HCW Biologics Inc. Financial Summary

Complete Filing Data

HCW Biologics Inc. reported Stockholders Equity of $2.76 million for FY2025.

All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean HCW Biologics Inc. did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.

Income Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Revenue *$54.2K$2.6M$2.8M$6.7M$0.00$4.1M
Net Income Loss-$8.0M-$30.0M-$25.0M-$14.9M-$12.9M-$5.8M
Research And Development Expense$5.4M$6.4M$7.7M$9.3M$8.2M$7.3M
Operating Income Loss-$13.2M-$29.5M-$25.7M-$15.1M-$13.4M-$5.8M
Operating Expenses$13.2M$30.4M$26.3M$17.7M$13.4M$9.9M
General And Administrative Expense$7.7M$6.8M$6.8M$8.3M$5.2M$2.7M
Gross Profit$10.8K$959.4K$560.4K$2.6M$0.00
Cost Of Revenue$43.4K$1.6M$2.3M$4.1M$0.00
Interest Expense$845.1K$654.3K$283.0K$126.7K$0.00
Net Income Loss Available To Common Stockholders Basic-$22.3M-$30.0M-$12.9M-$7.1M
Nonoperating Income Expense$0.00-$1.3M
Interest Income Expense Net

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021Q2 2021Q1 2021Q3 2020Q2 2020Q1 2020
Revenue *$15.6K$6.6K$5.1K$426.4K$618.9K$1.1M$853.1K$622.8K$41.9K$1.8M$454.0K$3.1M$0.00$0.00$0.00
Net Income Loss-$4.6M-$1.9M-$2.2M-$3.9M-$15.3M-$7.5M-$4.9M-$4.3M-$5.1M-$3.9M-$3.5M-$2.1M-$4.1M-$2.8M-$2.8M-$2.7M-$2.8M-$2.4M
Research And Development Expense$1.4M$1.2M$1.5M$1.2M$2.0M$2.1M$1.7M$1.6M$2.3M$2.6M$2.0M$1.8M$2.7M$1.7M$2.3M$2.1M$2.1M
Operating Income Loss-$3.3M-$3.5M-$2.0M-$3.7M-$15.1M-$7.5M-$5.1M-$4.5M-$5.4M-$4.0M-$3.5M-$1.9M-$4.1M-$2.8M-$3.4M-$2.7M-$2.8M
Operating Expenses$3.3M$3.5M$2.0M$3.8M$15.3M$8.1M$5.3M$4.6M$5.4M$4.4M$3.7M$3.7M$4.1M$2.8M$3.4M$2.7M$2.8M
General And Administrative Expense$1.9M$2.1M$2.2M$1.6M$1.6M$1.6M$1.5M$1.6M$3.1M$1.7M$1.7M$1.9M$1.4M$1.1M$1.1M$609.9K$711.2K
Gross Profit$3.1K$1.3K$1.0K$85.3K$180.4K$614.7K$174.8K$120.4K$12.5K$361.8K$166.8K$1.8M$0.00$0.00$0.00
Cost Of Revenue$12.5K$5.2K$4.1K$341.1K$438.4K$512.0K$678.3K$502.4K$29.4K$1.4M$287.2K$1.3M$0.00$0.00$0.00
Interest Expense$127.1K$228.7K$255.8K$229.1K$159.7K$0.00$95.5K$95.5K$93.4K$32.2K$0.00$0.00
Net Income Loss Available To Common Stockholders Basic-$4.6M-$12.1M-$3.9M-$15.3M-$3.5M-$2.1M-$4.1M-$3.2M-$3.3M-$3.0M-$3.1M
Nonoperating Income Expense$0.00$0.00$0.00-$1.3M$0.00$0.00
Interest Income Expense Net$105.5K$516.00-$176.4K-$2.5K$631.00$568.2K-$374.00

