母子开公司冲刺IPO：90后总裁留美归来，13年数亿投入0产品上市

Core Viewpoint - Huasheng Bio 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 income, and no annual profit [1][3]. Company Overview - Founded in 2012, Huasheng Bio focuses on developing protein drugs for wound healing, particularly targeting platelet-derived growth factor (PDGF) drugs [3][4]. - The company has three research pipelines and ten candidate products covering 14 indications, with seven being PDGF-related [4][7]. Product Development - Core products include Pro-101-1 for burns 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 [4][8]. - The potential market for PDGF drugs in China is limited, with projected market sizes of approximately 6.66 million RMB for burn treatments and 580 million RMB for diabetic foot ulcers by 2033 [8]. Financial Performance - The company reported revenues of 472,000 RMB in 2023 and 261,000 RMB in 2024, with net losses of 105.19 million RMB and 212.25 million RMB respectively [20][22]. - Administrative expenses exceeded 80 million RMB in 2023 and over 200 million RMB in 2024, raising concerns about financial sustainability [20][23]. 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 [9][14][15]. - The board's compensation has increased significantly, with a reported rise of over 91% in 2023 [18][20]. IPO and Future Outlook - Huasheng Bio is under pressure to complete an IPO by December 31, 2026, due to contractual obligations, which could significantly impact its survival and growth [26][28]. - The company currently has cash reserves of 105 million RMB, which may only sustain operations for about six months at the current burn rate [25][26].