母子开公司冲刺IPO：90后总裁留美归来，年薪最高时达427万元！13年数亿元投入，0产品上市，行政开支比研发还高

Core Viewpoint - Huazhang Biotech has been in research and development for 13 years with significant financial investment but remains at a crossroads with no products on the market, no stable revenue, and no annual profit [1] Company Overview - Established in 2012, Huazhang Biotech focuses on developing protein drugs for wound healing, particularly targeting platelet-derived growth factor (PDGF) drugs [2][3] - The company has three research pipelines and ten candidate products covering 14 indications, with seven being PDGF-related [3] Product Development - Core products include Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot ulcers, with Pro-101-1 expected to complete Phase III trials by Q4 2026 and Pro-101-2 in Phase II trials [3][6] - The potential market for PDGF drugs in China is limited, with estimates of approximately 66.6 million RMB for burn treatment and 580 million RMB for diabetic foot ulcers by 2033 [6] Financial Performance - The company reported revenues of 472,000 RMB in 2023 and 261,000 RMB in 2024, with net losses of 105.2 million RMB and 212.3 million RMB respectively [18][20] - Administrative and research expenses exceeded 80 million RMB in 2023 and 200 million RMB in 2024, with administrative costs surpassing research expenditures [18][21] Management and Governance - The company is led by founder Jia Lijia, who has 27 years of experience in the pharmaceutical industry, and her son Wang Kelong, who has limited experience in drug development [8][13] - The board's compensation increased by over 91% year-on-year, raising concerns about financial management amid ongoing losses [14][18] Market Competition - The competitive landscape includes eight companies with nine products for burn treatment and four other PDGF drug pipelines in development for diabetic foot ulcers [7][6] - Huazhang Biotech's focus on PDGF drugs is seen as innovative, but the commercial potential remains uncertain due to market limitations and existing competition [6][7] Funding and IPO Pressure - The company has faced pressure to complete an IPO by December 31, 2026, due to financing agreements that include buyback clauses if targets are not met [24][26] - Current cash reserves are approximately 105 million RMB, which may only sustain operations for about six months at the current burn rate [23][24]