Eliza Wong
In the high-stakes world of biotech, few stories capture the tension between ambition and reality like Hua Ren Bio. For 13 years, this mother-son-led company has poured billions into platelet-derived growth factor (PDGF) research, aiming to fill China’s domestic gap in wound-healing therapeutics. Yet with zero products on the market, mounting financial losses, and a binding IPO deadline looming in 2026, the company stands at a make-or-break moment. This is the story of a long-term biotech vision racing against time, funding, and market realities.
The Long Road: 13 Years and Billions in Investment
Hua Ren Bio was founded in 2012 with a clear mission: to develop innovative protein-based drugs targeting unmet medical needs, particularly in wound care. The company’s focus on platelet-derived growth factors (PDGF) placed it in a niche but promising area of biopharmaceuticals. PDGF is a signaling protein released by platelets after injury, known for promoting blood vessel formation, modulating inflammation, and accelerating cell growth—key processes in healing severe wounds like burns and diabetic foot ulcers.
A Global and Domestic Gap
Globally, only one PDGF drug has ever received FDA approval: Regranex, developed by OMJ Pharmaceuticals, which is limited to treating diabetic neuropathic foot ulcers. In China, no locally developed PDGF drug has reached the market, making Hua Ren Bio’s mission both ambitious and nationally significant.
The company’s pipeline includes three major research tracks and ten candidate products targeting 14 indications. Seven of these are PDGF-based, with two core products leading the way:
– Pro-101-1 for burn injuries
– Pro-101-2 for diabetic foot ulcers
Pro-101-1 completed Phase IIb trials in China and is expected to finish Phase III by Q4 2026. The company also plans to file an Investigational New Drug (IND) application with the FDA in early 2026. Pro-101-2 is currently in Phase II trials in China, with completion expected in Q2 2027 and a potential market launch by 2030.
Limited Market, Growing Competition
Despite the scientific promise, the commercial outlook is narrow. According to Frost & Sullivan, China’s potential market for PDGF drugs in burn treatment is estimated to reach only RMB 66.6 million by 2033. For diabetic foot ulcers, the PDGF-specific segment may reach RMB 580 million, though the broader treatment market is already worth RMB 38.3 billion.
Competition is another hurdle. Eight companies in China currently market nine growth factor-based drugs for burns, most based on EGF or FGF proteins. In the diabetic foot segment, four other growth factor drugs are in development—three already in Phase III trials.
Hua Ren Bio has argued that PDGF drugs can serve as adjunct therapies for multiple indications and is exploring nine additional uses preclinically. But with rivals advancing quickly and market windows tightening, the company’s first-mover advantage is under threat.
Leadership Under the Microscope
Hua Ren Bio was founded and is largely controlled by Jia Lijia (贾丽加), a 57-year-old pharmaceutical industry veteran with 27 years of experience in sales and management. She serves as board chair and executive director. Her son, Wang Kelong (王轲珑), a 34-year-old graduate of the University of Texas at Arlington and Harvard Business School executive program, is the company’s CEO and vice chair.
From Car Sales to Biotech CEO
Wang’s background stands in contrast to the highly technical nature of the company. Before joining Hua Ren Bio in 2018, he worked at Berkshire Hathaway Automotive—one of the largest car dealer groups in the U.S.—and founded a small autonomous driving startup in Beijing called Green Auto Technology. That firm had only 1–2 employees, yet Wang was named to the Forbes 30 Under 30 China list in 2019 and the Fortune China 40 Under 40 in 2024.
Despite his limited biotech experience, Wang is listed as a co-inventor on 36 patent applications filed by the company. Between 2022 and May 2025, he received nearly RMB 9.3 million in compensation.
Shareholder Structure and Early Cash-Outs
Jia, Wang, and two other individuals form a controlling shareholder group with nearly 67% of the company. In 2021, not long before the company’s first IND submission, Jia and other early shareholders increased their registered capital. Shortly after, in a Pre-A funding round, investor Zhang Hong acquired a 0.62% stake for RMB 5 million.
That August, Jia sold RMB 25 million worth of shares to Qingdao Dinghui Shuangbai Equity Investment—a move that cashed out early investors just as the company’s valuation began rising post-IND.
Financial Pressure and the IPO Clock
Hua Ren Bio’s financials tell a story of persistent burn without return. From 2023 to May 2025, the company recorded negligible revenue—RMB 472,000 in 2023, RMB 261,000 in 2024, and zero in the first five months of 2025. Net losses over the same period totaled RMB 105 million, RMB 212 million, and RMB 72 million, respectively.
High Administrative Costs
In 2024, administrative expenses reached RMB 117 million—56% of total spending and even exceeding the RMB 91.3 million spent on R&D. The company attributed this to share-based payments under an employee incentive plan launched that year. Even with a recent reduction, admin costs remain high relative to R&D—a unusual profile for a clinical-stage biotech.
As of May 2025, Hua Ren Bio held just RMB 105 million in cash and equivalents. At the 2024 monthly burn rate of over RMB 17 million, that would cover only about six months of operations. The company estimates that, under a more conservative scenario, it has roughly ten months of runway left.
The IPO Mandate
Both the company’s Series A and B funding rounds included clauses requiring an IPO by December 31, 2026. If Hua Ren Bio fails to go public by then, it must repurchase shares from investors at original price plus interest—a potentially fatal financial burden.
The Road Ahead: Can Hua Ren Bio Survive Its Own Ambition?
Hua Ren Bio represents both the promise and peril of long-term biotech investing. Its 13-year journey and billion-RMB investment reflect deep commitment to a scientifically worthy goal. But with no products, mounting losses, expensive leadership, and a hard IPO deadline, the company is in a race against time.
Success depends on several factors: timely clinical progress, efficient capital use, and ultimately, market acceptance of a first-in-class PDGF drug in China. Whether this mother-son-led venture can cross the finish line—or become a cautionary tale—remains one of the most closely watched stories in biotech.
For investors and industry observers, Hua Ren Bio is a case study in resilience, risk, and real-world biotech economics. Follow its journey through clinical milestones and financial disclosures as it approaches its IPO window—and decide whether this long-shot bet is worth watching.
