Christine Chung

About Christine Chung

Christine L. Chung (age 57) is Senior Vice President, China Operations at FibroGen (joined 2007), with a BA magna cum laude from Harvard University; she is a native of Hong Kong and has led FibroGen’s China strategy from concept to commercial stage, including leadership roles across China subsidiaries . Company performance context during her recent tenure: FY 2024 revenues were $29.62M vs $46.80M in FY 2023, while EBITDA remained negative*; quarterly revenues were $3.14M (Q4’24), $2.74M (Q1’25), $1.35M (Q2’25), and $1.08M (Q3’25)*; the business also experienced >90% stock price decline in 2023 around negative Phase 3 readouts and implemented retention-focused changes to equity plans . In February 2025, FibroGen agreed to sell its China subsidiary to AstraZeneca, and the CEO highlighted Ms. Chung’s role in successfully commercializing roxadustat in China .

Past Roles

External Roles

Fixed Compensation

Multi-year NEO compensation (USD):

Notes:

• 2024 “All Other” includes life insurance ($3,612), 401(k) contribution ($3,450), health insurance ($1,740), and tax gross-up for China global mobility ($160,961) .
• Base salaries were reviewed in Feb 2024; no increases for 2024/2025 except aligning CFO promotion—Ms. Chung’s remained $515,000 .

Performance Compensation

Annual cash bonus design (2024):

• Target bonus: 50% of base salary; weighting: 80% corporate and 20% individual .
• Corporate achievement: 87.14% total (H1 31.88% + H2 55.27%); individual achievement (Ms. Chung): 98.38% .

Equity awards (2024 annual grants):

• Options: 143,000 shares at $1.715 grant price; RSUs: 29,000 shares; vesting: 25% at first anniversary, then 1/16 quarterly thereafter, contingent on continued employment .
• No performance RSUs in 2024; company clawback policy compliant with Dodd-Frank and Nasdaq listing rules .

Retention programs (context):

• Following 2023 stock dislocation, retention awards combined long-term performance-based options priced at a 25% premium and short-term RSUs vesting over one year (company-wide framework) .

Equity Ownership & Alignment

Outstanding equity awards (as of 12/31/2024 — selected grants):

• Options exercisable/unexercisable: e.g., 68,750/151,250 at $1.21 (8/30/2023); 51,563/23,437 at $15.60 (2/14/2022); 39,094/2,606 at $53.01 (2/24/2021); 32,360 (10/4/2021) at $9.93; 143,000 (2/21/2024) at $1.72 unexercisable .
• RSUs not vested: 29,000 (2024); 14,062 (2023); 14,062 (2022) .
• Beneficial ownership disclosure: Ms. Chung’s beneficial holdings “include” 480,529 shares issuable under options exercisable within 60 days of March 31, 2025 (percentage not disclosed) .
• Insider policy: Hedging, pledging, short selling, and derivatives are prohibited (unless pre-approved); clawback policy in place .
• Stock ownership guidelines: paused for directors and officers due to stock price decline over the prior two years .

Employment Terms

• Employment: At-will; initial offer letter (June 2008) when serving as Senior Director, China .
• Change-in-control and severance: Company maintains double-trigger change-in-control arrangements; awards subject to clawback; upon closing of the China sale to AstraZeneca, Ms. Chung will cease employment and is entitled to severance benefits under FibroGen’s executive officer change-in-control and severance agreement (filed as Exhibit 10.4 to Q1 2023 Form 10-Q) .

Company Performance Context (for pay-for-performance)

Recent quarterly and annual performance:

*Values retrieved from S&P Global.

Additional context:

• 2023 stock price decline >90% tied to negative Phase 3 outcomes in pamrevlumab programs; company updated equity plan governance (no repricing without shareholder approval, no evergreen; focus on retention amid underwater options) .

Investment Implications

• Pay-for-performance alignment: Ms. Chung’s 2024 bonus directly reflected corporate and individual goal attainment, with a transparent weighting and payout formula; equity awards shifted materially lower in fair value vs 2021–2023, reducing near-term insider selling pressure from large time-based RSU grants .
• Retention risk and severance economics: The pending China divestiture triggers her employment cessation and severance eligibility under the executive CIC/severance agreement, mitigating near-term retention risk but potentially adding controlled termination costs; governance safeguards include double-trigger CIC terms and clawback .
• Ownership alignment: Significant options exercisable within 60 days in 2025 and ongoing prohibitions on hedging/pledging support alignment; with ownership guidelines paused due to stock price decline, longer-term alignment relies on future equity grants and performance recovery .
• Execution track record: Management and Board explicitly credited Ms. Chung with the China commercialization success of roxadustat; the China sale strengthens liquidity and simplifies capital structure, potentially re-focusing incentives on oncology pipeline execution (FG-3246/FG-3180) and US roxadustat strategy .

Data and disclosures are drawn from FibroGen’s 2025 and 2024 DEF 14A proxy statements, 8-K filings, and related exhibits.