Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FGEN | ||
Entity Registrant Name | FIBROGEN, INC. | ||
Entity Central Index Key | 0000921299 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-36740 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0357827 | ||
Entity Address, Address Line One | 409 Illinois Street | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94158 | ||
City Area Code | 415 | ||
Local Phone Number | 978-1200 | ||
Entity Common Stock, Shares Outstanding | 98,771,247 | ||
Entity Public Float | $ 261.5 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | San Jose, California | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”) incorporate information by reference from the definitive proxy statement for the registrant’s 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than after 120 days after the end of the fiscal year covered by this Annual Report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 113,688 | $ 155,700 |
Short-term investments | 121,898 | 266,308 |
Accounts receivable, net ($6,079 and $12,088 from related parties) | 12,553 | 16,299 |
Inventories | 41,565 | 40,436 |
Prepaid expenses and other current assets | 41,855 | 14,083 |
Total current assets | 331,559 | 492,826 |
Restricted time deposits | 1,658 | 2,072 |
Long-term investments | 0 | 4,348 |
Property and equipment, net | 13,126 | 20,605 |
Equity method investment in unconsolidated variable interest entity | 5,290 | 5,061 |
Operating lease right-of-use assets | 68,093 | 79,893 |
Other assets | 3,803 | 5,282 |
Total assets | 423,529 | 610,087 |
Current liabilities: | ||
Accounts payable | 17,960 | 30,758 |
Accrued and other current liabilities ($39,814 and $63,886 to a related party) | 172,891 | 219,773 |
Deferred revenue ($7,220 and $9,259 to related parties) | 12,740 | 12,739 |
Operating lease liabilities, current | 14,077 | 10,292 |
Total current liabilities | 217,668 | 273,562 |
Product development obligations | 17,763 | 16,917 |
Deferred revenue, net of current ($9,705 and $31,044 to a related party) | 157,555 | 185,722 |
Operating lease liabilities, non-current | 66,537 | 79,593 |
Senior secured term loan facilities, non-current | 71,934 | 0 |
Liability related to sale of future revenues, non-current | 51,413 | 49,333 |
Other long-term liabilities ($656 and $0 to a related party) | 2,858 | 6,440 |
Total liabilities | 585,728 | 611,567 |
Commitments and Contingencies (Note 12) | ||
Redeemable non-controlling interests | 21,480 | 0 |
Stockholders' deficit: | ||
Preferred stock, $0.01 par value; 125,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022 | ||
Common stock, $0.01 par value; 225,000 shares authorized at December 31, 2023 and 2022; 98,770 and 94,166 shares issued and outstanding at December 31, 2023 and 2022 | 988 | 942 |
Additional paid-in capital | 1,643,641 | 1,541,019 |
Accumulated other comprehensive loss | (6,875) | (5,720) |
Accumulated deficit | (1,841,920) | (1,557,688) |
Total stockholders' deficit attributable to FibroGen | (204,166) | (21,447) |
Nonredeemable non-controlling interests | 20,487 | 19,967 |
Total deficit | (183,679) | (1,480) |
Total liabilities, redeemable non-controlling interests and deficit | $ 423,529 | $ 610,087 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable from related parties | $ 6,079 | $ 12,088 |
Accrued and other current liabilities to related party | 39,814 | 63,886 |
Deferred revenue current to related party | 7,220 | 9,259 |
Deferred revenue non-current to related party | 9,705 | 31,044 |
Due to related parties, noncurrent | $ 656 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 125,000,000 | 125,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 98,770,000 | 94,166,000 |
Common stock, shares outstanding | 98,770,000 | 94,166,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 |
Operating costs and expenses: | |||
Cost of goods sold | $ 18,848 | $ 20,280 | $ 12,871 |
Cost, Product and Service [Extensible List] | Product Revenue, Net [Member] | Product Revenue, Net [Member] | Product Revenue, Net [Member] |
Research and development | $ 282,861 | $ 296,791 | $ 387,043 |
Selling, general and administrative | 115,252 | 124,688 | 123,925 |
Restructuring charge | 12,606 | 0 | 0 |
Total operating costs and expenses | 429,567 | 441,759 | 523,839 |
Loss from operations | (281,815) | (301,025) | (288,530) |
Interest and other, net | |||
Interest expense | (15,532) | (1,440) | (1,075) |
Interest income and other income (expenses), net | 10,480 | 7,596 | (1,078) |
Total interest and other, net | (5,052) | 6,156 | (2,153) |
Loss before income taxes | (286,867) | (294,869) | (290,683) |
Provision for income taxes | 3 | 358 | 347 |
Share of Net Income | 2,638 | 1,573 | 1,007 |
Net loss | $ (284,232) | $ (293,654) | $ (290,023) |
Net loss per share - basic | $ (2.92) | $ (3.14) | $ (3.14) |
Net loss per share - diluted | $ (2.92) | $ (3.14) | $ (3.14) |
Weighted average number of common shares used to calculate net loss per share - basic and diluted | |||
Basic | 97,303 | 93,582 | 92,349 |
Diluted | 97,303 | 93,582 | 92,349 |
License Revenue [Member] | |||
Revenue: | |||
Total revenue | $ 9,649 | $ 22,590 | $ 116,434 |
Development and Other Revenue [Member] | |||
Revenue: | |||
Total revenue | 18,401 | 24,189 | 70,275 |
Product Revenue, Net [Member] | |||
Revenue: | |||
Total revenue | 100,949 | 82,869 | 47,638 |
Drug Product Revenue, Net [Member] | |||
Revenue: | |||
Total revenue | $ 18,753 | $ 11,086 | $ 962 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - Astellas Agreement [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
License and milestone revenue from a related party | $ 0 | $ 22,590 | $ 108,434 |
Collaboration services and other revenue from a related party | 6,662 | 9,908 | 21,928 |
Product revenue from a related party | 89,055 | 71,167 | 35,568 |
Drug product revenue from a related party | $ 18,753 | $ 11,086 | $ 3,186 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (284,232) | $ (293,654) | $ (290,023) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (3,712) | 75 | 1,235 |
Available-for-sale investments: | |||
Unrealized gain (loss) on investments, net of tax effect | 2,557 | (1,632) | (899) |
Other comprehensive gain (loss), net of taxes | (1,155) | (1,557) | 336 |
Comprehensive loss | $ (285,387) | $ (295,211) | $ (289,687) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] Redeemable Preferred Stock Member |
Balance at Dec. 31, 2020 | $ 441,449 | $ 914 | $ 1,399,774 | $ (4,499) | $ (974,011) | $ 19,271 | $ 0 |
Balance, Shares at Dec. 31, 2020 | 91,440,633 | ||||||
Net loss | (290,023) | $ 0 | 0 | 0 | (290,023) | 0 | 0 |
Change in unrealized gain or loss on investments | (899) | 0 | 0 | (899) | 0 | 0 | 0 |
Foreign currency translation adjustments | 1,235 | 0 | 0 | 1,235 | 0 | 0 | 0 |
Shares issued from stock plans, net of payroll taxes paid | 5,494 | $ 15 | 5,479 | 0 | 0 | 0 | 0 |
Shares issued from stock plans, net of payroll taxes paid, Shares | 1,439,900 | ||||||
Stock-based compensation | 71,161 | $ 0 | 71,161 | 0 | 0 | 0 | 0 |
Conversion of subsidiary's convertible note payable(Note 13) | 696 | 0 | 0 | 0 | 0 | 696 | 0 |
Balance at Dec. 31, 2021 | 229,113 | $ 929 | 1,476,414 | (4,163) | (1,264,034) | 19,967 | 0 |
Balance, Shares at Dec. 31, 2021 | 92,880,533 | ||||||
Net loss | (293,654) | $ 0 | 0 | 0 | (293,654) | 0 | 0 |
Change in unrealized gain or loss on investments | (1,632) | 0 | 0 | (1,632) | 0 | 0 | 0 |
Foreign currency translation adjustments | 75 | 0 | 0 | 75 | 0 | 0 | 0 |
Shares issued from stock plans, net of payroll taxes paid | (983) | $ 13 | (996) | 0 | 0 | 0 | 0 |
Shares issued from stock plans, net of payroll taxes paid, Shares | 1,285,553 | ||||||
Stock-based compensation | 65,601 | $ 0 | 65,601 | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2022 | (1,480) | $ 942 | 1,541,019 | (5,720) | (1,557,688) | 19,967 | 0 |
Balance, Shares at Dec. 31, 2022 | 94,166,086 | ||||||
Net loss | $ (284,232) | $ 0 | $ 0 | $ 0 | $ (284,232) | $ 0 | $ 0 |
Consolidation of Fortis (Note 4) | 520,000 | 0 | 0 | 0 | 0 | 520,000 | 21,480,000 |
Change in unrealized gain or loss on investments | $ 2,557 | $ 0 | $ 0 | $ 2,557 | $ 0 | $ 0 | $ 0 |
Foreign currency translation adjustments | (3,712) | 0 | 0 | (3,712) | 0 | 0 | 0 |
Issuance of common stock under ATM Program | 48,407 | $ 24 | 48,383 | 0 | 0 | 0 | 0 |
Issuance of common stock under ATM Program shares | 2,472,090 | ||||||
Shares issued from stock plans, net of payroll taxes paid | 3,494 | $ 22 | 3,472 | 0 | 0 | 0 | 0 |
Shares issued from stock plans, net of payroll taxes paid, Shares | 2,132,071 | ||||||
Stock-based compensation | 50,767 | $ 0 | 50,767 | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2023 | $ (183,679) | $ 988 | $ 1,643,641 | $ (6,875) | $ (1,841,920) | $ 20,487 | $ 21,480 |
Balance, Shares at Dec. 31, 2023 | 98,770,247 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net loss | $ (284,232) | $ (293,654) | $ (290,023) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 9,518 | 10,017 | 10,170 |
Amortization of finance lease right-of-use assets | 412 | 587 | 4,639 |
Net accretion of premium and discount on investments | (5,061) | 1,619 | 2,482 |
Unrealized loss on equity investments | 0 | 0 | 30 |
Investment income in unconsolidated variable interest entity | (2,638) | (1,573) | (1,007) |
Loss (gain) on disposal of property and equipment | 4 | (1) | 233 |
Stock-based compensation | 50,767 | 65,601 | 71,161 |
Acquired In-process Research and Development Expenses | 24,636 | 0 | 60,000 |
Non-cash interest expense related to sale of future revenues | 7,734 | 1,036 | 0 |
Dividend received from unconsolidated variable interest entity | 2,255 | 0 | 0 |
Impairment of investment | 1,000 | 0 | 0 |
Realized loss on sales of available-for-sale securities | 271 | 5 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net ($6,009, $(1,158) and $(6,803) from related parties) | 3,433 | 765 | 25,180 |
Inventories | (1,695) | (10,999) | (14,158) |
Prepaid expenses and other current assets ($0, $0 and $889 from a related party) | (28,165) | 4,916 | (9,854) |
Operating lease right-of-use assets | 11,704 | 10,908 | 4,209 |
Other assets | 256 | 263 | (4,412) |
Accounts payable ($0, $0 and $(1,118) from a related party) | (15,514) | 5,909 | 805 |
Accrued and other liabilities ($(24,072), $63,882 and $(20) from a related party) | (49,778) | 90,556 | 16,380 |
Operating lease liabilities, current | 3,820 | (547) | 503 |
Deferred revenue ($(23,378), $11,211 and $21,549 from related parties) | (28,166) | (4,130) | 57,637 |
Accrued interest for finance lease liabilities | (11) | 33 | (75) |
Operating lease liabilities, non-current | (12,998) | (8,994) | (4,043) |
Other long-term liabilities | (2,573) | (18,250) | (12,089) |
Net cash used in operating activities | (315,021) | (145,933) | (82,232) |
Investing activities | |||
Purchases of property and equipment | (2,519) | (3,741) | (5,186) |
Payment made for acquired in-process research and development asset | 0 | (35,000) | (25,000) |
Proceeds from sale of property and equipment | 0 | 6 | 0 |
Purchases of available-for-sale securities | (251,830) | (164,023) | (484,144) |
Cash acquired from consolidation of Fortis | 656 | 0 | 0 |
Proceeds from sales of available-for-sale securities | 6,729 | 7,382 | 4,214 |
Proceeds from maturities of investments | 400,621 | 284,492 | 83,144 |
Net cash provided by (used in) investing activities | 153,657 | 89,116 | (426,972) |
Financing activities | |||
Proceeds from senior secured term loan facilities, net of issuance costs | 74,078 | 0 | 0 |
Cash paid for transaction costs for senior secured term loan facilities | (2,746) | 0 | 0 |
Repayments of finance lease liabilities | (148) | (135) | (5,489) |
Repayments of lease obligations | (336) | (403) | (403) |
Cash paid for payroll taxes on restricted stock unit releases | (237) | (5,167) | (7,372) |
Proceeds from sale of future revenues, net of issuance costs | 0 | 49,750 | 0 |
Cash paid for transaction costs related to sale of future revenues | 0 | (1,453) | 0 |
Proceeds from issuance of common stock under ATM Program, net of commissions | 48,407 | 0 | 0 |
Proceeds from issuance of common stock under employee stock plans | 3,731 | 4,184 | 12,701 |
Net cash provided by (used in) financing activities | 122,749 | 46,776 | (563) |
Effect of exchange rate change on cash and cash equivalents | (3,397) | (5,482) | 2,597 |
Net decrease in cash and cash equivalents | (42,012) | (15,523) | (507,170) |
Total cash and cash equivalents at beginning of period | 155,700 | 171,223 | 678,393 |
Total cash and cash equivalents at end of period | 113,688 | 155,700 | 171,223 |
Supplemental Cash Flow Information [Abstract] | |||
Non cash acquisition in Fortis | (22,000) | 0 | 0 |
Interest payments | 54 | 104 | 94 |
Balance in accounts payable and accrued liabilities related to purchases of property and equipment | 103 | 428 | 1,009 |
Balance in accrued liabilities related to issuance costs of secured term loan facilities | 0 | 0 | 35,000 |
Balance in other receivables related to stock option exercise | 0 | 0 | 165 |
Conversion of subsidiary's convertible note payable to non-controlling interests | $ 0 | $ 0 | $ 696 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Accounts receivable from related parties | $ (6,009) | $ (1,158) | $ (6,803) |
Prepaid expenses and other current assets from related party | 0 | 0 | 889 |
Accounts payable from related party | 0 | 0 | (1,118) |
Accrued and other liabilities from related party | (24,072) | 63,882 | (20) |
Deferred revenue from related parties | $ (23,378) | $ 11,211 | $ 21,549 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Th e Company FibroGen, Inc. (“FibroGen” or the “Company”) is headquartered in San Francisco, California, with subsidiary offices in Beijing and Shanghai, People’s Republic of China (“China”). FibroGen is developing and commercializing a diversified pipeline of novel therapeutics that work at the frontier of cancer biology and anemia. Pamrevlumab, a human monoclonal antibody targeting connective tissue growth factor, is in Phase 3 clinical development for the treatment of locally advanced unresectable pancreatic cancer. Pamrevlumab is also in Phase 2/3 development for the treatment of metastatic pancreatic cancer. To date, the Company has retained exclusive worldwide rights for pamrevlumab. Roxadustat is an oral small molecule inhibitor of HIF prolyl hydroxylase activity. Roxadustat (爱瑞卓 ® , EVRENZO TM ) is approved in China, Europe, Japan, and numerous other countries for the treatment of anemia in chronic kidney disease (“CKD”) for patients who are on dialysis and not on dialysis. Roxadustat is in clinical development for chemotherapy-induced anemia in China. FibroGen is also developing earlier stage clinical and preclinical product candidates, FG-3246, FG-3165 and FG-3175, to address unmet patient needs in oncology. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its majority-owned subsidiaries, as well as any variable interest entity (“VIE”) for which FibroGen is the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation. For any VIE for which FibroGen is not the primary beneficiary, the Company uses the equity method of accounting. The Company operates in one reportable segment — the development and commercialization of novel therapeutics to treat serious unmet medical needs. The Company believes that its existing cash and cash equivalents, short-term investments and accounts receivable will be sufficient to meet its anticipated cash requirements for at least the next 12 months from the date of issuance of the financial statements. However, the Company may need additional capital thereafter and its liquidity assumptions may materially differ. The Company may utilize its available financial resources sooner than it currently expects and may incur additional expenses not currently contemplated. In addition, the Company may elect to raise additional funds at any time through equity, equity-linked, debt financing arrangements or from other sources. Foreign Currency Translation The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of FibroGen Europe is the Euro. The functional currency of FibroGen (China) Medical Technology Development Co., Ltd. (“FibroGen Beijing”) is CNY. As such, monetary assets and liabilities of FibroGen Europe and FibroGen Beijing in currencies other than their functional currencies are remeasured using exchange rates in effect at the end of the period. The assets and liabilities of FibroGen Europe and FibroGen Beijing are translated to U.S. dollars at exchange rates in effect at the balance sheet date. All income statement accounts are translated at monthly average exchange rates. Resulting foreign currency translation adjustments are recorded directly in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity (deficit). The functional currency of FibroGen, Inc. and all other subsidiaries is the U.S. dollar. Accordingly, monetary assets and liabilities in the non-functional currency of these subsidiaries are remeasured using exchange rates in effect at the end of the period. Revenues and costs in local currency are remeasured using average exchange rates for the period, except for costs related to those balance sheet items that are remeasured using historical exchange rates. The resulting remeasurement gains and losses are included within interest income and other, net in the consolidated statements of operations as incurred and have not been material for all periods presented. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include valuation and recognition of revenue and deferred revenue, specifically, estimates in variable consideration for drug product sales, and estimates in transaction price per unit for the China performance obligation (as defined and discussed under Revenue Recognition below). On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. Concentration of Credit Risk The Company is subject to risks associated with concentration of credit for cash and cash equivalents. Outside of short-term operating needs, the majority of cash on hand is invested in U.S. treasuries, corporate bonds, commercial paper and money market funds. Any remaining cash is deposited with major financial institutions primarily in the U.S., China and the Cayman Islands. At times, such deposits may be in excess of insured limits. The Company has not experienced any loss on its deposits of cash and cash equivalents. Included in current assets are significant balances of accounts receivable as follows: December 31, 2023 2022 Falikang — Related party 42 % 65 % AstraZeneca 33 % 16 % As of December 31, 2023 and 2022 , the aggregate accounts receivable related to roxadustat sales in China from distributors represented 17 % and 10 %, respectively, of the consolidated accounts receivable, with no material balance from any individual distributor. Other Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the results of clinical trials and the achievement of milestones, research developments, actions by regulatory authorities, market acceptance of the Company’s product candidates, competition from other products and larger companies, the liquidity and capital resources of the Company, intellectual property protection for the Company's proprietary technology, strategic relationships, and dependence on key individuals, suppliers, clinical organization, and other third parties. Cash, Cash Equivalents and Restricted Time Deposits The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents also include money market accounts and various deposit accounts. As of December 31, 2023 and 2022, a total of $ 32.2 million and $ 92.5 million , respectively, of the Company’s cash and cash equivalents was held outside of the U.S. in the Company’s foreign subsidiaries to be used primarily for the Company’s China operations. Restricted time deposits include an irrevocable standby letter of credit as security deposit for a long-term property lease with the Company’s landlord. Restricted time deposits were $ 1.7 million and $ 2.1 million as of December 31, 2023 and 2022 , respectively. Investments As of December 31, 2023 , the Company’s investments consist primarily of diversified bonds, commercial paper, and money market funds. Those investments with original maturities of greater than three months and remaining maturities of less than 12 months (365 days) are considered short-term investments. Those investments with maturities greater than 12 months (365 days) from the balance sheet date are considered long-term investments. When such investments are held, the Company’s investments classified as available-for-sale are recorded at fair value based upon quoted market prices at period end. Unrealized gains and losses for available-for-sale debt investments that are deemed temporary in nature are recorded in accumulated other comprehensive income (loss) as a separate component of stockholder’ equity. Realized and unrealized gains or losses resulting from changes in value and sale of the Company’s marketable equity investments are recorded in other income (expenses) in the consolidated statement of operations. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. Trade accounts receivable The allowance for credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company makes estimates of expected credit losses for the allowance for doubtful accounts by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, current economic and regulatory conditions that may affect a customer’s ability to pay, and estimates of expected future losses. The Company’s bad debt expense for the years ended December 31, 2023, 2022 and 2021 and the allowance for credit losses as of December 31, 2023 and 2022 were immaterial. Credit losses – Available-for-sale debt securities The Company periodically assesses its available-for-sale investments for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through interest and other, net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through interest and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when the Company believes that an available-for-sale security is confirmed uncollectable or when either of the criteria regarding intent or requirement to sell is met. Inventories Inventories are stated at the lower of cost or net realizable value, on a first-in, first-out, or FIFO, basis. The cost of the Company’s inventories in China is determined using full absorption and standard costing method. The Company reviews the standard cost of raw materials, work-in-process and finished goods annually and more often as appropriate to ensure that its inventories approximate current actual cost. The cost of the Company’s inventories in the U.S. uses actual costs to determine its cost basis. The cost of inventories includes direct material cost, direct labor and manufacturing overhead. When the technical feasibility of the Company’s future commercialization is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, the Company capitalizes pre-launch inventory costs prior to regulatory approval. A number of factors are considered, including the status in the validation process in significant jurisdictions, regulatory application and approval process, and terms and condition for future sale of such inventory or future alternative use. The pre-launch inventory cost includes purchase cost of raw materials, cost paid to contract manufacturers for inventory manufacturing, freight and custom charges, and certain direct internal labor and overhead expenses. The Company periodically reviews its inventories to identify obsolete, slow-moving, excess or otherwise unsaleable items. If obsolete, excess or unsaleable items are observed and there are no alternate uses for the inventory, an inventory valuation adjustment is recorded through a charge to cost of goods sold on the Company’s consolidated statements of operations. Inventory valuation adjustments require judgment including consideration of many factors, such as estimates of future product demand and product expiration period, among others. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Computer equipment, laboratory equipment, machinery and furniture and fixtures are depreciated over three to five years . Leasehold improvements are recorded at cost and amortized over the term of the lease or their useful life, whichever is shorter. Equity method investment - Variable Interest Entity Under the Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when the Company obtains an economic interest in an entity, it evaluates the entity to determine if it should be deemed a VIE, and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the VIE, based on significant judgment whether the Company (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. On an ongoing basis, the Company re-evaluates the VIE assessment based on potential changes in facts and circumstances, including but not limited to, the shareholder loans to the entity and the execution of any future significant agreements between the entity and its shareholders and/or other third parties. Leases The Company determines if an arrangement is or contains a lease at inception date when it is given control of the underlying assets. The Company elected the practical expedient not to apply the lease recognition and measurement requirements to short-term leases, which is any lease with a term of 12 months or less as of the commencement date that does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As its leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company reassesses the incremental borrowing rate periodically for application to any new leases or lease modifications, which approximates the rate at which the Company would borrow, on a secured basis, in the country where the lease was executed. For any lease modification, the Company reassesses the lease classification, remeasures the related lease liability using an updated discount rate, and adjusts the related ROU asset under the lease modification guidance under the ASC 842, Leases , (“ASC 842”). Lease ROU assets include any lease payments made and initial direct costs incurred. The Company has lease agreements with lease and non-lease components. The Company generally accounts for each lease component separately from the non-lease components, and excludes all non-lease components from the calculation of minimum lease payments in measuring the ROU asset and lease liability. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease terms. Regarding leases denominated in a foreign currency, the related ROU assets and the corresponding ROU asset amortization costs are remeasured using the exchange rate in effect at the date of initial recognition; the related lease liabilities are remeasured using the exchange rate in effect at the end of the reporting period; the lease costs and interest expenses related to lease liability accretion are remeasured using average exchange rates for the reporting period. Finance leases are included in finance lease ROU assets, finance lease liabilities, current and non-current on the Company’s consolidated balance sheets. Operating leases are included in operating lease ROU assets, operating lease liabilities, current and non-current on the Company’s consolidated balance sheets. Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. If the Company determines that an impairment trigger has been met, the Company evaluates the realizability of its long-lived assets (asset group) based on a comparison of projected undiscounted cash flows from use and eventual disposition with the carrying value of the related asset. Any write-downs (which are measured based on the difference between the fair value and the carrying value of the asset) are treated as permanent reductions in the carrying amount of the assets (asset group). Based on this evaluation, the Company believes that, as of each of the balance sheet dates presented, no ne of the Company’s long-lived assets were impaired. The Company had no impairment of long-lived assets for the years ended December 31, 2023, 2022 and 2021 . Liability Related to Sale of Future Revenues The Company accounts for the sale of future revenue as a debt, because the risks and rewards to the investor are limited by the terms of the transaction as discussed further in Note 10, Liability Related to Sale of Future Revenues . The difference between the carrying amount of the initial liability and the gross proceeds received is accounted for as a discount. The Company recognizes interest expense based on an estimated effective annual interest rate, which is affected by the amount and timing of revenues recognized and changes in the timing of forecasted revenues. Quarterly, the Company reassesses the expected revenues and the timing of such revenues, recalculates the amortization and effective interest rate and adjusts the accounting prospectively as needed . Asset Acquisition The Company evaluates acquisitions of entities or assets to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this screen criteria is met, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. In an asset acquisition, the cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to research and development expense at the acquisition date. The Company recognizes assets acquired and liabilities assumed in asset acquisitions, including contingent assets and liabilities, and non-controlling interests (“NCI”) in the acquired assets at their estimated fair values as of the date of acquisition. An NCI represents the non-affiliated equity interest in the underlying entity or asset. The Company presents redeemable NCI in its consolidated statements of changes in equity within mezzanine equity. Nonredeemable NCI and redeemable NCI are initially recorded at their fair values. Subsequently, net loss in the underlying entity or asset is only allocated to nonredeemable NCI. Net income in the underlying entity or asset is allocated to nonredeemable NCI and redeemable NCI based on their respective stated rights. Revenue Recognition Revenues under collaboration agreements The Company’s collaboration agreements include multiple performance obligations comprised of promised services, or bundles of services, that are distinct. Services that are not distinct are combined with other services in the agreement until they form a distinct bundle of services. The Company’s process for identifying performance obligations and an enumeration of each obligation for each agreement is outlined in Note 3, Collaboration Agreements, License Agreement and Revenues . Determining the performance obligations within a collaboration agreement often involves significant judgment and is specific to the facts and circumstances contained in each agreement. The Company has identified the following material promises under its collaboration agreements: (1) license of FibroGen technology, (2) the performance of co-development services, including manufacturing of clinical supplies and other services during the development period, and (3) manufacture of commercial supply. The evaluation as to whether these promises are distinct, and therefore represent separate performance obligations, is described in more detail in Note 3, Collaboration Agreements, License Agreement and Revenues . For revenue recognition purposes, the Company determines that the terms of its collaboration agreements begin on the effective date and end upon the completion of all performance obligations contained in the agreements. In each agreement, the contract term is defined as the period in which parties to the contract have present and enforceable rights and obligations. The Company believes that the existence of what it considers to be substantive termination penalties on the part of the counterparty create sufficient incentive for the counterparty to avoid exercising its right to terminate the agreement. The transaction price for each collaboration agreement is determined based on the amount of consideration the Company expects to be entitled for satisfying all performance obligations within the agreement. The Company’s collaboration agreements include payments to the Company of one or more of the following: non-refundable upfront license fees; co-development billings; development, regulatory, and commercial milestone payments; payments from sales of active pharmaceutical ingredient (“API”); payments from sales of bulk drug product and royalties on net sales of licensed products. Upfront license fees are non-contingent and non-refundable in nature and are included in the transaction price at the point when the license fees become due to the Company. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Co-development billings resulting from the Company’s research and development efforts, which are reimbursable under its collaboration agreements, are considered variable consideration. Determining the reimbursable amount of research and development efforts requires detailed analysis of the terms of the collaboration agreements and the nature of the research and development efforts incurred. Prior to CKD approval in the third quarter of 2021, determining the amount of variable consideration from co-development billings required the Company to make estimates of future research and development efforts, which involved significant judgment. Co-development billings are allocated entirely to the co-development services performance obligation when amounts are related specifically to research and development efforts necessary to satisfy the performance obligation, and such an allocation is consistent with the allocation objective. Milestone payments are also considered variable consideration, which requires the Company to make estimates of when achievement of a particular milestone becomes probable. Similar to other forms of variable consideration, milestone payments are included in the transaction price when it becomes probable that such inclusion would not result in a significant revenue reversal. Milestones are therefore included in the transaction price when achievement of the milestone becomes probable. For arrangements that include sales-based royalties and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, royalty revenue resulting from its collaboration arrangements was immaterial. The transaction price is allocated to performance obligations based on their relative standalone selling price (“SSP”), with the exception of co-development billings allocated entirely to co-development services performance obligations. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available. The process for determining SSP involves significant judgment and includes consideration of multiple factors, including assumptions related to the market opportunity and the time needed to commercialize a product candidate pursuant to the relevant license, estimated direct expenses and other costs, which include the rates normally charged by contract research and contract manufacturing organizations for development and manufacturing obligations, and rates that would be charged by qualified outsiders for committee services. Significant judgment may be required in determining whether a performance obligation is distinct, determining the amount of variable consideration to be included in the transaction price, and estimating the SSP of each performance obligation. An enumeration of the Company’s significant judgments is outlined in Note 3, Collaboration Agreements, License Agreement and Revenues . For each performance obligation identified within an arrangement, the Company determines the period over which the promised services are transferred and the performance obligation is satisfied. Service revenue that was recognized over time was based on progress toward complete satisfaction of the performance obligation. For each performance obligation satisfied over time, the Company assesses the proper method to be used for revenue recognition, either an input method to measure progress toward the satisfaction of services or an output method of determining the progress of completion of performance obligation. Revenue under license agreements Under a license agreement, if the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from upfront license fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company determines whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company uses judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Product revenue, net Product revenue, net consists of revenues from sales of roxadustat commercial product to Falikang, and directly to pharmaceutical distributors located in one province in China that are not covered by Falikang. Falikang is jointly owned by AstraZeneca AB (“AstraZeneca”) and FibroGen Beijing. The Company is not the primary beneficiary of Falikang for accounting purposes, as AstraZeneca is the final decision maker for all the roxadustat commercialization activities, and the Company lacks the power criterion to direct the activities of Falikang (see Note 5, Equity method investment - Variable Interest Entity ). Sales to Falikang Falikang became fully operational in January 2021, at which time FibroGen Beijing began selling roxadustat commercial product to Falikang. Falikang is FibroGen Beijing’s primary customer in China and substantially all roxadustat product sales to distributors in China are made by Falikang. Falikang bears inventory risk once it receives and accepts the product from FibroGen Beijing, and is responsible for delivering product to its distributors. The promises identified under the AstraZeneca China Agreement (as defined in Note 3, Collaboration Agreements, License Agreement and Revenues ), including the license, co-development services and manufacturing of commercial supplies have been bundled into a single performance obligation (“China performance obligation”). Amounts of the transaction price allocable to this performance obligation under the Company’s agreements with AstraZeneca as outlined in Note 3, Collaboration Agreements, License Agreement and Revenues, are deferred until control of the manufactured commercial product is transferred to AstraZeneca. The initiation of roxadustat sales to Falikang marked the beginning of the China performance obligation . Revenue is recognized at a point in time when control of roxadustat commercial product is transferred to Falikang. Revenue is recognized based on the estimated transaction price per unit and actual quantity of product delivered during the reporting period. Specifically, the transaction price per unit is determined based on the overall transaction price over the total estimated sales quantity for the estimated performance period in which the Company determined it is likely those sales would occur. The price per unit is subject to reassessment on a quarterly basis, which may result in cumulative catch up adjustments due to changes in estimates. The overall transaction price for FibroGen Beijing’s product sales to Falikang includes the following elements of consideration: • Non-refundable upfront license fees; development, regulatory, and commercial milestone payments based on the AstraZeneca China Agreement allocated to the China performance obligation; • Co-development billings resulting from the Company’s research and development efforts, which are reimbursable under the AstraZeneca China Agreement; • Interim profit/loss share between FibroGen Beijing and AstraZeneca from April 1, 2020 through December 31, 2020; and • Net transaction price from product sales to Falikang from January 1, 2021 onwards. The net transaction price includes the following elements: o Gross transaction price: The gross transaction price is based on a percentage of Falikang’s net sales to its distributors, which takes into account Falikang’s operating expenses and its payments to AstraZeneca for roxadustat sales and marketing efforts, capped at a percentage of Falikang’s net roxadustat sales. o Profit share: The gross transaction price is then adjusted for an estimated amount to achieve the 50 /50 profit share from current period roxadustat net sales in China. The adjustments to date have been a reduction to the transaction price and the related accounts receivable from Falikang. The non-refundable upfront license fees constitute a fixed consideration. The remainder of the above are variable consideration components, which may be constrained, and included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period when the uncertainty associated with the variable consideration is subsequently resolved. The calculation of the above variable consideration includes significant assumptions such as total sales quantity, performance period, gross transaction price and profit share, which require significant judgment. Any net transaction price in exc |
Collaboration Agreements, Licen
