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Financials · HCWB

HCW Biologics Inc. (HCWB) financials

For the twelve months ended Jun 30, 2026, HCW Biologics Inc. reported $6.72M of revenue and -$5.58M of net income.

Revenue, TTM
$6.72M
Revenue growth, YoY
+707.0%
Net income, TTM
-$5.58M
Net margin
-83.0%
Cash
$741.3K
P/S
0.32
Market cap
$2.1M
Annual revenue$54.2K
FY2020FY2025
Annual net income-$7.96M
FY2020FY2025
Annual free cash flow-$13.39M
FY2020FY2025

HCWB revenue and earnings growth

HCWB revenueQ2 2026$135.6K

Quarter YoY
21x
QoQ
-97.9%
FY YoY
-97.9%
5Y CAGR
-57.9%

HCWB revenue was $135.6K in fiscal Q2 2026 (ended Jun 30, 2026), up about 21-fold from a year earlier and down 97.9% from the prior quarter. For the full fiscal 2025 it was $54.2K, down 97.9% from fiscal 2024. Compound annual growth was -57.9% over 5 years. It rose in 0 of the last 3 fiscal years.

HCWB net incomeQ2 2026-$5.22M

HCWB net income was -$5.22M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$1.93M a year earlier. For the full fiscal 2025 it was -$7.96M, compared with -$30.02M in fiscal 2024.

HCWB EPSQ2 2026-$11.58

HCWB diluted EPS was -$11.58 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$10.63.

HCWB free cash flowQ4 2025-$3.36M

HCWB free cash flow was -$3.36M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$2.95M a year earlier. For the full fiscal 2025 it was -$13.39M, compared with -$14.49M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue$54.2K$2.57M$2.84M$6.72M$0$4.10M
Cost of revenue$43.4K$1.61M$2.28M$4.14M$0-
Gross profit$10.8K$959.4K$560.4K$2.59M$0-
Research and development$5.44M$6.39M$7.68M$9.34M$8.17M$7.26M
Selling, general and admin$7.70M$6.82M$6.78M$8.33M$5.19M$2.67M
Operating income-$13.16M-$29.46M-$25.72M-$15.08M-$13.37M-$5.82M
Interest expense$845.1K$654.3K$283.0K$126.7K$0-
Pre-tax income-$7.96M-$30.02M-$24.99M-$14.90M-$12.86M-$5.80M
Income tax$0$0$0$0$0$0
Net income-$7.96M-$30.02M-$24.99M-$14.90M-$12.86M-$5.80M
EPS, basic-$10.63-$30.96-$28.00-$16.80-$27.60-$59.60
EPS, diluted-$10.63-$30.96-$28.00-$16.80-$27.60-$59.60
Diluted shares2.1M969,825898,236.15895,556.225469,273.375118,482.125

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Cash and equivalents$1.95M$4.67M$3.60M$22.33M$11.73M$8.46M
Short-term investments$0$0$0$9.74M$24.98M-
Receivables$32.2K$582.2K$1.54M$417.7K$133.0K$2.50M
Current assets$2.28M$5.70M$6.40M$34.07M$40.48M$12.15M
Total assets$24.52M$30.24M$28.51M$46.81M$53.51M$15.40M
Current liabilities$21.06M$29.63M$8.75M$2.96M$2.32M$1.00M
Short-term debt$6.81M$6.31M$0$38.27M--
Total debt$0$7.38M$6.30M$6.41M$0-
Total liabilities$21.76M$37.01M$15.05M$9.38M$2.32M-
Shareholders' equity$2.76M-$6.77M$13.46M$37.43M$51.19M-$16.72M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Operating cash flow-$13.39M-$14.23M-$22.51M-$10.39M-$10.98M-$10.43M
Capital expenditures$0$261.6K$6.20M$10.28M$47.3K$186.7K
Free cash flow-$13.39M-$14.49M-$28.72M-$20.66M-$11.02M-$10.62M
Investing cash flow$0-$261.6K$3.80M$14.71M-$35.02M-$186.7K
Financing cash flow$10.67M$15.57M-$14.5K$6.27M$49.27M$11.72M
Stock-based compensation$768.6K$1.01M$1.00M$1.12M$361.0K$21.9K
Depreciation and amortization$1.04M$1.18M$1.14M$717.9K$543.6K$572.9K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue growth, YoY-97.9%-9.7%-57.7%--100.0%-
Gross margin20.0%37.4%19.7%38.5%--
Operating margin-24270.7%-1147.6%-905.0%-224.3%--142.1%
Net margin-14677.1%-1169.7%-879.5%-221.7%--141.5%
Free cash flow margin-24693.2%-564.5%-1010.5%-307.4%--259.0%
Return on equity-287.9%--185.7%-39.8%-25.1%-
Return on assets-32.5%-99.3%-87.7%-31.8%-24.0%-37.7%
Current ratio0.110.190.7311.5217.4412.14
Debt to equity0.00-0.470.170.00-

Source: XBRL data HCW Biologics Inc. files with the SEC, latest filing dated Aug 14, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-40, first reported Aug 18, 2025.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

HCWB peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
HCWB$6.72M+707.0%-$5.58M-83.0%$2.1M
LLY$86.46B+45.5%$27.58B31.9%$1.33T
JNJ$99.33B+7.8%$16.09B16.2%$679.13B
ABBV$66.01B+10.7%$10.34B15.7%$518.44B
MRK$67.38B+4.9%$2.45B3.6%$366.73B
NVS$54.53B+8.4%$13.98B25.6%$312.35B
AZN$58.74B+8.6%$10.22B17.4%$293.69B
ABT$48.23B+10.0%$4.70B9.7%$191.40B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$183.23B

HCWB FAQ

7 questions
  • What is HCWB revenue?
    HCW Biologics Inc. (HCWB) reported $6.72M of revenue for the twelve months ended Jun 30, 2026. That is up 707.0% from the year before. Revenue for fiscal 2025 was $54.2K.
  • Is HCWB profitable?
    No. HCW Biologics Inc. reported a net loss of $5.58M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does HCWB have?
    HCW Biologics Inc. reported $741.3K in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is HCWB revenue growing?
    HCW Biologics Inc.'s revenue changed -97.9% in fiscal 2025, to $54.2K. Its compound annual growth rate was -57.9% over 5 years.
  • What is HCWB gross margin?
    HCW Biologics Inc.'s gross profit was $6.45M on $6.72M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 95.9%.
  • When did HCWB last report financial results?
    The latest statements here come from HCW Biologics Inc.'s 10-Q filed on Aug 14, 2026, covering the period ended Jun 30, 2026.
  • Where does this HCWB financial data come from?
    Quantisnow builds these statements from the structured XBRL data HCW Biologics Inc. files with the SEC. It is provided for information only and is not investment advice.