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HCW Biologics Inc.
HCWBCIK 0001828673NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-7.96M
Total Assets
$24.52M
Equity
$2.76M
Shares Out
6.73M
Op. Cash Flow
$-13.39M
Business
HCW Biologics Inc. is a clinical-stage biopharmaceutical company developing proprietary immunotherapies to treat diseases driven by chronic inflammation and senescence-associated conditions. Its main product candidates include fusion protein immunotherapeutics and multi-functional molecules such as HCW9302, HCW9218, HCW9201/HCW9206 (WU‑NK‑101) and preclinical TRBC-based compounds, comprising multi-specific cytokines, Treg‑expanding agents, second‑generation immune checkpoint modulators, and immune cell engagers. The company operates two core platforms — TOBI™ and the TRBC platform — and balances in‑house development of select leads with out‑licensing, strategic collaborations, and manufacturing arrangements. HCWB pursues global clinical trials and commercialization through licensing partners, third‑party contract manufacturers, and region‑specific agreements covering the Americas, Greater China and other international markets.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenues | 54,232 | 3 | 3 | 7 | 0 | |
| Cost of revenues | −43,386 | −2 | −2 | −4 | 0 | |
| Net revenues | 10,846 | 959,403 | 560,360 | 3 | 0 | |
| Research and development | 5 | 6 | 8 | 9 | 8 | |
| General and administrative | 8 | 7 | 7 | 8 | 5 | |
| Legal expenses (recoveries), net | −1 | 16 | — | — | — | |
| Impairment of Long-Lived Asset | 2 | 0 | — | — | — | |
| Nonoperating loss | 0 | 1 | — | — | — | |
| Total operating expenses | 13 | 30 | 26 | 18 | 13 | |
| Loss from operations | −13 | −29 | −26 | −15 | −13 | |
| Interest expense | −845,051 | −654,284 | −283,042 | −126,660 | 0 | |
| Change in fair value of investment | −273,422 | 0 | — | — | — | |
| Change in fair value of contingent liability | 1 | 0 | — | — | — | |
| Loss on sale of put shares | −263,974 | 0 | — | — | — | |
| Gain on extinguishment of liability | 5 | 0 | — | — | — | |
| Other income, net | 68,376 | 86,990 | 1 | 304,735 | — | |
| Net loss | −8 | −30 | −25 | −15 | −13 | |
| Equity dividend to investor | −14 | 0 | — | — | — | |
| Net loss attributable to Common Stockholders | −22 | −30 | — | — | −13 | |
| Net loss per share, basic | −10.63 | −30.96 | −0.7 | −0.42 | −0.69 | |
| Net loss per share, diluted | −10.63 | −30.96 | −0.7 | −0.42 | −0.69 | |
| Weighted-average shares outstanding, basic | 2 | 969,825 | 36 | 36 | 19 | |
| Weighted-average shares outstanding, diluted | 2 | 969,825 | 36 | 36 | 19 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 2 | 5 | 4 | 22 | 12 | |
| Accounts receivable, net | 32,175 | 582,201 | 2 | 417,695 | 133,000 | |
| Prepaid expenses | 222,156 | 328,181 | 1 | 1 | 2 | |
| Other current assets | 77,564 | 113,528 | 230,916 | 196,015 | 1 | |
| Total current assets | 2 | 6 | 6 | 34 | 40 | |
| Investments | 1 | 2 | 2 | 2 | 12 | |
| Property, plant and equipment, net | 21 | 23 | 20 | 11 | 1 | |
| Other assets | 28,476 | 28,476 | 56,538 | 333,875 | 393,318 | |
| Total assets | 25 | 30 | 29 | 47 | 54 | |
| Accounts payable | 13 | 22 | 6 | 1 | 223,664 | |
| Accrued liabilities and other current liabilities | 1 | 981,940 | 3 | 2 | 2 | |
| Short-term debt, net | 7 | 6 | 0 | — | — | |
| Total current liabilities | 21 | 30 | 9 | 3 | 2 | |
| Debt, net | 0 | 7 | 6 | 6 | 0 | |
| Contingent liability - related party | 692,531 | 0 | — | — | — | |
| Total Liabilities | 22 | 37 | 15 | 9 | 2 | |
| Commitments and contingencies (Note 17) | — | — | — | — | — | |
| Common Stock Value | 328 | 111 | 3,603 | 3,588 | 3,577 | |
| Additional paid-in capital | 111 | 94 | 84 | 83 | 82 | |
| Accumulated deficit | −109 | −101 | −71 | −46 | −31 | |
| Total stockholders' equity (deficit) | 3 | −7 | 13 | 37 | 51 | |
| Total liabilities and stockholders' equity (deficit) | 25 | 30 | 29 | 47 | 54 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and accretion | 1 | 1 | — | — | — | |
| Stock-based compensation | 768,623 | 1 | 1 | 1 | 360,975 | |
| Commitment fee | 150,000 | 0 | — | — | — | |
| Change in fair value of investment | 273,422 | 0 | — | — | — | |
| Change in fair value of contingent liability | −1 | 0 | — | — | — | |
| Loss on conversion of debt with related parties | −131,135 | 0 | — | — | — | |
| Changes in the carrying amount of right-of-use asset | 0 | −418 | −1,671 | 2,089 | — | |
| Accounts receivable | 550,026 | 953,556 | −1 | −284,695 | 2 | |
| Prepaid expenses and other assets | 141,989 | 831,622 | 432,410 | 2 | −3 | |
| Accounts payable and other liabilities | −3 | 12 | 2 | 418,208 | 2 | |
| Operating lease liability | 0 | −56,541 | −326,742 | −128,246 | 0 | |
| Net cash used in operating activities | −13 | −14 | −23 | −10 | −11 | |
| Purchases of property and equipment | 0 | −261,617 | −6 | −10 | −47,263 | |
| Net cash used in investing activities | 0 | −261,617 | 4 | 15 | −35 | |
| Proceeds from issuance of Common Stock, net | 5 | 6 | 23,739 | 15,778 | 29,528 | |
| Proceeds from issuance of Common Stock under SEPA, net | 3 | 0 | — | — | — | |
| Proceeds from issuance of pre-funded warrants, net | 4 | 0 | — | — | — | |
| Proceeds from common stock warrants | 0 | 3 | 0 | — | — | |
| Proceeds from issuance of debt | 150,000 | 7 | 0 | 6 | 0 | |
| Issuance costs for Common Stock, pre-funded warrants, and Common Stock warrants | −1 | −638,045 | 0 | −190,547 | 0 | |
| Debt repayment | −127,623 | −119,398 | −38,273 | 0 | — | |
| Net cash provided by financing activities | 11 | 16 | −14,534 | 6 | 49 | |
| Net increase (decrease) in cash and cash equivalents | −3 | 1 | −19 | 11 | 3 | |
| Cash paid for interest, net of amounts capitalized | 601,661 | 569,770 | 283,042 | 126,660 | 0 | |
| Capital expenditures accrued, but not yet paid | 0 | 2 | 4 | 0 | — | |
| Purchases of property and equipment included in accounts payable | 22,000 | 829,207 | — | — | — | |
| Extinguishment of restructured debt with related parties | 7 | 0 | — | — | — | |
| Issuance of Common Stock, warrants and other rights upon extinguishment of restructured debt with related parties | 4 | 0 | — | — | — | |
| Gain on extinguishment of debt with related parties | 3 | 0 | — | — | — |
Filings
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