Collaboration Agreements, License Agreement and Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration Agreements, License Agreement and Revenues | 3. Collaboration Agreements, License Agreement and Revenues Astellas Agreements Astellas Japan Agreement In June 2005, the Company entered into a collaboration agreement with Astellas for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in Japan (“Astellas Japan Agreement”). Under this agreement, Astellas paid license fees and other consideration totaling $ 40.1 million (such amounts were fully received as of February 2009). Under the Astellas Japan Agreement, the Company is also eligible to receive from Astellas an aggregate of approximately $ 132.5 million in potential milestone payments, comprised of (i) up to $ 22.5 million in milestone payments upon achievement of specified clinical and development milestone events (such amounts were fully received as of July 2016), (ii) up to $ 95.0 million in milestone payments upon achievement of specified regulatory milestone events, and (iii) up to approximately $ 15.0 million in milestone payments upon the achievement of specified commercial sales milestone. The Astellas Japan Agreement also provides for tiered payments based on net sales of product (as defined) in the low 20% range of the list price published by the Japanese Ministry of Health, Labour and Welfare, adjusted for certain elements, after commercial launch. The aggregate amount of the considerations received under the Astellas Japan Agreement, through December 31, 2023 totals $ 105.1 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. Based on its current development plans for roxadustat in Japan, the Company does not expect to receive most or all of the additional potential milestones under the Astellas Japan Agreement. In 2018, FibroGen and Astellas entered into an amendment to the Astellas Japan Agreement that allows Astellas to manufacture roxadustat drug product for commercialization in Japan (the “Astellas Japan Amendment”). Under this amendment, FibroGen would continue to manufacture and supply roxadustat API to Astellas for the roxadustat commercial activities in Japan. The commercial terms of the Astellas Japan Agreement relating to the transfer price for roxadustat for commercial use remain substantially the same, reflecting an adjustment for the manufacture of drug product by Astellas rather than FibroGen. The related drug product revenue is described under the Drug Product Revenue, Net section below. Astellas Europe Agreement In April 2006, the Company entered into a separate collaboration agreement with Astellas for the development and commercialization of roxadustat for the treatment of anemia in Europe, the Middle East, the Commonwealth of Independent States and South Africa (“Astellas Europe Agreement”). Under the terms of the Astellas Europe Agreement, Astellas paid license fees and other upfront consideration totaling $ 320.0 million (such amounts were fully received as of February 2009). The Astellas Europe Agreement also provides for additional development and regulatory approval milestone payments up to $ 425.0 million, comprised of (i) up to $ 90.0 million in milestone payments upon achievement of specified clinical and development milestone events (such amounts were fully received as of 2012), and (ii) up to $ 335.0 million in milestone payments upon achievement of specified regulatory milestone events. Under the Astellas Europe Agreement, Astellas committed to fund 50 % of joint development costs for Europe and North America, and all territory-specific costs. The Astellas Europe Agreement also provides for tiered payments based on net sales of product (as defined) in the low 20% range . On March 21, 2022, EVRENZO ® (roxadustat) was registered with the Russian Ministry of Health. The Company evaluated the regulatory milestone payment associated with the approval in Russia under the Astellas Europe Agreement and concluded that this milestone was achieved in the first quarter of 2022. Accordingly, the consideration of $ 25.0 million associated with this milestone was included in the transaction price and allocated to performance obligations under the Astellas Europe Agreement, all of which was recognized as revenue during the year ended December 31, 2022 from performance obligations satisfied. During the third quarter of 2021, the European Commission approved EVRENZO ® (roxadustat) for the treatment of adult patients with symptomatic anemia associated with CKD. Astellas has launched EVRENZO in Germany, the United Kingdom, the Netherlands, and Austria. This approval triggered a total of $ 120.0 million milestone payable to the Company by Astellas under the Astellas Europe Agreement. Accordingly, the consideration of $ 120.0 million associated with these milestones was included in the transaction price and allocated to performance obligations under the Astellas Europe Agreement, all of which was recognized as revenue during the year ended December 31, 2021 from performance obligations satisfied. The aggregate amount of the considerations received under the Astellas Europe Agreement through December 31, 2023 totals $ 685.0 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. Based on its current development plans for roxadustat in Europe, the Company does not expect to receive most or all of the additional potential milestones under the Astellas Europe Agreement. Under the Astellas Europe Agreement, Astellas has an option to purchase roxadustat bulk drug product in support of commercial supplies. During the first quarter of 2021, the Company entered into an EU Supply Agreement with Astellas (“Astellas EU Supply Agreement”) to define general forecast, order, supply and payment terms for Astellas to purchase roxadustat bulk drug product from FibroGen in support of commercial supplies. The related drug product revenue is described under the Drug Product Revenue, Net section below. Accounting for the Astellas Agreements For each of the Astellas agreements, the Company has evaluated the promised services within the respective arrangements and has identified performance obligations representing those services and bundles of services that are distinct. Promised services that were not distinct have been combined with other promised services to form a distinct bundle of promised services, with revenue being recognized on the bundle of services rather than the individual services. There are no right-of-return provisions for the delivered items in the Astellas agreements. As of December 31, 2023 , the transaction price for the Astellas Japan Agreement, excluding manufacturing services that is discussed separately below, included $ 40.1 million of non-contingent upfront payments, $ 65.0 million of variable consideration related to payments for milestones achieved, and $ 12.3 million of variable consideration related to co-development billings. The transaction price for the Astellas Europe Agreement, excluding manufacturing services that is discussed separately below, included $ 320.0 million of non-contingent upfront payments, $ 365.0 million of variable consideration related to payments for milestones achieved, and $ 220.7 million of variable consideration related to co-development billings. For the technology license under the Astellas Japan Agreement and the Astellas Europe Agreement, SSP was determined primarily by using the discounted cash flow (“DCF”) method, which aggregates the present value of future cash flows to determine the valuation as of the effective date of each of the agreements. The DCF method involves the following key steps: 1) the determination of cash flow forecasts and 2) the selection of a range of comparative risk-adjusted discount rates to apply against the cash flow forecasts. The discount rates selected were based on expectations of the total rate of return, the rate at which capital would be attracted to the Company and the level of risk inherent within the Company. The discounts applied in the DCF analysis ranged from 17.5 % to 20.0 %. The Company’s cash flow forecasts were derived from probability-adjusted revenue and expense projections by territory. Such projections included consideration of taxes and cash flow adjustments. The probability adjustments were made after considering the likelihood of technical success at various stages of clinical trials and regulatory approval phases. SSP also considered certain future royalty payments associated with commercial performance of the Company’s compounds, transfer prices and expected gross margins. The promised services that were analyzed, along with their general timing of satisfaction and recognition as revenue, are as follows: (1) License to the Company’s technology existing at the effective date of the agreements. For both of the Astellas agreements, the license was delivered at the beginning of the agreement term. In both cases, the Company concluded at the time of the agreement that its collaboration partner, Astellas, would have the knowledge and capabilities to fully exploit the licenses without the Company’s further involvement. However, the Astellas Japan Agreement has contractual limitations that might affect Astellas’ ability to fully exploit the license and therefore, potentially, the conclusion as to whether the license is capable of being distinct. The Company considered the fact that at the time of delivery of the license, the development services were beyond the preclinical development phase and any remaining development work in either agreement would not be expected to result in any significant modification or customization to the licensed technology. As such, the development services are separately identifiable from the licensed technology, indicating that the license is a distinct performance obligation. The portion of the transaction price allocated to this performance obligation based on a relative SSP basis was recognized as revenue in its entirety at the point in time the license transfers to Astellas. (2) Co-development services (Astellas Europe Agreement). This promise relates to co-development services that were reasonably expected to be performed by the Company at the time the collaboration agreement was signed and is considered distinct. Co-development billings are allocated entirely to the co-development services performance obligation as amounts are related specifically to research and development efforts necessary to satisfy the performance obligation related to CKD approval, and such an allocation is consistent with the allocation objective. Through the third quarter of 2021 upon the approval of CKD, revenue was recognized over time based on progress toward complete satisfaction of the performance obligation. The Company used an input method to measure progress toward the satisfaction of the performance obligation, which was based on costs of labor hours and out-of-pocket expenses incurred relative to total expected costs to be incurred. Subsequently, the Company accounts for the development services for the indications related to chemotherapy-induced anemia and myelodysplastic syndromes separately as services are provided. There w as no provision for co-development services in the Astellas Japan Agreement. (3) License to the Company’s technology developed during the term of the agreement and development (referred to as “when and if available”) and information sharing services. These promises are generally satisfied throughout the term of the agreements. (4) Manufacturing of clinical supplies of products. This promise is satisfied as supplies for clinical product are delivered for use in the Company’s clinical trial programs during the development period, or pre-commercialization period. (5) Committee service . This promise is satisfied throughout the course of the agreements as meetings are attended. Items (2)-(5) are bundled into a single performance obligation that is distinct given the fact that all are highly interrelated during the development period (pre-commercial phase of development) such that satisfying them independently is not practicable. For the revenue recognized over time based on progress toward complete satisfaction of the performance obligation, the Company uses an input method to measure progress toward the satisfaction of the performance obligation, which is based on costs of labor hours or full time equivalents and out-of-pocket expenses incurred relative to total expected costs to be incurred, and updates the measure of progress in each reporting period. (6) Manufacturing commercial supplies of products. This promised service is distinct as services are not interrelated with any of the other performance obligations. Payments received for commercial supplies of products represent sales-based payments related predominately to the license of intellectual property under both Astellas agreements. Revenue is recognized as supplies are shipped for commercial use during the commercialization period. See the Drug Product Revenue, Net section below. Under the Astellas Japan Amendment, the drug product revenue represents variable consideration and is estimated based on the quantity of product shipped, actual listed price for roxadustat issued by the Japanese Ministry of Health, Labour and Welfare and possible future changes to the listed price, adjusted for the timing of and estimated bulk product strength mix intended to be manufactured by Astellas, estimated cost to convert the API to bulk drug product tablets, and estimated yield from the manufacture of bulk product tablets, among others. Under the Astellas Europe Agreement, the drug product revenue amount represents variable consideration and is estimated based on the quantity of product transferred and an estimated price. The estimated price is based on the contractual transfer price percentage applied on the estimated weighted average net sales price per strength, which is estimated to be realized by Astellas from the end sale of roxadustat in its approved territories. License Revenue and Development Revenue Recognized Under the Astellas Agreements License amounts identified below are included in the “License revenue” line item in the consolidated statements of operations. All other elements identified below are included in the “Development and other revenue” line item in the consolidated statements of operations. Amounts recognized as license revenue and development revenue under the Astellas Japan Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Japan Agreement Development revenue $ 210 $ 284 $ 248 The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Japan Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Japan Agreement Total Consideration License $ 100,347 Development revenue 17,092 Total license and development revenue $ 117,439 There was no license rev enue or development revenue resulting from changes to estimated variable consideration in the current period relating to performance obligations satisfied or partially satisfied in previous periods for the year ended December 31, 2023 under the Astellas Japan Agreement. The Company does no t expect material variable consideration from estimated future co-development billing beyond the development period in the transaction price related to the Astellas Japan Agreement. Amounts recognized as license revenue and development revenue under the Astellas Europe Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Europe Agreement License revenue $ — $ 22,590 $ 108,434 Development revenue $ 6,452 $ 9,624 $ 21,679 The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Europe Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Europe Agreement Total Consideration License $ 618,975 Development revenue 286,717 Total license and development revenue $ 905,692 There was no license revenue or development revenue resulting from changes to estimated variable consideration in the current period relating to performance obligations satisfied or partially satisfied in previous periods for the year ended December 31, 2023 under the Astellas Europe Agreement. The Company does no t expect material variable consideration from estimated future co-development billing beyond the development period in the transaction price related to the Astellas Europe Agreement. AstraZeneca Agreements AstraZeneca U.S./Rest of World (“RoW”) Agreement Effective July 30, 2013, the Company entered into a collaboration agreement with AstraZeneca for the development and commercialization of roxadustat for the treatment of anemia in the U.S. and all other countries in the world, other than China, not previously licensed under the Astellas Europe and Astellas Japan Agreements (“AstraZeneca U.S./RoW Agreement”). The AstraZeneca U.S./RoW Agreement was terminated on February 23, 2024 (except South Korea). China is covered by a separate agreement with AstraZeneca described below. Under the terms of the AstraZeneca U.S./RoW Agreement, AstraZeneca paid upfront, non-contingent, non-refundable and time-based payments totaling $ 374.0 million (such amounts were fully received as of June 2016). Under the AstraZeneca U.S./RoW Agreement, AstraZeneca also agreed to pay an aggregate of approximately $ 875.0 million in potential milestone payments, comprised of (i) up to $ 65.0 million in milestone payments upon achievement of specified clinical and development milestone events, (ii) up to $ 325.0 million in milestone payments upon achievement of specified regulatory milestone events, (iii) up to $ 160.0 million in milestone payments related to activity by potential competitors and (iv) up to approximately $ 325.0 million in milestone payments upon the achievement of specified commercial sales events. Under the AstraZeneca U.S./RoW Agreement, the Company and AstraZeneca equally share in the development costs of roxadustat not already paid for by Astellas, up to a total of $ 233.0 million (i.e. the Company’s share of development costs is $ 116.5 million, which was reached in 2015). Development costs incurred by FibroGen during the development period in excess of the $ 233.0 million (aggregated spend) are fully reimbursed by AstraZeneca. The aggregate amount of the considerations received under the AstraZeneca U.S./RoW Agreement through December 31, 2023 totals $ 439.0 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. In 2020, the Company entered into a Master Supply Agreement with AstraZeneca under the AstraZeneca U.S./RoW Agreement (“AstraZeneca Master Supply Agreement”) to define general forecast, order, supply and payment terms for AstraZeneca to purchase roxadustat bulk drug product from FibroGen in support of commercial supplies. The related drug product revenue is described under the Drug Product Revenue, Net section below. AstraZeneca China Agreement Effective July 30, 2013, the Company (through its subsidiaries affiliated with China) entered into a collaboration agreement with AstraZeneca for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in China (“AstraZeneca China Agreement”). Under the terms of the AstraZeneca China Agreement, AstraZeneca agreed to pay upfront consideration totaling $ 28.2 million (such amounts were fully received in 2014). Under the AstraZeneca China Agreement, the Company is also eligible to receive from AstraZeneca an aggregate of approximately $ 348.5 million in potential milestone payments, comprised of (i) up to $ 15.0 million in milestone payments upon achievement of specified clinical and development milestone events, (ii) up to $ 146.0 million in milestone payments upon achievement of specified regulatory milestone events, and (iii) up to approximately $ 187.5 million in milestone payments upon the achievement of specified commercial sales and other events. The AstraZeneca China Agreement is structured as a 50/50 profit or loss share (as defined), which was amended under the AstraZeneca China Amendment in 2020 as discussed below, and provides for joint development costs (including capital and equipment costs for construction of the manufacturing plant in China), to be shared equally during the development period. The aggregate amount of the considerations received for milestone and upfront payments under the AstraZeneca China Agreement through December 31, 2023 totals $ 77.2 million . On September 18, 2023, the Company received the formal notice, from Beijing Medical Products Administration, of renewal of its right to continue to market roxadustat in China through 2028. The Company evaluated the regulatory milestone payment associated with this renewal under the AstraZeneca China Agreement and concluded that this milestone was achieved in the third quarter of 2023. Accordingly, the consideration of $ 4.0 million associated with this milestone was included in the transaction price and allocated to performance obligations under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, $ 3.5 million of which was recognized as revenue during the year ended December 31, 2023 from performance obligations satisfied or partially satisfied. A s of December 31, 2023, t he $ 4.0 million milestone was recorded as a contract asset and was fully netted against the contract liabilities (deferred revenue) related to the AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement. AstraZeneca China Amendment In July 2020, FibroGen China Anemia Holdings, Ltd., FibroGen Beijing, and FibroGen International (Hong Kong) Limited and AstraZeneca entered into an amendment, relating to the development and commercialization of roxadustat in China (the “AstraZeneca China Amendment”). Under the AstraZeneca China Amendment, in 2020, FibroGen Beijing and AstraZeneca completed the establishment of a jointly owned entity, Falikang, which performs roxadustat distribution, as well as conducts sales and marketing through AstraZeneca. Under the AstraZeneca China Amendment, with effect from April 1, 2020, AstraZeneca’s co-promotion expenses for their sales and marketing efforts are subject to a cap of a percentage of net sales. In addition, the AstraZeneca China Amendment has allowed for a higher cost of manufacturing incurred by FibroGen Beijing to be included in the profit or loss share calculation, subject to an annual cap, among other changes. The co-promotion expenses for the years ended December 31, 2023, 2022 and 2021 , capped at a percentage of net roxadustat sales in China, were $ 4.6 million, $ 4.4 million and $ 4.7 million, respectively, included in the selling, general and administrative expenses. Under the AstraZeneca China Amendment, profit/loss share between FibroGen Beijing and AstraZeneca is based on a calculation of the current period net roxadustat sales in China and deductible expenses pursuant to the AstraZeneca China Agreement. Based on the calculation revised under the AstraZeneca China Amendment, profit was achieved during 2020. As a result, the Company recorded a corresponding one-time profit share liability to AstraZeneca, the balance of which was $ 7.1 million and $ 7.3 million as of December 31, 2023 and 2022, respectively, in accrued and other current liabilities in the consolidated balance sheet. Substantially all direct roxadustat product sales to distributors in China are made by Falikang, while FibroGen Beijing continues to sell roxadustat product directly in one province in China. FibroGen Beijing manufactures and supplies commercial product to Falikang based on a gross transaction price, adjusted for the estimated profit share. In addition, AstraZeneca bills the co-promotion expenses to Falikang and to FibroGen Beijing, respectively, for its services provided to the respective entity. AstraZeneca is entitled to reimbursement of its sales and marketing expenses up to a cumulative capped amount of a percentage of net sales. Once such amount is reached, AstraZeneca will bill the co-promotion expenses based on actual costs as incurred plus a markup on a prospective basis, which is currently expected to continue through 2033. Development costs continue to be shared 50/50 between the Parties. The related net product revenue recognized from the sales to Falikang and the sales directly to distributors are discussed under the Product Revenue, Net section below. Accounting for the AstraZeneca Agreements The Company evaluated whether the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement should be accounted for as a single or separate arrangements and concluded that the agreements should be accounted for as a single arrangement with the presumption that two or more agreements executed with a single customer at or around the same time should be presumed to be a single arrangement. The key points the Company considered in reaching this conclusion are as follows: 1. While the two agreements were largely negotiated separately, those negotiations proceeded concurrently, and were intended to be completed contemporaneously, presuming AstraZeneca decided to proceed with licenses in all regions available. 2. Throughout negotiations for both agreements, the Company and the counterparties understood and considered the possibility that one arrangement may be executed without the execution of the other arrangement. However, the preference for the Company and the counterparties during the negotiations was to execute both arrangements concurrently. 3. The two agreements were executed as separate agreements because different development, regulatory and commercial approaches required certain terms of the agreements to be structured differently, rather than because the Company or the counterparties considered the agreements to be fundamentally separate negotiations. Accordingly, as the agreements are being accounted for as a single arrangement, upfront and other non-contingent consideration received and to be received has been and will be pooled together and allocated to each of the performance obligations in both the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement based on their relative SSPs. For each of the AstraZeneca agreements, the Company has evaluated the promised services within the respective arrangements and has identified performance obligations representing those services and bundled services that are distinct. Promised services that were not distinct have been combined with other promised services to form a distinct bundle of promised services, with revenue being recognized on the bundle of services rather than the individual promised services. There are no right-of-return provisions for the delivered items in the AstraZeneca agreements. As of December 31, 2023 , the transaction price for the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, excluding manufacturing services that is discussed separately below, included $ 402.2 million of non-contingent upfront payments, $ 118.0 million of variable consideration related to payments for milestones considered probable of being achieved, $ 614.6 million of variable consideration related to co-development billings, offset by $ 7.1 million of variable consideration related to the above-mentioned one-time profit share under the AstraZeneca China Amendment. For the AstraZeneca agreements, the Company allocated the transaction price to the various performance obligations based on the relative SSP of each performance obligation, with the exception of co-development billings and commercial sale of product. Co-development billings under the AstraZeneca U.S./RoW Agreement were allocated entirely to the U.S./RoW co-development services performance obligation, and co-development billings under the AstraZeneca China Agreement were allocated entirely to the combined performance obligation under the AstraZeneca China Agreement. Commercial sale of product under the AstraZeneca U.S./ROW Agreement is entirely allocated to the manufacturing commercial supply of products performance obligation, and commercial sale of product under the AstraZeneca China Agreement is allocated entirely to the combined China performance obligation. For revenue recognition purposes, the Company determined that the terms of its collaboration agreements with AstraZeneca begin on the effective date and end upon the completion of all performance obligations contained in the agreements. The contract term is defined as the period in which parties to the contract have present and enforceable rights and obligations. The Company believes that the requirement to continue funding development for a substantive period of time and the loss of product rights, along with non-refundable upfront payments already remitted by AstraZeneca, represent substantive termination penalties that create significant disincentive for AstraZeneca to exercise its right to terminate the agreement. For the technology license under the AstraZeneca U.S./RoW Agreement, SSP was determined based on a two-step process. The first step involved determining an implied royalty rate that would result in the net present value of future cash flows to equal to zero (i.e. where the implied royalty rate on the transaction would equal the target return for the investment). This results in an upper bound estimation of the magnitude of royalties that a hypothetical acquirer would reasonably pay for the forecasted cash flow stream. The Company’s cash flow forecasts were derived from probability-adjusted revenue and expense projections. Such projections included consideration of taxes and cash flow adjustments. The probability adjustments were made after considering the likelihood of technical success at various stages of clinical trials and regulatory approval phases. The second step involved applying the implied royalty rate, which was determined to be 40 %, against the probability-adjusted projected net revenues by territory and determining the value of the license as the net present value of future cash flows after adjusting for taxes. The discount rate utilized was 17.5 %. AstraZeneca U.S./RoW Agreement: The promised services that were analyzed, along with their general timing of satisfaction and recognition as revenue, are as follows: (1) License to the Company’s technology existing at the effective date of the agreements. For the AstraZeneca U.S./RoW Agreement, the license was delivered at the beginning of the agreement term. The Company concluded that AstraZeneca has the knowledge and capabilities to fully exploit the license under the AstraZeneca U.S./RoW Agreement without the Company’s further involvement. Finally, the Company considered the fact that at the time of delivery of the license, the development services were beyond the preclinical development phase and any remaining development work would not be expected to result in any significant modification or customization to the licensed technology. As such, the development services are separately identifiable from the licensed technology, indicating that the license is a distinct performance obligation. Therefore, the Company has concluded that the license is distinct and represents a performance obligation. The portion of the transaction price allocated to this performance obligation based on a relative SSP basis is recognized as revenue in its entirety at the point in time the license transfers to AstraZeneca. (2) Co-development services. This promise relates to co-development services that were reasonably expected to be performed by the Company at the time the collaboration agreement was signed and is distinct. Co-development billings are allocated entirely to the co-development services performance obligation as amounts are related specifically to research and development efforts necessary to satisfy the performance obligation, and such an allocation is consistent with the allocation objective. Through the end of 2021, revenue was recognized over time based on progress toward complete satisfaction of the performance obligation. The Company used an input method to measure pro |
Exclusive License and Option to
Exclusive License and Option to Acquire Fortis Therapeutics | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Exclusive License and Option to Acquire Fortis Therapeutics | 4. Exclusive License and Option to Acquire Fortis Therapeutics On May 5, 2023 (the “Option Acquisition Date”), the Company entered into an exclusive option agreement to acquire Fortis Therapeutics (“Fortis”) with its novel Phase 1 antibody-drug conjugate, FOR46 (now referred to as “FG-3246”), that targets a novel epitope on CD46 preferentially expressed on certain cancer cells. FG-3246 is in development for the treatment of metastatic castration-resistant prostate cancer with potential applicability in other solid tumors and hematologic malignancies. Pursuant to an evaluation agreement entered into with Fortis concurrent with the option agreement (together the “Fortis Agreements”), FibroGen has exclusively licensed FG-3246 and will control and fund future research, development, including a Phase 2 clinical study sponsored by FibroGen, and manufacturing of FG-3246 during the up-to four-year option period. As part of the clinical development strategy, FibroGen will continue the work to develop a PET-based biomarker utilizing a radiolabeled version of the targeting antibody for patient selection. Pursuant to the guidance under ASC 810, the Company determined that Fortis is a VIE and that the Company is the primary beneficiary of Fortis, as through the Fortis Agreements the Company has the power to direct activities that most significantly impact the economic performance of Fortis. Therefore, the Company consolidated Fortis starting from the Option Acquisition Date, and continues to consolidate as of December 31, 2023. The transaction was accounted for as an asset acquisition under ASC 805, Business Combinations , as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable IPR&D asset. The fair value of the consideration transferred was zero . If FibroGen exercises the option to acquire Fortis, it will pay Fortis an option exercise payment of $ 80.0 million, and thereafter, legacy Fortis shareholders would be eligible to receive from FibroGen up to $ 200.0 million in contingent payments associated with the achievement of various regulatory approvals. If FibroGen acquires Fortis, it would also be responsible to pay UCSF, an upstream licensor to Fortis, development milestone fees and a single digit royalty on net sales of therapeutic or diagnostic products arising from the licensing arrangement between Fortis and UCSF . If FibroGen chooses not to acquire Fortis, its exclusive license to FG-3246 would expire. Additionally, the Company is obligated to make four quarterly payments totaling $ 5.0 million to Fortis in support of its continued development obligations. The Company determined that these payments should not be included in the purchase consideration, as those payments are payable to Fortis rather than to its shareholders. Fortis has authorized and issued common shares and Series A preferred shares. As of the Option Acquisition Date and December 31, 2023, the Company owned approximately 2 % of Fortis’ Series A preferred shares, which was acquired previously and carried at zero cost. The NCI attributable to the common shares is classified as nonredeemable NCI, as it is 100 % owned by third party shareholders. The NCI attributable to the approximately 98 % of Series A preferred shares owned by other investors are classified as redeemable NCI in temporary equity, as the preferred shares are redeemable by the non-controlling shares holders upon occurrence of certain events out of the Company’s control. Subsequent to the Option Acquisition Date, Fortis’ net income is allocated to its common shares and preferred shares based on their respective stated rights. Fortis’ net loss is allocated to its common shares only as the holders of preferred shares do not have a contractual obligation to absorb such losses. The following table represents the allocation of purchase consideration based on estimated fair values of the acquired assets (in thousands): Estimated Fair Value as of the Option Acquisition Date Purchase consideration $ — Assets Cash and cash equivalents 656 Prepaid expenses and other current assets 82 IPR&D assets 24,400 Total assets 25,138 Liabilities Accounts payable 2,671 Accrued and other current liabilities 703 Total liabilities 3,374 Redeemable non-controlling interests 21,480 Nonredeemable non-controlling interests 520 Net identifiable assets, liabilities and non-controlling interests $ ( 236 ) Loss on asset acquisition $ ( 236 ) The Company used a third party valuation specialist to determine the fair value of the IPR&D assets using a risk-adjusted net present value discounted cash flow model (the “rNPV”) with the following key assumptions: (i) estimated cash flow forecasts of peak sales, sales penetration, remaining IPR&D related product development costs, and other related general and administrative costs; (ii) probabilities of technical success of future underlying Phase II and Phase III clinical trials and ensuing probability of regulatory approval related to the IPR&D assets; and (iii) estimate of a risk-adjusted discount rate of 16.5 %. The acquired IPR&D assets were determined to have no alternative future use. Accordingly, the Company expensed fair value of the acquired IPR&D assets of $ 24.4 million as research and development expense in the consolidated statements of operations for the year ended December 31, 2023. The fair value of Fortis (enterprise value) and the fair value of nonredeemable NCI and redeemable NCI were determined based on the above-mentioned option exercise payment of $ 80.0 million and contingent payments up to $ 200.0 million, weighted with probability and expected timing of the underlying events consistent with the assumptions under the rNPV, and discounted by the Company’s estimated market level cost of debt. As of December 31, 2023, total assets and liabilities of Fortis were immaterial. For the period from the Option Acquisition Date to December 31, 2023, Fortis’ net income (losses) was immaterial. |
Equity Method Investment - Vari
Equity Method Investment - Variable Interest Entity | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition And Variable Interest Entity [Abstract] | |
Equity Method Investment - Variable Interest Entity | 5. Equity method investment - Variable Interest Entity Falikang is a distribution entity jointly owned by AstraZeneca and FibroGen Beijing. FibroGen Beijing owns 51.1 % of the outstanding shares of Falikang. Pursuant to the guidance under ASC 810, the Company concluded that Falikang qualifies as a VIE. As Falikang is a distribution entity and AstraZeneca is the final decision maker for all the roxadustat commercialization activities, the Company lacks the power criterion, while AstraZeneca meets both the power and economic criteria under the ASC 810 to direct the activities of Falikang that most significantly impact its performance. Therefore, the Company is not the primary beneficiary of this VIE for accounting purposes. As a result, the Company accounts for its investment in Falikang under the equity method, and Falikang is not consolidated into the Company’s consolidated financial statements. The Company records its total investments in Falikang as an equity method investment in an unconsolidated VIE in the consolidated balance sheet. In addition, the Company recognizes its proportionate share of the reported profits or losses of Falikang as investment gain or loss in unconsolidated VIE in the consolidated statement of operations and as an adjustment to its investment in Falikang in the consolidated balance sheet. The Company may provide shareholder loans to Falikang to meet necessary financial obligations as part of its operations. To date, there has been no such loans. During the year ended December 31, 2023, the Company received $ 2.3 million of dividend distribution from Falikang. The Company’s equity method investment in Falikang was as follows for the year ended December 31, 2023 (in thousands): Entity Ownership Percentage Balance at Share of Net Income Dividend Received Currency Balance at Falikang 51.1 % $ 5,061 $ 2,638 $ ( 2,255 ) $ ( 154 ) $ 5,290 Falikang is considered as a related party to the Company. See Note 16, Related Party Transactions , for related disclosures. On an ongoing basis, the Company re-evaluates the VIE assessment based on changes in facts and circumstances, including but not limited to, the shareholder loans received by Falikang and the execution of any future significant agreements between Falikang and its shareholders and/or other third parties. In addition, t he Company assesses the impairment of its equity method investment whenever events or changes in circumstances indicate that a decrease in value of the investment has occurred that is other than temporary. There has been no such event or change in circumstances to date. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company presents all financial assets and liabilities and any other assets and liabilities that are recognized or disclosed at fair value on a nonrecurring basis. The guidance defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair-value measurements. The guidance also requires fair value measurements be classified and disclosed in one of the following three categories: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than quoted prices in active markets for identical assets or liabilities. Level 3 : Unobservable inputs. The Company values certain assets and liabilities, focusing on the inputs used to measure fair value, particularly in instances where the measurement uses significant unobservable (Level 3) inputs. The Company’s financial instruments are valued using quoted prices in active markets (Level 1) or based upon other observable inputs (Level 2). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. In addition, the categories presented do not suggest how prices may be affected by the size of the purchases or sales, particularly with the largest highly liquid financial issuers who are in markets continuously with non-equity instruments, or how any such financial assets may be impacted by other factors such as U.S. government guarantees. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The availability of observable data is monitored to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period. The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 12,288 $ — $ — $ 12,288 Corporate bonds — 13,992 — 13,992 Commercial paper — 88,289 — 88,289 U.S. government bonds 42,797 4,994 — 47,791 Agency bonds — 9,830 — 9,830 Total $ 55,085 $ 117,105 $ — $ 172,190 December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 19,881 $ — $ — $ 19,881 Corporate bonds — 82,008 — 82,008 Commercial paper — 57,381 — 57,381 U.S. government bonds 98,972 12,373 — 111,345 Agency bonds — 11,468 — 11,468 Asset-backed securities — 2,474 — 2,474 Foreign government bonds — 4,980 — 4,980 Convertible promissory note — — 1,000 1,000 Total $ 118,853 $ 170,684 $ 1,000 $ 290,537 The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. During the years ended December 31, 2023 and 2022, the transfers of assets between levels was a total of $ 20.4 million and $ 10.5 million transfer from Level 1 to Level 2, respectively, as such US treasury notes and bills were changed to off-the-run when they were issued before the most recent issue and were still outstanding at measurement day. There were no transfers of assets between levels for the year ended December 31, 2021. