华芢生物成立13年来无药上市 背负对赌协议闯关港交所

Core Viewpoint - Huazhan Biotech is struggling at a crossroads with no stable income, no commercialized products, and no profitability after 13 years of development and significant investment, while facing high administrative costs and pressure to go public [1][2]. Company Overview - Established in 2012, Huazhan Biotech focuses on developing protein drugs for wound healing, specifically 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 drugs [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 expected to complete by Q2 2027 [4][5]. - The potential market for PDGF drugs in China is limited, with the projected market size for burn-related PDGF drugs only about 6.66 million yuan by 2033 [4]. Market Competition - The diabetic foot treatment market is projected to reach approximately 5.8 billion yuan, but current treatments primarily involve antibiotics and blood sugar control drugs [5]. - There are eight companies with nine products already on the market for burn treatment, and four other PDGF drug pipelines in development for diabetic foot ulcers [5]. Financial Situation - The company reported revenues of 472,000 yuan, 261,000 yuan, and 0 yuan for 2023, 2024, and the first five months of 2025, respectively, with net losses of 105 million yuan, 212 million yuan, and 72 million yuan during the same periods [10]. - Administrative expenses are projected to exceed 200 million yuan in 2024, with a significant portion attributed to an employee incentive plan [10][11]. Cash Flow and Funding - As of May 31, 2025, the company's cash and cash equivalents dropped to 105 million yuan, with a burn rate suggesting current funds could sustain operations for about six months [11]. - The company has clauses in its financing rounds requiring it to complete an IPO by December 31, 2026, or face buyback obligations [11].