HCW Biologics Inc. (HCWB) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, HCW Biologics reported revenue of $54,232, down 97.9% from $2.6M the year before. Net income was -$8.0M (a -14677.1% net margin), or -$63.78 per diluted share. Gross margin was 20.0% and operating margin was -24270.7%. Operating activities generated -$13.4M of cash. At fiscal year end, HCW Biologics held $24.5M in total assets against $21.8M in total liabilities, including $2.0M of cash and equivalents.
Open the full interactive HCW Biologics financials → Quarterly statements, key ratios, valuation history and price charts.
HCW Biologics Key Stats
| Share Price | $1.26 |
|---|---|
| Market Cap | $1.7M |
| Revenue YoY Growth | -97.9% |
| 52-Week Range | $1.26 – $27.00 |
| Shares Outstanding | 1.3 million (basic, 2026 Q2) |
HCW Biologics Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | — | $6.7M | $2.8M | $2.6M | $54,232 |
| Gross Profit | — | $2.6M | $560,360 | $959,403 | $10,846 |
| Operating Income | -$13.4M | -$15.1M | -$25.7M | -$29.5M | -$13.2M |
| Pre-Tax Income | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Income Tax | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Diluted EPS | -$165.60 | -$100.80 | -$168.00 | -$184.80 | -$63.78 |
HCW Biologics Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $15,606 | $27,011 | $6.5M | $135,568 |
| Net Income | -$4.6M | $719,232 | $3.5M | -$5.2M |
| Diluted EPS | -$12.12 | $0.34 | $2.22 | -$11.58 |
HCW Biologics Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $11.7M | $22.3M | $3.6M | $4.7M | $2.0M |
| Current Assets | $40.5M | $34.1M | $6.4M | $5.7M | $2.3M |
| Total Assets | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Current Liabilities | $2.3M | $3.0M | $8.7M | $29.6M | $21.1M |
| Total Long-Term Debt | — | $44.7M | $6.3M | $7.4M | — |
| Total Liabilities | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M |
| Shareholders' Equity | $51.2M | $37.4M | $13.5M | -$6.8M | $2.8M |
HCW Biologics Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M |
| Cash From Investing | -$35.0M | $14.7M | $3.8M | -$261,617 | $0 |
| Cash From Financing | $49.3M | $6.3M | -$14,534 | $15.6M | $10.7M |
| Free Cash Flow | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M |
Figures from HCW Biologics' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full HCW Biologics financials page for every line item.
HCW Biologics Company Profile
| Ticker | HCWB |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Miramar, Florida |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001828673 |
Frequently Asked Questions
What was HCW Biologics' revenue in fiscal 2025?
HCW Biologics (HCWB) reported revenue of $54,232 for fiscal 2025.
What is HCW Biologics' annual revenue history?
HCW Biologics' annual revenue by fiscal year: 2022: $6.7M; 2023: $2.8M; 2024: $2.6M; 2025: $54,232.
What was HCW Biologics' net income in fiscal 2025?
HCW Biologics reported net income of -$8.0M for fiscal 2025.
What was HCW Biologics' earnings per share (EPS) in fiscal 2025?
HCW Biologics' diluted EPS was -$63.78 for fiscal 2025 (adjusted for any later stock splits).
What was HCW Biologics' revenue last quarter?
In its most recent reported quarter (2026 Q2), HCW Biologics reported revenue of $135,568.
How many shares of HCW Biologics are outstanding?
HCW Biologics reported a weighted average of 1.3 million basic shares outstanding in 2026 Q2.
What is HCW Biologics' market cap?
Based on its latest closing price, HCW Biologics (HCWB) has a market capitalization of about $1.7M.
When does HCW Biologics' fiscal year end?
HCW Biologics' fiscal year end, as registered with the SEC, is December 31.
Where is HCW Biologics headquartered?
HCW Biologics lists its business address in Miramar, Florida in its SEC filings.