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases The Company’s long-term property lease with Alexandria for its corporate headquarters in San Francisco, California, had an initial term of 15 years, scheduled to expire in 2023 . The original lease was accounted for as a finance lease. On June 1, 2021, the Company entered into an amendment with Alexandria to extend the lease to 2028 (“Lease Amendment”). Under the terms of the Lease Amendment, the Company has two optional rights to each extend the lease for an additional five years . The lease contract provides for a fixed annual rent, with scheduled increases of two percent that occur on each anniversary of the rent commencement date through 2023 , and with scheduled increases of three percent that occur on each anniversary of the rent commencement date through 2028 . This lease requires the Company to pay all costs of ownership, operation, and maintenance of the premises, including without limitation all operating costs, insurance costs, and taxes. The Company determined that the Lease Amendment was a lease modification, effective June 1, 2021, and thus reassessed the lease classification, remeasured the related lease liability using an updated discount rate, and adjusted the related right-of-use asset under the lease modification guidance under the ASC 842. Accordingly, on June 1, 2021, the Company determined that the modified lease be accounted for as an operating lease, and therefore derecognized the previous finance lease right-of-use asset of $ 24.6 million and the related finance lease liability of $ 32.6 million, and recognized an operating lease right-of-use asset of $ 93.2 million and the related operating lease liability of $ 101.2 million. Starting June 1, 2021, the cash payment related to this lease was classified as an operating activity. During the first quarter of 2021, after FibroGen Beijing’s previous long-term lease agreement expired, the Company entered into a new lease agreement with the landlord for the same pilot plant located in Beijing Yizhuang Biomedical Park of BDA. The new lease term is five year , scheduled to expire in 2026 , and is treated as an operating lease. Accordingly, the Company recorded $ 3.4 million in the operating right-of-use assets and total operating lease liabilities, respectively. The lease contract provides for fixed quarterly rent payments, and requires the Company to pay operating and maintenance costs. The Company currently has several additional real estate leases for office spaces in Shanghai and Beijing, China, which are treated as operating leases. These leases have lease terms ranging from one to five years , expiring in 2026 . These lease contracts provide for fixed quarterly rent payments, and require the Company to pay operating and maintenance costs, and a fixed amount for property management fees. In addition, the Company has several immaterial lease arrangements in China and U.S. for office equipment and automobile leases, with contracted lease terms ranging from one to six years , treated as finance leases or operating leases. The Company’s lease assets and related lease liabilities were as follows (in thousands): December 31, Balance Sheet Line Item 2023 2022 Assets Finance: Right-of-use assets cost $ 2,478 $ 2,367 Accumulated amortization ( 2,325 ) ( 1,932 ) Finance lease right-of-use assets, net Other assets 153 435 Operating: Right-of-use assets cost 103,010 101,990 Accumulated amortization ( 34,917 ) ( 22,097 ) Operating lease right-of-use assets, net Operating lease right-of-use assets 68,093 79,893 Total lease assets $ 68,246 $ 80,328 Liabilities Current: Finance lease liabilities Accrued and other current liabilities $ 40 $ 36 Operating lease liabilities Operating lease liabilities, current 14,077 10,292 Non-current: Finance lease liabilities Other long-term liabilities 104 137 Operating lease liabilities Operating lease liabilities, non-current 66,537 79,593 Total lease liabilities $ 80,758 $ 90,058 The components of lease expense were as follows (in thousands): Years Ended December 31, Statement of Operations Line Item 2023 2022 2021 Finance lease cost: Amortization of Cost of goods sold; $ 412 $ 587 $ 4,639 Interest on lease liabilities Interest expense 1 — 628 Operating lease cost Cost of goods sold; 17,006 17,125 10,722 Sublease income Selling, general and administrative expenses ( 3,024 ) ( 3,373 ) ( 1,271 ) Total lease cost $ 14,395 $ 14,339 $ 14,718 Supplemental cash flow information related to leases were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14,463 $ 15,497 $ 10,022 Operating cash flows from finance leases 9 2 629 Financing cash flows from finance leases 148 135 5,489 Non-cash: Right-of-use assets obtained in exchange for new lease liabilities: Finance leases 131 261 450 Operating leases 1,278 1,704 3,585 Non-cash: Increase (decrease) resulting from lease modification: Finance lease right-of-use assets — — ( 24,654 ) Operating lease right-of-use assets — — 93,222 Finance lease liabilities, current — — ( 12,587 ) Operating lease liabilities, current — — 9,221 Finance lease liabilities, non-current — — ( 20,009 ) Operating lease liabilities, non-current $ — $ — $ 91,943 Lease term and discount rate were as follows: December 31, 2023 2022 Weighted-average remaining lease term (years): Finance leases 3.9 4.9 Operating leases 4.8 5.8 Weighted-average discount rate: Finance leases 6.17 % 6.20 % Operating leases 4.75 % 4.75 % Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands): Year Ending December 31, Finance Leases Operating Leases 2024 $ 47 $ 17,554 2025 39 18,836 2026 39 18,082 2027 37 18,476 2028 — 17,401 Total future lease payments 162 90,349 Less: Interest ( 18 ) ( 9,735 ) Present value of lease liabilities $ 144 $ 80,614 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 8. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands): December 31, 2023 2022 Cash $ 63,396 $ 135,819 Commercial paper 36,016 — Money market funds 12,288 19,881 U.S. government bonds 1,988 — Total cash and cash equivalents $ 113,688 $ 155,700 At December 31, 2023 and 2022, a total of $ 32.2 million and $ 92.5 million , respectively, of the Company’s cash and cash equivalents were held outside of the U.S. in its foreign subsidiaries to be used primarily for its China operations. Investments The Company’s investments consist primarily of available-for-sale debt investments. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the tables below (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gross Unrealized Estimated Corporate bonds $ 13,988 $ 9 $ ( 5 ) $ 13,992 Commercial paper 52,273 — — 52,273 U.S. government bonds 45,783 20 — 45,803 Agency bonds 9,830 1 ( 1 ) 9,830 Total investments $ 121,874 $ 30 $ ( 6 ) $ 121,898 December 31, 2022 Amortized Cost Gross Unrealized Gross Unrealized Estimated Corporate bonds $ 83,080 $ — $ ( 1,072 ) $ 82,008 Commercial paper 57,381 — — 57,381 U.S. government bonds 112,547 5 ( 1,207 ) 111,345 Agency bonds 11,690 — ( 222 ) 11,468 Asset-backed securities 2,484 — ( 10 ) 2,474 Foreign government bonds 5,007 — ( 27 ) 4,980 Convertible promissory note 1,000 — — 1,000 Total investments $ 273,189 $ 5 $ ( 2,538 ) $ 270,656 The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position (in thousands): December 31, 2023 Less than 12 Months 12 Months or More Total Estimated Gross Unrealized Estimated Gross Unrealized Estimated Gross Unrealized Corporate bonds $ — $ — $ 3,495 $ ( 5 ) $ 3,495 $ ( 5 ) U.S. government bonds 4,984 — — — 4,984 — Agency bonds 4,987 ( 1 ) — — 4,987 ( 1 ) Total $ 9,971 $ ( 1 ) $ 3,495 $ ( 5 ) $ 13,466 $ ( 6 ) December 31, 2022 Less than 12 Months 12 Months or More Total Estimated Gross Unrealized Estimated Gross Unrealized Estimated Gross Unrealized Corporate bonds $ 6,738 $ ( 147 ) $ 75,270 $ ( 925 ) $ 82,008 $ ( 1,072 ) U.S. government bonds 22,326 ( 13 ) 67,909 ( 1,194 ) 90,235 ( 1,207 ) Agency bonds — — 11,468 ( 222 ) 11,468 ( 222 ) Asset-backed securities 2,474 ( 10 ) — — 2,474 ( 10 ) Foreign government bonds — — 4,980 ( 27 ) 4,980 ( 27 ) Total $ 31,538 $ ( 170 ) $ 159,627 $ ( 2,368 ) $ 191,165 $ ( 2,538 ) The contractual maturities of all available-for-sale investments were with in one year as of December 31, 2023. The Company periodically reviews its available-for-sale investments for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three years ended December 31, 2023 , the Company did no t recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands): December 31, 2023 2022 Raw materials $ 1,376 $ 1,241 Work-in-progress 34,614 36,003 Finished goods 5,575 3,192 Total inventories $ 41,565 $ 40,436 The provision to write-down excess and obsolete inventory were immaterial as of December 31, 2023 and December 31, 2022. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2023 2022 Contract assets $ 26,481 $ 17,488 Deferred revenues from associated contracts ( 26,481 ) ( 17,488 ) Net contract assets — — Insurance proceeds receivable for litigation settlement 28,500 Prepaid assets 6,644 9,730 Other current assets 6,711 4,353 Total prepaid expenses and other current assets $ 41,855 $ 14,083 The unbilled contract assets as of December 31, 2023 and 2022 included $ 22.5 million and $ 17.5 million, respectively, related to unbilled co-development revenue under the AstraZeneca China Amendment. In addition, the unbilled contract assets as of December 31, 2023 included the $ 4.0 million unbilled regulatory milestone payment under the AstraZeneca China Agreement. See the AstraZeneca China Agreement section in Note 3, Collaboration Agreements, License Agreement and Revenues , for details. As of December 31, 2023, the Company recorded a $ 28.5 million receivable in prepaid expenses and other current assets, corresponding to the accrued litigation settlement of the same amount related to the Company’s agreement in principle with plaintiffs to settle the class action lawsuit. As the Company maintains insurance that covers exposure related to the class action lawsuit, this amount is fully recoverable under the Company’s insurance policies. The determination that the recorded receivables are probable of collection is based on the terms of the applicable insurance policies and communications with the insurers. See the Accrued and Other Current Liabilities section below, and the Legal Proceedings and Other Matters section in Note 12, Commitments and Contingencies , for details. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2023 2022 Leasehold improvements $ 102,109 $ 102,580 Laboratory equipment 22,757 21,175 Machinery 9,454 9,642 Computer equipment 9,490 9,486 Furniture and fixtures 6,184 6,200 Construction in progress 62 204 Total property and equipment $ 150,056 $ 149,287 Less: accumulated depreciation ( 136,930 ) ( 128,682 ) Property and equipment, net $ 13,126 $ 20,605 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 9.5 million , $ 10.0 million and $ 10.2 million , respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): December 31, 2023 2022 Preclinical and clinical trial accruals $ 27,663 $ 57,780 API and bulk drug product price true-up 50,978 75,055 Litigation settlement 28,500 — Payroll and related accruals 20,267 22,562 Accrued co-promotion expenses - current 10,309 36,677 Roxadustat profit share to AstraZeneca 7,084 7,280 Property taxes and other taxes 6,615 7,691 Professional services 7,103 5,480 Current portion of liability related to sale of future revenues 5,654 — Accrued restructuring charge 3,697 — Other 5,021 7,248 Total accrued and other current liabilities $ 172,891 $ 219,773 The accrued liabilities of $ 51.0 million for API and bulk drug product price true-up as of December 31, 2023 resulted from changes in estimated variable consideration associated with the API shipments fulfilled under the terms of the Astellas Japan Amendment, the bulk drug product transferred under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and the bulk drug product shipments to AstraZeneca under the terms of the AstraZeneca Master Supply Agreement. See the Drug Product Revenue, Net section in Note 3, Collaboration Agreements, License Agreement and Revenues, for details. As of December 31, 2023, the accrued litigation settlement of $ 28.5 million was related to the Company’s agreement in principle with plaintiffs to settle the class action lawsuit. See the Prepaid Expenses and Other Current Assets section above, and the Legal Proceedings and Other Matters section in Note 12, Commitments and Contingencies , for details. On July 14, 2023, the Company approved a restructuring plan (the “Plan”) to lower the Company’s operating expenses. The Plan included a reduction to the Company’s U.S. workforce of approximately 32 %. As a result, the Company recorded a total of $ 12.6 million non-recurring restructuring charge during the third quarter of 2023, primarily consisting of notice period and severance payments, accrued vacation, and employee benefits contributions. During the year ended December 31, 2023, total cash payments under the Plan was $ 8.9 million. The remaining accrued restructuring charge was $ 3.7 million as of December 31, 2023 and will be substantially paid out by early 2024. The Plan is in connection with the Company’s efforts to streamline operations to align with the Company’s business goals. |
Senior Secured Term Loan Facili
Senior Secured Term Loan Facilities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Senior Secured Term Loan Facilities | 9. Senior Secured Term Loan Facilities On April 29, 2023, the Company entered into a financing agreement (“Financing Agreement”) with investment funds managed by Morgan Stanley Tactical Value, as lenders (the “Lenders”), and Wilmington Trust, National Association, as the administrative agent, providing for senior secured term loan facilities consisting of (i) a $ 75.0 million initial term loan (the “Initial Term Loan”), (ii) a $ 37.5 million delayed draw term loan that will be funded upon the achievement of certain clinical development milestones (“Delayed Draw Term Loan 1”) and, (iii) an uncommitted delayed draw term loan of up to $ 37.5 million to be funded at the Lenders sole discretion, (“Delayed Draw Term Loan 2” and, together with the Initial Term Loan and Delayed Draw Term Loan 1, the “Term Loans”). Pursuant to the Financing Agreement, the Lenders have funded the Initial Term Loan. The clinical development milestones which could have triggered Delayed Draw Term Loan 1 were not achieved, and the Lenders have not funded Delayed Draw Term Loan 2. As such, these features have expired as of December 31, 2023. The Term Loans shall accrue interest at a fixed rate of 14.0 % per annum, payable monthly in arrears. The Term Loans shall mature on May 8, 2026 . The Term Loans will not be subject to amortization payments. The Company is permitted to prepay the Term Loans from time to time, in whole or in part, subject to payment of a make-whole amount equal to the unpaid principal amount of the portion of the Term Loans being repaid or prepaid, plus accrued and unpaid interest of the portion of the Term Loans being repaid or prepaid, plus an amount equal to the remaining scheduled interest payments due on such portion of the Term Loans being repaid or prepaid as if such Term Loans were to remain outstanding until the scheduled maturity date. On May 8, 2023, the Company received $ 74.1 million, representing the Initial Term Loan of $ 75.0 million net of $ 0.9 million issuance costs. The issuance costs and the related transaction costs, totaling $ 3.7 million is amortized as interest expense using the effective interest method over the term of the Initial Term Loan and are reported on the balance sheet as a direct deduction from the amount of the Initial Term Loan. The effective annual interest rate of the Initial Term Loan was 16.13 % for the year ended December 31, 2023 . The Company recorded interest expense of $ 7.4 million for the year ended December 31, 2023. As of December 31, 2023 , the related accrued interest was $ 0.4 million. The Company was in compliance with all debt covenants associated with the senior secured term loan facilities as of December 31, 2023 , including maintaining a minimum balance of $ 30 million of unrestricted cash and cash equivalents held in accounts in the U.S. The Company has determined that certain other features embedded within the Loan should be bifurcated and accounted for separately as a derivative. At inception and as of December 31, 2023, the fair values of such derivatives were negligible due to the low probability of the underlying events. The Company’s senior secured term loan facilities as of December 31, 2023 were as follows (in thousands): December 31, 2023 Principal of senior secured term loan facilities $ 75,000 Less: Unamortized issuance costs and transaction costs ( 3,066 ) Senior secured term loan facilities, ending balance 71,934 Less: Current Portion classified to accrued and other current liabilities — Senior secured term loan facilities, non-current $ 71,934 |
Liability Related to Sale of Fu
Liability Related to Sale of Future Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Liability Related to Sale of Future Royalties [Abstract] | |
Liability Related to Sale of Future Revenues | 10. Liability Related to Sale of Future Revenues On November 4, 2022, the Company entered into a Revenue Interest Financing Agreement (the “RIFA”) with NQ Entity, L.P. (“NovaQuest”), pursuant to which the Company granted a percentage interest in the Company’s future revenues under the Astellas Agreements, for a consideration of $ 50.0 million (“Investment Amount”) before advisory fees. Effective as of November 2022, the Company sold to NovaQuest 22.5 % of its drug product revenue and 10.0 % ( 20.0 % for fiscal year 2028 and thereafter) of its revenue from milestone payments under the Astellas Agreements. In November 2022, t he Company received $ 49.8 million from NovaQuest at an initial funding on November 17, 2022, representing the gross proceeds of $ 50.0 million (the “Initial Investment Amount”) net of initial issuance costs, and accounted for it as long-term debt based on the terms of the RIFA because the risks and rewards to NovaQuest are limited by the terms of the transaction. The related debt discount and transaction costs are amortized as interest expense based on the projected balance of the liability as of the beginning of each period. As payments are made to NovaQuest, the balance of the liability related to sale of future revenues is being effectively repaid over the life of the RIFA. The payments to NovaQuest are accounted for as a reduction of debt. The Company may prepay its obligations to NovaQuest in full at any time during the term of RIFA. The prepayment amount varies from $ 80.0 million to $ 125.0 million less any revenue interest payments made up to such prepayment date. Under the RIFA the Company shall pay to NovaQuest up to a specified maximum amount (“Payment Cap”) of (a) $ 100.0 million, if the payment is made on or before December 31, 2028; (b) $ 112.5 million, if the payment is made on or after January 1, 2029, but on or before December 31, 2029; or (c) $ 125.0 million, if the payment is made after January 1, 2030. After January 1, 2028, if the product (as defined) is not commercialized for a consecutive twelve-month period, then, the payments owed under the RIFA by the Company to NovaQuest for each fiscal year shall be the greater of: (i) the amount which would otherwise be due pursuant to revenue interest payments terms; or (ii) $ 10.0 million. Before December 31, 2028, if the sum of all payments under the RIFA paid to NovaQuest, does not equal or exceed $ 62.5 million, then the Company shall pay NovaQuest the difference of these two amounts by no later than March 1, 2029. If, by no later than December 31, 2030, the sum of all payments under the RIFA paid to NovaQuest does not equal or exceed $ 125.0 million, then the Company shall pay NovaQuest the difference of these two amounts by no later than March 1, 2031. NovaQuest will retain this entitlement until it has reached the Payment Cap, at which point 100 % of such revenue interest on future global net sales of Astellas will revert to the Company. Over the course of the RIFA, the effective interest rate is affected by the amount and timing of drug product revenue and revenue from milestone payments recognized, the changes in the timing of forecasted drug product revenue and revenue from milestone payments, and the timing of the Company’s payments to NovaQuest. On a quarterly basis, the Company reassesses the expected total revenue and the timing of such revenue, recalculates the amortization of debt discount and transactions costs and effective interest rate, and adjusts the accounting prospectively as needed. The total debt discount and transaction costs of $ 1.7 million, is amortized as interest expense based on the projected balance of the liability as of the beginning of each period. The Company estimated an effective annual interest rate of approximately 16.03 % and 19.67 % for the years ended December 31, 2023 and 2022, respectively. As payments are made to NovaQuest, the balance of the liability related to sale of future revenues is being effectively repaid over the life of the RIFA. The table below shows the activity of the liability related to sale of future revenues for the year ended December 31, 2023: Year Ended Liability related to sale of future revenues - beginning balance $ 49,333 Interest expense recognized 7,734 Liability related to sale of future revenues - ending balance 57,067 Less: Current portion classified to accrued and other current liabilities ( 5,654 ) Liability related to sale of future revenues, non-current $ 51,413 During the years ended December 31, 2023 and 2022 , the Company recognized, under Astellas Agreements, drug product revenue of $ 18.8 million and $ 11.1 million, respectively. In addition, during the year ended December 31, 2022, the Company recognized, under Astellas Agreements, license revenue of $ 22.6 million and development revenue of $ 2.4 million related to a $ 25.0 million regulatory milestone. See Note 3, Collaboration Agreements, License Agreement and Revenue , for details. During the years ended December 31, 2023 and 2022 , the Company recognized the related non-cash interest expense of $ 7.7 million and $ 1.0 million, respectively. Based on the current estimates of drug product revenue and revenue from milestone payments under the Astellas Agreements, and taking into the consideration of the terms discussed above, the Company anticipates to reach a Payment Cap up to $ 125.0 million by 2031. |
Product Development Obligations
Product Development Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Product Development Obligations | 11. Product Development Obligations The Technology Development Center of the Republic of Finland (“TEKES”) product development obligations consist of 11 separate advances (each in the form of a note agreement) received by FibroGen Europe between 1996 and 2008 from TEKES. These advances are granted on a project-by-project basis to fund various product development efforts undertaken by FibroGen Europe only. Each separate note is denominated in EUR and bears interest (not compounded) calculated as one percentage point less than the Bank of Finland rate in effect at the time of the note, but no less than 3.0 %. If the research work funded by TEKES does not result in an economically profitable business or does not meet its technological objectives, TEKES may, on application from FibroGen Europe, forgive each of these loans, including accrued interest, either in full or in part. As of December 31, 2023 and 2022 , the Company had U.S. Dollar equivalent of $ 10.4 million and $ 10.1 million of principal outstanding, respectively, and $ 7.3 million and $ 6.8 million of interest accrued, respectively, which were presented in the product development obligations line on the consolidated balance sheets. The Company is not a guarantor of these loans, and these loans are not repayable by FibroGen Europe until it has distributable funds. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Contract Obligations As of December 31, 2023, the Company had the following outstanding non-cancelable purchase obligations (in thousands): Purchase Obligations 2024 2025 Total Manufacture and supply of pamrevlumab $ 17,995 $ 4,827 $ 22,822 Manufacture and supply of roxadustat 573 1,146 1,719 Other purchases and programs 11,750 — 11,750 Total $ 30,318 $ 5,973 $ 36,291 The Company expects to fulfill its commitments under these agreements in the normal course of business, and as such, no liability has been recorded. See Note 7, Leases , for details of the Company's operating and finance lease payment obligations. See Note 9, Senior Secured Term Loan Facilities, Note 10, Liability Related to Sale of Future Revenues and Note 11, Product Development Obligations for details of the respective obligations. Some of the Company’s license agreements provide for periodic maintenance fees over specified time periods, as well as payments by the Company upon the achievement of development, regulatory and commercial milestones. As of December 31, 2023 , future milestone payments for research and preclinical stage development programs consisted of up to approximately $ 697.9 million in total potential future milestone payments under the Company’s license agreements with HiFiBiO (for Gal-9 and CCR8), Medarex, Inc. and others. These milestone payments generally become due and payable only upon the achievement of certain developmental, clinical, regulatory and/or commercial milestones. The event triggering such payment or obligation has not yet occurred. Legal Proceedings and Other Matters From time to time, the Company is a party to various legal actions, both inside and outside the U.S., arising in the ordinary course of its business or otherwise. The Company accrues amounts, to the extent they can be reasonably estimated, that the Company believes will result in a probable loss (including, among other things, probable settlement value) to adequately address any liabilities related to legal proceedings and other loss contingencies. A loss or a range of loss is disclosed when it is reasonably possible that a material loss will incur and can be estimated, or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. The Company did not have any material accruals for any active legal action, except for the class action settlement mentioned below, in its consolidated balance sheet as of December 31, 2023, as the Company could not predict the ultimate outcome of these matters, or reasonably estimate the potential exposure. Between April 2021 and May 2021, five putative securities class action complaints were filed against FibroGen and certain of its current and former executive officers (collectively, the “Defendants”) in the U.S. District Court for the Northern District of California. The lawsuits allege that Defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements regarding FibroGen’s Phase 3 clinical studies data and prospects for U.S. Food and Drug Administration approval. On August 30, 2021, the Court consolidated the actions and appointed a group of lead plaintiffs. On October 17, 2023, the parties reached an agreement in principle to settle the class action at $ 28.5 million. Accordingly, as of December 31, 2023, the Company recor ded the $ 28.5 million in accrued and other current liabilities in the consolidated balance sheet. The Company maintains insurance that covers exposure related to the class action lawsuit. As the amount is fully recoverable under the Company’s insurance policies, the Company recorded a corresponding receivable in prepaid expenses and other current assets in the consolidated balance sheet. The determination that the recorded receivables are probable of collection is based on the terms of the applicable insurance policies and communications with the insurers. Another case, filed on May 25, 2023, against the same defendants, asserting similar claims as the class action and additional common-law and California state fraud claims was voluntarily dismissed on December 20, 2023. Between July 30, 2021 and December 5, 2023, six shareholder derivative complaints were filed, naming as defendants certain of our current and former officers and certain current and former members of our board, as well as FibroGen as nominal defendants (the “Derivative Lawsuits”). Of these Derivative Lawsuits, three were filed in the Delaware Court of Chancery, two were filed in the U.S. District Court for the District of Delaware (the “Delaware Federal Derivative Actions”), and one was filed in the U.S. District Court for the Northern District of California (the “California Federal Derivative Action”). The plaintiffs assert state and federal claims based on some of the same alleged misstatements as the securities class action complaint. The complaints seek unspecified damages, attorneys’ fees, and other costs. The status of the six Derivative Lawsuits is currently as follows: • Two of the Delaware Chancery Derivative actions, filed on April 14, 2022, and June 1, 2023, have been consolidated (the “Delaware Chancery Consolidated Derivative”). On February 1, 2024, Defendants moved to dismiss the Delaware Chancery Consolidated Derivative action. In another derivative action, filed in the Delaware Court of Chancery on December 3, 2023, Defendants have not been served; • The Delaware Federal Derivative actions remain stayed. One is stayed pending the resolution of the putative securities class action, and the other is stayed pending resolution of the motion to dismiss the Delaware Chancery Consolidated Derivative action; and • The California Federal Derivative action was voluntarily dismissed on January 22, 2024. The Company believes that the claims asserted in the Derivative Lawsuits are without merit and it intends to vigorously defend against them. However, any litigation is inherently uncertain, and any judgment or injunctive relief entered against FibroGen or any adverse settlement could materially and adversely impact its business, results of operations, financial condition, and prospects. In the fourth quarter of 2021, the Company received a subpoena from the SEC requesting documents related to roxadustat’s pooled cardiovascular safety data. The Company is fully cooperating with the SEC. The Company cannot predict with any degree of certainty the outcome of the SEC’s investigation or determine the extent of any potential liabilities. The Company also cannot predict whether there will be any loss as a result of the investigation nor can it provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter or any related proceeding could expose the Company to substantial damages, penalties, or reputational harm that may have a material adverse impact on the Company’s business, results of operations, financial condition, growth prospects, and price of its common stock. Between 2022 and 2023, the Company’s Board of Directors received five litigation demands from purported shareholders of the Company, asking the Board of Directors to investigate and take action against certain current and former officers and directors of the Company for alleged wrongdoing based on the same allegations in the pending derivative and securities class action lawsuits. The Company may in the future receive such additional demands. Starting in October 2021, certain challenges have been filed with the China National Intellectual Property Administration against patents which claim a crystalline form of roxadustat. Final resolution of such proceedings will take time and the Company could not predict the ultimate outcome, or reasonably estimate the potential exposure. Indemnification Agreements The Company enters into standard indemnification arrangements in the ordinary course of business, including for example, service, manufacturing and collaboration agreements. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, including in connection with intellectual property infringement claims by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the extent permissible under applicable law. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company believes the estimated fair value of these arrangements is minimal. |
Equity and Stock-based Compensa
Equity and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity and Stock-based Compensation | 13. Equity and Stock-based Compensation Common Stock Each share of Common Stock is entitled to one vote . The holders of Common Stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. Shares of Common Stock outstanding, shares of stock plans outstanding and shares reserved for future issuance related to stock options and RSU grants and the Company’s Employee Stock Purchase Plan (“ESPP”) purchases are as follows (in thousands): December 31, 2023 2022 Common stock outstanding 98,770 94,166 Stock options outstanding 11,104 9,088 RSUs outstanding 4,404 3,669 Shares reserved for future stock options and RSUs grant 10,769 11,524 Shares reserved for future ESPP offering 5,952 5,373 Total shares of common stock reserved 130,999 123,820 At-the-Market Program On February 27, 2023, the Company entered into an Amended and Restated Equity Distribution Agreement (the “at-the-market agreement”) with Goldman Sachs & Co., LLC and BofA Securities, Inc. (each a “Sales Agent”), which amended and restated its Equity Distribution Agreement with Goldman Sachs & Co., LLC, dated August 8, 2022, to add BofA Securities, Inc. as an additional Sales Agent under that agreement. Under the at-the-market agreement, the Company may issue and sell, from time to time and through the Sales Agents, shares of its common stock having an aggregate offering price of up to $ 200.0 million (the “ATM Program”). For the year ended December 31, 2023 , the Company sold 2,472,090 shares under the ATM Program, for proceeds of approximately $ 48.4 million, net of commissions to Sales Agents, at a weighted-average offering prices per share of $ 19.63 . Stock Plans Stock Option and RSU Plans Under the Company’s Amended and Restated 2005 Stock Plan (“2005 Stock Plan”), the Company may issue shares of Common Stock and options to purchase Common Stock and other forms of equity incentives to employees, directors and consultants. Options granted under the 2005 Stock Plan may be incentive stock options or nonqualified stock options. Incentive stock options may be granted only to employees and officers of the Company. Nonqualified stock options and stock purchase rights may be granted to employees, directors and consultants. The board of directors has the authority to determine to whom options will be granted, the number of options, the term and the exercise price. Options are to be granted at an exercise price not less than fair market value for an incentive stock option or a nonqualified stock option. Options generally vest over four years . Options expire no more than 10 years after the date of grant. Upon the effective date of the registration statement related to the Company’s initial public offering, the 2005 Plan was amended to cease the grant of any additional awards thereunder, although the Company will continue to issue common stock upon the exercise of previously granted stock options under the 2005 Plan. In September 2014, the Company adopted a 2014 Equity Incentive Plan (the “2014 Plan”) which became effective on November 13, 2014. The 2014 Plan is the successor equity compensation plan to the 2005 Plan. The 2014 Plan will terminate on November 12, 2024 . The 2014 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, performance stock awards, performance cash awards, restricted stock units and other stock awards to employees, directors and consultants. Stock options granted must be at prices not less than 100 % of the fair market value at date of grant. Option vesting schedules are determined by the Company at the time of issuance and generally have a four year vesting schedule ( 25 % vesting on the first anniversary of the vesting base date and quarterly thereafter over the next 3 years). Options generally expire ten years from the date of grant unless the optionee is a 10% stockholder, in which case the term will be five years from the date of grant. Unvested options exercised are subject to the Company’s repurchase right. Shares reserved for issuance increases on January 1 of each year commencing on January 1, 2016 and ending on January 1, 2024 by the lesser of (i) the amount equal to 4 % of the number of shares issued and outstanding on December 31 immediately prior to the date of increase or (ii) such lower number of shares as may be determined by the board of directors. As of December 31, 2023 , the Company has reserved 10,768,935 shares of its common stock that remains unissued for issuance under the 2014 Plan. Issuance of shares upon share option exercise or share unit conversion is made through issuance of new shares authorized under the plan. Certain Common Stock option holders have the right to exercise unvested options, subject to a right held by the Company to repurchase the stock, at the original exercise price, in the event of voluntary or involuntary termination of employment of the stockholder. The shares are generally released from repurchase provisions ratably over four years. The Company accounts for the cash received in consideration for the early exercised options as a liability. At December 31, 2023 and 2022 , no shares of Common Stock were subject to repurchase by the Company. In Fe bruary 2023, the Company granted 159,150 total shares of PRSUs to certain executives for the performance period beginning January 1, 2023 and ending December 31, 2026. In Fe bruary 2022, the Company granted 280,450 total shares of PRSUs to certain executives for the performance period beginning January 1, 2022 and ending December 31, 2025. The ultimate number of shares eligible to vest for PRSUs range from 0 % to 200 % of the target number of shares depending on achievement relative to the predefined clinical performance metrics and continued employment with the Company. During the year ended December 31, 2023 , 68,541 shares of the PRSUs have vested and been released. In Fe bruary 2023, the Company granted 159,150 total shares of TSR awards to certain executives for the performance period beginning January 1, 2023 and ending December 31, 2026. In Fe bruary 2022, the Company granted 280,450 total shares of TSR awards to certain executives for the performance period beginning January 1, 2022 and ending December 31, 2025. The ultimate number of shares eligible to vest for the TSR awards range from 0 % to 200 % of the target number of shares depending on the TSR of FibroGen’s common stock as compared to companies in the NBI index, and continued employment with the Company. During the year ended December 31, 2023 , 110,370 shares of the TSR awards have vested and been released. Stock option transactions, including forfeited options granted under the 2014 Plan as well as prior plans, are summarized below: Shares Weighted Weighted Aggregate Outstanding at December 31, 2022 9,088 $ 29.19 Granted 5,738 7.27 Exercised ( 122 ) 12.42 Forfeited ( 1,725 ) 22.49 Expired ( 1,875 ) 34.38 Outstanding at December 31, 2023 11,104 18.21 7.26 $ 83 Vested and expected to vest, December 31, 2023 10,224 19.21 7.11 68 Exercisable at December 31, 2023 4,688 $ 30.66 5.04 $ — The estimated weighted-average fair value of the stock options granted during the years ended December 31, 2023, 2022 and 2021 was $ 7.27 , $ 14.72 and $ 35.58 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $ 0.9 million, $ 0.8 million and $ 13.1 million, respectively. The following table summarizes the activities of RSUs, PRSUs and TSR awards: Shares Weighted Average Fair Value at Grant Unvested at December 31, 2022 3,669 $ 18.80 Granted 4,612 11.61 Vested ( 2,002 ) 14.70 Forfeited ( 1,875 ) 20.58 Unvested at December 31, 2023 4,404 $ 12.37 The numbers of PRSUs and TSR awards granted included in the table above reflect the shares that could be eligible to vest at 100 % of target number of shares. Among the vested RSUs during the year ended December 31, 2023 , 1,648,201 shares were released and issued, while the remaining was withheld for the related payroll taxes. The estimated weighted-average fair value of the awards granted during the years ended December 31, 2023, 2022 and 2021 was $ 11.61 , $ 14.68 and $ 30.19 , respectively. ESPP In September 2014, the Company adopted a 2014 ESPP that became effective on November 13, 2014. The 2014 ESPP is designed to enable eligible employees to periodically purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15 % of their eligible compensation, subject to any plan or IRS limitations. At the end of each offering period, employees are able to purchase shares at 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last day of the offering period. Purchases are accomplished through participation in discrete offering periods. The 2014 ESPP is intended to qualify as an ESPP under Section 423 of the Internal Revenue Code. The Company has reserved 1,600,000 shares of its common stock for issuance under the 2014 ESPP and shares reserved for issuance increases January 1 of each year, which commenced on January 1, 2016, by the lesser of (i) a number of shares equal to 1 % of the total number of outstanding shares of common stock on December 31 immediately prior to the date of increase; (ii) 1,200,000 shares or (iii) such number of shares as may be determined by the board of directors. There were 361,911 shares, 327,298 shares and 213,505 shares purchased by employees under the 2014 Purchased Plan for the years ended December 31, 2023, 2022 and 2021, respectively. Stock-Based Compensation Stock-based compensation expense was recorded directly to research and development and selling, general and administrative expense for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Research and development $ 25,462 $ 34,861 $ 40,547 Selling, general and administrative 25,305 30,740 30,614 Total stock-based compensation expense $ 50,767 $ 65,601 $ 71,161 The Company estimates the fair value of stock options using the Black-Scholes option valuation model. The fair value of employee stock options and RSUs is being amortized on a straight-line basis over the requisite service period of the awards. Compensation cost for PRSUs is expensed over the respective vesting periods when the achievement of performance criteria is probable. The Company estimates the fair value of the TSR awards using the Monte Carlo valuation model to simulate the probabilities of achievement. Compensation cost for the TSR awards is recognized over the requisite service period, regardless of when, if ever, the market condition is satisfied. The fair market value of common stock is based on the closing price of the Company’s common stock as reported on the Nasdaq Global Select Market on the date of the grant. The fair value of employee stock-based compensation is estimated using the following assumptions: • Expected Term. Expressed as a weighted-average, the expected life of the options is based on the average period the stock options are expected to be outstanding and was based on the Company’s historical information of the option exercise patterns and post-vesting termination behavior as well as contractual terms of the instruments. The expected term of 2014 ESPP shares is the average of the remaining purchase periods under each offering period. The expected term of TSR awards is determined based on the grant date to the end of the performance period. • Expected Volatility. The Company considers its historical volatility data for volatility considerations for all of its stock-based compensation types except for its TSR awards, which is based on a blend of the Company’s and comparable public entities’ historical volatility. • Risk-Free Interest Rate. Expressed as a weighted-average, the risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s respective stock-based compensation types. • Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. The assumptions used to estimate the fair value of stock options granted and ESPPs using the Black-Scholes option valuation model were as follows: Years Ended December 31, 2023 2022 2021 Stock Options Expected term (in years) 6.1 5.7 5.7 Expected volatility 92.8 % 66.8 % 61.9 % Risk-free interest rate 3.0 % 2.2 % 0.8 % Expected dividend yield — — — Weighted average estimated fair value $ 4.67 $ 7.88 $ 20.21 ESPPs Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Expected volatility 56.7 - 271.2 % 58.5 - 97.6 % 47.1 - 104.4 % Risk-free interest rate 0.2 - 5.2 % 0.1 - 4.5 % 0.0 - 2.2 % Expected dividend yield — — — Weighted average estimated fair value $ 5.64 $ 8.60 $ 12.40 The assumptions used to estimate the fair value of the TSR awards using the Monte Carlo valuation model were as follows: Year Ended December 31, 2023 2022 TSR awards Expected term (in years) 3.9 3.9 Expected volatility 69.0 - 73.3 % 69.0 % Risk-free interest rate 1.8 - 4.2 % 1.8 % Expected dividend yield — — Weighted average estimated fair value $ 28.90 $ 24.01 As of December 31, 2023 , there was $ 25.6 million of total unrecognized compensation costs, net of estimated forfeitures, related to non-vested stock option awards granted that will be recognized on a straight-line basis over the weighted-average period of 2.81 years. As of December 31, 2023 , there was $ 35.6 million of total unrecognized compensation costs, net of estimated forfeitures, related to non-vested RSUs, PRSUs and TSR awards granted