Balance Sheet

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Stockholders Equity$2.8M-$6.8M$13.5M$37.4M$51.2M-$16.7M-$9.7M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$2.0M$4.7M$3.6M$22.3M$11.7M$8.5M
Cash And Cash Equivalents At Carrying Value$2.0M$4.7M$3.6M$22.3M$11.7M$8.5M$7.4M
Retained Earnings Accumulated Deficit-$108.5M-$100.6M-$70.5M-$45.5M-$30.6M-$16.7M
Receivables Net Current$32.2K$582.2K$1.5M$417.7K$133.0K$2.5M
Property Plant And Equipment Net$20.9M$22.9M$20.5M$10.8M$1.1M$1.6M
Other Assets Current$77.6K$113.5K$230.9K$196.0K$1.4M$654.5K
Long Term Investments$1.3M$1.6M$1.6M$1.6M$11.5M$1.6M
Liabilities Current$21.1M$29.6M$8.7M$3.0M$2.3M$1.0M
Liabilities And Stockholders Equity$24.5M$30.2M$28.5M$46.8M$53.5M$15.4M
Assets Current$2.3M$5.7M$6.4M$34.1M$40.5M$12.1M
Assets$24.5M$30.2M$28.5M$46.8M$53.5M$15.4M
Accounts Payable Current$13.1M$22.3M$6.2M$1.2M$223.7K$155.3K
Accounts Payable And Other Accrued Liabilities Current$1.1M$981.9K$2.6M$1.7M$2.1M$845.7K
Other Assets Noncurrent$28.5K$28.5K$56.5K$333.9K$393.3K$34.2K
Liabilities$21.8M$37.0M$15.1M$9.4M$2.3M
Common Stock Value$328.00$111.00$3.6K$3.6K$3.6K
Unrealized Gain Loss On Investments$0.00$248.4K-$186.4K-$65.8K$0.00
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect-$2.7M$1.1M-$18.7M$10.6M$3.3M
Long Term Debt$0.00$7.4M$6.3M$6.4M$0.00
Short Term Investments$0.00$9.7M$25.0M
Other Liabilities$0.00$14.3K$0.00
Preferred Stock Dividends And Other Adjustments$0.00$1.3M
Gains Losses On Extinguishment Of Debt$5.5M$0.00$0.00$567.3K$0.00
Operating Lease Liabilities Arising From Obtaining Right Of Use Assets$0.00$192.7K
Cumulative Dividends Earned And Accrued In The Reporting Period$0.00$1.3M
Dividends Common Stock Stock$14.3M$0.00

