Quick Answer
HCW Biologics Inc. reported R&D Expense of $5.44 million for fiscal year 2025.
HCW Biologics Inc. R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $5.44M | -14.8% |
| 2024 | $6.39M | -16.8% |
| 2023 | $7.68M | -17.8% |
| 2022 | $9.34M | +14.2% |
| 2021 | $8.17M | +12.7% |
| 2020 | $7.26M | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| September 30, 2025 | $1.40M | +18.3% | +14.5% |
| June 30, 2025 | $1.23M | -39.5% | -17.0% |
| March 31, 2025 | $1.48M | -30.4% | +24.6% |
| September 30, 2024 | $1.19M | -28.8% | -41.5% |
| June 30, 2024 | $2.03M | +25.5% | -4.4% |
| March 31, 2024 | $2.12M | -5.9% | +27.3% |
| September 30, 2023 | $1.67M | -37.0% | +3.1% |
| June 30, 2023 | $1.62M | -17.9% | -28.3% |
- HCW Biologics Inc. showed a decrease of -14.8% in R&D Expense compared to the prior fiscal year.
- Over the 2020–2025 period, HCW Biologics Inc.’s r&d expense has declined by 25.0% (from $7.26 million to $5.44 million).
- The most recent figure is from HCW Biologics Inc.’s fiscal year 2025 report (Form 10-K), filed with the SEC on March 31, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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