that will be recognized on a straight-line basis over the weighted-average period of 2.09 years. Subsidiary Stock and Non-Controlling Interests FibroGen Europe As of December 31, 2023 and 2022 , respectively, FibroGen Europe had a total of 42,619,022 shares of Preferred Stock outstanding, of which there were 1,700,845 shares of Series A Preferred Stock, 1,875,000 shares of Series B Preferred Stock, 1,599,503 shares of Series C Preferred Stock, 1,520,141 shares of Series D Preferred Stock, 459,565 shares of Series E Preferred Stock, 5,714,332 shares of Series F Preferred Stock, 9,927,500 shares of Series G Preferred Stock and 19,822,136 shares of Series H Preferred Stock, all of which shares no longer have any right to be exchanged for FibroGen, Inc. Common Stock. The holders of FibroGen Europe’s shares of Preferred Stock (“Preferred Shares”) have the following rights, preferences and privileges: Dividend Rights — When the assets of FibroGen Europe are distributed (except for distribution in a liquidation), Preferred Shares shall have the same rights to dividend or other forms of distribution as shares of Common Stock of FibroGen Europe. In the event of a merger, holders of Preferred Shares do not have the right to demand FibroGen Europe to redeem all or part of their Preferred Shares. FibroGen Europe may repurchase shares of Common Stock or Preferred Shares for consideration. Pre-emptive Right — Preferred Shares shall have pre-emptive subscription right in accordance with the Finnish Limited Liability Companies Act if additional shares are issued, option rights are given, or convertible loan is taken, provided , however , that the foregoing pre-emptive right does not apply to a directed share issue, for which two thirds (2/3) of the voting shares represented at a general meeting of shareholders approve for an important legitimate cause. Redemption Right — If a Preferred Share can be redeemed by a majority shareholder owning more than ninety percent ( 90 %) of the shares of FibroGen Europe in accordance with the provisions of the Finnish Limited Liability Companies Act, the minority holders of Preferred Shares have the right to request redemption of their shares. Voting Right — Each share has one vote . Preferred Shares have voting rights only in situations that are specifically provided in the Articles of Association, which include a merger transaction and directed share issue. In addition, Preferred Shares have right to vote in a general shareholder meeting for amending the Articles of Association if the amendment will affect the rights of Preferred Shares. Conversion Right (1-for- 1 basis into Common Stock of FibroGen Europe): • Voluntary conversion right: Preferred Shares can be converted into common shares upon the written request of a shareholder provided that the conversion is feasible within the maximum and minimum amounts of shares of classes of FibroGen Europe as set forth in its Articles of Association. Such request can be withdrawn before the notification of conversion is filed with the Finnish Trade Register. • Compulsory conversion right: Preferred Shares will be converted into common shares if (i) FibroGen Europe’s shares are listed in a stock exchange or other trading system in the European Economic Area, or (ii) FibroGen Europe’s recombinant collagen and gelatin production technology is being put into commercial use in the area of Europe and certain other European states. Commercial use means there is income generated from the first commercial sale of the products incorporating the above-mentioned technology and does not include license fees, development financing, milestone payments or income from test products or equipment used in research. The board of directors of FibroGen Europe shall notify the shareholders of the compulsory conversion in writing, and the shareholders shall request to convert their shares within the timeframe provided in the notification. Should the shareholders fail to make the conversion request within the time limit, FibroGen Europe may redeem the shares of such shareholders. Liquidation Right — In the event of a dissolution of FibroGen Europe, holders of Preferred Shares are entitled to be paid in an amount equal to the subscription price of the shares before any distribution is made to holders of common shares. Among holders of Preferred Shares, holders of shares of Series F Preferred Stock are entitled to be paid in an amount equal to the subscription price of Series F Preferred Stock before any distribution is made to holders of other Preferred Shares. Upon the initial public offering and as described above, all eligible FibroGen Europe preferred shares were exchanged for 958,996 shares of FibroGen Common Stock. No other FibroGen Europe shares have the right to be exchanged for FibroGen, Inc. Common Stock. FibroGen Cayman FibroGen Cayman had 6,758,000 Series A Preference Shares outstanding as of December 31, 2023 and 2022, respectively. The holders of the FibroGen Cayman Series A Preference Shares have the following rights, preferences and privileges: Liquidation — In the event of liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, including by means of a merger, the holders of FibroGen Cayman Series A Preference Shares are entitled to be paid an amount equal to the product of the number of shares held by a holder of shares of FibroGen Cayman Series A Preference Shares and the original issue price of $ 1.00 (subject to equitable adjustment for any stock dividend, combination, split, reclassification, recapitalization) plus all declared and unpaid dividends thereon. Conversion — Each share of FibroGen Cayman Series A Preference Shares is convertible into the number of fully paid and non-assessable shares of Common Stock of FibroGen Cayman that results from dividing the original issue price by the conversion price in effect at the time of the conversion, subject to adjustments for stock splits, stock dividends, reclassifications and like events. The FibroGen Cayman Series A Preference Shares have a conversion price that is equal to the original issuance price such that the conversion ratio to FibroGen Cayman Common Stock is 1: 1 as of all periods presented. Voting — The holders of FibroGen Cayman Series A Preference Shares are entitled to vote together with the FibroGen Cayman Common Stockholders on all matters submitted for a vote of the stockholders. The holder of each share of FibroGen Cayman Series A Preference Shares has the number of votes equal to the number of shares of FibroGen Cayman Common Stock into which it is convertible. Dividends — The holders of FibroGen Cayman Series A Preference Shares are entitled to receive cash dividends when and if declared, at a rate of 6 %. In January 2013, FibroGen Cayman entered into a $ 0.6 million convertible promissory note. The note bears simple interest at a rate of two percent ( 2.00 %) per annum, accrued on an annual basis in arrears. The outstanding principal balance and unpaid accrued interest on the note is due and payable upon the earlier of (a) the effectiveness of the initial public offering of FibroGen Cayman or (b) the eight year anniversary of the date of the note. During the year ended December 31, 2021, at the option of the lender, the $ 0.7 million total outstanding principal balance and unpaid accrued interest on the note were converted into Series A Preferred Stock of FibroGen Cayman, and was recorded as an addition to the non-controlling interest of the Company. Non-Controlling Interests Non-controlling interest positions related to the issuance of subsidiary stock as described above are reported as a separate component of consolidated equity from the equity attributable to the Company’s stockholders at December 31, 2023 and 2022 . In addition, the Company does not allocate losses to the non-controlling interests as the outstanding shares representing the non-controlling interest do not represent a residual equity interest in the subsidiary. For the nonredeemable NCI and redeemable NCI resulting from the acquisition of Fortis during the year ended December 31, 2023, see Note 4, Exclusive License and Option to Acquire Fortis Therapeutics , for details. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive and as such, these shares are not included in the calculation of diluted earnings per share. The Company reported a net loss for each of the years ended December 31, 2023, 2022 and 2021. Therefore, dilutive common shares are not assumed to have been issued since their effect is anti-dilutive for these periods. Diluted weighted average shares excluded the following potential common shares related to stock options, RSUs, PRSUs, TSR awards and shares to be purchased under the 2014 Employee Stock Purchase Plan (“ESPP”) for the periods presented as they were anti-dilutive (in thousands): Years Ended December 31, 2023 2022 2021 Employee stock options 10,596 9,520 8,461 RSUs, PRSUs and TSR awards 3,793 2,137 1,538 ESPP 594 305 417 14,983 11,962 10,416 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The components of loss before income taxes are as follows (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ ( 328,475 ) $ ( 307,056 ) $ ( 268,499 ) Foreign 41,608 12,187 ( 22,184 ) Loss before provision for income taxes $ ( 286,867 ) $ ( 294,869 ) $ ( 290,683 ) The provision for income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State — — — Foreign 3 358 347 Total current 3 358 347 Deferred: Federal — — — State — — — Foreign — — — Total deferred — — — Total provision for income taxes $ 3 $ 358 $ 347 The following is the reconciliation between the statutory federal income tax rate and the Company’s effective tax rate: Years Ended December 31, 2023 2022 2021 Tax at statutory federal rate 21.0 % 21.0 % 21.0 % State tax — % — % — % Stock-based compensation expense ( 1.1 )% ( 2.5 )% ( 1.8 )% Net operating losses not benefitted ( 17.9 )% ( 16.3 )% ( 16.8 )% Foreign net operating losses not benefitted 3.0 % 0.9 % ( 1.6 )% Deduction limitation on executive compensation ( 0.5 )% ( 0.2 )% ( 0.3 )% Global intangible low-taxed income ( 4.3 )% ( 2.8 )% ( 0.4 )% Other ( 0.2 )% ( 0.2 )% ( 0.2 )% Total — % ( 0.1 )% ( 0.1 )% Significant components of the Company’s deferred tax assets are as follows (in thousands): December 31, 2023 2022 Federal and state net operating loss carryforwards $ 175,257 $ 166,708 Tax credit carryforwards 123,156 106,131 Foreign net operating loss carryforwards 48,396 49,990 Capitalized research and development expenses 81,697 45,125 Stock-based compensation 9,155 8,616 Lease obligations 17,189 18,442 Reserves and accruals 5,475 4,929 Deferred revenue 24,792 21,624 Intangible assets 63,146 69,159 Other 698 1,277 Subtotal 548,961 492,001 Less: Valuation allowance ( 534,967 ) ( 477,969 ) Net deferred tax assets 13,994 14,032 Fixed assets ( 10,511 ) ( 13,101 ) Non-deductible accrued expenses ( 3,483 ) ( 931 ) Net deferred tax liabilities ( 13,994 ) ( 14,032 ) Total net deferred tax assets $ — $ — A valuation allowance has been provided to reduce the deferred tax assets to an amount management believes is more likely than not to be realized. Expected realization of the deferred tax assets for which a valuation allowance has not been recognized is based on upon the reversal of existing temporary differences and future taxable income. The valuation allowance increased by $ 57.0 million , $ 68.2 million and $ 72.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Due to uncertainty surrounding the realization of the favorable tax attributes in the future tax returns, the Company has established a valuation allowance against its otherwise recognizable net deferred tax assets. The Company intends to continue maintaining a full valuation allowance on its deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of this allowance. At December 31, 2023 , the Company had net operating loss carryforwards available to offset future taxable income of approximately $ 796.7 million and $ 147.2 million for federal and state tax purposes, respectively. $ 292.4 million of the federal net operating loss carryforwards will begin to expire in 2026 if not utilized, while the remainder can be carried forward indefinitely. The state net operating loss carryforward will begin to expire in 2028 if not utilized. The Company also had foreign net operating loss carryforwards of approximately $ 235.1 million, which expire between 2024 and 2033 if not utilized. At December 31, 2023 , the Company had approximately $ 143.3 million of federal and $ 50.8 million of California research and development tax credit and other tax credit carryforwards available to offset future taxable income. The federal credits begin to expire in 2024 and the California research credits have no expiration dates. Federal and state tax laws impose substantial restrictions on the utilization of net operating loss and credit carryforwards in the event of an “ownership change” for tax purposes, as defined in IRC Section 382. The Company did not perform an IRC Section 382 analysis and any previous ownership changes may result in a limitation that will reduce the total amount of net operating loss and tax credit carryforwards disclosed that can be utilized. Subsequent ownership changes may affect the limitation in future years. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. Among other changes to the Internal Revenue Code, the IRA imposes a 15 % corporate alternative minimum tax on certain corporations and 1 % excise tax on public company stock buybacks for tax years beginning after December 31, 2022. The tax provisions in the IRA did not have a material impact on the Company’s consolidated financial statements and related disclosures. Uncertain Tax Positions The Company had unrecognized tax benefits of approximately $ 81.0 million as of December 31, 2023 . Approximately $ 0.6 million of unrecognized tax benefits, if recognized, would affect the effective tax rate. The interest accrued as of December 31, 2023 and 2022 was immaterial . A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the three years ended December 31, 2023 is as follows (in thousands): Federal and State Balance as of December 31, 2020 $ 48,574 Decrease due to prior positions ( 245 ) Increase due to current year position 8,415 Foreign exchange rate differential 927 Balance as of December 31, 2021 57,671 Increase due to prior positions 6,954 Increase due to current year position 9,074 Foreign exchange rate differential ( 908 ) Balance as of December 31, 2022 72,791 Decrease due to prior positions ( 154 ) Increase due to current year position 8,805 Foreign exchange rate differential ( 477 ) Balance as of December 31, 2023 $ 80,965 Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinary course of business. The Company does not anticipate a material change to its unrecognized tax benefits over the next twelve months that would affect the Company’s effective tax rate. The Company classifies interest and penalties as a component of tax expense, if any. The Company files income tax returns in the U.S. federal jurisdiction, U.S. state and other foreign jurisdictions. The U.S. federal and U.S. state taxing authorities may choose to audit tax returns for tax years beyond the statute of limitation period due to significant tax attribute carryforwards from prior years, making adjustments only to carryforward attributes. The foreign statute of limitation generally remains open from 2014 to 2023 . The Company is not currently under audit in any tax jurisdiction. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Astellas is an equity investor in the Company and considered a related party. During the years ended December 31, 2023, 2022 and 2021, the Company recorded license and development revenue related to collaboration agreements with Astellas of $ 6.7 million , $ 32.5 million , and $ 130.4 million , respectively. During the years ended December 31, 2023, 2022 and 2021, the Company also recorded drug product revenue from Astellas of $ 18.8 million , $ 11.1 million , and $ 3.2 million , respectively. See Note 3, Collaboration Agreements, License Agreement and Revenues , for details. The Company’s expense related to collaboration agreements with Astellas was immaterial for each of the three years ended December 31, 2023. As of December 31, 2023 and 2022 , accounts receivable from Astellas were $ 0.8 million and $ 1.5 million, respectively. As of December 31, 2023 and 2022 , total deferred revenue from Astellas were $ 16.9 million and $ 40.3 million, respectively. As of December 31, 2023, the amount due to Astellas, included in accrued and other current liabilities, and other long-term liabilities, totaled $ 40.5 million. As of December 31, 2022 , the amount due to Astellas, included in accrued and other current liabilities, was and $ 63.9 million. Falikang, an entity jointly owned by FibroGen Beijing and AstraZeneca is an unconsolidated VIE accounted for as an equity method investment, and considered as a related party to the Company. FibroGen Beijing owns 51.1 % of Falikang’s equity. See Note 5, Equity method investment - Variable Interest Entity , for details. For the years ended December 31, 2023, 2022 and 2021, the net product revenue from sales to Falikang were $ 89.1 million , $ 71.2 million and $ 35.6 million , respectively. See the Product Revenue, Net section in Note 3, Collaboration Agreements, License Agreement and Revenues , for details. The other income from Falikang were immaterial for each of the three years ended December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, the investment income (loss) in Falikang was $ 2.6 million , $ 1.6 million , and $ 1.0 million , respectively. During the year ended December 31, 2023 , the Company received $ 2.3 million of dividend distribution from Falikang. As of December 31, 2023 and 2022, the Company’s equity method investment in Falikang were $ 5.3 million and $ 5.1 million , respectively. See Note 5, Equity method investment - Variable Interest Entity , for details. As of December 31, 2023 and 2022 accounts receivable, net, from Falikang were $ 5.2 million and $ 10.5 million, respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 17. Segment and Geographic Information The Company has determined that the chief executive officer is the chief operating decision maker (“CODM”). The CODM reviews financial information presented for the Company’s various clinical trial programs as well as results on a consolidated basis. License revenues and development revenues received are not allocated to various programs for purposes of determining a profit measure and resource allocation decisions are made by the CODM based primarily on consolidated results. As such, the Company has concluded that it operates as one segment. Supplemental enterprise-wide information has been presented below. Geographic Revenues Geographic revenues, which are based on the region that revenue is generated, are as follows (in thousands): Years Ended December 31, 2023 2022 2021 China $ 109,375 $ 84,631 $ 55,640 Europe 9,549 33,820 131,243 Japan 15,867 9,764 2,305 United States 12,961 12,519 46,121 Total revenue $ 147,752 $ 140,734 $ 235,309 Geographic Assets Property and equipment, net by geographic location are as follows (in thousands): December 31, 2023 2022 United States $ 4,785 $ 10,094 China 8,341 10,511 Total property and equipment $ 13,126 $ 20,605 Finance lease right-of-use assets and operating lease right-of-use assets, net by geographic location are as follows (in thousands): December 31, 2023 2022 United States $ 132 $ 424 China 21 11 Total finance lease right-of-use assets $ 153 $ 435 United States $ 64,939 $ 76,273 China 3,154 3,620 Total operating lease right-of-use assets $ 68,093 $ 79,893 Customer Concentration The Company’s revenues to date have been generated from the following collaboration partners and distribution entity that individually accounted for 10% or more of the Company’s total revenue or accounts receivable: Percentage of Revenue Percentage of Accounts Receivable Years Ended December 31, December 31, 2023 2022 2021 2023 2022 Falikang — Related party 60 % 51 % 15 % 42 % 65 % Astellas — Related party 17 % 31 % 57 % 7 % 9 % AstraZeneca 8 % 9 % 20 % 33 % 16 % Substantially all direct product sales to distributors in China were made by Falikang. No individual distributor represented over 10% of the total revenue for the years ended December 31, 2023 and 2022. The aggregate accounts receivable from direct sales to distributors as of December 31, 2023 and 2022 were immaterial. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 18. Subsequent Event On February 23, 2024, the Company and AstraZeneca entered into an agreement to terminate the AstraZeneca U.S./RoW Agreement dated July 30, 2013 (as amended). Pursuant to the termination and transition agreement, AstraZeneca is returning all of their non-China roxadustat rights to the Company, with the exception of South Korea, and providing certain assistance during a transition period. The Company’s collaboration agreement with AstraZeneca for roxadustat in China remains in place. As a part of this termination and transition agreement, the Company and AstraZeneca will settle the outstanding balances relating to past transactions related to manufacturing and AstraZeneca will receive tiered mid-single digit royalties on FibroGen’s sales of roxadustat in the terminated territories, or thirty-five percent of all revenue FibroGen receives if it licenses or sells such rights to a third-party. Neither party incurred any early termination penalties. The Company is currently evaluating the accounting impact of this transaction as it relates to the first quarter of 2024. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II: Valuation an d Qualifying Accounts (in thousands) Charged Charged to Other Balance at (Credited) Accounts - Beginning of to Statement Liabilities Deductions, Balance at Year of Operation and Equity Net End of Year Valuation allowances for deferred tax assets Year ended December 31, 2023 $ 477,969 $ 56,998 $ — $ — $ 534,967 Year ended December 31, 2022 $ 409,810 $ 68,159 $ — $ — $ 477,969 Year ended December 31, 2021 $ 337,824 $ 71,986 $ — $ — $ 409,810 Allowances for rebates, discounts and adjustments Year ended December 31, 2023 $ 1,349 $ 63,475 $ ( 849 ) $ ( 60,964 ) $ 3,011 Year ended December 31, 2022 $ 14,443 $ 39,082 $ 1,050 $ ( 53,226 ) $ 1,349 Year ended December 31, 2021 $ 548 $ 44,258 $ ( 734 ) $ ( 29,629 ) $ 14,443 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its majority-owned subsidiaries, as well as any variable interest entity (“VIE”) for which FibroGen is the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation. For any VIE for which FibroGen is not the primary beneficiary, the Company uses the equity method of accounting. The Company operates in one reportable segment — the development and commercialization of novel therapeutics to treat serious unmet medical needs. The Company believes that its existing cash and cash equivalents, short-term investments and accounts receivable will be sufficient to meet its anticipated cash requirements for at least the next 12 months from the date of issuance of the financial statements. However, the Company may need additional capital thereafter and its liquidity assumptions may materially differ. The Company may utilize its available financial resources sooner than it currently expects and may incur additional expenses not currently contemplated. In addition, the Company may elect to raise additional funds at any time through equity, equity-linked, debt financing arrangements or from other sources. |
Foreign Currency Translation | Foreign Currency Translation The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of FibroGen Europe is the Euro. The functional currency of FibroGen (China) Medical Technology Development Co., Ltd. (“FibroGen Beijing”) is CNY. As such, monetary assets and liabilities of FibroGen Europe and FibroGen Beijing in currencies other than their functional currencies are remeasured using exchange rates in effect at the end of the period. The assets and liabilities of FibroGen Europe and FibroGen Beijing are translated to U.S. dollars at exchange rates in effect at the balance sheet date. All income statement accounts are translated at monthly average exchange rates. Resulting foreign currency translation adjustments are recorded directly in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity (deficit). The functional currency of FibroGen, Inc. and all other subsidiaries is the U.S. dollar. Accordingly, monetary assets and liabilities in the non-functional currency of these subsidiaries are remeasured using exchange rates in effect at the end of the period. Revenues and costs in local currency are remeasured using average exchange rates for the period, except for costs related to those balance sheet items that are remeasured using historical exchange rates. The resulting remeasurement gains and losses are included within interest income and other, net in the consolidated statements of operations as incurred and have not been material for all periods presented. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include valuation and recognition of revenue and deferred revenue, specifically, estimates in variable consideration for drug product sales, and estimates in transaction price per unit for the China performance obligation (as defined and discussed under Revenue Recognition below). On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk The Company is subject to risks associated with concentration of credit for cash and cash equivalents. Outside of short-term operating needs, the majority of cash on hand is invested in U.S. treasuries, corporate bonds, commercial paper and money market funds. Any remaining cash is deposited with major financial institutions primarily in the U.S., China and the Cayman Islands. At times, such deposits may be in excess of insured limits. The Company has not experienced any loss on its deposits of cash and cash equivalents. Included in current assets are significant balances of accounts receivable as follows: December 31, 2023 2022 Falikang — Related party 42 % 65 % AstraZeneca 33 % 16 % As of December 31, 2023 and 2022 , the aggregate accounts receivable related to roxadustat sales in China from distributors represented 17 % and 10 %, respectively, of the consolidated accounts receivable, with no material balance from any individual distributor. |
Other Risks and Uncertainties | Other Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the results of clinical trials and the achievement of milestones, research developments, actions by regulatory authorities, market acceptance of the Company’s product candidates, competition from other products and larger companies, the liquidity and capital resources of the Company, intellectual property protection for the Company's proprietary technology, strategic relationships, and dependence on key individuals, suppliers, clinical organization, and other third parties. |
Cash, Cash Equivalents and Restricted Time Deposits | Cash, Cash Equivalents and Restricted Time Deposits The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents also include money market accounts and various deposit accounts. As of December 31, 2023 and 2022, a total of $ 32.2 million and $ 92.5 million , respectively, of the Company’s cash and cash equivalents was held outside of the U.S. in the Company’s foreign subsidiaries to be used primarily for the Company’s China operations. Restricted time deposits include an irrevocable standby letter of credit as security deposit for a long-term property lease with the Company’s landlord. Restricted time deposits were $ 1.7 million and $ 2.1 million as of December 31, 2023 and 2022 , respectively. |
Investments | Investments As of December 31, 2023 , the Company’s investments consist primarily of diversified bonds, commercial paper, and money market funds. Those investments with original maturities of greater than three months and remaining maturities of less than 12 months (365 days) are considered short-term investments. Those investments with maturities greater than 12 months (365 days) from the balance sheet date are considered long-term investments. When such investments are held, the Company’s investments classified as available-for-sale are recorded at fair value based upon quoted market prices at period end. Unrealized gains and losses for available-for-sale debt investments that are deemed temporary in nature are recorded in accumulated other comprehensive income (loss) as a separate component of stockholder’ equity. Realized and unrealized gains or losses resulting from changes in value and sale of the Company’s marketable equity investments are recorded in other income (expenses) in the consolidated statement of operations. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. |
Trade Accounts Receivable | Trade accounts receivable The allowance for credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company makes estimates of expected credit losses for the allowance for doubtful accounts by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, current economic and regulatory conditions that may affect a customer’s ability to pay, and estimates of expected future losses. The Company’s bad debt expense for the years ended December 31, 2023, 2022 and 2021 and the allowance for credit losses as of December 31, 2023 and 2022 were immaterial. |
Credit Losses – Available-For-Sale Debt Securities | Credit losses – Available-for-sale debt securities The Company periodically assesses its available-for-sale investments for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through interest and other, net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through interest and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when the Company believes that an available-for-sale security is confirmed uncollectable or when either of the criteria regarding intent or requirement to sell is met. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, on a first-in, first-out, or FIFO, basis. The cost of the Company’s inventories in China is determined using full absorption and standard costing method. The Company reviews the standard cost of raw materials, work-in-process and finished goods annually and more often as appropriate to ensure that its inventories approximate current actual cost. The cost of the Company’s inventories in the U.S. uses actual costs to determine its cost basis. The cost of inventories includes direct material cost, direct labor and manufacturing overhead. When the technical feasibility of the Company’s future commercialization is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, the Company capitalizes pre-launch inventory costs prior to regulatory approval. A number of factors are considered, including the status in the validation process in significant jurisdictions, regulatory application and approval process, and terms and condition for future sale of such inventory or future alternative use. The pre-launch inventory cost includes purchase cost of raw materials, cost paid to contract manufacturers for inventory manufacturing, freight and custom charges, and certain direct internal labor and overhead expenses. The Company periodically reviews its inventories to identify obsolete, slow-moving, excess or otherwise unsaleable items. If obsolete, excess or unsaleable items are observed and there are no alternate uses for the inventory, an inventory valuation adjustment is recorded through a charge to cost of goods sold on the Company’s consolidated statements of operations. Inventory valuation adjustments require judgment including consideration of many factors, such as estimates of future product demand and product expiration period, among others. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Computer equipment, laboratory equipment, machinery and furniture and fixtures are depreciated over three to five years . Leasehold improvements are recorded at cost and amortized over the term of the lease or their useful life, whichever is shorter. |
Equity Method Investment - Variable Interest Entity | Equity method investment - Variable Interest Entity Under the Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when the Company obtains an economic interest in an entity, it evaluates the entity to determine if it should be deemed a VIE, and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the VIE, based on significant judgment whether the Company (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. On an ongoing basis, the Company re-evaluates the VIE assessment based on potential changes in facts and circumstances, including but not limited to, the shareholder loans to the entity and the execution of any future significant agreements between the entity and its shareholders and/or other third parties. |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception date when it is given control of the underlying assets. The Company elected the practical expedient not to apply the lease recognition and measurement requirements to short-term leases, which is any lease with a term of 12 months or less as of the commencement date that does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As its leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company reassesses the incremental borrowing rate periodically for application to any new leases or lease modifications, which approximates the rate at which the Company would borrow, on a secured basis, in the country where the lease was executed. For any lease modification, the Company reassesses the lease classification, remeasures the related lease liability using an updated discount rate, and adjusts the related ROU asset under the lease modification guidance under the ASC 842, Leases , (“ASC 842”). Lease ROU assets include any lease payments made and initial direct costs incurred. The Company has lease agreements with lease and non-lease components. The Company generally accounts for each lease component separately from the non-lease components, and excludes all non-lease components from the calculation of minimum lease payments in measuring the ROU asset and lease liability. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease terms. Regarding leases denominated in a foreign currency, the related ROU assets and the corresponding ROU asset amortization costs are remeasured using the exchange rate in effect at the date of initial recognition; the related lease liabilities are remeasured using the exchange rate in effect at the end of the reporting period; the lease costs and interest expenses related to lease liability accretion are remeasured using average exchange rates for the reporting period. Finance leases are included in finance lease ROU assets, finance lease liabilities, current and non-current on the Company’s consolidated balance sheets. Operating leases are included in operating lease ROU assets, operating lease liabilities, current and non-current on the Company’s consolidated balance sheets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. If the Company determines that an impairment trigger has been met, the Company evaluates the realizability of its long-lived assets (asset group) based on a comparison of projected undiscounted cash flows from use and eventual disposition with the carrying value of the related asset. Any write-downs (which are measured based on the difference between the fair value and the carrying value of the asset) are treated as permanent reductions in the carrying amount of the assets (asset group). Based on this evaluation, the Company believes that, as of each of the balance sheet dates presented, no ne of the Company’s long-lived assets were impaired. The Company had no impairment of long-lived assets for the years ended December 31, 2023, 2022 and 2021 . |
Liability Related to Sale of Future Revenues | Liability Related to Sale of Future Revenues The Company accounts for the sale of future revenue as a debt, because the risks and rewards to the investor are limited by the terms of the transaction as discussed further in Note 10, Liability Related to Sale of Future Revenues . The difference between the carrying amount of the initial liability and the gross proceeds received is accounted for as a discount. The Company recognizes interest expense based on an estimated effective annual interest rate, which is affected by the amount and timing of revenues recognized and changes in the timing of forecasted revenues. Quarterly, the Company reassesses the expected revenues and the timing of such revenues, recalculates the amortization and effective interest rate and adjusts the accounting prospectively as needed |
Asset Acquisition | Asset Acquisition The Company evaluates acquisitions of entities or assets to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this screen criteria is met, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. In an asset acquisition, the cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to research and development expense at the acquisition date. The Company recognizes assets acquired and liabilities assumed in asset acquisitions, including contingent assets and liabilities, and non-controlling interests (“NCI”) in the acquired assets at their estimated fair values as of the date of acquisition. An NCI represents the non-affiliated equity interest in the underlying entity or asset. The Company presents redeemable NCI in its consolidated statements of changes in equity within mezzanine equity. Nonredeemable NCI and redeemable NCI are initially recorded at their fair values. Subsequently, net loss in the underlying entity or asset is only allocated to nonredeemable NCI. Net income in the underlying entity or asset is allocated to nonredeemable NCI and redeemable NCI based on their respective stated rights. |
