What changed in this filing

/stocks — the workspaceLOADING

Item 1. Legal Proceedings

2026-05-12 compared with 2025-11-10 · 71 added, 47 removed, 800 unchanged (13% of the section changed)

2 unchanged sentences

We recognize accruals for any legal action when we conclude that a loss is probable and reasonably estimable.

We did not have any material accruals for any active legal action in our condensed consolidated balance sheet as of September 30, 2025, as we could not predict the ultimate outcome of these matters, or reasonably estimate the potential exposure.

We did not have any material accruals for any active legal action in our condensed consolidated balance sheet as of March 31, 2026, as we could not predict the ultimate outcome of these matters, or reasonably estimate the potential exposure.

See Note 10, Commitments and Contingencies , to the condensed consolidated financial statements for details.

8 unchanged sentences

SUMMARY RISK FACTORS

The success of FibroGen will depend on a number of factors, many of which are beyond our control and involve risks, including but not limited to the following:

The success of Kyntra Bio will depend on a number of factors, many of which are beyond our control and involve risks, including but not limited to the following:

Risks Related to the Development and Commercialization of Our Product Candidates

• We are substantially dependent on the success of our lead products roxadustat and FG-3246 (in conjunction with our positron emission tomography imaging agent FG-3180).*

• We are substantially dependent on the success of our lead products roxadustat and FG-3246 (in conjunction with our PET (as defined below) imaging agent FG-3180).

• Drug development and obtaining marketing authorization are very difficult endeavors, and we may ultimately be unable to obtain regulatory approval for our various product candidates in one or more jurisdictions and one or more indications.*

3 unchanged sentences

• If our manufacturers or we cannot properly manufacture the appropriate volume of product, we may experience delays in development, regulatory approval, launch, or successful commercialization.

• We face substantial competition in the discovery, development and commercialization of product candidates.*

• We face substantial competition in the development and commercialization of product candidates.

• Our product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors, and others in the medical community necessary for commercial success.

30 unchanged sentences

• We depend on third party suppliers in China, and there are risks inherent to utilizing third party manufacturing facilities.

• There is a risk of manufacturing disruption due to geopolitical tensions in China and related to United States legislation impacting WuXi AppTec, Wuxi Biologics, and Wuxi XDC.*

• There is a risk of manufacturing disruption due to geopolitical tensions in China and related to U.S.

legislation impacting WuXi AppTec, Wuxi Biologics, and Wuxi XDC.

Risks Related to the Development and Commercialization of Our Product Candidates

We are substantially dependent on the success of our lead products roxadustat and FG-3246 (in conjunction with our positron emission tomography (“PET”) imaging agent FG-3180).*

The future value drivers for FibroGen, Inc.

(“FibroGen” or the “Company”) depend in large part on the continued commercial success of roxadustat in Europe and Japan, the potential of roxadustat anemia associated with lower-risk myelodysplastic syndromes (“MDS”), and the development of FG-3246 (in conjunction with our PET imaging agent FG-3180), which is in clinical development for metastatic castration-resistant prostate cancer (“mCRPC”).

We are substantially dependent on the success of our lead products roxadustat and FG-3246 (in conjunction with our PET (as defined below) imaging agent FG-3180).

The future value drivers for Kyntra Bio, Inc.

(“Kyntra Bio” or the “Company”) depend in large part on the continued commercial success of roxadustat in Europe and Japan, the potential of roxadustat for anemia associated with lower-risk myelodysplastic syndromes (“MDS”), and the development of FG-3246 (in conjunction with our positron emission tomography (“PET”) imaging agent FG-3180), which is in clinical development for metastatic castration-resistant prostate cancer (“mCRPC”).

If our efforts in these programs are unsuccessful, it may materially and adversely affect our business and financial condition.

3 unchanged sentences

The drug development and approval processes are expensive and require substantial resources and time, and in general, very few product candidates that enter development ultimately receive regulatory approval.

In addition, our collaboration partners for roxadustat have final control over development decisions in their respective territories and they may make decisions with respect to development or regulatory authorities that delay or limit the potential approval of roxadustat or increase the cost of development or commercialization.

Accordingly, we may be unable to successfully develop or commercialize any of our other product candidates in one or more indications and jurisdictions.

In addition, our collaboration partner for roxadustat may influence development decisions in their respective territories and they may make decisions with respect to development or regulatory authorities that limit or increase the cost of development.

Accordingly, we may be unable to successfully develop any of our other product candidates in one or more indications and jurisdictions.

