HCW Biologics Inc.
Business
HCW Biologics Inc. is a clinical-stage biopharmaceutical company developing fusion immunotherapeutics to treat chronic inflammation-driven diseases including autoimmune disorders, cancer, and senescence-associated conditions. The company offers proprietary molecules as clinical-stage drug candidates (HCW9302 for alopecia areata in Phase 1) and commercial-ready reagents (HCW9206 and HCW9201) for manufacturing CAR-T and NK cell therapies. Operating primarily through internal development and out-licensing partnerships, HCW Biologics leverages two proprietary platforms—TOBI and TRBC—to engineer multi-functional fusion proteins targeting immune rebalancing and rejuvenation across oncology, autoimmune, and regenerative medicine markets.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is HCW Biologics Inc.'s CIK number?
HCW Biologics Inc.'s SEC CIK number is 0001828673 (1828673). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find HCW Biologics Inc.'s SEC filings?
All of HCW Biologics Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did HCW Biologics Inc. last report earnings?
HCW Biologics Inc. (HCWB) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-023122). This is HCW Biologics Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is HCW Biologics Inc.'s most recent earnings 8-K?
HCW Biologics Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001493152-26-023122. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View HCW Biologics Inc.'s latest earnings 8-K →
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