Revenue Recognition | Revenue Recognition Revenues under collaboration agreements The Company’s collaboration agreements include multiple performance obligations comprised of promised services, or bundles of services, that are distinct. Services that are not distinct are combined with other services in the agreement until they form a distinct bundle of services. The Company’s process for identifying performance obligations and an enumeration of each obligation for each agreement is outlined in Note 3, Collaboration Agreements, License Agreement and Revenues . Determining the performance obligations within a collaboration agreement often involves significant judgment and is specific to the facts and circumstances contained in each agreement. The Company has identified the following material promises under its collaboration agreements: (1) license of FibroGen technology, (2) the performance of co-development services, including manufacturing of clinical supplies and other services during the development period, and (3) manufacture of commercial supply. The evaluation as to whether these promises are distinct, and therefore represent separate performance obligations, is described in more detail in Note 3, Collaboration Agreements, License Agreement and Revenues . For revenue recognition purposes, the Company determines that the terms of its collaboration agreements begin on the effective date and end upon the completion of all performance obligations contained in the agreements. In each agreement, the contract term is defined as the period in which parties to the contract have present and enforceable rights and obligations. The Company believes that the existence of what it considers to be substantive termination penalties on the part of the counterparty create sufficient incentive for the counterparty to avoid exercising its right to terminate the agreement. The transaction price for each collaboration agreement is determined based on the amount of consideration the Company expects to be entitled for satisfying all performance obligations within the agreement. The Company’s collaboration agreements include payments to the Company of one or more of the following: non-refundable upfront license fees; co-development billings; development, regulatory, and commercial milestone payments; payments from sales of active pharmaceutical ingredient (“API”); payments from sales of bulk drug product and royalties on net sales of licensed products. Upfront license fees are non-contingent and non-refundable in nature and are included in the transaction price at the point when the license fees become due to the Company. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Co-development billings resulting from the Company’s research and development efforts, which are reimbursable under its collaboration agreements, are considered variable consideration. Determining the reimbursable amount of research and development efforts requires detailed analysis of the terms of the collaboration agreements and the nature of the research and development efforts incurred. Prior to CKD approval in the third quarter of 2021, determining the amount of variable consideration from co-development billings required the Company to make estimates of future research and development efforts, which involved significant judgment. Co-development billings are allocated entirely to the co-development services performance obligation when amounts are related specifically to research and development efforts necessary to satisfy the performance obligation, and such an allocation is consistent with the allocation objective. Milestone payments are also considered variable consideration, which requires the Company to make estimates of when achievement of a particular milestone becomes probable. Similar to other forms of variable consideration, milestone payments are included in the transaction price when it becomes probable that such inclusion would not result in a significant revenue reversal. Milestones are therefore included in the transaction price when achievement of the milestone becomes probable. For arrangements that include sales-based royalties and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, royalty revenue resulting from its collaboration arrangements was immaterial. The transaction price is allocated to performance obligations based on their relative standalone selling price (“SSP”), with the exception of co-development billings allocated entirely to co-development services performance obligations. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available. The process for determining SSP involves significant judgment and includes consideration of multiple factors, including assumptions related to the market opportunity and the time needed to commercialize a product candidate pursuant to the relevant license, estimated direct expenses and other costs, which include the rates normally charged by contract research and contract manufacturing organizations for development and manufacturing obligations, and rates that would be charged by qualified outsiders for committee services. Significant judgment may be required in determining whether a performance obligation is distinct, determining the amount of variable consideration to be included in the transaction price, and estimating the SSP of each performance obligation. An enumeration of the Company’s significant judgments is outlined in Note 3, Collaboration Agreements, License Agreement and Revenues . For each performance obligation identified within an arrangement, the Company determines the period over which the promised services are transferred and the performance obligation is satisfied. Service revenue that was recognized over time was based on progress toward complete satisfaction of the performance obligation. For each performance obligation satisfied over time, the Company assesses the proper method to be used for revenue recognition, either an input method to measure progress toward the satisfaction of services or an output method of determining the progress of completion of performance obligation. Revenue under license agreements Under a license agreement, if the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from upfront license fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company determines whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company uses judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Product revenue, net Product revenue, net consists of revenues from sales of roxadustat commercial product to Falikang, and directly to pharmaceutical distributors located in one province in China that are not covered by Falikang. Falikang is jointly owned by AstraZeneca AB (“AstraZeneca”) and FibroGen Beijing. The Company is not the primary beneficiary of Falikang for accounting purposes, as AstraZeneca is the final decision maker for all the roxadustat commercialization activities, and the Company lacks the power criterion to direct the activities of Falikang (see Note 5, Equity method investment - Variable Interest Entity ). Sales to Falikang Falikang became fully operational in January 2021, at which time FibroGen Beijing began selling roxadustat commercial product to Falikang. Falikang is FibroGen Beijing’s primary customer in China and substantially all roxadustat product sales to distributors in China are made by Falikang. Falikang bears inventory risk once it receives and accepts the product from FibroGen Beijing, and is responsible for delivering product to its distributors. The promises identified under the AstraZeneca China Agreement (as defined in Note 3, Collaboration Agreements, License Agreement and Revenues ), including the license, co-development services and manufacturing of commercial supplies have been bundled into a single performance obligation (“China performance obligation”). Amounts of the transaction price allocable to this performance obligation under the Company’s agreements with AstraZeneca as outlined in Note 3, Collaboration Agreements, License Agreement and Revenues, are deferred until control of the manufactured commercial product is transferred to AstraZeneca. The initiation of roxadustat sales to Falikang marked the beginning of the China performance obligation . Revenue is recognized at a point in time when control of roxadustat commercial product is transferred to Falikang. Revenue is recognized based on the estimated transaction price per unit and actual quantity of product delivered during the reporting period. Specifically, the transaction price per unit is determined based on the overall transaction price over the total estimated sales quantity for the estimated performance period in which the Company determined it is likely those sales would occur. The price per unit is subject to reassessment on a quarterly basis, which may result in cumulative catch up adjustments due to changes in estimates. The overall transaction price for FibroGen Beijing’s product sales to Falikang includes the following elements of consideration: • Non-refundable upfront license fees; development, regulatory, and commercial milestone payments based on the AstraZeneca China Agreement allocated to the China performance obligation; • Co-development billings resulting from the Company’s research and development efforts, which are reimbursable under the AstraZeneca China Agreement; • Interim profit/loss share between FibroGen Beijing and AstraZeneca from April 1, 2020 through December 31, 2020; and • Net transaction price from product sales to Falikang from January 1, 2021 onwards. The net transaction price includes the following elements: o Gross transaction price: The gross transaction price is based on a percentage of Falikang’s net sales to its distributors, which takes into account Falikang’s operating expenses and its payments to AstraZeneca for roxadustat sales and marketing efforts, capped at a percentage of Falikang’s net roxadustat sales. o Profit share: The gross transaction price is then adjusted for an estimated amount to achieve the 50 /50 profit share from current period roxadustat net sales in China. The adjustments to date have been a reduction to the transaction price and the related accounts receivable from Falikang. The non-refundable upfront license fees constitute a fixed consideration. The remainder of the above are variable consideration components, which may be constrained, and included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period when the uncertainty associated with the variable consideration is subsequently resolved. The calculation of the above variable consideration includes significant assumptions such as total sales quantity, performance period, gross transaction price and profit share, which require significant judgment. Any net transaction price in excess of the revenue recognized is deferred, and will be recognized over future periods as the performance obligations are satisfied. Direct Sales to Distributors The Company sells roxadustat in China directly to a number of pharmaceutical distributors located in one province in China that are not covered by Falikang. These pharmaceutical distributors are the Company’s customers. Hospitals order roxadustat through a distributor and the Company ships the product directly to the distributors. The delivery of roxadustat to a distributor represents a single performance obligation. Distributors are responsible for delivering product to end users, primarily hospitals. Distributors bear inventory risk once they receive and accept the product. Product revenue is recognized when control of the promised good is transferred to the customer in an amount that reflects the consideration that the Company expects to be entitled to in exchange for the product. The period between the transfer of control of the promised goods and when the Company receives payment is based on 60-day payment terms. As such, product revenue is not adjusted for the effects of a significant financing component. Product revenue is recorded at the net sales prices that includes certain estimates of variable consideration. These estimates include price adjustment calculated based on estimated channel inventory levels when China’s National Healthcare Security Administration releases price guidance for roxadustat under the National Reimbursement Drug List, various fixed-amount or percentage-based rebates and discounts recorded as a reduction to revenue at the point of sale to the distributor or when distributor meets eligibility requirements, and estimated sales return as d i stributors can request to return product to the Company only due to quality issues or for product purchased within one year prior to the product’s expiration date. The calculation of the variable consideration is based on gross sales to the distributor, or estimated utilizing best available information from the distributor, maximum known exposures and other available information including estimated channel inventory levels and estimated sales made by the distributor to hospitals, which involve a significant judgment. The rebates and discounts all together are eligible to be applied against the distributor’s future sales order, limited to certain maximums until such rebates and discounts are exhausted. These rebates and discounts are recorded as contract liabilities at the time they become eligible and in the same period that the related revenue is recorded. Due to the Company’s legal right to offset, at each balance sheet date, the rebates and discounts are presented as reductions to gross accounts receivable from the distributor, or as a current liability to the distributor to the extent that the total amount exceeds the gross accounts receivable or when the Company expects to settle the discount in cash. The Company’s legal right to offset is determined at the individual distributor level. The contract liabilities were included in accrued and other current liabilities in the consolidated balance sheet. The rebates and discounts reflected as reductions to gross accounts receivable for direct sales. Drug product revenue Drug product revenue includes commercial-grade API or bulk drug product sales to AstraZeneca and Astellas Pharma Inc. (“Astellas”) in support of pre-commercial preparation prior to the New Drug Application (“NDA”) or Marketing Authorization Application approval, and to Astellas for ongoing commercial activities in Japan and Europe. Drug product revenue is recognized when the Company fulfills the inventory transfer obligations. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the drug product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period when the uncertainty associated with the variable consideration is subsequently resolved. Estimating variable consideration and the related constraint requires the use of significant management judgment. The Company reviews new information that may affect its variable consideration estimate at every reporting period and records revenue adjustment, if certain and material. Actual amounts of consideration ultimately received in the future may differ from the Company’s estimates, for which the Company will adjust these estimates and affect the drug product revenue in the period such variances become known. As each of the Company’s collaboration agreements provide for annual true up to the considerations paid for its commercial supplies, the Company will re-evaluate the transaction price in each reporting period and record adjustment to revenue as uncertain events are resolved or other changes in circumstances occur. |
License Acquisition Agreement | License Acquisition Agreement In June 2021, the Company entered into an exclusive license and option agreement (the “HiFiBiO Agreement”) with HiFiBiO Therapeutics (“HiFiBiO”), pursuant to which the Company exclusively licensed all product candidates in HiFiBiO’s Galectin-9 program and subsequently exclusively licensed all product candidates in HiFiBiO’s CCR8 program in December 2021. Under the terms of the HiFiBiO Agreement, the Company has paid a $ 25.0 million upfront payment to HiFiBiO during the year ended December 31, 2021, and recorded a $ 35.0 million upfront payment for the CCR8 option exercise in accrued liabilities as of December 31, 2021, which was paid during the first quarter of 2022. HiFiBiO may receive R&D and regulatory milestone payments of up to $ 175 million, as well as sales milestones of up to $ 170 million. HiFiBiO will also be eligible to receive tiered royalties based upon worldwide net sales capped at 10 %, subject to certain reductions. We expect to file INDs on product candidates for both the CCR8 and Galectin-9 programs in the first half of 2024. The acquisition of these licenses was accounted for as an asset acquisition. The above-mentioned upfront payments of $ 60.0 million related to the license and options acquisition meets the definition of an in-process research and development asset (“IPR&D asset”) under the ASC 730, Research and Development . They relate to particular research and development projects and are determined to have no alternative future uses and thus have no separate economic value. Therefore, these upfront payments were recorded as research and development expenses during the year ended December 31, 2021, and the cash payments were reflected as investing activities in the consolidated statement of cash flows during the years ended December 31, 2022 and 2021, respectively. Contingent consideration payments will be evaluated and recognized when they become probable and reasonably estimable. The related IPR&D asset will only be capitalized if it has an alternative future use other than in a particular research and development project. Otherwise, amounts allocated to IPR&D asset that have no alternative use will be expensed. As of December 31, 2023 , the contingencies related to the milestone payments had not been resolved, therefore no contingent consideration was recognized. The Company will reassess the probability of future option payments and contingent payments on a quarterly basis. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of above-mentioned expense for acquired IPR&D asset, independent research and development costs and the gross amount of costs associated with work performed under collaboration agreements. Research and development costs include employee-related expenses, expenses incurred under agreements with clinical research organizations, other clinical and preclinical costs and allocated direct and indirect overhead costs, such as facilities costs, information technology costs and other overhead. All research and development costs are expensed as incurred. |
Clinical Trial Accruals | Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. The Company determines the costs to be recorded based upon validation with the external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses consist primarily of employee-related expenses for executive, operational, finance, legal, compliance and human resource functions. SG&A expenses also include facility-related costs, professional fees, accounting and legal services, other outside services including co-promotional expenses associated with our commercialization efforts in China, recruiting fees and expenses associated with obtaining and maintaining patents. |
Restructuring Charge | Restructuring Charge A restructuring charge is recognized when the liability is incurred and accrued in the period in which it is probable that the employees are entitled to the restructuring benefits and the amounts can be reasonably estimated. The restructuring liability accrued but not paid at the end of the reporting period is included in accrued and other current liabilities in the consolidated balance sheets. |
Income Taxes | Income Taxes The Company utilizes the asset and liability method of accounting for income taxes, which requires the recognition of deferred tax assets and liabilities for expected future consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities using enacted tax rates. Management makes estimates, assumptions and judgments to determine the Company’s provision for income taxes and for deferred tax assets and liabilities, and any valuation allowances recorded against the Company’s deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. The calculation of the Company’s current provision for income taxes involves the use of estimates, assumptions and judgments while taking into account current tax laws, interpretation of current tax laws and possible outcomes of future tax audits. The Company has established reserves to address potential exposures related to tax positions that could be challenged by tax authorities. Although the Company believes its estimates, assumptions and judgments to be reasonable, any changes in tax law or its interpretation of tax laws and the resolutions of potential tax audits could significantly impact the amounts provided for income taxes in the Company’s consolidated financial statements. The calculation of the Company’s deferred tax asset balance involves the use of estimates, assumptions and judgments while taking into account estimates of the amounts and type of future taxable income. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting the Company’s financial position and results of operations. The Company has adopted ASC 740-10, Accounting for Uncertainty in Income Taxes , that prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company includes interest and penalties related to unrecognized tax benefits within income tax expense in the Consolidated Statements of Operations. |
Stock-Based Compensation | Stock-Based Compensation The Company maintains equity incentive plans under which equity awards are granted to employees, which are comprised of stock options, service-based restricted stock units (“RSUs”), performance-based RSUs (“PRSUs”), and total shareholder return (“TSR”) awards. The Company measures and recognizes compensation expense for all stock options, RSUs and PRSUs granted to its employees and directors based on the estimated fair value of the award on the grant date. The Company uses the Black-Scholes valuation model to estimate the fair value of stock option awards. The determination of the grant date fair value of options using the Black-Scholes valuation model is affected by the Company’s estimated common stock fair value and requires management to make a number of assumptions including the expected life of the option, the volatility of the underlying stock, the risk-free interest rate and expected dividends. The Company determines the fair value of RSUs and PRSUs using the fair value of our common stock on the date of grant. To estimate the fair value of the TSR awards, the Company uses the Monte Carlo valuation model to simulate the probabilities of achievement, which requires management to make a number of assumptions including 30-day average price, volatility of the underlying stock and the Company’s peers, and the risk-free interest rate. The compensation cost of service-based stock options and restricted stock units is recognized net of any estimated forfeitures on a straight-line basis over the employee requisite service period. Compensation cost for PRSUs is expensed over the respective vesting periods when the achievement of performance criteria is probable. Compensation cost for the TSR awards is recognized over the requisite service period, regardless of when, if ever, the market condition is satisfied. The Company believes that the fair value of stock options granted to non-employees is more reliably measured than the fair value of the services received. The Company estimates the fair value of stock options using the Black-Scholes option valuation model. The fair value of employee stock options and RSUs is being amortized on a straight-line basis over the requisite service period of the awards. Compensation cost for PRSUs is expensed over the respective vesting periods when the achievement of performance criteria is probable. The Company estimates the fair value of the TSR awards using the Monte Carlo valuation model to simulate the probabilities of achievement. Compensation cost for the TSR awards is recognized over the requisite service period, regardless of when, if ever, the market condition is satisfied. The fair market value of common stock is based on the closing price of the Company’s common stock as reported on the Nasdaq Global Select Market on the date of the grant. The fair value of employee stock-based compensation is estimated using the following assumptions: • Expected Term. Expressed as a weighted-average, the expected life of the options is based on the average period the stock options are expected to be outstanding and was based on the Company’s historical information of the option exercise patterns and post-vesting termination behavior as well as contractual terms of the instruments. The expected term of 2014 ESPP shares is the average of the remaining purchase periods under each offering period. The expected term of TSR awards is determined based on the grant date to the end of the performance period. • Expected Volatility. The Company considers its historical volatility data for volatility considerations for all of its stock-based compensation types except for its TSR awards, which is based on a blend of the Company’s and comparable public entities’ historical volatility. • Risk-Free Interest Rate. Expressed as a weighted-average, the risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s respective stock-based compensation types. • Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company is required to report all components of comprehensive income (loss), including net loss, in the consolidated financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation adjustments. Comprehensive gains (losses) have been reflected in the consolidated statements of comprehensive income (loss) for all periods presented. |
Recently Issued Accounting Guidance Not Yet Adopted | Recently Issued Accounting Guidance Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. In addition, this guidance requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024, with retrospective application required, and early adoption permitted. The Company is currently in the process of evaluating the effects of this guidance on its related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures. |
Collaboration Arrangements and Revenues | Astellas Agreements Astellas Japan Agreement In June 2005, the Company entered into a collaboration agreement with Astellas for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in Japan (“Astellas Japan Agreement”). Under this agreement, Astellas paid license fees and other consideration totaling $ 40.1 million (such amounts were fully received as of February 2009). Under the Astellas Japan Agreement, the Company is also eligible to receive from Astellas an aggregate of approximately $ 132.5 million in potential milestone payments, comprised of (i) up to $ 22.5 million in milestone payments upon achievement of specified clinical and development milestone events (such amounts were fully received as of July 2016), (ii) up to $ 95.0 million in milestone payments upon achievement of specified regulatory milestone events, and (iii) up to approximately $ 15.0 million in milestone payments upon the achievement of specified commercial sales milestone. The Astellas Japan Agreement also provides for tiered payments based on net sales of product (as defined) in the low 20% range of the list price published by the Japanese Ministry of Health, Labour and Welfare, adjusted for certain elements, after commercial launch. The aggregate amount of the considerations received under the Astellas Japan Agreement, through December 31, 2023 totals $ 105.1 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. Based on its current development plans for roxadustat in Japan, the Company does not expect to receive most or all of the additional potential milestones under the Astellas Japan Agreement. In 2018, FibroGen and Astellas entered into an amendment to the Astellas Japan Agreement that allows Astellas to manufacture roxadustat drug product for commercialization in Japan (the “Astellas Japan Amendment”). Under this amendment, FibroGen would continue to manufacture and supply roxadustat API to Astellas for the roxadustat commercial activities in Japan. The commercial terms of the Astellas Japan Agreement relating to the transfer price for roxadustat for commercial use remain substantially the same, reflecting an adjustment for the manufacture of drug product by Astellas rather than FibroGen. The related drug product revenue is described under the Drug Product Revenue, Net section below. Astellas Europe Agreement In April 2006, the Company entered into a separate collaboration agreement with Astellas for the development and commercialization of roxadustat for the treatment of anemia in Europe, the Middle East, the Commonwealth of Independent States and South Africa (“Astellas Europe Agreement”). Under the terms of the Astellas Europe Agreement, Astellas paid license fees and other upfront consideration totaling $ 320.0 million (such amounts were fully received as of February 2009). The Astellas Europe Agreement also provides for additional development and regulatory approval milestone payments up to $ 425.0 million, comprised of (i) up to $ 90.0 million in milestone payments upon achievement of specified clinical and development milestone events (such amounts were fully received as of 2012), and (ii) up to $ 335.0 million in milestone payments upon achievement of specified regulatory milestone events. Under the Astellas Europe Agreement, Astellas committed to fund 50 % of joint development costs for Europe and North America, and all territory-specific costs. The Astellas Europe Agreement also provides for tiered payments based on net sales of product (as defined) in the low 20% range . On March 21, 2022, EVRENZO ® (roxadustat) was registered with the Russian Ministry of Health. The Company evaluated the regulatory milestone payment associated with the approval in Russia under the Astellas Europe Agreement and concluded that this milestone was achieved in the first quarter of 2022. Accordingly, the consideration of $ 25.0 million associated with this milestone was included in the transaction price and allocated to performance obligations under the Astellas Europe Agreement, all of which was recognized as revenue during the year ended December 31, 2022 from performance obligations satisfied. During the third quarter of 2021, the European Commission approved EVRENZO ® (roxadustat) for the treatment of adult patients with symptomatic anemia associated with CKD. Astellas has launched EVRENZO in Germany, the United Kingdom, the Netherlands, and Austria. This approval triggered a total of $ 120.0 million milestone payable to the Company by Astellas under the Astellas Europe Agreement. Accordingly, the consideration of $ 120.0 million associated with these milestones was included in the transaction price and allocated to performance obligations under the Astellas Europe Agreement, all of which was recognized as revenue during the year ended December 31, 2021 from performance obligations satisfied. The aggregate amount of the considerations received under the Astellas Europe Agreement through December 31, 2023 totals $ 685.0 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. Based on its current development plans for roxadustat in Europe, the Company does not expect to receive most or all of the additional potential milestones under the Astellas Europe Agreement. Under the Astellas Europe Agreement, Astellas has an option to purchase roxadustat bulk drug product in support of commercial supplies. During the first quarter of 2021, the Company entered into an EU Supply Agreement with Astellas (“Astellas EU Supply Agreement”) to define general forecast, order, supply and payment terms for Astellas to purchase roxadustat bulk drug product from FibroGen in support of commercial supplies. The related drug product revenue is described under the Drug Product Revenue, Net section below. Accounting for the Astellas Agreements For each of the Astellas agreements, the Company has evaluated the promised services within the respective arrangements and has identified performance obligations representing those services and bundles of services that are distinct. Promised services that were not distinct have been combined with other promised services to form a distinct bundle of promised services, with revenue being recognized on the bundle of services rather than the individual services. There are no right-of-return provisions for the delivered items in the Astellas agreements. As of December 31, 2023 , the transaction price for the Astellas Japan Agreement, excluding manufacturing services that is discussed separately below, included $ 40.1 million of non-contingent upfront payments, $ 65.0 million of variable consideration related to payments for milestones achieved, and $ 12.3 million of variable consideration related to co-development billings. The transaction price for the Astellas Europe Agreement, excluding manufacturing services that is discussed separately below, included $ 320.0 million of non-contingent upfront payments, $ 365.0 million of variable consideration related to payments for milestones achieved, and $ 220.7 million of variable consideration related to co-development billings. For the technology license under the Astellas Japan Agreement and the Astellas Europe Agreement, SSP was determined primarily by using the discounted cash flow (“DCF”) method, which aggregates the present value of future cash flows to determine the valuation as of the effective date of each of the agreements. The DCF method involves the following key steps: 1) the determination of cash flow forecasts and 2) the selection of a range of comparative risk-adjusted discount rates to apply against the cash flow forecasts. The discount rates selected were based on expectations of the total rate of return, the rate at which capital would be attracted to the Company and the level of risk inherent within the Company. The discounts applied in the DCF analysis ranged from 17.5 % to 20.0 %. The Company’s cash flow forecasts were derived from probability-adjusted revenue and expense projections by territory. Such projections included consideration of taxes and cash flow adjustments. The probability adjustments were made after considering the likelihood of technical success at various stages of clinical trials and regulatory approval phases. SSP also considered certain future royalty payments associated with commercial performance of the Company’s compounds, transfer prices and expected gross margins. The promised services that were analyzed, along with their general timing of satisfaction and recognition as revenue, are as follows: (1) License to the Company’s technology existing at the effective date of the agreements. For both of the Astellas agreements, the license was delivered at the beginning of the agreement term. In both cases, the Company concluded at the time of the agreement that its collaboration partner, Astellas, would have the knowledge and capabilities to fully exploit the licenses without the Company’s further involvement. However, the Astellas Japan Agreement has contractual limitations that might affect Astellas’ ability to fully exploit the license and therefore, potentially, the conclusion as to whether the license is capable of being distinct. The Company considered the fact that at the time of delivery of the license, the development services were beyond the preclinical development phase and any remaining development work in either agreement would not be expected to result in any significant modification or customization to the licensed technology. As such, the development services are separately identifiable from the licensed technology, indicating that the license is a distinct performance obligation. The portion of the transaction price allocated to this performance obligation based on a relative SSP basis was recognized as revenue in its entirety at the point in time the license transfers to Astellas. (2) Co-development services (Astellas Europe Agreement). This promise relates to co-development services that were reasonably expected to be performed by the Company at the time the collaboration agreement was signed and is considered distinct. Co-development billings are allocated entirely to the co-development services performance obligation as amounts are related specifically to research and development efforts necessary to satisfy the performance obligation related to CKD approval, and such an allocation is consistent with the allocation objective. Through the third quarter of 2021 upon the approval of CKD, revenue was recognized over time based on progress toward complete satisfaction of the performance obligation. The Company used an input method to measure progress toward the satisfaction of the performance obligation, which was based on costs of labor hours and out-of-pocket expenses incurred relative to total expected costs to be incurred. Subsequently, the Company accounts for the development services for the indications related to chemotherapy-induced anemia and myelodysplastic syndromes separately as services are provided. There w as no provision for co-development services in the Astellas Japan Agreement. (3) License to the Company’s technology developed during the term of the agreement and development (referred to as “when and if available”) and information sharing services. These promises are generally satisfied throughout the term of the agreements. (4) Manufacturing of clinical supplies of products. This promise is satisfied as supplies for clinical product are delivered for use in the Company’s clinical trial programs during the development period, or pre-commercialization period. (5) Committee service . This promise is satisfied throughout the course of the agreements as meetings are attended. Items (2)-(5) are bundled into a single performance obligation that is distinct given the fact that all are highly interrelated during the development period (pre-commercial phase of development) such that satisfying them independently is not practicable. For the revenue recognized over time based on progress toward complete satisfaction of the performance obligation, the Company uses an input method to measure progress toward the satisfaction of the performance obligation, which is based on costs of labor hours or full time equivalents and out-of-pocket expenses incurred relative to total expected costs to be incurred, and updates the measure of progress in each reporting period. (6) Manufacturing commercial supplies of products. This promised service is distinct as services are not interrelated with any of the other performance obligations. Payments received for commercial supplies of products represent sales-based payments related predominately to the license of intellectual property under both Astellas agreements. Revenue is recognized as supplies are shipped for commercial use during the commercialization period. See the Drug Product Revenue, Net section below. Under the Astellas Japan Amendment, the drug product revenue represents variable consideration and is estimated based on the quantity of product shipped, actual listed price for roxadustat issued by the Japanese Ministry of Health, Labour and Welfare and possible future changes to the listed price, adjusted for the timing of and estimated bulk product strength mix intended to be manufactured by Astellas, estimated cost to convert the API to bulk drug product tablets, and estimated yield from the manufacture of bulk product tablets, among others. Under the Astellas Europe Agreement, the drug product revenue amount represents variable consideration and is estimated based on the quantity of product transferred and an estimated price. The estimated price is based on the contractual transfer price percentage applied on the estimated weighted average net sales price per strength, which is estimated to be realized by Astellas from the end sale of roxadustat in its approved territories. License Revenue and Development Revenue Recognized Under the Astellas Agreements License amounts identified below are included in the “License revenue” line item in the consolidated statements of operations. All other elements identified below are included in the “Development and other revenue” line item in the consolidated statements of operations. Amounts recognized as license revenue and development revenue under the Astellas Japan Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Japan Agreement Development revenue $ 210 $ 284 $ 248 The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Japan Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Japan Agreement Total Consideration License $ 100,347 Development revenue 17,092 Total license and development revenue $ 117,439 There was no license rev enue or development revenue resulting from changes to estimated variable consideration in the current period relating to performance obligations satisfied or partially satisfied in previous periods for the year ended December 31, 2023 under the Astellas Japan Agreement. The Company does no t expect material variable consideration from estimated future co-development billing beyond the development period in the transaction price related to the Astellas Japan Agreement. Amounts recognized as license revenue and development revenue under the Astellas Europe Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Europe Agreement License revenue $ — $ 22,590 $ 108,434 Development revenue $ 6,452 $ 9,624 $ 21,679 The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Europe Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Europe Agreement Total Consideration License $ 618,975 Development revenue 286,717 Total license and development revenue $ 905,692 There was no license revenue or development revenue resulting from changes to estimated variable consideration in the current period relating to performance obligations satisfied or partially satisfied in previous periods for the year ended December 31, 2023 under the Astellas Europe Agreement. The Company does no t expect material variable consideration from estimated future co-development billing beyond the development period in the transaction price related to the Astellas Europe Agreement. AstraZeneca Agreements AstraZeneca U.S./Rest of World (“RoW”) Agreement Effective July 30, 2013, the Company entered into a collaboration agreement with AstraZeneca for the development and commercialization of roxadustat for the treatment of anemia in the U.S. and all other countries in the world, other than China, not previously licensed under the Astellas Europe and Astellas Japan Agreements (“AstraZeneca U.S./RoW Agreement”). The AstraZeneca U.S./RoW Agreement was terminated on February 23, 2024 (except South Korea). China is covered by a separate agreement with AstraZeneca described below. Under the terms of the AstraZeneca U.S./RoW Agreement, AstraZeneca paid upfront, non-contingent, non-refundable and time-based payments totaling $ 374.0 million (such amounts were fully received as of June 2016). Under the AstraZeneca U.S./RoW Agreement, AstraZeneca also agreed to pay an aggregate of approximately $ 875.0 million in potential milestone payments, comprised of (i) up to $ 65.0 million in milestone payments upon achievement of specified clinical and development milestone events, (ii) up to $ 325.0 million in milestone payments upon achievement of specified regulatory milestone events, (iii) up to $ 160.0 million in milestone payments related to activity by potential competitors and (iv) up to approximately $ 325.0 million in milestone payments upon the achievement of specified commercial sales events. Under the AstraZeneca U.S./RoW Agreement, the Company and AstraZeneca equally share in the development costs of roxadustat not already paid for by Astellas, up to a total of $ 233.0 million (i.e. the Company’s share of development costs is $ 116.5 million, which was reached in 2015). Development costs incurred by FibroGen during the development period in excess of the $ 233.0 million (aggregated spend) are fully reimbursed by AstraZeneca. The aggregate amount of the considerations received under the AstraZeneca U.S./RoW Agreement through December 31, 2023 totals $ 439.0 million , excluding drug product revenue that is discussed under the Drug Product Revenue, Net section below. In 2020, the Company entered into a Master Supply Agreement with AstraZeneca under the AstraZeneca U.S./RoW Agreement (“AstraZeneca Master Supply Agreement”) to define general forecast, order, supply and payment terms for AstraZeneca to purchase roxadustat bulk drug product from FibroGen in support of commercial supplies. The related drug product revenue is described under the Drug Product Revenue, Net section below. AstraZeneca China Agreement Effective July 30, 2013, the Company (through its subsidiaries affiliated with China) entered into a collaboration agreement with AstraZeneca for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in China (“AstraZeneca China Agreement”). Under the terms of the AstraZeneca China Agreement, AstraZeneca agreed to pay upfront consideration totaling $ 28.2 million (such amounts were fully received in 2014). Under the AstraZeneca China Agreement, the Company is also eligible to receive from AstraZeneca an aggregate of approximately $ 348.5 million in potential milestone payments, comprised of (i) up to $ 15.0 million in milestone payments upon achievement of specified clinical and development milestone events, (ii) up to $ 146.0 million in milestone payments upon achievement of specified regulatory milestone events, and (iii) up to approximately $ 187.5 million in milestone payments upon the achievement of specified commercial sales and other events. The AstraZeneca China Agreement is structured as a 50/50 profit or loss share (as defined), which was amended under the AstraZeneca China Amendment in 2020 as discussed below, and provides for joint development costs (including capital and equipment costs for construction of the manufacturing plant in China), to be shared equally during the development period. The aggregate amount of the considerations received for milestone and upfront payments under the AstraZeneca China Agreement through December 31, 2023 totals $ 77.2 million . On September 18, 2023, the Company received the formal notice, from Beijing Medical Products Administration, of renewal of its right to continue to market roxadustat in China through 2028. The Company evaluated the regulatory milestone payment associated with this renewal under the AstraZeneca China Agreement and concluded that this milestone was achieved in the third quarter of 2023. Accordingly, the consideration of $ 4.0 million associated with this milestone was included in the transaction price and allocated to performance obligations under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, $ 3.5 million of which was recognized as revenue during the year ended December 31, 2023 from performance obligations satisfied or partially satisfied. A s of December 31, 2023, t he $ 4.0 million milestone was recorded as a contract asset and was fully netted against the contract liabilities (deferred revenue) related to the AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement. AstraZeneca China Amendment In July 2020, FibroGen China Anemia Holdings, Ltd., FibroGen Beijing, and FibroGen International (Hong Kong) Limited and AstraZeneca entered into an amendment, relating to the development and commercialization of roxadustat in China (the “AstraZeneca China Amendment”). Under the AstraZeneca China Amendment, in 2020, FibroGen Beijing and AstraZeneca completed the establishment of a jointly owned entity, Falikang, which performs roxadustat distribution, as well as conducts sales and marketing through AstraZeneca. Under the AstraZeneca China Amendment, with effect from April 1, 2020, AstraZeneca’s co-promotion expenses for their sales and marketing efforts are subject to a cap of a percentage of net sales. In addition, the AstraZeneca China Amendment has allowed for a higher cost of manufacturing incurred by FibroGen Beijing to be included in the profit or loss share calculation, subject to an annual cap, among other changes. The co-promotion expenses for the years ended December 31, 2023, 2022 and 2021 , capped at a percentage of net roxadustat sales in China, were $ 4.6 million, $ 4.4 million and $ 4.7 million, respectively, included in the selling, general and administrative expenses. Under the AstraZeneca China Amendment, profit/loss share between FibroGen Beijing and AstraZeneca is based on a calculation of the current period net roxadustat sales in China and deductible expenses pursuant to the AstraZeneca China Agreement. Based on the calculation revised under the AstraZeneca China Amendment, profit was achieved during 2020. As a result, the Company recorded a corresponding one-time profit share liability to AstraZeneca, the balance of which was $ 7.1 million and $ 7.3 million as of December 31, 2023 and 2022, respectively, in accrued and other current liabilities in the consolidated balance sheet. Substantially all direct roxadustat product sales to distributors in China are made by Falikang, while FibroGen Beijing continues to sell roxadustat product directly in one province in China. FibroGen Beijing manufactures and supplies commercial product to Falikang based on a gross transaction price, adjusted for the estimated profit share. In addition, AstraZeneca bills the co-promotion expenses to Falikang and to FibroGen Beijing, respectively, for its services provided to the respective entity. AstraZeneca is entitled to reimbursement of its sales and marketing expenses up to a cumulative capped amount of a percentage of net sales. Once such amount is reached, AstraZeneca will bill the co-promotion expenses based on actual costs as incurred plus a markup on a prospective basis, which is currently expected to continue through 2033. Development costs continue to be shared 50/50 between the Parties. The related net product revenue recognized from the sales to Falikang and the sales directly to distributors are discussed under the Product Revenue, Net section below. Accounting for the AstraZeneca Agreements The Company evaluated whether the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement should be accounted for as a single or separate arrangements and concluded that the agreements should be accounted for as a single arrangement with the presumption that two or more agreements executed with a single customer at or around the same time should be presumed to be a single arrangement. The key points the Company considered in reaching this conclusion are as follows: 1. While the two agreements were largely negotiated separately, those negotiations proceeded concurrently, and were intended to be completed contemporaneously, presuming AstraZeneca decided to proceed with licenses in all regions available. 