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021Q2 2021Q1 2021Q3 2020Q2 2020Q1 2020
Stockholders Equity-$2.1M-$52.0K-$8.6M-$10.0M-$6.3M$8.7M$23.9M$28.6M$32.6M$42.6M$46.2M$49.4M$54.0M-$23.2M-$20.0M-$18.4M-$15.4M-$12.3M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$1.1M$2.4M$1.1M$998.2K$1.2M$4.1M$11.2M$7.4M$18.4M$26.2M$15.4M$18.1M$15.1M$5.1M$6.9M
Cash And Cash Equivalents At Carrying Value$1.1M$2.4M$1.1M$998.2K$1.2M$4.1M$11.2M$7.4M$18.4M$26.2M$15.4M$18.1M$15.1M$5.1M$6.5M$3.2M
Retained Earnings Accumulated Deficit-$109.2M-$104.7M-$102.8M-$97.2M-$93.3M-$78.0M-$59.9M-$54.9M-$50.6M-$40.1M-$36.2M-$32.7M-$27.5M-$23.2M
Receivables Net Current$30.7K$21.6K$87.5K$651.8K$655.0K$903.9K$710.1K$707.2K$252.7K$355.6K$346.9K$553.0K$70.0K$50.0K
Property Plant And Equipment Net$22.5M$22.6M$22.8M$22.8M$22.8M$22.6M$14.8M$12.6M$11.7M$11.0M$913.7K$1.0M$1.3M$1.4M
Other Assets Current$250.3K$141.0K$443.3K$88.1K$164.6K$187.3K$174.9K$327.1K$317.0K$205.9K$470.0K$245.6K$1.4M$894.0K
Long Term Investments$1.3M$3.3M$1.6M$1.6M$1.6M$1.6M$1.6M$1.6M$1.6M$11.3M$11.3M$11.4M$11.6M$1.6M
Liabilities Current$26.9M$26.8M$27.1M$30.1M$23.2M$13.4M$5.4M$4.5M$4.5M$2.3M$1.1M$1.4M$2.4M$4.2M
Liabilities And Stockholders Equity$25.4M$28.9M$26.3M$26.6M$26.8M$30.4M$35.6M$39.5M$43.5M$51.4M$47.4M$51.0M$56.4M$13.0M
Assets Current$1.6M$2.9M$1.9M$2.1M$2.4M$6.2M$13.8M$19.8M$29.9M$28.7M$34.6M$37.9M$43.6M$10.0M
Assets$25.4M$28.9M$26.3M$26.6M$26.8M$30.4M$35.6M$39.5M$43.5M$51.4M$47.4M$51.0M$56.4M$13.0M
Accounts Payable Current$19.0M$19.4M$19.7M$22.7M$16.9M$10.5M$3.2M$2.1M$1.2M$1.4M$296.2K$743.1K$637.2K$996.9K
Accounts Payable And Other Accrued Liabilities Current$1.1M$1.1M$1.2M$1.1M$6.3M$2.9M$2.3M$2.4M$3.4M$882.8K$848.3K$674.3K$1.8M$3.2M
Other Assets Noncurrent$28.5K$28.5K$28.5K$28.5K$28.5K$28.5K$137.6K$211.0K$253.1K$419.0K$563.5K$686.4K
Liabilities$27.6M$29.0M$34.8M$36.5M$33.1M$21.7M$11.7M$10.9M$10.9M$8.8M$1.2M$1.6M
Common Stock Value$262.00$215.00$4.5K$3.8K$3.8K$3.8K$3.6K$3.6K$3.6K$3.6K$3.6K$3.6K
Unrealized Gain Loss On Investments$1.7M$0.00$0.00$112.5K-$185.1K$0.00
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect-$3.6M$489.0K-$3.9M$6.4M
Long Term Debt$0.00$367.2K$7.7M$6.5M$9.9M$8.3M$6.3M$6.4M$6.4M$6.4M
Short Term Investments$0.00$10.0M$9.8M$0.00$17.0M$17.0M$25.0M
Other Liabilities$0.00$0.00$7.5K$56.7K$98.4K$139.6K
Preferred Stock Dividends And Other Adjustments$0.00$0.00$482.7K$477.4K$282.9K$279.8K$279.8K
Gains Losses On Extinguishment Of Debt$0.00-$567.3K
Operating Lease Liabilities Arising From Obtaining Right Of Use Assets$0.00$306.5K
Cumulative Dividends Earned And Accrued In The Reporting Period$477.4K
Dividends Common Stock Stock$0.00$10.2M$0.00$0.00

Cash Flow Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Proceeds From Issuance Of Common Stock$5.5M$6.5M$23.7K$15.8K$29.5K$9.9K
Payments To Acquire Property Plant And Equipment$0.00$261.6K$6.2M$10.3M$47.3K$186.7K
Net Cash Provided By Used In Operating Activities-$13.4M-$14.2M-$22.5M-$10.4M-$11.0M-$10.4M
Net Cash Provided By Used In Investing Activities$0.00-$261.6K$3.8M$14.7M-$35.0M-$186.7K
Net Cash Provided By Used In Financing Activities$10.7M$15.6M-$14.5K$6.3M$49.3M$11.7M
Increase Decrease In Prepaid Deferred Expense And Other Assets-$142.0K-$831.6K-$432.4K-$2.5M$2.8M$2.1M
Increase Decrease In Accounts Payable And Accrued Liabilities-$3.5M$11.9M$1.6M$418.2K$1.9M-$628.6K
Increase Decrease In Accounts Receivable-$550.0K-$953.6K$1.1M$284.7K-$2.4M$2.5M
Share Based Compensation$768.6K$1.0M$1.0M$1.1M$361.0K$21.9K
Depreciation Depletion And Amortization$1.2M$1.1M$717.9K$543.6K$572.9K
Increase Decrease In Operating Lease Liability$0.00-$56.5K-$326.7K-$128.2K$0.00
Proceeds From Issuance Of Debt$150.0K$6.9M$0.00$6.4M$0.00
Payments Of Stock Issuance Costs$1.2M$638.0K$0.00$190.5K$0.00
Proceeds From Repayments Of Debt-$127.6K-$119.4K-$38.3K$0.00
Proceeds From Sale Of Short Term Investments$0.00$10.0M$25.0M$0.00
Payments To Acquire Short Term Investments$0.00$25.0M$0.00