Moreover, for any clinical trial to support a New Drug Application / Biologics License Application submission for approval, the U.S.

4 unchanged sentences

• our failure to adequately demonstrate to the satisfaction of regulatory authorities or an independent advisory committee that our product candidate is effective and has an acceptable safety profile in a particular indication, or that such product candidate’s clinical and other benefits outweigh its safety risks;

• our failure of clinical trials to meet the level of statistical significance required for approval;

• failure of clinical trials to meet the level of statistical significance required for approval;

• the determination by regulatory authorities that additional information (including additional preclinical or clinical data or trials) is necessary to demonstrate the safety and efficacy of a product candidate;

11 unchanged sentences

Approval by one regulatory authority does not ensure approval by any other regulatory authority.

Even if we do obtain regulatory approval, our product candidates may be approved for fewer or more limited indications than we request, approval may be contingent on the performance of costly post-marketing clinical trials, or approval may require labeling that does not include the labeling claims necessary or desirable for the successful commercialization of that product candidate.

Even if we do obtain regulatory approval, our product candidates may be approved for narrower indications than we request, approval may be contingent on the performance of costly post-marketing clinical trials, or approval may require labeling that does not include the labeling claims necessary or desirable for the successful commercialization of that product candidate.

In addition, if our product candidates produce undesirable side effects or safety issues, the FDA may require the establishment of Risk Evaluation and Mitigation Strategy (or other regulatory authorities may require the establishment of a similar strategy), that may restrict distribution of our approved products, if any, and impose burdensome implementation requirements on us.

6 unchanged sentences

When we have an investigator-sponsored trial, we would have to rely on sponsor’s data generated independently under sponsor’s institutional practices.

As a result, there is an additional risk that results may differ in future trials run by FibroGen as the sponsor.

As a result, there is an additional risk that results may differ in future trials run by Kyntra Bio as the sponsor.

We do not know whether our ongoing or planned clinical trials will need to be redesigned based on interim results or if we will be able to achieve sufficient patient enrollment or complete planned clinical trials on schedule.

72 unchanged sentences

• natural disasters, such as pandemics, floods, storms, earthquakes, tsunamis, and droughts, or accidents such as fire, that affect facilities, possibly limit or postpone production, and increase costs;

• failure to obtain license to proprietary starting materials.

FibroGen may also elect to transition its manufacturing responsibilities to another party.

• failure to obtain a license to proprietary starting materials.

Kyntra Bio may also elect to transition its manufacturing responsibilities to another party.

There may be risks underlying this manufacturing transition, as well as new risks that may emerge after the new organization takes over manufacturing, if that were to happen.

3 unchanged sentences

Furthermore, while we may seek regulatory advice or agreement in key commercial markets prior to and after application for marketing authorization, regulatory authorities may change their approvability criteria based on the data, their internal analyses and external factors, including discussions with expert advisors.

Regulatory authorities may approve one of our product candidates for fewer or more limited indications than we request or may grant approval contingent on the performance of costly post-approval clinical trials.

Regulatory authorities may approve one of our product candidates for narrower indications than we request or may grant approval contingent on the performance of costly post-approval clinical trials.

In addition, even if we are able to provide positive data with respect to certain analyses, regulatory authorities may not include such claims on any approved labeling.

The failure to obtain regulatory approval, or any label, population or other approval limitations in any jurisdiction, may significantly limit or delay our ability to generate revenues, and any failure to obtain such approval for all of the indications and labeling claims we deem desirable could reduce our potential revenue.

We face substantial competition in the discovery, development and commercialization of product candidates.*

We face substantial competition in the development and commercialization of product candidates.

The development and commercialization of new pharmaceutical products is highly competitive.

Our future success depends on our ability and/or the ability of our collaboration partners to achieve and maintain a competitive advantage with respect to the development and commercialization of our product candidates.

Our objective is to discover, develop and commercialize new products with superior efficacy, convenience, tolerability, and safety.

Our objective is to develop and commercialize new products with superior efficacy, convenience, tolerability, and safety.

We expect that in many cases, the products that we commercialize will compete with existing marketed products of companies that have large, established commercial organizations.

In addition, we will likely face competition from other companies developing products in the same diseases or indications in which we are developing or commercializing products.

In addition, we will likely face competition from other companies developing products in the same diseases or indications in which we are developing or commercializing products, particularly for the prostate cancer market.

We will also face competition for patient recruitment and enrollment for clinical trials.