2. Throughout negotiations for both agreements, the Company and the counterparties understood and considered the possibility that one arrangement may be executed without the execution of the other arrangement. However, the preference for the Company and the counterparties during the negotiations was to execute both arrangements concurrently. 3. The two agreements were executed as separate agreements because different development, regulatory and commercial approaches required certain terms of the agreements to be structured differently, rather than because the Company or the counterparties considered the agreements to be fundamentally separate negotiations. Accordingly, as the agreements are being accounted for as a single arrangement, upfront and other non-contingent consideration received and to be received has been and will be pooled together and allocated to each of the performance obligations in both the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement based on their relative SSPs. For each of the AstraZeneca agreements, the Company has evaluated the promised services within the respective arrangements and has identified performance obligations representing those services and bundled services that are distinct. Promised services that were not distinct have been combined with other promised services to form a distinct bundle of promised services, with revenue being recognized on the bundle of services rather than the individual promised services. There are no right-of-return provisions for the delivered items in the AstraZeneca agreements. As of December 31, 2023 , the transaction price for the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, excluding manufacturing services that is discussed separately below, included $ 402.2 million of non-contingent upfront payments, $ 118.0 million of variable consideration related to payments for milestones considered probable of being achieved, $ 614.6 million of variable consideration related to co-development billings, offset by $ 7.1 million of variable consideration related to the above-mentioned one-time profit share under the AstraZeneca China Amendment. For the AstraZeneca agreements, the Company allocated the transaction price to the various performance obligations based on the relative SSP of each performance obligation, with the exception of co-development billings and commercial sale of product. Co-development billings under the AstraZeneca U.S./RoW Agreement were allocated entirely to the U.S./RoW co-development services performance obligation, and co-development billings under the AstraZeneca China Agreement were allocated entirely to the combined performance obligation under the AstraZeneca China Agreement. Commercial sale of product under the AstraZeneca U.S./ROW Agreement is entirely allocated to the manufacturing commercial supply of products performance obligation, and commercial sale of product under the AstraZeneca China Agreement is allocated entirely to the combined China performance obligation. For revenue recognition purposes, the Company determined that the terms of its collaboration agreements with AstraZeneca begin on the effective date and end upon the completion of all performance obligations contained in the agreements. The contract term is defined as the period in which parties to the contract have present and enforceable rights and obligations. The Company believes that the requirement to continue funding development for a substantive period of time and the loss of product rights, along with non-refundable upfront payments already remitted by AstraZeneca, represent substantive termination penalties that create significant disincentive for AstraZeneca to exercise its right to terminate the agreement. For the technology license under the AstraZeneca U.S./RoW Agreement, SSP was determined based on a two-step process. The first step involved determining an implied royalty rate that would result in the net present value of future cash flows to equal to zero (i.e. where the implied royalty rate on the transaction would equal the target return for the investment). This results in an upper bound estimation of the magnitude of royalties that a hypothetical acquirer would reasonably pay for the forecasted cash flow stream. The Company’s cash flow forecasts were derived from probability-adjusted revenue and expense projections. Such projections included consideration of taxes and cash flow adjustments. The probability adjustments were made after considering the likelihood of technical success at various stages of clinical trials and regulatory approval phases. The second step involved applying the implied royalty rate, which was determined to be 40 %, against the probability-adjusted projected net revenues by territory and determining the value of the license as the net present value of future cash flows after adjusting for taxes. The discount rate utilized was 17.5 %. AstraZeneca U.S./RoW Agreement: The promised services that were analyzed, along with their general timing of satisfaction and recognition as revenue, are as follows: (1) License to the Company’s technology existing at the effective date of the agreements. For the AstraZeneca U.S./RoW Agreement, the license was delivered at the beginning of the agreement term. The Company concluded that AstraZeneca has the knowledge and capabilities to fully exploit the license under the AstraZeneca U.S./RoW Agreement without the Company’s further involvement. Finally, the Company considered the fact that at the time of delivery of the license, the development services were beyond the preclinical development phase and any remaining development work would not be expected to result in any significant modification or customization to the licensed technology. As such, the development services are separately identifiable from the licensed technology, indicating that the license is a distinct performance obligation. Therefore, the Company has concluded that the license is distinct and represents a performance obligation. The portion of the transaction price allocated to this performance obligation based on a relative SSP basis is recognized as revenue in its entirety at the point in time the license transfers to AstraZeneca. (2) Co-development services. This promise relates to co-development services that were reasonably expected to be performed by the Company at the time the collaboration agreement was signed and is distinct. Co-development billings are allocated entirely to the co-development services performance obligation as amounts are related specifically to research and development efforts necessary to satisfy the performance obligation, and such an allocation is consistent with the allocation objective. Through the end of 2021, revenue was recognized over time based on progress toward complete satisfaction of the performance obligation. The Company used an input method to measure progress toward the satisfaction of the performance obligation |
Product Revenue, Net | Product Revenue, Net Product revenue, net from the sales of roxadustat commercial product in China was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Direct Sales: Gross revenue $ 13,190 $ 12,366 13,727 Discounts and rebates ( 1,298 ) ( 665 ) ( 1,740 ) Sales returns 2 1 83 Direct sales revenue, net 11,894 11,702 12,070 Sales to Falikang: Gross transaction price 154,817 112,544 97,531 Profit share ( 66,254 ) ( 43,716 ) ( 34,759 ) Net transaction price 88,563 68,828 62,772 Decrease (increase) in deferred revenue 492 2,339 ( 27,204 ) Sales to Falikang revenue, net 89,055 71,167 35,568 Total product revenue, net $ 100,949 $ 82,869 $ 47,638 Direct Sales Product revenue from direct roxadustat product sales to distributors in China is recognized in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those products, net of sales rebates and discounts. The discounts and rebates consisted of the price adjustments recorded based on government-listed price guidance and estimated channel inventory levels, the contractual sales rebate calculated based on the stated percentage of gross sales by each distributor in the distribution agreement entered between FibroGen and each distributor, and other rebates and discounts, as well as sales return allowance. The total discounts and rebates were immaterial for the periods presented. Due to the Company’s legal right to offset, at each balance sheet date, the rebates and discounts are presented as reductions to gross accounts receivable from the distributor, or as a current liability to the distributor to the extent that the total amount exceeds the gross accounts receivable or when the Company expects to settle the discount in cash. The Company’s legal right to offset is determined at the individual distributor level. The contract liabilities were included in accrued and other current liabilities in the consolidated balance sheet and were immaterial as of December 31, 2023 and 2022. The rebates and discounts were reflected as reductions to gross accounts receivable for direct sales and were immaterial as of December 31, 2023 and 2022. Sales to Falikang – China Performance Obligation Substantially all direct roxadustat product sales to distributors in China are made by Falikang. FibroGen Beijing manufactures and supplies commercial product to Falikang. The net transaction price for FibroGen Beijing’s product sales to Falikang is based on a gross transaction price, adjusted for the estimated profit share. The roxadustat sales to Falikang marked the beginning of the Company’s China performance obligation under the Company’s agreements with AstraZeneca . Product revenue is based on the transaction price of the China performance obligation. Revenue is recognized when control of the product is transferred to Falikang, in an amount that reflects the allocation of the transaction price to the performance obligation satisfied during the reporting period. Any net transaction price in excess of the revenue recognized is added to the deferred balance to date, and will be recognized in future periods as the performance obligation is satisfied. Periodically, the Company updates its assumptions such as total sales quantity, performance period, gross transaction price, profit share and other inputs including foreign currency translation impact, among others. Following updates to its estimates, the Company recognized $ 0.5 million from the previously deferred revenue of the China performance obligation during the year ended December 31, 2023. The product revenue recognized for the year ended December 31, 2023 included a decrease in revenue of 2.9 million resulting from changes to estimated variable consideration in the current period relating to performance obligation satisfied in previous periods. Comparatively, following updates to its estimates, the Company recognized $ 2.3 million from the previously deferred revenue of the China performance obligation during the year ended December 31, 2022. The following table includes a roll-forward of the related deferred revenue that is considered as a contract liability (in thousands): Balance at Additions Recognized as Revenue Currency Balance at Product revenue - AstraZeneca China $ ( 175,646 ) $ ( 94,099 ) $ 89,055 $ 839 $ ( 179,851 ) Deferred revenue includes amounts allocated to the China performance obligation under the AstraZeneca arrangement as revenue recognition associated with this unit of accounting is tied to the commercial launch of the products within China and to when the control of the manufactured commercial products is transferred to AstraZeneca. As of December 31, 2023 , approximately $ 32.0 million of the above deferred revenue related to the China unit of accounting was included in short-term deferred revenue, which represents the amount of deferred revenue associated with the China unit of accounting that is expected to be recognized within the next 12 months, associated with the commercial sales in China. Due to the Company’s legal right to offset, at each balance sheet date, the rebates and discounts, mainly related to profit sharing, are presented as reductions to gross accounts receivable from Falikang, which was $ 3.0 million and $ 0.5 million as of December 31, 2023 and 2022 , respectively. |
Drug Product Revenue, Net | Drug Product Revenue, Net Drug product revenue from commercial-grade API or bulk drug product sales to Astellas and AstraZeneca was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Astellas Japan Agreement $ 15,656 $ 9,480 $ 2,056 Astellas Europe Agreement 3,097 1,606 1,130 AstraZeneca U.S./RoW Agreement — — ( 2,224 ) Drug product revenue, net $ 18,753 $ 11,086 $ 962 Astellas Japan Agreement During the year ended December 31, 2021, the Company updated its estimate of variable consideration related to the API shipments fulfilled under the terms of Astellas Japan Amendment, and accordingly recorded adjustments to the drug product revenue of $ 2.1 million. Specifically, the change in estimated variable consideration was based on the API held by Astellas at period end, adjusted to reflect the changes in the estimated bulk product strength mix intended to be manufactured by Astellas, estimated cost to convert the API to bulk product tablets, and estimated yield from the manufacture of bulk product tablets, among others. During the first quarter of 2022, the Company fulfilled a shipment obligation under the terms of Astellas Japan Amendment, and recognized related drug product revenue of $ 9.8 million in the same period. During the fourth quarter of 2022, the Company fulfilled a shipment obligation under the terms of Astellas Japan Amendment, and recognized related drug product revenue of $ 8.4 million in the same period. In addition, the Company updated its estimate of variable consideration related to the API shipments fulfilled under the terms of Japan Amendment with Astellas, and recorded a reduction to the drug product revenue of $ 8.7 million during the year ended December 31, 2022. Specifically, the change in estimated variable consideration was based on the API held by Astellas at period end, adjusted to reflect foreign currency translation impact, the changes in the estimated bulk product strength mix intended to be manufactured by Astellas, estimated cost to convert the API to bulk product tablets, and estimated yield from the manufacture of bulk product tablets, among others. During the second quarter of 2023, the Company fulfilled two shipment obligations under the terms of Astellas Japan Amendment, and recognized related drug product revenue of $ 14.4 million in the same period. In addition, the Company updated its estimate of variable consideration related to the API shipments fulfilled under the terms of Astellas Japan Amendment and accordingly recorded an adjustment to the drug product revenue of $ 1.3 million for the year ended December 31, 2023. Specifically, the change in estimated variable consideration was based on the API held by Astellas at period end, adjusted to reflect the changes in the estimated bulk product strength mix intended to be manufactured by Astellas, foreign exchange impacts and estimated yield from the manufacture of bulk product tablets, among others. As of December 31, 2023, the balances related to the API price true-up under the Astellas Japan Agreement were $ 1.2 million in accrued liabilities and $ 0.7 million in other long-term liabilities, representing the Company’s best estimate of the timing for these amounts to be paid. As of December 31, 2022, the related balance in accrued liabilities was $ 6.5 million . Astellas Europe Agreement During the first quarter of 2021, the Company transferred bulk drug product from process validation supplies for commercial purposes under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement. The Company recorded the consideration of $ 11.8 million from this inventory transfer as deferred revenue as of December 31, 2021, due to a high degree of uncertainty associated with the final consideration. During the fourth quarter of 2021, the Company transferred bulk drug product for commercial purposes under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and recognized the related fully-burdened manufacturing costs of $ 1.0 million as drug product revenue, and recorded $ 8.3 million as deferred revenue as of December 31, 2021, due to a high degree of uncertainty associated with the final consideration. In addition, during the fourth quarter of 2021, the Company updated its estimate of variable consideration related to the bulk drug product inventory transfers fulfilled under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and recorded an unbilled contract asset of $ 49.8 million, which was offset by related deferred revenue under the Astellas Europe Agreement and Astellas EU Supply Agreement. Specifically, the change in estimated variable consideration was based on the bulk drug product held by Astellas at the period end, adjusted to reflect the changes in the estimated transfer price, among others. During the second quarter of 2022, the Company transferred bulk drug product for commercial purposes under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and recognized the related fully-burdened manufacturing costs of $ 1.0 million as drug product revenue, and recorded $ 23.2 million as deferred revenue due to a high degree of uncertainty associated with the variable consideration for revenue recognition purposes. During the first quarter of 2022, the Company billed and received $ 49.2 million from Astellas related to the annual transfer price true up for bulk drug product transferred for commercial purposes. This amount was recorded in deferred revenue and netted against an unbilled contract asset as of December 31, 2021. In addition, the Company updated its estimate of variable consideration related to the bulk drug product transferred in prior years. Specifically, the change in estimated variable consideration was based on the bulk drug product held by Astellas at the period end, adjusted to reflect the changes in the estimated transfer price, forecast information, shelf-life estimates and other items. As a result, during the year ended December 31, 2022, the Company reclassified a total of $ 57.4 million from the related deferred revenue to accrued liabilities , which was paid to Astellas during 2023. During the fourth quarter of 2023, the Company transferred bulk drug product for commercial purposes under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and recognized the related fully-burdened manufacturing costs of $ 0.8 million as drug product revenue, and recorded $ 17.7 million as deferred revenue due to a high degree of uncertainty associated with the variable consideration for revenue recognition purposes. In addition, the Company updated its estimate of variable consideration related to the bulk drug product transferred in prior years. Specifically, the change in estimated variable consideration was based on the bulk drug product held by Astellas at the period end, adjusted to reflect the changes in the estimated transfer price, forecast information, shelf-life estimates and other items. As a result, for the year ended December 31, 2023, the Company reclassified $ 38.7 million from the related deferred revenue to accrued liabilities. As of December 31, 2023 , the related balance in accrued liabilities was $ 38.6 million, representing the Company’s best estimate that this amount will be paid within the next 12 months. In addition, the Company recognized royalty revenue of $ 2.3 million and $ 0.6 million as drug product revenue from the deferred revenue under the Astellas Europe Agreement during the years ended December 31, 2023 and 2022, respectively. The remainder of the deferred revenue will be recognized as and when uncertainty is resolved, based on the performance of roxadustat product sales in the Astellas territory. The following table includes a roll-forward of the above-mentioned deferred revenues that are considered as contract liabilities related to drug product (in thousands): Balance at Additions Recognized as Revenue Reclassified to Accrued Liability / Accounts Payable Balance at Drug product revenue - deferred revenue: Astellas Europe Agreement $ ( 40,303 ) $ ( 17,674 ) $ 2,306 $ 38,746 $ ( 16,925 ) AstraZeneca U.S./RoW Agreement During the years ended December 31, 2021 and 2020, the Company shipped bulk drug product to AstraZeneca as commercial supply under the terms of the Master Supply Agreement. Based on the complete response letter issued by the U.S. Food and Drug Administration in August 2021, the Company evaluated the impact of these developments in revising its estimates of variable consideration associated with drug product revenue. As a result, the Company updated the estimated transaction price for these shipments, and recorded $ 11.2 million as deferred revenue as of December 31, 2021. The related drug product revenue was $( 2.2 ) million for the year ended December 31, 2021. During the first quarter of 2022, the Company evaluated the current developments in the U.S. market, and updated its estimates of variable consideration associated with bulk drug product shipments to AstraZeneca in prior years as commercial supply. As a result, during the year ended December 31, 2022, the Company reclassified $ 11.2 million from the related deferred revenue to accrued liabilities, which remained unchanged as of December 31, 2023 , representing its best estimate that this amount will be paid within the next 12 months. |
Fair Value Measurements | Fair Value Measurements In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company presents all financial assets and liabilities and any other assets and liabilities that are recognized or disclosed at fair value on a nonrecurring basis. The guidance defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair-value measurements. The guidance also requires fair value measurements be classified and disclosed in one of the following three categories: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than quoted prices in active markets for identical assets or liabilities. Level 3 : Unobservable inputs. The Company values certain assets and liabilities, focusing on the inputs used to measure fair value, particularly in instances where the measurement uses significant unobservable (Level 3) inputs. The Company’s financial instruments are valued using quoted prices in active markets (Level 1) or based upon other observable inputs (Level 2). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. In addition, the categories presented do not suggest how prices may be affected by the size of the purchases or sales, particularly with the largest highly liquid financial issuers who are in markets continuously with non-equity instruments, or how any such financial assets may be impacted by other factors such as U.S. government guarantees. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The availability of observable data is monitored to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Significant Balance of Accounts Receivable | The Company has not experienced any loss on its deposits of cash and cash equivalents. Included in current assets are significant balances of accounts receivable as follows: December 31, 2023 2022 Falikang — Related party 42 % 65 % AstraZeneca 33 % 16 % |
Collaboration Agreements, Lic_2
Collaboration Agreements, License Agreement and Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net | Product revenue, net from the sales of roxadustat commercial product in China was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Direct Sales: Gross revenue $ 13,190 $ 12,366 13,727 Discounts and rebates ( 1,298 ) ( 665 ) ( 1,740 ) Sales returns 2 1 83 Direct sales revenue, net 11,894 11,702 12,070 Sales to Falikang: Gross transaction price 154,817 112,544 97,531 Profit share ( 66,254 ) ( 43,716 ) ( 34,759 ) Net transaction price 88,563 68,828 62,772 Decrease (increase) in deferred revenue 492 2,339 ( 27,204 ) Sales to Falikang revenue, net 89,055 71,167 35,568 Total product revenue, net $ 100,949 $ 82,869 $ 47,638 |
Schedule of Drug Product Revenue | Drug product revenue from commercial-grade API or bulk drug product sales to Astellas and AstraZeneca was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Astellas Japan Agreement $ 15,656 $ 9,480 $ 2,056 Astellas Europe Agreement 3,097 1,606 1,130 AstraZeneca U.S./RoW Agreement — — ( 2,224 ) Drug product revenue, net $ 18,753 $ 11,086 $ 962 |
Summary of Amounts Recognized as Revenue | Amounts recognized as revenue under the agreements with Eluminex were as follows for the years ended December 31, 2023 and 2022 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Eluminex License revenue $ 7,000 $ — $ 8,000 Other revenue - patent transfer 500 $ — $ — Other revenue - contract manufacturing $ 966 $ 1,761 $ — |
AstraZeneca Agreements [Member] | |
Roll-forward of Related Contract Liabilities | The following table includes a roll-forward of the related deferred revenue that is considered as a contract liability (in thousands): Balance at Additions Recognized as Revenue Currency Balance at Product revenue - AstraZeneca China $ ( 175,646 ) $ ( 94,099 ) $ 89,055 $ 839 $ ( 179,851 ) |
Drug Product Revenue, Net [Member] | |
Roll-forward of Related Contract Liabilities | The following table includes a roll-forward of the above-mentioned deferred revenues that are considered as contract liabilities related to drug product (in thousands): Balance at Additions Recognized as Revenue Reclassified to Accrued Liability / Accounts Payable Balance at Drug product revenue - deferred revenue: Astellas Europe Agreement $ ( 40,303 ) $ ( 17,674 ) $ 2,306 $ 38,746 $ ( 16,925 ) |
Japan [Member] | |
Summary of License Revenue and Development Revenue Recognized under Agreement | Amounts recognized as license revenue and development revenue under the Astellas Japan Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Japan Agreement Development revenue $ 210 $ 284 $ 248 |
Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net | The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Japan Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Japan Agreement Total Consideration License $ 100,347 Development revenue 17,092 Total license and development revenue $ 117,439 |
Europe [Member] | |
Summary of License Revenue and Development Revenue Recognized under Agreement | Amounts recognized as license revenue and development revenue under the Astellas Europe Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 Astellas Europe Agreement License revenue $ — $ 22,590 $ 108,434 Development revenue $ 6,452 $ 9,624 $ 21,679 |
Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net | The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Europe Agreement, along with any associated deferred revenue as follows (in thousands): Astellas Europe Agreement Total Consideration License $ 618,975 Development revenue 286,717 Total license and development revenue $ 905,692 |
U.S./RoW and China [Member] | |
Summary of License Revenue and Development Revenue Recognized under Agreement | Amounts recognized as license revenue and development revenue under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, Agreement Performance Obligation 2023 2022 2021 AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement License revenue $ 2,649 $ — $ — Development revenue $ 9,473 12,519 48,345 |
Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net | The transaction price related to consideration received through December 31, 2023 and accounts receivable has been allocated to each of the following performance obligations under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, along with any associated deferred revenue as follows (in thousands): AstraZeneca U.S./RoW Agreement and Cumulative Revenue Deferred Revenue at Total Consideration License $ 344,493 $ — $ 344,493 Co-development, information sharing & 625,111 — 625,111 China performance obligation * 195,789 179,851 375,640 Total license and development revenue $ 1,165,393 $ 179,851 ** $ 1,345,244 * China performance obligation revenue is recognized as product revenue, as described in details under Product Revenue, Net section below. ** Contract assets and liabilities related to rights and obligations in the same contract are recorded net on the consolidated balance sheets. As of December 31, 2023, deferred revenue included $ 153.4 million related to the AstraZeneca U.S./RoW and the AstraZeneca China Agreement, which represents the net of $ 179.9 million of deferred revenue presented above and a $ 26.5 million unbilled milestone and co-development revenue under the AstraZeneca China Amendment . |
Exclusive License and Option _2
Exclusive License and Option to Acquire Fortis Therapeutics (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Consideration Based on Estimated Fair Values of Acquired Assets | The following table represents the allocation of purchase consideration based on estimated fair values of the acquired assets (in thousands): Estimated Fair Value as of the Option Acquisition Date Purchase consideration $ — Assets Cash and cash equivalents 656 Prepaid expenses and other current assets 82 IPR&D assets 24,400 Total assets 25,138 Liabilities Accounts payable 2,671 Accrued and other current liabilities 703 Total liabilities 3,374 Redeemable non-controlling interests 21,480 Nonredeemable non-controlling interests 520 Net identifiable assets, liabilities and non-controlling interests $ ( 236 ) Loss on asset acquisition $ ( 236 ) |
Equity Method Investment - Va_2
Equity Method Investment - Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition And Variable Interest Entity [Abstract] | |
Summary of Equity Method Investment | The Company’s equity method investment in Falikang was as follows for the year ended December 31, 2023 (in thousands): Entity Ownership Percentage Balance at Share of Net Income Dividend Received Currency Balance at Falikang 51.1 % $ 5,061 $ 2,638 $ ( 2,255 ) $ ( 154 ) $ 5,290 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Assets Measured on Recurring Basis | The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 12,288 $ — $ — $ 12,288 Corporate bonds — 13,992 — 13,992 Commercial paper — 88,289 — 88,289 U.S. government bonds 42,797 4,994 — 47,791 Agency bonds — 9,830 — 9,830 Total $ 55,085 $ 117,105 $ — $ 172,190 December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 19,881 $ — $ — $ 19,881 Corporate bonds — 82,008 — 82,008 Commercial paper — 57,381 — 57,381 U.S. government bonds 98,972 12,373 — 111,345 Agency bonds — 11,468 — 11,468 Asset-backed securities — 2,474 — 2,474 Foreign government bonds — 4,980 — 4,980 Convertible promissory note — — 1,000 1,000 Total $ 118,853 $ 170,684 $ 1,000 $ 290,537 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Assets and Related Lease Liabilities | The Company’s lease assets and related lease liabilities were as follows (in thousands): December 31, Balance Sheet Line Item 2023 2022 Assets Finance: Right-of-use assets cost $ 2,478 $ 2,367 Accumulated amortization ( 2,325 ) ( 1,932 ) Finance lease right-of-use assets, net Other assets 153 435 Operating: Right-of-use assets cost 103,010 101,990 Accumulated amortization ( 34,917 ) ( 22,097 ) Operating lease right-of-use assets, net Operating lease right-of-use assets 68,093 79,893 Total lease assets $ 68,246 $ 80,328 Liabilities Current: Finance lease liabilities Accrued and other current liabilities $ 40 $ 36 Operating lease liabilities Operating lease liabilities, current 14,077 10,292 Non-current: Finance lease liabilities Other long-term liabilities 104 137 Operating lease liabilities Operating lease liabilities, non-current 66,537 79,593 Total lease liabilities $ 80,758 $ 90,058 |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Years Ended December 31, Statement of Operations Line Item 2023 2022 2021 Finance lease cost: Amortization of Cost of goods sold; $ 412 $ 587 $ 4,639 Interest on lease liabilities Interest expense 1 — 628 Operating lease cost Cost of goods sold; 17,006 17,125 10,722 Sublease income Selling, general and administrative expenses ( 3,024 ) ( 3,373 ) ( 1,271 ) Total lease cost $ 14,395 $ 14,339 $ 14,718 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14,463 $ 15,497 $ 10,022 Operating cash flows from finance leases 9 2 629 Financing cash flows from finance leases 148 135 5,489 Non-cash: Right-of-use assets obtained in exchange for new lease liabilities: Finance leases 131 261 450 Operating leases 1,278 1,704 3,585 Non-cash: Increase (decrease) resulting from lease modification: Finance lease right-of-use assets — — ( 24,654 ) Operating lease right-of-use assets — — 93,222 Finance lease liabilities, current — — ( 12,587 ) Operating lease liabilities, current — — 9,221 Finance lease liabilities, non-current — — ( 20,009 ) Operating lease liabilities, non-current $ — $ — $ 91,943 |
Schedule of Lease Term and Discount Rate | Lease term and discount rate were as follows: December 31, 2023 2022 Weighted-average remaining lease term (years): Finance leases 3.9 4.9 Operating leases 4.8 5.8 Weighted-average discount rate: Finance leases 6.17 % 6.20 % Operating leases 4.75 % 4.75 % |
Schedule of Maturities of Finance and Operating Leases Liabilities | Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands): Year Ending December 31, Finance Leases Operating Leases 2024 $ 47 $ 17,554 2025 39 18,836 2026 39 18,082 2027 37 18,476 2028 — 17,401 Total future lease payments 162 90,349 Less: Interest ( 18 ) ( 9,735 ) Present value of lease liabilities $ 144 $ 80,614 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands): December 31, 2023 2022 Cash $ 63,396 $ 135,819 Commercial paper 36,016 — Money market funds 12,288 19,881 U.S. government bonds 1,988 — Total cash and cash equivalents $ 113,688 $ 155,700 |
Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Investments | The Company’s investments consist primarily of available-for-sale debt investments. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the tables below (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gross Unrealized Estimated Corporate bonds $ 13,988 $ 9 $ ( 5 ) $ 13,992 Commercial paper 52,273 — — 52,273 U.S. government bonds 45,783 20 — 45,803 Agency bonds 9,830 1 ( 1 ) 9,830 Total investments $ 121,874 $ 30 $ ( 6 ) $ 121,898 December 31, 2022 Amortized Cost Gross Unrealized Gross Unrealized Estimated Corporate bonds $ 83,080 $ — $ ( 1,072 ) $ 82,008 Commercial paper 57,381 — — 57,381 U.S. government bonds 112,547 5 ( 1,207 ) 111,345 Agency bonds 11,690 — ( 222 ) 11,468 Asset-backed securities 2,484 — ( 10 ) 2,474 Foreign government bonds 5,007 — ( 27 ) 4,980 Convertible promissory note 1,000 — — 1,000 Total investments $ 273,189 $ 5 $ ( 2,538 ) $ 270,656 |
Summary of Available for Sale Securities in Unrealized Loss Position, Fair Value and Gross Unrealized Loss By Length of Time Security in Continual Unrealized Loss Position | The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position (in thousands): December 31, 2023 Less than 12 Months 12 Months or More Total Estimated Gross Unrealized Estimated Gross Unrealized Estimated Gross Unrealized Corporate bonds $ — $ — $ 3,495 $ ( 5 ) $ 3,495 $ ( 5 ) U.S. government bonds 4,984 — — — 4,984 — Agency bonds 4,987 ( 1 ) — — 4,987 ( 1 ) Total $ 9,971 $ ( 1 ) $ 3,495 $ ( 5 ) $ 13,466 $ ( 6 ) December 31, 2022 Less than 12 Months 12 Months or More Total Estimated Gross Unrealized Estimated Gross Unrealized Estimated Gross Unrealized Corporate bonds $ 6,738 $ ( 147 ) $ 75,270 $ ( 925 ) $ 82,008 $ ( 1,072 ) U.S. government bonds 22,326 ( 13 ) 67,909 ( 1,194 ) 90,235 ( 1,207 ) Agency bonds — — 11,468 ( 222 ) 11,468 ( 222 ) Asset-backed securities 2,474 ( 10 ) — — 2,474 ( 10 ) Foreign government bonds — — 4,980 ( 27 ) 4,980 ( 27 ) Total $ 31,538 $ ( 170 ) $ 159,627 $ ( 2,368 ) $ 191,165 $ ( 2,538 ) |
Schedule of Inventory | Inventories consisted of the following (in thousands): December 31, 2023 2022 Raw materials $ 1,376 $ 1,241 Work-in-progress 34,614 36,003 Finished goods 5,575 3,192 Total inventories $ 41,565 $ 40,436 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2023 2022 Contract assets $ 26,481 $ 17,488 Deferred revenues from associated contracts ( 26,481 ) ( 17,488 ) Net contract assets — — Insurance proceeds receivable for litigation settlement 28,500 Prepaid assets 6,644 9,730 Other current assets 6,711 4,353 Total prepaid expenses and other current assets $ 41,855 $ 14,083 |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2023 2022 Leasehold improvements $ 102,109 $ 102,580 Laboratory equipment 22,757 21,175 Machinery 9,454 9,642 Computer equipment 9,490 9,486 Furniture and fixtures 6,184 6,200 Construction in progress 62 204 Total property and equipment $ 150,056 $ 149,287 Less: accumulated depreciation ( 136,930 ) ( 128,682 ) Property and equipment, net $ 13,126 $ 20,605 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): December 31, 2023 2022 Preclinical and clinical trial accruals $ 27,663 $ 57,780 API and bulk drug product price true-up 50,978 75,055 Litigation settlement 28,500 — Payroll and related accruals 20,267 22,562 Accrued co-promotion expenses - current 10,309 36,677 Roxadustat profit share to AstraZeneca 7,084 7,280 Property taxes and other taxes 6,615 7,691 Professional services 7,103 5,480 Current portion of liability related to sale of future revenues 5,654 — Accrued restructuring charge 3,697 — Other 5,021 7,248 Total accrued and other current liabilities $ 172,891 $ 219,773 |
Senior Secured Term Loan Faci_2
Senior Secured Term Loan Facilities (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Senior Secured Term Loan Facilities | The Company’s senior secured term loan facilities as of December 31, 2023 were as follows (in thousands): December 31, 2023 Principal of senior secured term loan facilities $ 75,000 Less: Unamortized issuance costs and transaction costs ( 3,066 ) Senior secured term loan facilities, ending balance 71,934 Less: Current Portion classified to accrued and other current liabilities — Senior secured term loan facilities, non-current $ 71,934 |
Liability Related to Sale of _2
Liability Related to Sale of Future Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Liability Related to Sale of Future Royalties [Abstract] | |
Schedule of Activity of Liability Related to Sale of Future Revenues | The table below shows the activity of the liability related to sale of future revenues for the year ended December 31, 2023: Year Ended Liability related to sale of future revenues - beginning balance $ 49,333 Interest expense recognized 7,734 Liability related to sale of future revenues - ending balance 57,067 Less: Current portion classified to accrued and other current liabilities ( 5,654 ) Liability related to sale of future revenues, non-current $ 51,413 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Non-cancelable Purchase Obligations | As of December 31, 2023, the Company had the following outstanding non-cancelable purchase obligations (in thousands): Purchase Obligations 2024 2025 Total Manufacture and supply of pamrevlumab $ 17,995 $ 4,827 $ 22,822 Manufacture and supply of roxadustat 573 1,146 1,719 Other purchases and programs 11,750 — 11,750 Total $ 30,318 $ 5,973 $ 36,291 |
Equity and Stock-based Compen_2
Equity and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Common Stock Reserved for Future Issuance | Shares of Common Stock outstanding, shares of stock plans outstanding and shares reserved for future issuance related to stock options and RSU grants and the Company’s Employee Stock Purchase Plan (“ESPP”) purchases are as follows (in thousands): December 31, 2023 2022 Common stock outstanding 98,770 94,166 Stock options outstanding 11,104 9,088 RSUs outstanding 4,404 3,669 Shares reserved for future stock options and RSUs grant 10,769 11,524 Shares reserved for future ESPP offering 5,952 5,373 Total shares of common stock reserved 130,999 123,820 |
Summary of Stock Option Transactions | Stock option transactions, including forfeited options granted under the 2014 Plan as well as prior plans, are summarized below: Shares Weighted Weighted Aggregate Outstanding at December 31, 2022 9,088 $ 29.19 Granted 5,738 7.27 Exercised ( 122 ) 12.42 Forfeited ( 1,725 ) 22.49 Expired ( 1,875 ) 34.38 Outstanding at December 31, 2023 11,104 18.21 7.26 $ 83 Vested and expected to vest, December 31, 2023 10,224 19.21 7.11 68 Exercisable at December 31, 2023 4,688 $ 30.66 5.04 $ — |
Summary of RSU,PRSU and TSR Awards | The following table summarizes the activities of RSUs, PRSUs and TSR awards: Shares Weighted Average Fair Value at Grant Unvested at December 31, 2022 3,669 $ 18.80 Granted 4,612 11.61 Vested ( 2,002 ) 14.70 Forfeited ( 1,875 ) 20.58 Unvested at December 31, 2023 4,404 $ 12.37 |