Quarterly (10-Q, single quarters)

Metric \ QuarterQ1 2025Q1 2024Q1 2023Q1 2022Q1 2021
Proceeds From Issuance Of Common Stock$1.7K$2.5M$1.9K$2.3K$13.4K
Payments To Acquire Property Plant And Equipment$0.00$129.7K$300.4K$23.6K$23.3K
Net Cash Provided By Used In Operating Activities-$3.5M-$3.6M-$3.6M-$1.6M-$1.5M
Net Cash Provided By Used In Investing Activities$0.00-$129.7K-$300.4K$8.0M-$23.3K
Net Cash Provided By Used In Financing Activities-$53.1K$4.2M$1.9K$2.3K-$86.6K
Increase Decrease In Prepaid Deferred Expense And Other Assets$257.9K-$302.6K-$182.3K-$1.4M-$150.4K
Increase Decrease In Accounts Payable And Accrued Liabilities-$2.4M$2.5M$718.7K-$1.1M$713.1K
Increase Decrease In Accounts Receivable-$494.7K-$631.9K-$165.0K$420.0K-$1.2M
Share Based Compensation$275.6K$244.7K$259.2K$260.3K
Depreciation Depletion And Amortization$419.0K$243.5K$298.8K$142.8K$158.8K
Increase Decrease In Operating Lease Liability$0.00-$56.5K-$79.2K-$12.5K
Proceeds From Issuance Of Debt$0.00$1.8M$0.00
Payments Of Stock Issuance Costs$22.3K$0.00$100.0K
Proceeds From Repayments Of Debt-$32.5K-$29.7K$0.00
Proceeds From Sale Of Short Term Investments$0.00$8.0M
Payments To Acquire Short Term Investments$8.0M$0.00

Per-Share & Share Counts

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Diluted EPS *-$10.63-$30.96-$0.70-$0.42-$0.69-$1.49
Weighted Average Number Of Shares Outstanding Basic2.1M969.8K35.9M35.8M18.8M
Weighted Average Number Of Diluted Shares Outstanding2.1M969.8K35.9M35.8M18.8M
Earnings Per Share Basic$-10.63$-30.96$-0.70$-0.42$-0.69
Common Stock Shares Issued3.3M1.1M36.0M36.0M35.8M4.3M
Common Stock Shares Authorized250.0M250.0M250.0M250.0M250.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00$0.00
Weighted Average Number Of Share Outstanding Basic And Diluted18.8M4.7M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021Q2 2021Q1 2021Q3 2020Q2 2020
Diluted EPS *-$2.02-$6.79-$0.05-$4.13-$16.16-$0.20-$0.14-$0.12-$0.14-$0.11-$0.10-$0.06-$0.14-$0.66-$0.69-$0.63-$0.65
Weighted Average Number Of Shares Outstanding Basic2.3M1.8M44.7M945.6K945.6K37.2M35.9M35.9M35.9M35.8M35.8M35.8M29.6M4.9M
Weighted Average Number Of Diluted Shares Outstanding2.3M1.8M44.7M945.6K945.6K37.2M35.9M35.9M35.9M35.8M35.8M35.8M29.6M4.9M
Earnings Per Share Basic$-2.02$-6.79$-0.05$-4.13$-16.16$-0.20$-0.14$-0.12$-0.14$-0.11$-0.10$-0.06$-0.14$-0.66
Common Stock Shares Issued2.6M2.1M44.9M37.8M37.8M37.8M35.9M35.9M35.9M35.8M35.8M35.8M
Common Stock Shares Authorized250.0M250.0M250.0M250.0M250.0M250.0M250.0M250.0M250.0M250.0M250.0M250.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Weighted Average Number Of Share Outstanding Basic And Diluted35.8M29.6M4.9M4.8M4.7M4.7M