2 unchanged sentences

Large pharmaceutical companies have extensive experience, greater scale, and efficiency, in clinical testing, obtaining regulatory approvals, recruiting patients, manufacturing pharmaceutical products, and commercialization.

If our collaboration partners and we are not able to compete effectively against existing and potential competitors, our business and financial condition may be materially and adversely affected.

If our collaboration partners and Kyntra Bio are not able to compete effectively against existing and potential competitors, our business and financial condition may be materially and adversely affected.

Our product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors, and others in the medical community necessary for commercial success.

35 unchanged sentences

(“Fortis”) under which we rely, in part, on Fortis and its development partners, including University of California, San Francisco, for the continued development of FG-3246 (in conjunction with our PET biomarker).

While we control development of FG-3246 up to the 4-year evaluation period, we will be doing so under our investigational new drug application that references Fortis’s investigational new drug application.

While we control development of FG-3246 for the evaluation period, we will be doing so under our investigational new drug application that references Fortis’s investigational new drug application.

If Fortis were unwilling to cooperate with development efforts, our ability to develop FG-3246 (in conjunction with our PET biomarker) could be delayed.

4 unchanged sentences

For instance, the collaboration agreement between the Company and AstraZeneca, effective as of July 2013, 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 to Astellas (the “AstraZeneca U.S./RoW Agreement”) was terminated on February 25, 2024 as amended and restated on August 29, 2025 (except for South Korea).

and all other countries in the world, other than the People’s Republic of China (“China”), not previously licensed to Astellas (the “AstraZeneca U.S./RoW Agreement”) was terminated on February 25, 2024 as amended and restated on August 29, 2025 (except for South Korea).

Our collaboration agreement with AstraZeneca for the development and commercialization of roxadustat for the treatment of anemia in China (the “AstraZeneca China Agreement”) culminated as a result of the completion of the sale of FibroGen International and its subsidiaries pursuant to the share purchase agreement entered into by the Company and AstraZeneca Treasury Limited on February 20, 2025, as amended on August 29, 2025 (the “Share Purchase Agreement”).

1 unchanged sentence

And while we are now investigating new licensing opportunities for roxadustat, there can be no assurance that we will find such a partner or be able to agree to a license on reasonable terms.

In addition, if our collaboration partners are unsuccessful in their commercialization efforts (particularly in Europe), our results will be negatively affected.

In addition, if our collaboration partner Astellas is unsuccessful in their commercialization efforts in Europe and Japan, our results will be negatively affected.

If we do not establish and maintain strategic collaborations related to our product candidates, we will bear all of the risk and costs related to the development and commercialization of any such product candidate, and we may need to seek additional financing, hire additional employees and otherwise develop expertise at significant cost.

26 unchanged sentences

• reduced control and additional burdens of oversight as a result of using third-party manufacturers and distributors for all aspects of manufacturing activities, including regulatory compliance and quality control and quality assurance;

• termination of manufacturing agreements, termination fees associated with such termination, or nonrenewal of manufacturing agreements with third parties may negatively impact our planned development and commercialization activities;

• termination of manufacturing agreements, fees associated with such termination, or nonrenewal of manufacturing agreements with third parties may negatively impact our planned development and commercialization activities;

• significant financial commitments we may be required to make with third-party manufacturers for early-stage clinical or pre-clinical programs that may fail to produce scientific results that would justify further development (without the ability to mitigate the manufacturing investments);

• the possible misappropriation of our proprietary technology, including our trade secrets and know-how;

• potential regulatory actions taken against one of our contract manufacturers for failure to adhere to GMP;

• disruptions to the operations of our third-party manufacturers, distributors or suppliers unrelated to our product, including the merger, acquisition, or bankruptcy of a manufacturer or supplier or a catastrophic event, affecting our manufacturers, distributors or suppliers;

• inability for FibroGen to meet timing and volume obligations to Astellas or other partners due to insufficient resources.

• inability for Kyntra Bio to meet timing and volume obligations to Astellas or other partners due to insufficient resources.

Any of these events could lead to development delays or failure to obtain regulatory approval or affect our ability to successfully commercialize our product candidates.

5 unchanged sentences

If any third-party manufacturers terminate their engagements with us or fail to perform as agreed, we may be required to identify, qualify, and contract with replacement manufacturers (including entering into technical transfer agreements to share know-how), which process may result in significant costs and delays to our development and commercialization programs.

Furthermore, premature termination of third-party manufacturers may result in additional cost burden for FibroGen.

Furthermore, premature termination of third-party manufacturers may result in additional cost burden for Kyntra Bio.

We may have shortfalls, delays, or excesses in manufacturing.