Schedule of Recorded Stock-Based Compensation Expense | Stock-based compensation expense was recorded directly to research and development and selling, general and administrative expense for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Research and development $ 25,462 $ 34,861 $ 40,547 Selling, general and administrative 25,305 30,740 30,614 Total stock-based compensation expense $ 50,767 $ 65,601 $ 71,161 |
Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Employee Stock Purchase Plans | The assumptions used to estimate the fair value of stock options granted and ESPPs using the Black-Scholes option valuation model were as follows: Years Ended December 31, 2023 2022 2021 Stock Options Expected term (in years) 6.1 5.7 5.7 Expected volatility 92.8 % 66.8 % 61.9 % Risk-free interest rate 3.0 % 2.2 % 0.8 % Expected dividend yield — — — Weighted average estimated fair value $ 4.67 $ 7.88 $ 20.21 ESPPs Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Expected volatility 56.7 - 271.2 % 58.5 - 97.6 % 47.1 - 104.4 % Risk-free interest rate 0.2 - 5.2 % 0.1 - 4.5 % 0.0 - 2.2 % Expected dividend yield — — — Weighted average estimated fair value $ 5.64 $ 8.60 $ 12.40 |
Schedule of Assumptions used to Estimate Fair Value of TSR Awards | The assumptions used to estimate the fair value of the TSR awards using the Monte Carlo valuation model were as follows: Year Ended December 31, 2023 2022 TSR awards Expected term (in years) 3.9 3.9 Expected volatility 69.0 - 73.3 % 69.0 % Risk-free interest rate 1.8 - 4.2 % 1.8 % Expected dividend yield — — Weighted average estimated fair value $ 28.90 $ 24.01 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Impacts of Outstanding Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | Diluted weighted average shares excluded the following potential common shares related to stock options, RSUs, PRSUs, TSR awards and shares to be purchased under the 2014 Employee Stock Purchase Plan (“ESPP”) for the periods presented as they were anti-dilutive (in thousands): Years Ended December 31, 2023 2022 2021 Employee stock options 10,596 9,520 8,461 RSUs, PRSUs and TSR awards 3,793 2,137 1,538 ESPP 594 305 417 14,983 11,962 10,416 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | The components of loss before income taxes are as follows (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ ( 328,475 ) $ ( 307,056 ) $ ( 268,499 ) Foreign 41,608 12,187 ( 22,184 ) Loss before provision for income taxes $ ( 286,867 ) $ ( 294,869 ) $ ( 290,683 ) |
Schedule of Components of Provision For Income Taxes | The provision for income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State — — — Foreign 3 358 347 Total current 3 358 347 Deferred: Federal — — — State — — — Foreign — — — Total deferred — — — Total provision for income taxes $ 3 $ 358 $ 347 |
Schedule of Reconciliation Between Statutory Federal Income Tax Rate and Effective Tax Rate | The following is the reconciliation between the statutory federal income tax rate and the Company’s effective tax rate: Years Ended December 31, 2023 2022 2021 Tax at statutory federal rate 21.0 % 21.0 % 21.0 % State tax — % — % — % Stock-based compensation expense ( 1.1 )% ( 2.5 )% ( 1.8 )% Net operating losses not benefitted ( 17.9 )% ( 16.3 )% ( 16.8 )% Foreign net operating losses not benefitted 3.0 % 0.9 % ( 1.6 )% Deduction limitation on executive compensation ( 0.5 )% ( 0.2 )% ( 0.3 )% Global intangible low-taxed income ( 4.3 )% ( 2.8 )% ( 0.4 )% Other ( 0.2 )% ( 0.2 )% ( 0.2 )% Total — % ( 0.1 )% ( 0.1 )% |
Schedule of Significant Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets are as follows (in thousands): December 31, 2023 2022 Federal and state net operating loss carryforwards $ 175,257 $ 166,708 Tax credit carryforwards 123,156 106,131 Foreign net operating loss carryforwards 48,396 49,990 Capitalized research and development expenses 81,697 45,125 Stock-based compensation 9,155 8,616 Lease obligations 17,189 18,442 Reserves and accruals 5,475 4,929 Deferred revenue 24,792 21,624 Intangible assets 63,146 69,159 Other 698 1,277 Subtotal 548,961 492,001 Less: Valuation allowance ( 534,967 ) ( 477,969 ) Net deferred tax assets 13,994 14,032 Fixed assets ( 10,511 ) ( 13,101 ) Non-deductible accrued expenses ( 3,483 ) ( 931 ) Net deferred tax liabilities ( 13,994 ) ( 14,032 ) Total net deferred tax assets $ — $ — |
Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the three years ended December 31, 2023 is as follows (in thousands): Federal and State Balance as of December 31, 2020 $ 48,574 Decrease due to prior positions ( 245 ) Increase due to current year position 8,415 Foreign exchange rate differential 927 Balance as of December 31, 2021 57,671 Increase due to prior positions 6,954 Increase due to current year position 9,074 Foreign exchange rate differential ( 908 ) Balance as of December 31, 2022 72,791 Decrease due to prior positions ( 154 ) Increase due to current year position 8,805 Foreign exchange rate differential ( 477 ) Balance as of December 31, 2023 $ 80,965 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | Geographic revenues, which are based on the region that revenue is generated, are as follows (in thousands): Years Ended December 31, 2023 2022 2021 China $ 109,375 $ 84,631 $ 55,640 Europe 9,549 33,820 131,243 Japan 15,867 9,764 2,305 United States 12,961 12,519 46,121 Total revenue $ 147,752 $ 140,734 $ 235,309 |
Schedule of Long Lived Assets by Geographic Area | Property and equipment, net by geographic location are as follows (in thousands): December 31, 2023 2022 United States $ 4,785 $ 10,094 China 8,341 10,511 Total property and equipment $ 13,126 $ 20,605 |
Summary of Finance and Operating Lease Right of Use Assets by Geographical Location | Finance lease right-of-use assets and operating lease right-of-use assets, net by geographic location are as follows (in thousands): December 31, 2023 2022 United States $ 132 $ 424 China 21 11 Total finance lease right-of-use assets $ 153 $ 435 United States $ 64,939 $ 76,273 China 3,154 3,620 Total operating lease right-of-use assets $ 68,093 $ 79,893 |
Schedule of Customer Concentration by Collaboration Partners and Distribution Entity | The Company’s revenues to date have been generated from the following collaboration partners and distribution entity that individually accounted for 10% or more of the Company’s total revenue or accounts receivable: Percentage of Revenue Percentage of Accounts Receivable Years Ended December 31, December 31, 2023 2022 2021 2023 2022 Falikang — Related party 60 % 51 % 15 % 42 % 65 % Astellas — Related party 17 % 31 % 57 % 7 % 9 % AstraZeneca 8 % 9 % 20 % 33 % 16 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jun. 16, 2021 USD ($) | Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounting Policy [Line Items] | ||||
Number of operating segment | Segment | 1 | |||
Highly liquid investment maturity period | three months or less | |||
Restricted time deposits | $ 1,700,000 | $ 2,100,000 | ||
Cash and cash equivalents | $ 113,688,000 | 155,700,000 | ||
Short term investments maturity | 12 months | |||
Long term Investments Maturity | 12 months | |||
Impairment of long-lived assets | $ 0 | 0 | ||
Impairment of inatangible assets finite lived | $ 0 | 0 | $ 0 | |
Description of payment term | The period between the transfer of control of the promised goods and when the Company receives payment is based on 60-day payment terms. | |||
Description of sales return | distributors can request to return product to the Company only due to quality issues or for product purchased within one year prior to the product’s expiration date. | |||
Accumulated deficit | $ (1,841,920,000) | (1,557,688,000) | ||
Accumulated other comprehensive loss | $ (6,875,000) | (5,720,000) | ||
AstraZeneca Agreements [Member] | ||||
Accounting Policy [Line Items] | ||||
Profit share percent | 50% | |||
HiFiBiO Agreement [Member] | ||||
Accounting Policy [Line Items] | ||||
Initial upfront payment | $ 25,000,000 | |||
Maximum R&D and regulatory milestone payments receivable | $ 175,000,000 | |||
Maximum sales milestones receivable | $ 170,000,000 | |||
Percentage of tiered royalties receivable | 10% | |||
HiFiBiO Agreement [Member] | IPR&D Asset [Member] | ||||
Accounting Policy [Line Items] | ||||
Initial upfront payment | 60,000,000 | |||
HiFiBiO Agreement [Member] | Accrued Liabilities | ||||
Accounting Policy [Line Items] | ||||
Initial upfront payment | $ 35,000,000 | |||
Minimum [Member] | Computer Equipment [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 3 years | |||
Minimum [Member] | Laboratory Equipment [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 3 years | |||
Minimum [Member] | Machinery [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 3 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 3 years | |||
Maximum [Member] | Computer Equipment [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 5 years | |||
Maximum [Member] | Laboratory Equipment [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 5 years | |||
Maximum [Member] | Machinery [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 5 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Accounting Policy [Line Items] | ||||
Property and equipment estimated useful life | 5 years | |||
Foreign subsidiaries [Member] | ||||
Accounting Policy [Line Items] | ||||
Cash and cash equivalents | $ 32,200,000 | $ 92,500,000 | ||
Accounts Receivable from Distributors [Member] | Credit Concentration Risk [Member] | Roxadustat [Member] | ||||
Accounting Policy [Line Items] | ||||
Concentration risk, percentage | 17% | 10% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Significant Balance of Accounts Receivable (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Falikang - Related Party [Member] | ||
Accounting Policy [Line Items] | ||
Concentration risk, percentage | 42% | 65% |
AstraZeneca Agreements [Member] | ||
Accounting Policy [Line Items] | ||
Concentration risk, percentage | 33% | 16% |
Collaboration Agreements, Lic_3
Collaboration Agreements, License Agreement and Revenues - Astellas Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 35 Months Ended | 45 Months Ended | |||||||
Apr. 30, 2006 | Jun. 30, 2005 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2009 | Feb. 28, 2009 | Mar. 21, 2022 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Total revenue | $ 147,752,000 | $ 140,734,000 | $ 235,309,000 | |||||||||
Unbilled contract asset | $ 17,488,000 | 26,481,000 | 17,488,000 | |||||||||
Deferred Revenue | 12,739,000 | 12,740,000 | 12,739,000 | |||||||||
Drug Product Revenue, Net [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Total revenue | 18,753,000 | $ 11,086,000 | $ 962,000 | |||||||||
Japan [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price, variable consideration from estimated future co-development billing | 0 | |||||||||||
Japan [Member] | Drug Product Revenue, Net [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Total revenue | $ 14,400,000 | $ 8,400,000 | $ 9,800,000 | |||||||||
Europe [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price, variable consideration from estimated future co-development billing | $ 0 | |||||||||||
Astellas Agreement [Member] | Japan [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront, non-contingent and time-based payments received | $ 40,100,000 | |||||||||||
Potential milestone payments | $ 132,500,000 | |||||||||||
Commercial sales milestone | 15,000,000 | |||||||||||
Additional consideration based on net sales description | the low 20% range of the list price | |||||||||||
Aggregate considerations received excluding drug product revenue | $ 105,100,000 | |||||||||||
Changes in revenue from changes to estimated variable consideration | $ 0 | |||||||||||
Astellas Agreement [Member] | Japan [Member] | Clinical and Development Milestone [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Potential milestone payments | 22,500,000 | |||||||||||
Astellas Agreement [Member] | Japan [Member] | Regulatory Milestone [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Potential milestone payments | $ 95,000,000 | |||||||||||
Astellas Agreement [Member] | Europe [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront, non-contingent and time-based payments received | $ 320,000,000 | |||||||||||
Potential milestone payments | $ 120,000,000 | |||||||||||
Additional consideration based on net sales description | low 20% range | |||||||||||
Transaction price and allocated to performance obligations | $ 120,000,000 | $ 25,000,000 | ||||||||||
Aggregate considerations received excluding drug product revenue | $ 685,000,000 | |||||||||||
Development and regulatory approval milestones | $ 425,000,000 | |||||||||||
Percentage of joint development costs committed to fund | 50% | |||||||||||
Changes in revenue from changes to estimated variable consideration | $ 0 | |||||||||||
Astellas Agreement [Member] | Europe [Member] | Clinical and Development Milestone [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Potential milestone payments | $ 90,000,000 | |||||||||||
Astellas Agreement [Member] | Europe [Member] | Regulatory Milestone [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Potential milestone payments | $ 335,000,000 |
Collaboration Agreements, Lic_4
Collaboration Agreements, License Agreement and Revenues - Accounting for the Astellas Agreements - Additional Information 2 (Detail) - Astellas Agreement [Member] | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Minimum [Member] | Measurement Input Discount Rate [Member] | Discounted Cash Flow [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Discount rate applied | 17.5 |
Maximum [Member] | Measurement Input Discount Rate [Member] | Discounted Cash Flow [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Discount rate applied | 20 |
Japan [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Non-contingent upfront payments received | $ 40,100,000 |
Variable consideration related to payments for milestones considered probable of being achieved | 65,000,000 |
Variable consideration related to co-development billings | 12,300,000 |
Provision for co-development services | 0 |
Europe [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Non-contingent upfront payments received | 320,000,000 |
Variable consideration related to payments for milestones considered probable of being achieved | 365,000,000 |
Variable consideration related to co-development billings | $ 220,700,000 |
Collaboration Agreements, Lic_5
Collaboration Agreements, License Agreement and Revenues - AstraZeneca Agreements - Additional Information 1 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jul. 30, 2013 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2015 | Sep. 18, 2023 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Deferred Revenue | $ 12,740 | $ 12,739 | ||||
Deferred revenue ($7,220 and $9,259 to related parties) | 12,740 | 12,739 | ||||
Total revenue | 147,752 | 140,734 | $ 235,309 | |||
Product Revenue, Net [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Total revenue | 100,949 | 82,869 | 47,638 | |||
Drug Product Revenue, Net [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Total revenue | 18,753 | 11,086 | 962 | |||
China [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Recognized as Revenue | 500 | |||||
AstraZeneca Agreements [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Recognized as Revenue | 89,055 | |||||
AstraZeneca Agreements [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Co-promotion expenses | 4,600 | 4,400 | 4,700 | |||
AstraZeneca Agreements [Member] | U.S./RoW [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Upfront, non-contingent, non-refundable and time-based payments | $ 374,000 | |||||
Potential milestone payments | 875,000 | |||||
Commercial sales milestone | 325,000 | |||||
Shared development costs | $ 233,000 | |||||
Aggregate considerations received excluding drug product revenue | 439,000 | |||||
AstraZeneca Agreements [Member] | U.S./RoW [Member] | FibroGen, Inc. [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Shared development costs | $ 116,500 | |||||
AstraZeneca Agreements [Member] | U.S./RoW [Member] | Clinical and Development Milestone [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | 65,000 | |||||
AstraZeneca Agreements [Member] | U.S./RoW [Member] | Regulatory Milestone [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | 325,000 | |||||
AstraZeneca Agreements [Member] | U.S./RoW [Member] | Deferred Approval Milestone [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | 160,000 | |||||
AstraZeneca Agreements [Member] | China [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | 348,500 | |||||
Transaction price and allocated to performance obligations | $ 4,000 | |||||
Proceeds from upfront, non-contingent and non-refundable payments | 28,200 | |||||
Commercial sales and other events milestone | 187,500 | |||||
Aggregate considerations received | 77,200 | |||||
Recognized as Revenue | 3,500 | |||||
Contract asset | 4,000 | |||||
AstraZeneca Agreements [Member] | China [Member] | Accrued and Other Current Liabilities [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Deferred Revenue | 7,100 | 7,300 | ||||
Deferred revenue ($7,220 and $9,259 to related parties) | 7,100 | 7,300 | ||||
AstraZeneca Agreements [Member] | China [Member] | Clinical and Development Milestone [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | 15,000 | |||||
AstraZeneca Agreements [Member] | China [Member] | Regulatory Milestone [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential milestone payments | $ 146,000 | |||||
Direct Sales [Member] | Product Revenue, Net [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Total revenue | $ 11,894 | $ 11,702 | $ 12,070 |
Collaboration Agreements, Lic_6
Collaboration Agreements, License Agreement and Revenues - Accounting for the AstraZeneca Agreements - Additional Information 3 (Detail) - AstraZeneca Agreements [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Royalty rate against projected net revenues | 40% |
Measurement Input Discount Rate [Member] | Discounted Cash Flow [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Discount rate applied | 17.5 |
U.S./RoW and China [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Non-contingent upfront payments received | $ 402.2 |
Variable consideration related to payments for milestones considered probable of being achieved | 118 |
Variable consideration related to co-development billings | 614.6 |
Variable consideration related to profit share | $ 7.1 |
Collaboration Agreements, Lic_7
Collaboration Agreements, License Agreement and Revenues - Eluminex Agreement - Additional Information 2 (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 USD ($) PerformanceObligation | Mar. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2023 USD ($) | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 | |||
Eluminex [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Aggregate consideration received for milestone and upfront payments | $ 8,000 | 4,000 | ||||
Future manufacturing clinical regulatory and commercial milestone payments | 64,000 | |||||
Commercial milestone | $ 36,000 | |||||
Additional upfront payments | $ 1,500 | |||||
Eluminex [Member] | License Revenue [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Aggregate consideration received for milestone and upfront payments | 1,000 | $ 8,000 | ||||
Eluminex [Member] | Other Revenue - Contract Manufacturing [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Aggregate consideration received for milestone and upfront payments | 500 | |||||
Eluminex [Member] | ASC 606 [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Number of identified performance obligation at inception of agreement | PerformanceObligation | 1 | |||||
Eluminex [Member] | Cornea Products [Member] | ASC 606 [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Percentage of product manufacturing costs until manufacturing technology fully transferred | 10% | |||||
Eluminex [Member] | biosynthetic Cornea [Member] | China [Member] | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Milestone Payments | 3,000 | |||||
Manufacturing related milestone payments | $ 3,000 |
Collaboration Agreements, Lic_8
Collaboration Agreements, License Agreement and Revenues - Summary of License Revenue and Development Revenue Recognized under Agreement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 |
License Revenue [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 9,649 | 22,590 | 116,434 |
Development Revenue [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 18,401 | 24,189 | 70,275 |
Astellas Agreement [Member] | License Revenue [Member] | Europe [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 0 | 22,590 | 108,434 |
Astellas Agreement [Member] | Development Revenue [Member] | Japan [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 210 | 284 | 248 |
Astellas Agreement [Member] | Development Revenue [Member] | Europe [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 6,452 | 9,624 | 21,679 |
AstraZeneca Agreements [Member] | License Revenue [Member] | U.S./RoW and China [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 2,649 | 0 | 0 |
AstraZeneca Agreements [Member] | Development Revenue [Member] | U.S./RoW and China [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | $ 9,473 | $ 12,519 | $ 48,345 |
Collaboration Agreements, Lic_9
Collaboration Agreements, License Agreement and Revenues - Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue (Detail) - Astellas Agreement [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Japan [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | $ 117,439 |
Japan [Member] | License Revenue [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | 100,347 |
Japan [Member] | Development Revenue [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | 17,092 |
Europe [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | 905,692 |
Europe [Member] | License Revenue [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | 618,975 |
Europe [Member] | Development Revenue [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Total Consideration | $ 286,717 |
Collaboration Agreements, Li_10
Collaboration Agreements, License Agreement and Revenues - Summary of Revenue Recognized Under the Collaboration Agreements - Additional Information 4 (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Japan [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Transaction price, variable consideration from estimated future co-development billing | $ 0 |
Japan [Member] | Astellas Agreement [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Changes in revenue from changes to estimated variable consideration | 0 |
Europe [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Transaction price, variable consideration from estimated future co-development billing | 0 |
Europe [Member] | Astellas Agreement [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Changes in revenue from changes to estimated variable consideration | 0 |
U.S./RoW and China [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Changes in revenue from changes to estimated variable consideration | 0 |
Transaction price, variable consideration from estimated future co-development billing | $ 2,300,000 |
Collaboration Agreements, Li_11
Collaboration Agreements, License Agreement and Revenues - Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations Deferred Revenue (Detail) - AstraZeneca Agreements [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Deferred Revenue | $ 179,851 | $ 175,646 |
U.S./RoW and China [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Cumulative Revenue | 1,165,393 | |
Deferred Revenue | 179,851 | |
Total Consideration | 1,345,244 | |
U.S./RoW and China [Member] | License Revenue [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Cumulative Revenue | 344,493 | |
Deferred Revenue | 0 | |
Total Consideration | 344,493 | |
U.S./RoW and China [Member] | Co-development, information sharing & committee services [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Cumulative Revenue | 625,111 | |
Deferred Revenue | 0 | |
Total Consideration | 625,111 | |
U.S./RoW and China [Member] | China performance obligation [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Cumulative Revenue | 195,789 | |
Deferred Revenue | 179,851 | |
Total Consideration | $ 375,640 |
Collaboration Agreements, Li_12
Collaboration Agreements, License Agreement and Revenues - Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations Deferred Revenue (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Deferred revenue, net of current | $ 157,555 | $ 185,722 |
Net unbilled milestone and co-development revenue | 0 | 0 |
AstraZeneca Agreements [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Deferred Revenue | 179,851 | 175,646 |
Net unbilled milestone and co-development revenue | 22,500 | $ 17,500 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Deferred revenue, net of current | 153,400 | |
Deferred Revenue | 179,900 | |
Net unbilled milestone and co-development revenue | $ 26,500 |
Collaboration Agreements, Li_13
Collaboration Agreements, License Agreement and Revenues - Summary of Amounts Recognized as Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 |
License Revenue [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 9,649 | 22,590 | 116,434 |
License Revenue [Member] | Eluminex [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 7,000 | 0 | 8,000 |
Other Revenue - Patent Transfer [Member] | Eluminex [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 500 | 0 | 0 |
Other Revenue - Contract Manufacturing [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | 18,401 | 24,189 | 70,275 |
Other Revenue - Contract Manufacturing [Member] | Eluminex [Member] | |||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||
Total revenue | $ 966 | $ 1,761 | $ 0 |
Collaboration Agreements, Li_14
Collaboration Agreements, License Agreement and Revenues - Summary of Product Revenue, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 |
Product Revenue, Net [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 100,949 | 82,869 | 47,638 |
Product Revenue, Net [Member] | Direct Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Gross revenue | 13,190 | 12,366 | 13,727 |
Total revenue | 11,894 | 11,702 | 12,070 |
Product Revenue, Net [Member] | Direct Sales [Member] | Discounts and Rebates [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | (1,298) | (665) | (1,740) |
Product Revenue, Net [Member] | Direct Sales [Member] | Sales Returns [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 2 | 1 | 83 |
Product Revenue, Net [Member] | Sales To Falikang [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 89,055 | 71,167 | 35,568 |
Gross transaction price | 154,817 | 112,544 | 97,531 |
Product Revenue, Net [Member] | Sales To Falikang [Member] | Profit Share [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | (66,254) | (43,716) | (34,759) |
Product Revenue, Net [Member] | Sales To Falikang [Member] | Net Transfer Price [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 88,563 | 68,828 | 62,772 |
Product Revenue, Net [Member] | Sales To Falikang [Member] | Decrease (Increase) in Deferred Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 492 | $ 2,339 | $ (27,204) |
Collaboration Agreements, Li_15
Collaboration Agreements, License Agreement and Revenues - Product Revenue, Net - Additional Information 1 (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total revenue | $ 147,752 | $ 140,734 | $ 235,309 |
Product Revenue, Net [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total revenue | 100,949 | 82,869 | $ 47,638 |
Product Revenue, Net [Member] | Beijing Falikang Pharmaceutical Co Ltd | |||
Contract with Customer, Liability [Abstract] | |||
Reductions to gross accounts receivable | 3,000 | 500 | |
China [Member] | |||
Contract with Customer, Liability [Abstract] | |||
Recognized as Revenue | 500 | ||
China [Member] | Product Revenue, Net [Member] | |||
Contract with Customer, Liability [Abstract] | |||
Contract with customer liability increase decrease in revenue due to changes to estimated variable consideration | 2,900 | ||
AstraZeneca Agreements [Member] | |||
Contract with Customer, Liability [Abstract] | |||
Deferred Revenue | 179,851 | 175,646 | |
Recognized as Revenue | 89,055 | ||
AstraZeneca Agreements [Member] | China [Member] | |||
Contract with Customer, Liability [Abstract] | |||
Deferred Revenue | 32,000 | ||
Recognized as Revenue | $ 3,500 | ||
Constrained for Future Recognition [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total revenue | $ 2,300 |
Collaboration Agreements, Li_16
Collaboration Agreements, License Agreement and Revenues - Roll-forward of Related Contract Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
AstraZeneca Agreements [Member] | |
Contract with Customer Liability [Line Items] | |
Balance at December 31, 2022 | $ (175,646) |
Additions | (94,099) |
Currency Translation and Other | 839 |
Recognized as Revenue | 89,055 |
Balance at December 31, 2023 | (179,851) |
Drug Product Revenue, Net [Member] | Astellas Agreement [Member] | Europe [Member] | |
Contract with Customer Liability [Line Items] | |
Balance at December 31, 2022 | (40,303) |
Additions | (17,674) |
Recognized as Revenue | 2,306 |
Reclassified to accrued liability / accounts payable | 38,746 |
Balance at December 31, 2023 | $ (16,925) |
Collaboration Agreements, Li_17
Collaboration Agreements, License Agreement and Revenues - Drug Product Revenue - Summary of Drug Product Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | $ 147,752 | $ 140,734 | $ 235,309 | |||
Drug Product Revenue, Net [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | 18,753 | 11,086 | 962 | |||
Drug Product Revenue, Net [Member] | Japan [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | $ 14,400 | $ 8,400 | $ 9,800 | |||
Drug Product Revenue, Net [Member] | Astellas Agreement [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | 18,800 | 11,100 | ||||
Drug Product Revenue, Net [Member] | Astellas Agreement [Member] | Japan [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | 15,656 | 9,480 | 2,056 | |||
Drug Product Revenue, Net [Member] | Astellas Agreement [Member] | Europe [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | 3,097 | 1,606 | 1,130 | |||
Drug Product Revenue, Net [Member] | AstraZeneca Agreements [Member] | United States [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Drug product revenue recognized | $ 0 | $ 0 | $ (2,224) |
Collaboration Agreements, Li_18
Collaboration Agreements, License Agreement and Revenues - Drug Product Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | $ 147,752 | $ 140,734 | $ 235,309 | ||||||
Deferred Revenue | $ 12,740 | $ 12,739 | 12,740 | 12,739 | |||||
Prepaid Supplies | 26,481 | 17,488 | 26,481 | 17,488 | |||||
Other long-term liabilities | 2,858 | 6,440 | 2,858 | 6,440 | |||||
Astra Zeneca Agreements [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Royalty revenue recognized as drug product revenue | 89,055 | ||||||||
Drug Product Revenue, Net [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 18,753 | 11,086 | 962 | ||||||
Drug Product Revenue, Net [Member] | API Shipment [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | $ 1,300 | 2,100 | |||||||
Drug Product Revenue, Net [Member] | Astellas Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 18,800 | 11,100 | |||||||
Drug Product Revenue, Net [Member] | Japan [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | $ 14,400 | 8,400 | $ 9,800 | ||||||
Drug Product Revenue, Net [Member] | Japan [Member] | API Shipment [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 8,700 | ||||||||
Drug Product Revenue, Net [Member] | Japan [Member] | Astellas Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 15,656 | 9,480 | 2,056 | ||||||
Accrued liabilities | 1,200 | 6,500 | 1,200 | 6,500 | |||||
Other long-term liabilities | 700 | 700 | |||||||
Drug Product Revenue, Net [Member] | Europe [Member] | Astellas Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 3,097 | 1,606 | 1,130 | ||||||
Drug Product Revenue, Net [Member] | Europe [Member] | Astellas Europe Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Burdened manufacturing costs | 800 | $ 1,000 | $ 1,000 | ||||||
Bulk Drug Product [Member] | Astellas Europe Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Deferred Revenue | 17,700 | 17,700 | 8,300 | ||||||
Bulk Drug Product [Member] | Astra Zeneca Agreements [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 11,200 | 11,200 | |||||||
Accrued liabilities | 2,200 | ||||||||
Bulk Drug Product [Member] | Europe [Member] | Astellas Europe Agreement [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Drug product revenue recognized | 38,700 | 57,400 | |||||||
Deferred Revenue | 23,200 | 23,200 | 11,800 | ||||||
Prepaid Supplies | $ 49,800 | ||||||||
Billed Contracts Receivable | $ 49,200 | 49,200 | |||||||
Accrued liabilities | $ 38,600 | 38,600 | |||||||
Bulk Drug Product [Member] | Europe [Member] | Astellas Europe Agreement [Member] | Royalty Revenue [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Royalty revenue recognized as drug product revenue | $ 2,300 | $ 600 |
Collaboration Agreements, Li_19
Collaboration Agreements, License Agreement and Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Drug product revenue recognized | $ 147,752 | $ 140,734 | $ 235,309 | |
Unbilled contract asset | 26,481 | 17,488 | ||
Drug Product Revenue, Net [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Drug product revenue recognized | $ 18,753 | $ 11,086 | 962 | |
Drug Product Revenue, Net [Member] | API Shipment [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Drug product revenue recognized | $ 1,300 | $ 2,100 |
Exclusive License and Option _3
Exclusive License and Option to Acquire Fortis Therapeutics - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
May 05, 2023 | Dec. 31, 2023 | |
Third Party Shareholders [Member] | Nonredeemable NCI [Member] | ||
Business Acquisition [Line Items] | ||
Ownership Percentage | 100% | 100% |
Other Investors [Member] | Nonredeemable NCI [Member] | ||
Business Acquisition [Line Items] | ||
Ownership Percentage | 98% | 98% |
Series A Preferred Shares [Member] | Nonredeemable NCI [Member] | ||
Business Acquisition [Line Items] | ||
Ownership Percentage | 2% | 2% |
Fortis Therapeutics [Member] | ||
Business Acquisition [Line Items] | ||
Purchase consideration | $ 0 | |
Payment to options exercised | 80,000 | |
Contingent payment associated with business acquisition | 200,000 | |
Product development obligations | $ 5,000 | |
Fair value of the acquired IPR&D assets | $ 24,400 | |
Fortis Therapeutics [Member] | Discounted Cash Flow [Member] | Measurement Input Discount Rate [Member] | ||
Business Acquisition [Line Items] | ||
Discount rate applied | 16.5 |
Exclusive License and Option _4
Exclusive License and Option to Acquire Fortis Therapeutics - Schedule of Allocation of Purchase Consideration Based on Estimated Fair Values of Acquired Assets (Details) - USD ($) $ in Thousands | May 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | |||
Nonredeemable non-controlling interests | $ 20,487 | $ 19,967 | |
Fortis Therapeutics [Member] | |||
Business Acquisition [Line Items] | |||
Purchase consideration | $ 0 | ||
Assets | |||
Cash and cash equivalents | 656 | ||
Prepaid expenses and other current assets | 82 | ||
IPR&D assets | 24,400 | ||
Total assets | 25,138 | ||
Liabilities | |||
Accounts payable | 2,671 | ||
Accrued and other current liabilities | 703 | ||
Total liabilities | 3,374 | ||
Redeemable non-controlling interests | 21,480 | ||
Nonredeemable non-controlling interests | 520 | ||
Net identifiable assets, liabilities and non-controlling interests | (236) | ||
Loss on asset acquisition | $ (236) |
Equity method investment - Va_3
Equity method investment - Variable Interest Entity - Additional Information (Detail) - Beijing Falikang Pharmaceutical Co Ltd $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Acquisition And Variable Interest Entity [Line Items] | |
Dividend received | $ 2.3 |
Beijing Kangda Yongfu Pharmaceutical Co., LTD [Member] | FibroGen Beijing [Member] | AstraZenecaAB [Member] | |
Acquisition And Variable Interest Entity [Line Items] | |
Percentage of outstanding shares acquired | 51.10% |
Equity method investment - Va_4
Equity method investment - Variable Interest Entity - Summary of Equity Method Investment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisition And Variable Interest Entity [Line Items] | |||
Beginning balance | $ 5,061 | ||
Share of Net Income | 2,638 | $ 1,573 | $ 1,007 |
Ending balance | $ 5,290 | 5,061 | |
Beijing Falikang Pharmaceutical Co. Ltd [Member] | |||
Acquisition And Variable Interest Entity [Line Items] | |||
Ownership Percentage | 51.10% | ||
Beginning balance | $ 5,061 | ||
Share of Net Income | 2,638 | ||
Dividend Received | (2,255) | ||
Currency Translation | (154) | ||
Ending balance | $ 5,290 | $ 5,061 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Financial Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | $ 121,898 | $ 270,656 |
Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 13,992 | 82,008 |
Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 52,273 | 57,381 |
Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 2,474 | |
Foreign government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 4,980 | |
Convertible promissory note [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 1,000 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 172,190 | 290,537 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 12,288 | 19,881 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 13,992 | 82,008 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 88,289 | 57,381 |
Fair Value, Measurements, Recurring [Member] | U.S. government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 47,791 | 111,345 |
Fair Value, Measurements, Recurring [Member] | Agency bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 9,830 | 11,468 |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 2,474 | |
Fair Value, Measurements, Recurring [Member] | Foreign government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 4,980 | |
Fair Value, Measurements, Recurring [Member] | Convertible promissory note [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 1,000 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 55,085 | 118,853 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 12,288 | 19,881 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 42,797 | 98,972 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Agency bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Convertible promissory note [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 117,105 | 170,684 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 13,992 | 82,008 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 88,289 | 57,381 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 4,994 | 12,373 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Agency bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 9,830 | 11,468 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 2,474 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 4,980 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Convertible promissory note [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 0 | 1,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | U.S. government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Agency bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign government bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Convertible promissory note [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | $ 1,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |||
Transfers of assets from level 1 to 2 | $ 0 | $ 20,400,000 | $ 10,500,000 |
Transfers of assets from level 2 to 1 | 0 | ||
Transfers of assets into level 3 | 0 | ||
Transfers of assets out of level 3 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 01, 2021 USD ($) Option | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Finance lease right-of-use assets | $ 153 | $ 435 | |||
Finance lease liability | 144 | ||||
Operating lease right-of-use assets | 68,093 | 79,893 | |||
Operating lease liability | 80,614 | ||||
Cash payment related to lease | $ 14,463 | 15,497 | $ 10,022 | ||
Minimum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, operating lease, lease term | 1 year | ||||
Maximum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, operating lease, lease term | 5 years | ||||
Office Spaces | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, operating lease, expiration period | 2026 | ||||
Office Equipment [Member] | Minimum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, operating lease, lease term | 1 year | ||||
Office Equipment [Member] | Maximum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, operating lease, lease term | 6 years | ||||
ASC 842 [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Finance lease right-of-use assets | $ 0 | 0 | 24,654 | ||
Operating lease right-of-use assets | $ 0 | $ 0 | $ 93,222 | ||
Shorenstein Properties LLC [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, finance lease, initial lease term | 15 years | ||||
Lessee, finance lease, expiration period | 2023 | ||||
Shorenstein Properties LLC [Member] | Lease Amendment [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lessee, finance lease, option to extend the additional lease term | 5 years | ||||
Lessee, finance lease, additional lease expiration period | 2028 | ||||
Percentage increases on each anniversary of rent commencement date 2023 | 2% | ||||
Lessee, finance lease, existence of option to extend | true | ||||
Lessee, finance lease, option to extend | Under the terms of the Lease Amendment, the Company has two optional rights to each extend the lease for an additional five years. | ||||
Optional rights to extend lease | Option | 2 | ||||
Rent increase commencement year first option | 2023 | ||||
Percentage increases on each anniversary of rent commencement date 2028 | 3% | ||||
Rent increase commencement year second option | 2028 | ||||
Shorenstein Properties LLC [Member] | Lease Amendment [Member] | ASC 842 [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Finance lease right-of-use assets | $ 24,600 | ||||
Finance lease liability | 32,600 | ||||
Operating lease right-of-use assets | 93,200 | ||||
Operating lease liability | $ 101,200 | ||||
Beijing Economic-Technological Development Area [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Operating lease right-of-use assets | $ 3,400 | ||||
Operating lease liability | $ 3,400 | ||||
Lessee, operating lease, lease term | 5 years | ||||
Lessee, operating lease, expiration period | 2026 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Related Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets cost | $ 2,478 | $ 2,367 |
Accumulated amortization | (2,325) | (1,932) |
Finance lease right-of-use assets, net | $ 153 | $ 435 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Right-of-use assets cost | $ 103,010 | $ 101,990 |