Other Metrics

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value$768.6K$1.0M$1.0M$1.1M$361.0K$21.9K
Stock Issued During Period Value Stock Options Exercised$1.7K$2.4K$23.7K$15.8K$29.5K$9.9K
Prepaid Expense Current$222.2K$328.2K$1.0M$1.4M$2.2M$538.3K
Other Operating Income Expense Net$68.4K$87.0K$1.0M$304.7K
Additional Paid In Capital$111.3M$93.8M$84.0M$83.0M$81.8M$0.00
Interest Paid Net$601.7K$569.8K$283.0K$126.7K$0.00
Capital Expenditures Incurred But Not Yet Paid$0.00$2.0M$4.2M$0.00
Changes In Carrying Amount Of Right Of Use Asset$0.00-$418.00-$1.7K$2.1K
Reduction In The Carrying Amount Of Right Of Use Asset-$2.1K-$28.3K
Change In Deposit For Interest Reserve$0.00$5.3M$0.00
Stock Issued During Period Shares Stock Options Exercised200.00337.00148.7K108.2K206.5K75.9K
Legal Fees$15.9M$6.6M
Stock Issued During Period Value New Issues-$269.7K-$226.2K$49.2M
Short Term Borrowings$6.8M$6.3M$0.00
Realized Investment Gains Losses$0.00$15.6K$0.00
Legal Expenses Recoveries Net-$1.5M$15.9M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021Q2 2021Q1 2021Q3 2020Q2 2020Q1 2020
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value$205.5K$278.3K$275.6K$232.4K$239.8K$244.7K$219.8K$263.4K$259.2K$302.3K$271.3K$260.3K$1.7K$9.6K$641.00$1.8K$9.5K$76.00
Stock Issued During Period Value Stock Options Exercised$1.7K$2.3K$84.00$7.7K$1.9K$1.7K$6.0K$2.3K$576.00$9.5K$13.4K$814.00$2.3K
Prepaid Expense Current$210.7K$295.5K$256.3K$356.2K$404.9K$783.4K$1.7M$1.4M$1.1M$1.9M$1.4M$2.0M$2.0M$862.5K
Other Operating Income Expense Net$13.3K$16.4K$24.7K$11.3K$15.5K$25.6K$234.8K$301.6K$383.3K$137.6K$516.00-$176.4K
Additional Paid In Capital$107.1M$104.6M$94.2M$87.2M$87.0M$86.7M$83.7M$83.5M$83.2M$82.7M$82.4M$82.1M$81.5M
Interest Paid Net$244.3K$0.00$93.4K$0.00
Capital Expenditures Incurred But Not Yet Paid$0.00$2.2M$0.00$0.00
Changes In Carrying Amount Of Right Of Use Asset$0.00-$418.00$209.00
Reduction In The Carrying Amount Of Right Of Use Asset-$209.00-$209.00$0.00
Change In Deposit For Interest Reserve
Stock Issued During Period Shares Stock Options Exercised
Legal Fees-$1.7M$949.5K$10.4M$4.4M$2.1M$1.4M
Stock Issued During Period Value New Issues-$63.5K-$70.1K-$22.3K$49.2M
Short Term Borrowings$6.8M$6.4M$6.2M$6.3M
Realized Investment Gains Losses
Legal Expenses Recoveries Net$6.0K$142.5K$949.5K$10.4M

Most recent annual filing with the SEC: March 31, 2026

Data sourced from SEC EDGAR public filings as of August 6, 2026.