5 unchanged sentences

We may be subject to payments to other third-party manufacturers to cover portions or all of the committed manufacturing campaigns even if we do not need the material for clinical or commercial usage.

In addition, third-party manufacturers tend to change their upfront fees or postponement/cancelation fees over time or upon initiation of additional contracts, and this may lead to unanticipated financial loss for FibroGen.

There may also be additional delays in importing or exporting products, intermediates, or raw materials between countries.

46 unchanged sentences

An unfavorable outcome in any such challenge could require us to cease using the related technology and to attempt to license rights to it from the prevailing third party, which may not be available on commercially reasonable terms, if at all, in which case our business could be harmed.

Third parties have challenged and may again challenge our patents and patent applications.

In particular, patent challenges have been filed against our crystal form patents in Europe, and against our photostable formulations patent in Europe.

In Europe, our European Patent No.

3470397 (the “`397 Patent”), which claims formulations comprising the commercial crystalline form of roxadustat was upheld in opposition, the opponents have appealed the decision in this case.

Final resolution of these proceedings in Europe will take time and we cannot be assured that these patents will survive these proceedings as originally granted or at all.

Furthermore, there is a risk that any public announcements concerning the status or outcomes of intellectual property litigation or administrative proceedings may adversely affect the price of our stock.

4 unchanged sentences

In the highly competitive markets in which our product candidates are expected to compete, protecting our trade secrets, including our strategies for addressing competing products and generic competition, is imperative, and any unauthorized use or disclosure could impair our competitive position and may have a material adverse effect on our business and operations.

In addition, our collaboration partners are larger, more complex organizations than ours, and the risk of inadvertent disclosure of our proprietary information may be increased despite their internal procedures and contractual obligations that we have in place with them.

In addition, certain collaboration partners are larger, more complex organizations than ours, and the risk of inadvertent disclosure of our proprietary information may be increased despite their internal procedures and contractual obligations that we have in place with them.

Despite our efforts to protect our trade secrets and other confidential information, a competitor’s discovery of such trade secrets and information could impair our competitive position and have an adverse impact on our business.

77 unchanged sentences

or private litigation related to processing of personal data brought by classes of data subjects or consumer protection organizations authorized at law to represent their interests.

We also target customers in Asia and are subject to new and emerging data privacy regimes in Asia, including Japan’s Act on the Protection of Personal Information.

Additionally, companies that transfer personal data out of the European Economic Area and the United Kingdom to other jurisdictions are subject to scrutiny from regulators, individual litigants, and activities groups.

We are planning to bring artificial intelligence (“AI”) into our IT platforms and services.

We are utilizing artificial intelligence (“AI”) within our IT platforms and services.

However, our competitors might integrate AI faster or more effectively than us, which could put us at a disadvantage.

126 unchanged sentences

(“WuXi STA”), our supplier of roxadustat drug substance, is also included in this legislation since it is a branch of WuXi Apptec.

This can impact the FG-3246 program as we source the linker and payload from WuXi STA and we manufacture antibody, antibody drug conjugate drug substance and antibody drug conjugate drug product at WuXi Biologics and WuXi XDC.

This can impact the FG-3246 program as we source the linker and payload from WuXi STA and we manufacture antibody, antibody-drug conjugate (“ADC”) drug substance and ADC drug product at WuXi Biologics and WuXi XDC.

This legislation is being developed and it is possible that the content in the legislation continues to change prior to becoming law.

24 unchanged sentences

If we are unable to raise capital when needed or on acceptable terms, we may be forced to delay, reduce or eliminate our research and development programs and/or our commercialization efforts.*

We are a biopharmaceutical company with two lead product candidates in clinical development, potentially anemia in lower-risk MDS in the U.S.

We are a biopharmaceutical company with two lead product candidates in clinical development, roxadustat for anemia in lower-risk MDS in the U.S.

and elsewhere, and FG-3246 (in conjunction with our PET imaging agent FG-3180) for mCRPC.

1 unchanged sentence

We continue to incur significant research and development and other expenses related to our ongoing operations.

Our net loss for the years ended December 31, 2024 and 2023 were $47.6 million and $284.2 million, respectively.

As of September 30, 2025, we had an accumulated deficit of $1.7 billion.

As of September 30, 2025, we had capital resources from cash and cash equivalents of $118.0 million and long-term investments of $3.0 million.

Despite the commercialization efforts of Astellas for roxadustat for the treatment of anemia caused by CKD, we anticipate we will continue to incur losses on an annual basis for the foreseeable future.

