Hi Cmcdon649,
With the extremely close up photos of your
Wax Plant (Hoya pubicalyx) it's difficult to tell exactly what might be the issue. Can you post a photo of the entire plant and it's pot from a little distance so that we can have a better perspective on the size of the plant and the pot it's growing in?
I've been growing Hoya pubicalyx (and a few other Hoyas) for many years and I find that most Hoyas seem to do best when they are a bit pot bound. It's extremely important to plant them in an airy, well draining medium to prevent root rot. I always add extra perlite and orchid bark mix to the soil for all of my container plants but especially for Hoyas. My large Hoya pubicalyx below is in a large pot and is quite root bound but I have no plans of repotting any time in the near future.