPC

FibroGen, Inc. has moved forward with the development of FG-3246, a potential first-in-class CD46-targeting ADC, by initiating the Phase 2 monotherapy dose-optimization study in the U.S. for mCRPC patients. This is a critical step for this new product in an existing market segment.

The Phase 2 monotherapy trial for FG-3246 officially started in the third quarter of 2025. This trial is designed to enroll 75 patients who are in the post-androgen receptor signaling inhibitor (ARSI) and pre-chemotherapy setting. The study design randomizes patients across three dose levels to find the optimal dose for a future pivotal trial.

Key parameters for the FG-3246 Phase 2 trial include:

• Enrollment target: 75 patients.
• Dose arms: 1.8 mg/kg, 2.4 mg/kg, and 2.7 mg/kg adjusted body weight (AJBW).
• Primary endpoint focus: Determining the optimal dose based on efficacy, safety, and PK parameters.
• Interim analysis timing: Anticipated in the second half of 2026 (2H 2026).
• Final trial completion expected: March 2028.

Developing FG-3180 Alongside FG-3246

The development of FG-3180, the companion Positron Emission Tomography (PET) diagnostic agent, is intrinsically linked to the FG-3246 program. FG-3180 shares the same anti-CD46 antibody, YS5, as FG-3246. This co-development strategy aims to establish FG-3180 as a predictive patient selection biomarker.

The assessment of FG-3180 is integrated directly into the ongoing FG-3246 trials. Specifically, all patients deemed eligible for the Phase 2 trial will participate in the FG-3180 sub-study before randomization. This allows FibroGen, Inc. to evaluate the diagnostic performance and the potential correlation between CD46 expression identified by FG-3180 and the patient response to FG-3246.

Here's a look at the data milestones tied to both assets:

Study/Data Point	Asset(s) Involved	Expected Timing
Top-line Results (Investigator-Sponsored Combination Study)	FG-3246 + enzalutamide, including FG-3180 data	Q4 2025
Interim Analysis (Phase 2 Monotherapy Trial)	FG-3246 and FG-3180 evaluation	2H 2026

Generating Positive Top-Line Data from Combination Study

FibroGen, Inc. is scheduled to report topline data from the investigator-sponsored Phase 1b/2 study evaluating FG-3246 in combination with enzalutamide in mCRPC patients during the fourth quarter of 2025 (Q4 2025). This data readout is a near-term catalyst for the asset.

To be more precise, these results are expected to be presented at a medical conference in the first quarter of 2026 (1Q 2026). The data from this combination study will incorporate information gathered on the companion diagnostic, FG-3180.

Investigating New Formulations or Delivery Methods

The immediate focus for product development is on advancing the current ADC construct, FG-3246, through the dose-optimization Phase 2 trial. The company has not publicly detailed specific timelines or financial allocations for investigating new formulations or delivery methods for FG-3246 as of the third quarter of 2025. The current financial planning, supported by the recent sale of FibroGen China for approximately $220 million, is geared toward funding the U.S. development initiatives, including the FG-3246 program, with a cash runway extending into 2028. The Q3 2025 Research and Development expenses were reported at $1.2 million.

The company's current cash position as of September 30, 2025, stood at $121.1 million in cash, cash equivalents, investments, and accounts receivable.

Finance: draft updated 13-week cash view incorporating Q3 2025 actuals by next Tuesday.

FibroGen, Inc. (FGEN) - Ansoff Matrix: Diversification

You're looking at FibroGen, Inc. (FGEN) post-China sale, with a clear mandate to deploy capital into the U.S. pipeline. The financial foundation is set for near-term action, but the path to offsetting the recent quarterly deficit requires strategic diversification beyond the core anemia program.

The balance sheet as of September 30, 2025, shows $121.1 million in cash, cash equivalents, accounts receivable, and investments. This liquidity is significant, especially since the transformative sale of FibroGen China for approximately $220 million (including $135 million in net cash held in China) extended the cash runway into 2028. This positions FibroGen, Inc. to pursue growth vectors outside of its established anemia franchise.

To address the immediate financial performance, consider the Q3 2025 results. The net loss from continuing operations was $13.1 million. Acquiring a small, revenue-generating specialty pharma company could provide an immediate, albeit modest, offset to this recurring loss structure, offering a different revenue stream to stabilize the burn rate while core assets mature.

The oncology pipeline offers the clearest path for product development diversification. FG-3246, the anti-CD46 antibody-drug conjugate (ADC) in-licensed from Fortis Therapeutics, is already advancing. The Phase 2 monotherapy dose optimization trial in metastatic castration-resistant prostate cancer (mCRPC) was initiated in the third quarter of 2025. Given that FG-3246 binds to CD46, which is present at high levels in prostate cancer and other tumor types, expanding this development beyond mCRPC into other CD46-expressing solid tumors is a logical next step to maximize the asset's potential addressable market, which is estimated to be well over $5 billion annually for mCRPC alone.

The company's existing immuno-oncology assets also present partnership opportunities. FG-3165, the galectin-9 (Gal9) targeted antibody, has already cleared its Investigational New Drug (IND) application, with a Phase 1 trial anticipated to begin enrollment in the second half of 2024. Rather than purely preclinical partnering, FibroGen, Inc. has already established a clinical study collaboration with Regeneron Pharmaceuticals to evaluate FG-3165 in combination with LIBTAYO®. This existing framework could be leveraged for further development or co-commercialization deals for FG-3165 and the planned 2025 IND-filing asset, FG-3175, to share development costs.

The diagnostic component, FG-3180, represents a market entry diversification. FG-3180 is a PET imaging agent being assessed as a companion diagnostic for FG-3246, with interim results expected in the second half of 2026. The strategy here is to establish FG-3180 as a standalone biomarker tool, potentially superior to CD46 IHC in prostate cancer, which would create a separate revenue stream based on diagnostic utility, independent of the therapeutic outcome of FG-3246.

Here's a snapshot of the key pipeline and financial metrics relevant to these diversification moves:

Metric/Asset	Value/Status (as of Q3 2025)	Relevance to Diversification
Cash and Equivalents	$121.1 million	Capital available for licensing in a late-stage asset.
Q3 2025 Net Loss (Continuing Ops)	$13.1 million	Target for offset via specialty pharma acquisition.
FG-3246 Phase 2 Trial Initiation	Q3 2025	Platform for expansion into other CD46-expressing tumors.
FG-3180 Assessment	Companion PET agent in Phase 2 trial	Standalone biomarker tool market entry potential.
FG-3165 Status	Phase 1 trial initiated in H2 2024	Asset for potential partnership expansion beyond existing Regeneron collaboration.
Roxadustat LR-MDS Protocol Submission	Q4 2025	Core asset progress, but diversification is needed to fund potential internal Phase 3 costs.

The immediate action items for the diversification strategy involve capital deployment and pipeline extension:

• Expand FG-3246 trials to non-mCRPC CD46-expressing solid tumors.
• Finalize the Phase 3 protocol for roxadustat in LR-MDS by Q4 2025.
• Evaluate potential late-stage asset licensing using the $121.1 million reserve.
• Develop a commercial strategy for FG-3180 as a standalone diagnostic.
• Identify acquisition targets to mitigate the $13.1 million quarterly loss.

The Regeneron collaboration on FG-3165 shows a willingness to partner on oncology assets. Finance: draft 13-week cash view by Friday.