Our loss from continuing operations were $58.2 million and $153.1 million for the year ended December 31, 2025, and 2024, respectively.

As of March 31, 2026, we had an accumulated deficit of $1.7 billion.

As of March 31, 2026, we had capital resources from cash and cash equivalents of $37.0 million and short-term and long-term investments of $58.3 million.

Despite the commercialization efforts of Astellas for roxadustat for the treatment of anemia caused by chronic kidney disease, we anticipate we will continue to incur losses on an annual basis for the foreseeable future.

Furthermore, due to the sale of FibroGen International to AstraZeneca Treasury Limited, we will not be due any royalty, development or milestone payments under the AstraZeneca China Agreement.

15 unchanged sentences

If we raise additional funds by issuing equity securities, dilution to our existing stockholders will result.

In addition, as a condition to providing additional funding to us, future investors may demand, and may be granted, rights superior to those of existing stockholders.

Furthermore, as a condition to providing additional funding to us, future investors may demand, and may be granted, rights superior to those of existing stockholders.

Moreover, any debt financing, if available, may involve restrictive covenants that could limit our flexibility in conducting future business activities and, in the event of insolvency, would be paid before holders of equity securities received any distribution of corporate assets.

For example, in 2022 we entered into a Revenue Interest Financing Agreement (“RIFA”) with an affiliate of NovaQuest Capital Management (“NovaQuest”), which imposes certain performance and financial obligations on our business.

Our ability to satisfy and meet any future debt service obligations will depend upon our future performance, which will be subject to financial, business and other factors affecting our operations, many of which are beyond our control.

Our liquidity is subject to specific risks, including:

(i) indemnification obligations to current and former officers and directors, which may require us to advance legal expenses or satisfy judgments or settlements that are not fully covered by insurance, as our insurance policies are subject to exclusions, coverage limits, and potential disputes with insurers;

and (ii) our obligations under the Revenue Interest Financing Agreement (the “RIFA”) with an affiliate of NovaQuest Capital Management (“NovaQuest”), pursuant to which we may be required to make substantial payments if the revenue interest payments do not perform sufficiently, including potential balloon payments in 2029 and 2031, which could place significant demands on our cash resources relative to our current liquidity position.

There can be no assurance that our cash resources will be sufficient to satisfy these obligations, and we may be required to seek additional financing.

If we are unable to obtain funding, we could delay, reduce or eliminate research and development programs, product portfolio development or future commercialization efforts which could adversely affect our business prospects.

5 unchanged sentences

In November 2022, we entered into a $50 million RIFA financing with NovaQuest with respect to our revenues from Astellas’ sales of roxadustat in Europe, Japan and the other Astellas territories.

As material inducement for NovaQuest to enter into the RIFA, we granted NovaQuest a security interest over our rights, title and interest in and to the revenue interest payments and intellectual property related to roxadustat and the Astellas territories.

Our obligations under the RIFA with NovaQuest, pursuant to which we may be required to make substantial payments if the revenue interest payments do not perform sufficiently, including potential balloon payments in 2029 and 2031, which could place significant demands on our cash resources relative to our current liquidity position.

There can be no assurance that our cash resources will be sufficient to satisfy these obligations, and we may be required to seek additional financing.

In addition, the RIFA includes customary reporting obligations and events of default by us.

20 unchanged sentences

Legal proceedings, regardless of their merits or their ultimate outcomes, are costly, divert management’s attention and may materially adversely affect our business, results of operations, financial condition, prospects, and stock price.

Such costs may include indemnification for proceedings against our current or former officers, and there is one ongoing proceeding against a former officer where costs could be material but are uncertain at this time.

Although we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions and caps on amounts recoverable.

Even if we believe a claim is covered by insurance, insurers may dispute its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount of our recovery.

There can be no assurance that our cash resources will be sufficient to satisfy these obligations, and we may be required to seek additional financing.

In addition, such legal matters could negatively impact our reputation among our customers, collaboration partners or our shareholders.

52 unchanged sentences

Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.

Applicable data privacy and security obligations may require us to notify relevant stakeholders, such as governmental authorities, partners, and affected individuals, of security incidents.

Applicable data privacy and security obligations may require us to file timely public reports and notify relevant stakeholders, such as governmental authorities, partners, and affected individuals, of security incidents.

Such disclosures may involve inconsistent requirements and are costly, and the disclosure or the failure to comply with such requirements could lead to adverse consequences.

24 unchanged sentences

The market price of our common stock has at times experienced price volatility and may continue to be volatile.

