FibroGen's Strategic Moves and Financial Outlook: Hold Rating Amid UncertaintiesWe have adjusted our financial model to more accurately reflect current operating trends and management guidance, which is summarized in exhibit 2. A list of upcoming clinical catalysts is summarized in exhibit 3. Stock Thoughts. We are encouraged by initial results generated from the FG-3246 program, which targets CD46, and we look forward to continued progress on FG-3246 in mCRPC in the pre-chemotherapy stage, as well as from roxadustat in LR-MDS. Given the early stage of the highly competitive prostate cancer market, we believe it is prudent to wait for additional data (such as the upcoming combination data likely at ASCO- GU and the initial monotherapy results expected in the second half of 2026) prior to drawing solid conclusions. We therefore reiterate our Market Perform rating on FibroGen shares.