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III-nitride (III-N) heterojunction bipolar transistors (HBTs) are a less-explored electronic device technology due to the myriad research issues in material growth, device design and fabrication associated with these devices. For III-N HBTs, npn-GaN/InGaN heterostructures provide the benefits of mitigating the poor base electrical conductivity of p-type GaN and the problematic magnesium incorporation issues. Consequently, InGaN-base III-N HBTs are promising for next-generation high-power RF III-N systems. This paper will describe the current development status of npn GaN/InGaN HBTs grown either on sapphire or free-standing (FS) GaN substrates using optimized metalorganic chemical vapor deposition (MOCVD) and refined HBT processing techniques. Recombination current paths in GaN/InGaN HBTs are studied and small-signal equivalent circuits are developed. The extracted device model indicates that, with further device fabrication technique development, Johnson's figure of merit (JFOM) of GaN/InGaN HBTs can be as high as 5 THz V. [ABSTRACT FROM AUTHOR]