NQ Project Phoebus

NQ Project Phoebus is a specialized investment vehicle managed by NovaQuest Capital Management, a leading life sciences investment firm. The entity was established to facilitate a revenue interest financing agreement with Kyntra Bio (formerly FibroGen) regarding the commercialization of Evrenzo (roxadustat), a first-in-class hypoxia-inducible factor prolyl hydroxylase (HIF-PH) inhibitor. Under the agreement, NQ Project Phoebus provided upfront capital to support the development and launch of Evrenzo in exchange for a portion of future revenues in territories including Europe and Japan. In August 2026, the agreement was amended to reduce Kyntra Bio's total payment obligations and accelerate the return of capital to NovaQuest. This vehicle is part of NovaQuest's broader strategy of providing non-dilutive financing to biopharmaceutical companies for late-stage clinical assets and commercial products.