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MARKETS / NASDAQ / HCWB
NASDAQ · PHARMACEUTICAL PREPARATIONS

HCW Biologics Inc. HCWB

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$54,232
▼ 97.9% YoY
$-8.0M
$-13.4M
In brief

What this company does

Among other things, the Company has begun commercialization of certain commercial-ready proprietary compounds for use as reagents in the production of immunotherapeutics for the treatment of infectious diseases and cancer. Two of the Company's proprietary molecules, HCW9201 and HCW9206, are commercial-ready to be used as reagents in the production of immunotherapeutic treatments. The Company has developed two proprietary drug discovery and development platforms, including the TOBI platform, which is designed to engineer multi-functional fusion protein molecules and protein complexes that rebalance the immune system. HCW9302 is a clinical-stage compound that is an injectable, first-in-kind interleukin 2 ("IL-2") fusion protein complex constructed using the Company's proprietary TOBI platform technology. On August 15, 2022, the Company purchased a 36,000 square foot building located in Miramar, Florida that is intended to serve as its new headquarters.

Written from the business description in HCW Biologics Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 54,232.00
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 0.1 · Net income -8.0
2.5M5.0M-20.0M202020212022202320242025
Compound annual growth
−79.9%
−57.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −57.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−14677 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -24270.7% · Net -14677.1%
-10000%-20000%202020212022202320242025
ROE
FY2024 · ROE -897.4%
-500%202020212022202320242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -13.4
-10M-20M202020212022202320242025

Total assetsUSD 24.5M
EquityUSD 2.8M
CashUSD 2.0M
Gross debtUSD 6.8M
Net debtUSD 4.9M
Current ratio0.11×

Net debt stands at 176% of equity.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.0
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−10.63−30.96−0.70−0.42−0.69−1.49
Dividend / sh $······
Payout %······
ROE %·−897.4−98.2−33.6−74.6·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 29 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 66 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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