Accumulated amortization | (34,917) | (22,097) |
Operating lease right-of-use assets, net | 68,093 | 79,893 |
Total lease assets | 68,246 | 80,328 |
Finance lease liabilities | $ 40 | $ 36 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Operating lease liabilities | $ 14,077 | $ 10,292 |
Finance lease liabilities | $ 104 | $ 137 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Operating lease liabilities | $ 66,537 | $ 79,593 |
Total lease liabilities | $ 80,758 | $ 90,058 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | |||
Amortization of right-of-use assets | $ 412 | $ 587 | $ 4,639 |
Interest on lease liabilities | 1 | 0 | 628 |
Operating lease cost | 17,006 | 17,125 | 10,722 |
Sublease income | (3,024) | (3,373) | (1,271) |
Total lease cost | $ 14,395 | $ 14,339 | $ 14,718 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 14,463 | $ 15,497 | $ 10,022 |
Operating cash flows from finance leases | 9 | 2 | 629 |
Financing cash flows from finance leases | 148 | 135 | 5,489 |
Non-cash: Right-of-use assets obtained in exchange for new lease liabilities: | |||
Finance leases | 131 | 261 | 450 |
Operating leases | 1,278 | 1,704 | 3,585 |
Non-cash: Increase (decrease) resulting from lease modification: | |||
Finance lease right-of-use assets | (153) | (435) | |
Operating lease right-of-use assets | 68,093 | 79,893 | |
Finance lease liabilities, current | (40) | (36) | |
Operating lease liabilities, current | 14,077 | 10,292 | |
Finance lease liabilities, non-current | (104) | (137) | |
Operating lease liabilities, non-current | 66,537 | 79,593 | |
ASC 842 [Member] | |||
Non-cash: Increase (decrease) resulting from lease modification: | |||
Finance lease right-of-use assets | 0 | 0 | (24,654) |
Operating lease right-of-use assets | 0 | 0 | 93,222 |
Finance lease liabilities, current | 0 | 0 | (12,587) |
Operating lease liabilities, current | 0 | 0 | 9,221 |
Finance lease liabilities, non-current | 0 | 0 | (20,009) |
Operating lease liabilities, non-current | $ 0 | $ 0 | $ 91,943 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term and Discount Rate (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term (years): | ||
Finance leases | 3 years 10 months 24 days | 4 years 10 months 24 days |
Operating leases | 4 years 9 months 18 days | 5 years 9 months 18 days |
Weighted-average discount rate: | ||
Finance leases | 6.17% | 6.20% |
Operating leases | 4.75% | 4.75% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Finance Leases | |
2024 | $ 47 |
2025 | 39 |
2026 | 39 |
2027 | 37 |
2028 | 0 |
Total future lease payments | 162 |
Less: Interest | (18) |
Present value of lease liabilities | 144 |
Operating Leases | |
2024 | 17,554 |
2025 | 18,836 |
2026 | 18,082 |
2027 | 18,476 |
2028 | 17,401 |
Total future lease payments | 90,349 |
Less: Interest | (9,735) |
Present value of lease liabilities | $ 80,614 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 63,396 | $ 135,819 |
Commercial paper | 36,016 | 0 |
Money market funds | 12,288 | 19,881 |
U.S. government bonds | 1,988 | 0 |
Total cash and cash equivalents | $ 113,688 | $ 155,700 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jul. 14, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Other-than-temporary impairment loss | $ 0 | |||||
Net unbilled co-development revenue | 0 | $ 0 | ||||
Litigation settlement receivable | 28,500,000 | |||||
Depreciation expense | 9,518,000 | 10,017,000 | $ 10,170,000 | |||
API and bulk drug product price true-up | 50,978,000 | 75,055,000 | ||||
Accrued litigation settlement | 28,500,000 | |||||
Restructuring plan, expected reduction to workforce, percentage | 32% | |||||
Restructuring plan, non-recurring charges | $ 12,600,000 | 12,606,000 | 0 | $ 0 | ||
Cash payments for restructuring | 8,900,000 | |||||
Accrued restructuring charges | 3,700,000 | |||||
Cash and cash equivalents | 113,688,000 | 155,700,000 | ||||
Eluminex Agreements [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Aggregate consideration received for milestone and upfront payments | 4,000,000 | $ 8,000,000 | ||||
AstraZeneca Agreements [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Net unbilled co-development revenue | 22,500,000 | 17,500,000 | ||||
Foreign subsidiaries [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cash and cash equivalents | $ 32,200,000 | $ 92,500,000 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 121,874 | $ 273,189 |
Gross Unrealized Holding Gains | 30 | 5 |
Gross Unrealized Holding Losses | (6) | (2,538) |
Estimated Fair Value | 121,898 | 270,656 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,988 | 83,080 |
Gross Unrealized Holding Gains | 9 | 0 |
Gross Unrealized Holding Losses | (5) | (1,072) |
Estimated Fair Value | 13,992 | 82,008 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 52,273 | 57,381 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 52,273 | 57,381 |
U.S. government bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,783 | 112,547 |
Gross Unrealized Holding Gains | 20 | 5 |
Gross Unrealized Holding Losses | 0 | (1,207) |
Estimated Fair Value | 45,803 | 111,345 |
Agency bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,830 | 11,690 |
Gross Unrealized Holding Gains | 1 | 0 |
Gross Unrealized Holding Losses | (1) | (222) |
Estimated Fair Value | $ 9,830 | 11,468 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,484 | |
Gross Unrealized Holding Gains | 0 | |
Gross Unrealized Holding Losses | (10) | |
Estimated Fair Value | 2,474 | |
Foreign government bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,007 | |
Gross Unrealized Holding Gains | 0 | |
Gross Unrealized Holding Losses | (27) | |
Estimated Fair Value | 4,980 | |
Convertible promissory note [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000 | |
Gross Unrealized Holding Gains | 0 | |
Gross Unrealized Holding Losses | 0 | |
Estimated Fair Value | $ 1,000 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Available for Sale Securities in Unrealized Loss Position, Fair Value and Gross Unrealized Loss By Length of Time Security in Continual Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | $ 9,971 | $ 31,538 |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | (1) | (170) |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 3,495 | 159,627 |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | (5) | (2,368) |
Available for sale securities in continual unrealized loss position, estimated fair value | 13,466 | 191,165 |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | (6) | (2,538) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | 0 | 6,738 |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | 0 | (147) |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 3,495 | 75,270 |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | (5) | (925) |
Available for sale securities in continual unrealized loss position, estimated fair value | 3,495 | 82,008 |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | (5) | (1,072) |
U.S. government bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | 4,984 | 22,326 |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | 0 | (13) |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 0 | 67,909 |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | 0 | (1,194) |
Available for sale securities in continual unrealized loss position, estimated fair value | 4,984 | 90,235 |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | 0 | (1,207) |
Agency bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | 4,987 | 0 |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | (1) | 0 |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 0 | 11,468 |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | 0 | (222) |
Available for sale securities in continual unrealized loss position, estimated fair value | 4,987 | 11,468 |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | $ (1) | (222) |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | 2,474 | |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | (10) | |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 0 | |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | 0 | |
Available for sale securities in continual unrealized loss position, estimated fair value | 2,474 | |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | (10) | |
Foreign government bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Available for sale securities in continual unrealized loss position, less than 12 months, estimated fair value | 0 | |
Available for sale securities in continual unrealized loss position, less than 12 months, gross unrealized holding losses | 0 | |
Available for sale securities in continual unrealized loss position, 12 months or more, estimated fair value | 4,980 | |
Available for sale securities in continual unrealized loss position, 12 months or more, gross unrealized holding losses | (27) | |
Available for sale securities in continual unrealized loss position, estimated fair value | 4,980 | |
Available for sale securities in continual unrealized loss position, gross unrealized holding losses | $ (27) |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Abstract] | ||
Raw materials | $ 1,376 | $ 1,241 |
Work-in-progress | 34,614 | 36,003 |
Finished goods | 5,575 | 3,192 |
Total inventories | $ 41,565 | $ 40,436 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Contract assets | $ 26,481 | $ 17,488 |
Deferred revenues from associated contracts | (26,481) | (17,488) |
Net contract assets | 0 | 0 |
Insurance proceeds receivable for litigation settlement | 28,500 | |
Prepaid assets | 6,644 | 9,730 |
Other current assets | 6,711 | 4,353 |
Total prepaid expenses and other current assets | $ 41,855 | $ 14,083 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 150,056 | $ 149,287 |
Less: accumulated depreciation | (136,930) | (128,682) |
Property and equipment, net | 13,126 | 20,605 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 102,109 | 102,580 |
Laboratory Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 22,757 | 21,175 |
Machinery [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,454 | 9,642 |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,490 | 9,486 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 6,184 | 6,200 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 62 | $ 204 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Preclinical and clinical trial accruals | $ 27,663 | $ 57,780 |
API and bulk drug product price true-up | 50,978 | 75,055 |
Litigation settlement | 28,500 | 0 |
Payroll and related accruals | 20,267 | 22,562 |
Accrued co-promotion expenses - current | 10,309 | 36,677 |
Roxadustat profit share to AstraZeneca | 7,084 | 7,280 |
Property taxes and other taxes | 6,615 | 7,691 |
Professional services | 7,103 | 5,480 |
Current portion of liability related to sale of future revenues | 5,654 | 0 |
Accrued restructuring charge | 3,697 | 0 |
Other | 5,021 | 7,248 |
Total accrued and other current liabilities | $ 172,891 | $ 219,773 |
Liability Related to Sale of _3
Liability Related to Sale of Future Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Nov. 17, 2022 | Nov. 04, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Transaction costs related to sale of future revenues | $ 0 | $ 1,453,000 | $ 0 | ||
Total revenue | 147,752,000 | 140,734,000 | 235,309,000 | ||
Drug Product Revenue [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | $ 18,753,000 | $ 11,086,000 | 962,000 | ||
NovaQuest Capital Management [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Transaction costs related to sale of future revenues | $ 1,700,000 | ||||
Effective annual interest rate related to sale of future revenues | 16.03% | 19.67% | |||
NovaQuest Capital Management [Member] | Payment Cap Date on or before December 31, 2028 [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Maximum payment cap amount | 100,000,000 | ||||
NovaQuest Capital Management [Member] | Payment Cap Date on or after January 1, 2029 [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Maximum payment cap amount | 112,500,000 | ||||
NovaQuest Capital Management [Member] | Payment Cap Date after January 1, 2030 [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Maximum payment cap amount | 125,000,000 | ||||
Minimum [Member] | NovaQuest Capital Management [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Prepayment amount of 2024 to 2030 | 80,000,000 | ||||
Minimum [Member] | NovaQuest Capital Management [Member] | Payment Period One [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue interest payment | 62,500,000 | ||||
Minimum [Member] | NovaQuest Capital Management [Member] | Payment Period Two [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue interest payment | 125,000,000 | ||||
Maximum [Member] | NovaQuest Capital Management [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Prepayment amount of 2024 to 2030 | 125,000,000 | ||||
Product [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | $ 100,949,000 | $ 82,869,000 | 47,638,000 | ||
Product [Member] | NovaQuest Capital Management [Member] | Revenue Interest Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue interest payment | 10,000,000 | ||||
License [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 9,649,000 | 22,590,000 | 116,434,000 | ||
Other Revenue - Contract Manufacturing [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 18,401,000 | 24,189,000 | $ 70,275,000 | ||
Astellas Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Future revenue granted | $ 50,000,000 | ||||
Percentage of revenue interest on global net sales | 100% | ||||
Received from sale of revenue | $ 49,800,000 | ||||
Gross proceeds received from sale of revenue | $ 50,000,000 | ||||
Astellas Agreement [Member] | Regulatory Milestone [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 25,000,000 | ||||
Astellas Agreement [Member] | Drug Product Revenue [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 18,800,000 | 11,100,000 | |||
Non-cash interest expense related to drug product revenue | $ 7,700,000 | 1,000,000 | |||
Astellas Agreement [Member] | Development Revenue [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 2,400,000 | ||||
Astellas Agreement [Member] | Maximum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue payment cap amount | 125,000,000 | ||||
Astellas Agreement [Member] | Product [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Percentage of revenue sold | 22.50% | ||||
Astellas Agreement [Member] | Milestone payments [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Percentage of revenue sold | 10% | ||||
Astellas Agreement [Member] | Milestone payments [Member] | Payment Period One [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Percentage of revenue sold | 20% | ||||
Astellas Agreement [Member] | License [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | $ 22,600,000 |
Liability Related to Sale of _4
Liability Related to Sale of Future Revenues - Schedule of Activity of Liability Related to Sale of Future Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability Related to Sale of Future Royalties [Abstract] | |||
Liability related to sale of future revenues - beginning balance | $ 49,333 | ||
Interest expense recognized | 7,734 | $ 1,036 | $ 0 |
Liability related to sale of future revenues - ending balance | 57,067 | $ 49,333 | |
Less: Current portion classified to accrued and other current liabilities | (5,654) | ||
Liability related to sale of future revenues, non-current | $ 51,413 |
Senior Secured Term Loan Faci_3
Senior Secured Term Loan Facilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2023 | Dec. 31, 2023 | May 08, 2023 | |
Debt Instrument [Line Items] | |||
Amount received | $ 74.1 | ||
Issuance cost | 0.9 | ||
Accrued interest | $ 0.4 | ||
Interest expense | $ 7.4 | ||
Debt Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate per annum | 14% | ||
Repayment description | The Term Loans shall mature on May 8, 2026. The Term Loans will not be subject to amortization payments. The Company is permitted to prepay the Term Loans from time to time, in whole or in part, subject to payment of a make-whole amount equal to the unpaid principal amount of the portion of the Term Loans being repaid or prepaid, plus accrued and unpaid interest of the portion of the Term Loans being repaid or prepaid, plus an amount equal to the remaining scheduled interest payments due on such portion of the Term Loans being repaid or prepaid as if such Term Loans were to remain outstanding until the scheduled maturity date. | ||
Maturity date | May 08, 2026 | ||
Debt Financing Agreement [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Unrestricted cash and cash equivalent balance required to maintain in accounts | $ 30 | ||
Initial Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | 75 | ||
Interest rate per annum | 16.13% | ||
Issuance costs and related transaction costs, amortised | $ 3.7 | ||
Initial Term Loan [Member] | Debt Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 75 | ||
Delayed Draw Term Loan [Member] | Debt Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | 37.5 | ||
Delayed Draw Term Loan 2 | Debt Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 37.5 |
Senior Secured Term Loan Faci_4
Senior Secured Term Loan Facilities - Summary of Senior Secured Term Loan Facilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | May 08, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Principal of senior secured term loan facilities | $ 74,100 | ||
Senior secured term loan facilities, non-current | $ 71,934 | $ 0 | |
Senior Secured Term Loan Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Principal of senior secured term loan facilities | 75,000 | ||
Less: Unamortized issuance costs and transaction costs | (3,066) | ||
Senior secured term loan facilities, ending balance | 71,934 | ||
Less: Current Portion classified to accrued and other current liabilities | 0 | ||
Senior secured term loan facilities, non-current | $ 71,934 |
Product Development Obligatio_2
Product Development Obligations - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) DevelopmentObligation | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Number of product development obligations | DevelopmentObligation | 11 | |
Accrued product development costs excluding interest | $ 10.4 | $ 10.1 |
Accrued Interest | $ 7.3 | $ 6.8 |
Bank of Finland Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Percentage points deducted to reference rate to compute effective interest rate | 1% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on product development advances | 3% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Recorded Unconditional Purchase Obligation [Line Items] | |
Purchase obligations due 2024 | $ 30,318 |
Purchase obligations due 2025 | 5,973 |
Total | 36,291 |
Manufacture and Supply of Pamrevlumab [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Purchase obligations due 2024 | 17,995 |
Purchase obligations due 2025 | 4,827 |
Total | 22,822 |
Manufacture and Supply of Roxadustat [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Purchase obligations due 2024 | 573 |
Purchase obligations due 2025 | 1,146 |
Total | 1,719 |
Other Purchases and Programs [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Purchase obligations due 2024 | 11,750 |
Purchase obligations due 2025 | 0 |
Total | $ 11,750 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 2 Months Ended | 12 Months Ended | 28 Months Ended | |
May 31, 2021 PutativeClassAction | Dec. 31, 2023 USD ($) | Dec. 05, 2023 ShareholderDerivative | Oct. 17, 2023 USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Number of complaints filed | 5 | 6 | ||
Litigation settlement amount | $ 28.5 | $ 28.5 | ||
Research and Preclinical Stage Development Programs [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum future milestone payments | $ 697.9 |
Equity and Stock-based Compen_3
Equity and Stock-based Compensation - Common Stock - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common stock voting rights | one vote |
Equity and Stock-based Compen_4
Equity and Stock-based Compensation - Summary of Common Stock Reserved for Future Issuance (Detail) - shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Common stock outstanding | 98,770 | 94,166 |
Stock options outstanding | 11,104 | 9,088 |
RSUs outstanding | 4,404 | 3,669 |
Shares reserved for future stock options and RSUs grant | 10,769 | 11,524 |
Total shares of common stock reserved | 130,999 | 123,820 |
ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Shares reserved for future ESPP offering | 5,952 | 5,373 |
Equity and Stock-based Compen_5
Equity and Stock-based Compensation -At-the-Market Program-Additional Information (Details) - USD ($) | 12 Months Ended | |||
Feb. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issuance of common stock under ATM Program | $ 48,407,000 | |||
Proceeds from sale of common stock | $ 3,731,000 | $ 4,184,000 | $ 12,701,000 | |
ATM Program [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issuance of common stock under ATM Program | $ 200,000 | |||
Issuance of common stock under ATM Program shares | 2,472,090,000 | |||
Proceeds from sale of common stock | $ 48,400,000 | |||
Weighted-average offering prices per share | $ 19.63 |
Equity and Stock-based Compen_6
Equity and Stock-based Compensation - Stock Plans - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2023 | Feb. 28, 2022 | Sep. 30, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total intrinsic value of options exercised | $ 0 | |||||
RSUs released and issued net of shares withheld for taxes | 1,648,201 | |||||
Weighted-average fair value of awards granted | $ 11.61 | $ 14.68 | $ 30.19 | |||
Weighted average fair value of stock options granted | $ 7.27 | 14.72 | $ 35.58 | |||
PRSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Granted, Shares | 159,150 | 280,450 | ||||
Shares vested | 68,541 | |||||
TSR [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted average fair value of stock options granted | $ 28.9 | $ 24.01 | ||||
Granted, Shares | 159,150 | 280,450 | ||||
Shares vested | 110,370 | |||||
RSUs, PRSUs and TSR awards [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 100% | |||||
Maximum [Member] | PRSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 200% | |||||
Maximum [Member] | TSR [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 200% | |||||
Minimum [Member] | PRSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 0% | |||||
Minimum [Member] | TSR [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 0% | |||||
2005 Stock Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period of stock options | 4 years | |||||
2005 Stock Plan | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Expiration period of stock options | 10 years | |||||
2014 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period of stock options | 5 years | |||||
Expiration period of stock options | 10 years | |||||
Termination date of equity incentive plan | Nov. 12, 2024 | |||||
Option vesting term | Option vesting schedules are determined by the Company at the time of issuance and generally have a four year vesting schedule (25% vesting on the first anniversary of the vesting base date and quarterly thereafter over the next 3 years). | |||||
Number of common stock reserved for issuance | 10,768,935 | |||||
Common stock reserved for future issuance, Description | Shares reserved for issuance increases on January 1 of each year commencing on January 1, 2016 and ending on January 1, 2024 by the lesser of (i) the amount equal to 4% of the number of shares issued and outstanding on December 31 immediately prior to the date of increase or (ii) such lower number of shares as may be determined by the board of directors. As of December 31, 2023, the Company has reserved 10,768,935 shares of its common stock that remains unissued for issuance under the 2014 Plan. | |||||
Percentage of common stock reserved for future issuance | 4% | |||||
Number of common stock repurchased | 0 | 0 | ||||
Total intrinsic value of options exercised | $ 900 | $ 800 | $ 13,100 | |||
2014 Equity Incentive Plan | First Anniversary [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of vesting rights | 25% | |||||
2014 Equity Incentive Plan | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of fair value exercise price grant date | 100% |
Equity and Stock-based Compen_7
Equity and Stock-based Compensation - Stock Plans - Summary of Stock Option Transactions (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding, Beginning Balance, Shares | shares | 9,088 |
Granted, Shares | shares | 5,738 |
Exercised, Shares | shares | (122) |
Forfeited, Shares | shares | (1,725) |
Expired, Shares | shares | (1,875) |
Outstanding, Ending Balance, Shares | shares | 11,104 |
Vested and expected to vest, Shares | shares | 10,224 |
Exercisable, Shares | shares | 4,688 |
Outstanding, Beginning Balance, Weighted Average Exercise Price per Share | $ / shares | $ 29.19 |
Granted, Weighted Average Exercise Price per Share | $ / shares | 7.27 |
Exercised, Weighted Average Exercise Price per Share | $ / shares | 12.42 |
Forfeited, Weighted Average Exercise Price per Share | $ / shares | 22.49 |
Expired, Weighted Average Exercise Price per Share | $ / shares | 34.38 |
Outstanding, Ending Balance, Weighted Average Exercise Price per Share | $ / shares | 18.21 |
Vested and expected to vest, Weighted Average Exercise per Share | $ / shares | 19.21 |
Exercisable, Weighted Average Exercise Price per Share | $ / shares | $ 30.66 |
Outstanding, Weighted Average Remaining Contractual Life | 7 years 3 months 3 days |
Vested and expected to vest, Weighted Average Remaining Contractual Life | 7 years 1 month 9 days |
Exercisable, Weighted Average Remaining Contractual Life | 5 years 14 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 83 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 68 |
Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Equity and Stock-based Compen_8
Equity and Stock-based Compensation - Summary of RSU,PRSU and TSR Awards (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested, Shares, Beginning Balance | 3,669 | ||
Unvested, Shares, Ending Balance | 4,404 | 3,669 | |
Granted, Weighted Average Fair value at Grant | $ 11.61 | $ 14.68 | $ 30.19 |
RSUs, PRSUs and TSR awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested, Shares, Beginning Balance | 3,669 | ||
Granted, Shares | 4,612 | ||
Vested, Shares | (2,002) | ||
Forfeited, Shares | (1,875) | ||
Unvested, Shares, Ending Balance | 4,404 | 3,669 | |
Unvested, Weighted Average Fair value at Grant, Beginning Balance | $ 18.80 | ||
Granted, Weighted Average Fair value at Grant | 11.61 | ||
Vested, Weighted Average Fair value at Grant | 14.7 | ||
Forfeited, Weighted Average Fair value at Grant | 20.58 | ||
Unvested, Weighted Average Fair value at Grant, Ending Balance | $ 12.37 | $ 18.80 |
Equity and Stock-based Compen_9
Equity and Stock-based Compensation - Employee Stock Purchase Plan - Additional information (Detail) - 2014 ESPP [Member] - shares | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Purchase of common stock shares at discount | 15% | |||
Percentage of fair value exercise price grant date | 85% | |||
Number of common stock reserved for issuance | 1,600,000 | |||
Common stock reserved for future issuance, Description | The Company has reserved 1,600,000 shares of its common stock for issuance under the 2014 ESPP and shares reserved for issuance increases January 1 of each year, which commenced on January 1, 2016, by the lesser of (i) a number of shares equal to 1% of the total number of outstanding shares of common stock on December 31 immediately prior to the date of increase; (ii) 1,200,000 shares or (iii) such number of shares as may be determined by the board of directors. | |||
Percentage of common stock reserved for future issuance | 1% | |||
Increase in number of shares of common stock reserved for future issuance, shares | 1,200,000 | |||
Shares purchased by employees | 361,911 | 327,298 | 213,505 |
Equity and Stock-based Compe_10
Equity and Stock-based Compensation - Schedule of Recorded Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 50,767 | $ 65,601 | $ 71,161 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 25,462 | 34,861 | 40,547 |
Selling, general and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 25,305 | $ 30,740 | $ 30,614 |
Equity and Stock-based Compe_11
Equity and Stock-based Compensation - Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Employee Stock Purchase Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average estimated fair value | $ 7.27 | $ 14.72 | $ 35.58 |
Employee stock options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 1 month 6 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Expected volatility | 92.80% | 66.80% | 61.90% |
Risk-free interest rate | 3% | 2.20% | 0.80% |
Expected dividend yield | 0% | 0% | 0% |
Weighted average estimated fair value | $ 4.67 | $ 7.88 | $ 20.21 |
Employee stock purchase plans [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 56.70% | 58.50% | 47.10% |
Expected volatility, maximum | 271.20% | 97.60% | 104.40% |
Risk-free interest rate, minimum | 0.20% | 0.10% | 0% |
Risk-free interest rate, maximum | 5.20% | 4.50% | 2.20% |
Expected dividend yield | 0% | 0% | 0% |
Weighted average estimated fair value | $ 5.64 | $ 8.6 | $ 12.4 |
Employee stock purchase plans [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Employee stock purchase plans [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 2 years | 2 years | 2 years |
Equity and Stock-based Compe_12
Equity and Stock-based Compensation - Stock-Based Compensation - Additional information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Stock Option Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 25.6 |
Non-vested stock option awards granted that will be recognized on a straight-line basis over the weighted-average period | 2 years 9 months 21 days |
RSUs, PRSUs and TSR Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested stock option awards granted that will be recognized on a straight-line basis over the weighted-average period | 2 years 1 month 2 days |
Unrecognized compensation costs | $ 35.6 |
Equity and Stock based compensa
Equity and Stock based compensation - Schedule of Assumptions used to Estimate Fair Value of TSR Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted average estimated fair value | $ 7.27 | $ 14.72 | $ 35.58 |
TSR [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected term (in years) | 3 years 10 months 24 days | 3 years 10 months 24 days | |
Expected volatility | 69% | ||
Expected volatility, minimum | 69% | ||
Expected volatility, maximum | 73.30% | ||
Risk-free interest rate | 1.80% | ||
Risk-free interest rate, minimum | 1.80% | ||
Risk-free interest rate, maximum | 4.20% | ||
Expected dividend yield | 0% | 0% | |
Weighted average estimated fair value | $ 28.9 | $ 24.01 |
Equity and Stock-based Compe_13
Equity and Stock-based Compensation - Subsidiary Stock and Non-Controlling Interests - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 19, 2014 | Jan. 31, 2013 | |
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 0 | 0 | |||
IPO [Member] | |||||
Class Of Stock [Line Items] | |||||
Conversion rights, shares issued upon conversion of each preferred share | 958,996 | ||||
FibroGen Europe [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 42,619,022 | 42,619,022 | |||
Preferred stock redemption percentage | Redemption Right — If a Preferred Share can be redeemed by a majority shareholder owning more than ninety percent (90%) of the shares of FibroGen Europe in accordance with the provisions of the Finnish Limited Liability Companies Act, the minority holders of Preferred Shares have the right to request redemption of their shares. | ||||
Minimum percentage of shareholder's approval to call for redemption of preferred shares | 90% | ||||
Preferred stock, voting rights | one vote | ||||
Conversion rights, shares issued upon conversion of each preferred share | 1 | ||||
FibroGen Europe [Member] | Series A [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 1,700,845 | 1,700,845 | |||
FibroGen Europe [Member] | Series B [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 1,875,000 | 1,875,000 | |||
FibroGen Europe [Member] | Series C [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 1,599,503 | 1,599,503 | |||
FibroGen Europe [Member] | Series D [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 1,520,141 | 1,520,141 | |||
FibroGen Europe [Member] | Series E [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 459,565 | 459,565 | |||
FibroGen Europe [Member] | Series F [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 5,714,332 | 5,714,332 | |||
FibroGen Europe [Member] | Series G [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 9,927,500 | 9,927,500 | |||
FibroGen Europe [Member] | Series H [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 19,822,136 | 19,822,136 | |||
FibroGen Cayman [Member] | |||||
Class Of Stock [Line Items] | |||||
Conversion rights, shares issued upon conversion of each preferred share | 1 | ||||
Convertible promissory note | $ 0.7 | $ 0.6 | |||
Convertible promissory note interest rate | 2% | ||||
Conditions of payment of interest, convertible promissory note | 0 | ||||
FibroGen Cayman [Member] | Series A [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares outstanding | 6,758,000 | 6,758,000 | |||
Preferred shares issued, price per share | $ 1 | ||||
Cash dividend percentage | 6% |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Weighted Impacts of Outstanding Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of net loss per share | 14,983 | 11,962 | 10,416 |
Employee stock options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of net loss per share | 10,596 | 9,520 | 8,461 |
RSUs, PRSUs and TSR awards [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of net loss per share | 3,793 | 2,137 | 1,538 |
ESPP [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of net loss per share | 594 | 305 | 417 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Domestic | $ (328,475) | $ (307,056) | $ (268,499) |
Foreign | 41,608 | 12,187 | (22,184) |
Loss before provision for income taxes | $ (286,867) | $ (294,869) | $ (290,683) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision For Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 0 | 0 | 0 |
Foreign | 3 | 358 | 347 |
Total current | 3 | 358 | 347 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
Total deferred | 0 | 0 | 0 |
Total provision for income taxes | $ 3 | $ 358 | $ 347 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between Statutory Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax at statutory federal rate | 21% | 21% | 21% |
State tax | 0% | 0% | 0% |
Stock-based compensation expense | (1.10%) | (2.50%) | (1.80%) |
Net operating losses not benefitted | (17.90%) | (16.30%) | (16.80%) |
Foreign net operating losses not benefitted | 3% | 0.90% | (1.60%) |
Deduction limitation on executive compensation | (0.50%) | (0.20%) | (0.30%) |
Global intangible low-taxed income | (4.30%) | (2.80%) | (0.40%) |
Other | (0.20%) | (0.20%) | (0.20%) |
Total | 0% | (0.10%) | (0.10%) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Federal and state net operating loss carryforwards | $ 175,257 | $ 166,708 |
Tax credit carryforwards | 123,156 | 106,131 |
Foreign net operating loss carryforwards | 48,396 | 49,990 |
Capitalized research and development expenses | 81,697 | 45,125 |
Stock-based compensation | 9,155 | 8,616 |
Lease obligations | 17,189 | 18,442 |
Reserves and accruals | 5,475 | 4,929 |
Deferred revenue | 24,792 | 21,624 |
Intangible assets | 63,146 | 69,159 |
Other | 698 | 1,277 |
Subtotal | 548,961 | 492,001 |
Less: Valuation allowance | (534,967) | (477,969) |
Net deferred tax assets | 13,994 | 14,032 |
Fixed assets | (10,511) | (13,101) |
Non-deductible accrued expenses | (3,483) | (931) |
Net deferred tax liabilities | (13,994) | (14,032) |
Total net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Increase in valuation allowance | $ 57,000,000 | $ 68,200,000 | $ 72,000,000 |
Federal and state net operating loss carryforwards | 175,257,000 | 166,708,000 | |
Foreign net operating loss carryforwards | 48,396,000 | 49,990,000 | |
Unrecognized tax benefits | 81,000,000 | ||
Accrued interest, unrecognized tax benefits | 0 | $ 0 | |
Unrecognized tax benefits that would affect effective tax rate | $ 600,000 | ||
Unrecognized tax benefits description | The Company does not anticipate a material change to its unrecognized tax benefits over the next twelve months that would affect the Company’s effective tax rate. | ||
Corporate alternative minimum tax percentage | 15% | ||
Percentage of excise tax on stock buyback | 1% | ||
Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Foreign statute of limitation generally remains open in the year | 2014 | ||
Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Foreign statute of limitation generally remains open in the year | 2023 | ||
Foreign net operating loss [Member] | |||
Income Taxes [Line Items] | |||
Foreign net operating loss carryforwards | $ 235,100,000 | ||
Foreign net operating loss [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2024 | ||
Foreign net operating loss [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2033 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
Federal and state net operating loss carryforwards | $ 796,700,000 | ||
Operating loss carryforwards expiration year | 2026 | ||
Other tax credit carryforwards | $ 143,300,000 | ||
Other tax credit carryforwards expiration year | 2024 | ||
Federal [Member] | Expiration Year 2026 [Member] | |||
Income Taxes [Line Items] | |||
Federal and state net operating loss carryforwards | $ 292,400,000 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Federal and state net operating loss carryforwards | $ 147,200,000 | ||
Operating loss carryforwards expiration year | 2028 | ||
State [Member] | California [Member] | |||
Income Taxes [Line Items] | |||
Other tax credit carryforwards | $ 50,800,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Ending Balance | $ 81,000 | ||
Federal and State [Member] | |||
Income Tax Contingency [Line Items] | |||
Beginning balance | 72,791 | $ 57,671 | $ 48,574 |
Decrease due to prior positions | (154) | (245) | |
Increase due to prior positions | 6,954 | ||
Increase due to current year position | 8,805 | 9,074 | 8,415 |
Foreign exchange rate differential | (477) | (908) | 927 |
Ending Balance | $ 80,965 | $ 72,791 | $ 57,671 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 147,752 | $ 140,734 | $ 235,309 |
Accounts receivable from related parties | 12,553 | 16,299 | |
Investment income (loss) | 2,638 | 1,573 | 1,007 |
Equity method investment in unconsolidated variable interest entity | 5,290 | 5,061 | |
Astellas [Member] | |||
Related Party Transaction [Line Items] | |||
Drug product revenue from a related party | 18,800 | 11,100 | 3,200 |
Due to related parties | 40,500 | 63,900 | |
Astellas [Member] | Collaborative Arrangement [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable from related parties | 800 | 1,500 | |
Deferred revenue | 16,900 | 40,300 | |
Falikang | |||
Related Party Transaction [Line Items] | |||
Accounts receivable from related parties | $ 5,200 | 10,500 | |
Percentage of outstanding shares owned | 51.10% | ||
Investment income (loss) | $ 2,600 | 1,600 | 1,000 |
Dividend received | 2,300 | ||
Equity method investment in unconsolidated variable interest entity | 5,300 | 5,100 | |
Falikang | Collaborative Arrangement [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 89,100 | 71,200 | 35,600 |
License and Development [Member] | Astellas [Member] | Collaborative Arrangement [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | $ 6,700 | $ 32,500 | $ 130,400 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Number of operating segment | 1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Schedule of Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue recognized | $ 147,752 | $ 140,734 | $ 235,309 |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 109,375 | 84,631 | 55,640 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 9,549 | 33,820 | 131,243 |
Japan [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 15,867 | 9,764 | 2,305 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | $ 12,961 | $ 12,519 | $ 46,121 |
Segment and Geographic Inform_5
Segment and Geographic Information - Schedule of Long Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 13,126 | $ 20,605 |
United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 4,785 | 10,094 |
China [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 8,341 | $ 10,511 |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Finance and Operating Lease Right of Use Assets by Geographical Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total finance lease right-of-use assets | $ 153 | $ 435 |
Total operating lease right-of-use assets | 68,093 | 79,893 |
United States [Member] | ||
Total finance lease right-of-use assets | 132 | 424 |
Total operating lease right-of-use assets | 64,939 | 76,273 |
China [Member] | ||
Total finance lease right-of-use assets | 21 | 11 |
Total operating lease right-of-use assets | $ 3,154 | $ 3,620 |
Segment and Geographic Inform_7
Segment and Geographic Information - Schedule of Customer Concentration by Collaboration Partners and Distribution Entity (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Percentage of Revenue [Member] | Falikang—Related party | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 60% | 51% | 15% |
Percentage of Revenue [Member] | Astellas-Related party [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 17% | 31% | 57% |
Percentage of Revenue [Member] | AstraZeneca [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 8% | 9% | 20% |
Percentage of Accounts Receivable [Member] | Falikang—Related party | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 42% | 65% | |
Percentage of Accounts Receivable [Member] | Astellas-Related party [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 7% | 9% | |
Percentage of Accounts Receivable [Member] | AstraZeneca [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk, percentage | 33% | 16% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | May 08, 2023 USD ($) |
Subsequent Event [Line Items] | |
Term loan amount | $ 74.1 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowances for Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 477,969 | $ 409,810 | $ 337,824 |
Charged (Credited) to Statement of Operation | 56,998 | 68,159 | 71,986 |
Charged to Other Accounts - Liabilities and Equity | 0 | 0 | 0 |
Deductions, Net | 0 | 0 | 0 |
Balance at End of Year | 534,967 | 477,969 | 409,810 |
Valuation Allowances for Rebates, Discounts and Adjustments [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,349 | 14,443 | 548 |
Charged (Credited) to Statement of Operation | 63,475 | 39,082 | 44,258 |
Charged to Other Accounts - Liabilities and Equity | (849) | 1,050 | (734) |
Deductions, Net | (60,964) | (53,226) | (29,629) |
Balance at End of Year | $ 3,011 | $ 1,349 | $ 14,443 |