Hengrui Pharma announced on August 9 that its partner, Braveheart Bio, successfully listed on the Nasdaq on August 6 local time. The IPO raised approximately $439.9 million, including the full exercise of the underwriters' over-allotment option, before deducting underwriting discounts, commissions, and other offering expenses.

This marks the second NewCo collaboration for Hengrui Pharma to go public in the US, following Kailera Therapeutics. Braveheart Bio, founded in 2024, is a clinical-stage biotechnology firm focused on developing novel therapies for hypertrophic cardiomyopathy and other serious cardiovascular diseases. From its inception to the IPO, Braveheart Bio had raised around $185 million from several leading life sciences investment firms.

The core asset supporting Braveheart Bio's market debut is HRS-1893 (known as BHB-1893 outside Greater China), a next-generation small-molecule myosin inhibitor developed independently by Hengrui Pharma. It is currently in clinical development for obstructive hypertrophic cardiomyopathy (oHCM) and non-obstructive hypertrophic cardiomyopathy (nHCM).

In September 2025, Hengrui Pharma entered into an exclusive license agreement with Braveheart Bio, granting the latter exclusive rights to develop, manufacture, and commercialize HRS-1893 outside Greater China. Under the deal, Hengrui Pharma received an upfront payment of $32.5 million in cash and 32.5 million non-voting Class A preferred shares of Braveheart Bio at $1.00 per share. Additionally, Hengrui Pharma is eligible for up to $23 million in milestone payments tied to technology transfer and development, as well as up to $1 billion in commercial milestones.

Significant progress has been made in the development of HRS-1893 (BHB-1893). For Hengrui Pharma, HRS-1893 is being developed for indications including hypertrophic cardiomyopathy and heart failure. The oHCM trial has advanced to Phase 3 in China, the nHCM Phase 2 trial is complete, and a Phase 2 trial for heart failure with preserved ejection fraction (HFpEF) is ongoing. For Braveheart Bio, a Phase 3 study for oHCM is planned for the second half of 2026, and a Phase 3 study for nHCM is planned for the first half of 2027.

The Phase 2 study of HRS-1893 in oHCM was presented as a late-breaking clinical trial at the 75th Annual Scientific Session of the American College of Cardiology (ACC). Results showed that after 12 weeks of treatment, HRS-1893 rapidly and significantly reduced the Valsalva left ventricular outflow tract gradient (Valsalva LVOT-G), with a complete response rate (<30 mmHg) reaching up to 86%. Left ventricular ejection fraction (LVEF) changes were minimal, with a decrease of only 1.8%-2.7%.

The Phase 2 study of HRS-1893 in nHCM was also presented as a late-breaking clinical trial at the 2026 European Society of Cardiology Heart Failure Association (ESC-HFA) annual meeting. Results showed that HRS-1893 rapidly and sustainably improved key cardiac biomarkers: NT-proBNP decreased by 68% from baseline, and cTnI decreased by 60% from baseline. The high-dose group showed a 5.5-point improvement in KCCQ-CSS compared to placebo (adjusted value). The overall tolerability was good, with no new safety signals identified.