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 R&D for 13 years with significant investment but remains at a crossroads with no products on the market, no stable revenue, and no annual profit [1][3]. Company Overview - Founded in 2012, Huazhang Biotech focuses on developing protein drugs for wound healing, particularly targeting platelet-derived growth factor (PDGF) drugs [3][4]. - The company has three R&D pipelines and ten candidate products covering 14 indications, with seven being PDGF-related [4]. 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][7]. - The global market for PDGF drugs is limited, with only one approved drug in the U.S. for diabetic ulcers, indicating a potential market gap for Huazhang Biotech [3][4]. 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 and R&D costs exceeded 80 million RMB in 2023 and are projected to surpass 200 million RMB in 2024 [20][23]. Market Challenges - The potential market for PDGF drugs in China is limited, with estimates of 66.6 million RMB for burn treatments and 580 million RMB for diabetic foot ulcers by 2033 [7]. - Competition is significant, with multiple companies already offering similar products in the market [7][28]. Funding and Investment - The founders have previously liquidated shares for 25 million RMB, indicating a focus on financial returns despite the company's ongoing struggles [8][12]. - The company has faced pressure from investment agreements requiring an IPO by December 31, 2026, or face buyback obligations [26][28]. Management and Governance - The management team includes individuals with extensive experience in the pharmaceutical industry, although some key figures lack direct experience in drug development [14][15][16]. - The board's compensation has increased significantly, with a reported rise of over 91% in recent years [18][20]. Cash Flow and Sustainability - As of May 2025, the company's cash reserves have dwindled to 105 million RMB, raising concerns about its ability to sustain operations for more than six months at the current burn rate [25][26]. - The company has no major external debt financing plans, which could impact its financial stability moving forward [26][28].