For example, during the 12-month period ended September 30, 2025, the closing price of our common stock on the Nasdaq Global Select Market has ranged from $5.16 per share to $19.30 per share.

For example, during the 12-month period ended March 31, 2026, the closing price of our common stock on the Nasdaq Global Select Market has ranged from $5.16 per share to $12.38 per share.

In general, pharmaceutical, biotechnology and other life sciences company stocks have been highly volatile in the current market.

24 unchanged sentences

If some investors find our common shares less attractive as a result of our reliance on these reduced disclosure obligations, there may be a less active trading market for our common shares and our price of our common shares may be more volatile.

There is a risk that our common stock could be delisted if we are unable to regain compliance with the Nasdaq Global Select Market or, if we are unable to transfer to the Nasdaq Capital Market.*

As previously disclosed, on April 2, 2026, we received a letter from the Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market notifying us that Kyntra Bio no longer complies with the Nasdaq Global Select Market continued listing requirement of $50 million in total assets and total revenue for the most recently completed fiscal year (or two of the last three most recently completed fiscal years) per Listing Rule 5450(b)(3)(A).

This is due to the revenue of FibroGen International being presented as held for sale (in discontinued operations) in our 2024 and 2025 10-Ks.

We do not currently meet the alternative requirements of Listing Rule 5450(b) (either the shareholders’ equity or the market value of listed securities standards).

The notification received has no immediate effect on the listing of Kyntra Bio’s common stock on Nasdaq Global Select Market.

Under the Nasdaq Rules, we have 45 days (May 18, 2026) to submit a plan to regain compliance and if such plan is accepted, Nasdaq may grant us with an extension of up to 180 days (September 29, 2026) to evidence compliance.

Per Listing Rule 5810(c)(2)(D), we may submit a plan that demonstrates current or near-term compliance with the listing requirements relating to stockholders’ equity or market value of listed securities.

In determining whether to accept our plan, Nasdaq will consider such things as the likelihood that the plan will result in compliance with Nasdaq’s continued listing criteria, our past compliance history, the reasons for our current non-compliance, other corporate events that may occur within the review period, our overall financial condition, and our public disclosures.

We may also consider applying to transfer our securities to the Nasdaq Capital Market.

If our stock is transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market, we would continue to be listed on a Nasdaq market;

however, such a transfer could be perceived negatively by investors.

The Nasdaq Capital Market has less stringent listing requirements than the Nasdaq Global Select Market, and a transfer could signal to investors that we no longer meet the higher standards associated with the Nasdaq Global Select Market.

As a result, the market price of our common stock could decline and the trading volume and liquidity could be adversely affected.

While our common stock would continue to be listed on a Nasdaq market following such a transfer, we could experience decrease analyst coverage and reduced market visibility compared to companies listed on the Nasdaq Global Select Market.

This could make it more difficult for investors (including institutional investors) to obtain research coverage or accurate market information regarding our common stock.

Any reduced liquidity or market interest could also result in negative publicity and could also make it more difficult for us to raise additional capital.

If we are unable to maintain compliance with the continued listing requirements of the Nasdaq Capital Market following such a transfer, or if we are unable to transfer and unable to regain compliance with the Nasdaq Global Select Market, our common stock could become subject to delisting.

Delisting from the Nasdaq Global Select Market or any Nasdaq market could make trading our common stock more difficult for investors, potentially leading to declines in our share price and liquidity.

In that event, the risks with respect to delisting include limited trading markets, ineligibility to sell securities under our current S-3 registration statement under certain circumstances, potential quotation on over-the-counter markets, and the possible application of “penny stock” rules (as “penny stock” is defined in the Exchange Act, and including coverage under Rule 15g-9 of the Exchange Act), and could further adversely affect the market for and value of our common stock.

We may engage in acquisitions that could dilute stockholders and harm our business.

84 unchanged sentences

Public companies are facing increasing attention from stakeholders relating to environmental, social and governance matters, including corporate governance, executive compensation, environmental stewardship, social responsibility, and diversity and inclusion.

Key stakeholders may advocate for enhanced environmental, social and governance disclosures or policies or may request that we make corporate governance changes or engage in certain corporate actions that we believe are not currently in the best interest of FibroGen or our stockholders.

Responding to challenges from stockholders, such as proxy contests or media campaigns, could be costly and time consuming and could have an adverse effect on our reputation, which could have an adverse effect on our business and operational results, and could cause the market price of our common stock to decline or experience volatility.

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Legal Proceedings