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Discontinued Operations and Divestiture (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Financial Results, Carrying Value of Assets and Liabilities and Significant Non-Cash Items and Capital Expenditures of Discontinued Operations

The financial results of the discontinued operations with respect to FibroGen International reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

167,179

 

 

 

46,210

 

 

$

226,651

 

 

$

126,391

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

3,761

 

 

 

5,371

 

 

 

13,454

 

 

 

14,820

 

Research and development

 

 

438

 

 

 

1,733

 

 

 

1,739

 

 

 

5,382

 

Selling, general and administrative

 

 

1,311

 

 

 

8,191

 

 

 

14,849

 

 

 

21,666

 

Total operating costs and expenses

 

 

5,510

 

 

 

15,295

 

 

 

30,042

 

 

 

41,868

 

Income from operations

 

 

161,669

 

 

 

30,915

 

 

 

196,609

 

 

 

84,523

 

Interest and other, net

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,900

)

 

 

(2,926

)

 

 

(7,816

)

 

 

(8,745

)

Gain on divestiture

 

 

52,163

 

 

 

—

 

 

 

52,163

 

 

 

—

 

Interest income and other income (expenses), net

 

 

475

 

 

 

2,330

 

 

 

(2,173

)

 

 

484

 

Total interest and other, net

 

 

50,738

 

 

 

(596

)

 

 

42,174

 

 

 

(8,261

)

Income before income taxes

 

 

212,407

 

 

 

30,319

 

 

 

238,783

 

 

 

76,262

 

Provision for income taxes

 

 

—

 

 

 

9

 

 

 

—

 

 

 

54

 

Investment income in unconsolidated variable interest entity

 

 

1,375

 

 

 

898

 

 

 

2,483

 

 

 

2,664

 

Income from discontinued operations, net of tax

 

$

213,782

 

 

$

31,208

 

 

$

241,266

 

 

$

78,872

 

The carrying value of the assets and liabilities of the discontinued operations with respect to FibroGen International on the condensed consolidated balance sheets as of December 31, 2024 were as follows (in thousands):

 

 

 

December 31, 2024

 

Assets

 

 

 

Cash and cash equivalents

 

$

51,696

 

Accounts receivable, net

 

 

18,443

 

Inventories

 

 

15,547

 

Prepaid expenses and other current assets

 

 

25,163

 

Total current assets held for sale

 

 

110,849

 

 

 

 

 

Property and equipment, net

 

 

7,041

 

Equity method investment in unconsolidated variable interest entity

 

 

6,864

 

Operating lease right-of-use assets

 

 

1,716

 

Other assets

 

 

990

 

Total long-term assets held for sale

 

 

16,611

 

 

 

 

Liabilities

 

 

 

Accounts payable

 

$

26,974

 

Accrued and other current liabilities

 

 

10,679

 

Operating lease liabilities, current

 

 

1,264

 

Total current liabilities held for sale

 

 

38,917

 

 

 

 

 

Operating lease liabilities, non-current

 

 

356

 

Total long-term liabilities held for sale

 

 

356

 

 

The significant non-cash items and capital expenditures for the discontinued operations with respect to FibroGen International included in the condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

Depreciation

 

$

713

 

 

$

1,117

 

Investment income in unconsolidated variable interest entity

 

 

(2,485

)

 

 

(2,664

)

Gain on divestiture

 

 

(52,163

)

 

 

—

 

Impairment of property and equipment

 

 

2,062

 

 

 

—

 

Dividend received from unconsolidated variable interest entity

 

 

3,947

 

 

 

2,230

 

Stock-based compensation

 

$

231

 

 

$

1,326