Logo

HCWB

HCW Biologics Inc.

HCWB

HCW Biologics Inc. • NASDAQ
$2.12 ▲ 8.72% (+0.17)
Market Cap $4.56 M
52w High $41.20
52w Low $1.84
Dividend Yield 0%
P/E -0.15
Volume 30.29K
Outstanding Shares 2.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.606K ▲ $3.115M ▼ $-4.554M ▼ -29.183K% ▲ $-2.02 ▲ $-4.253M ▼
Q2-2025 $6.55K ▲ $3.465M ▲ $-1.928M ▲ -29.431K% ▲ $-6.79 ▼ $-1.305M ▼
Q1-2025 $5.065K ▼ $1.967M ▼ $-2.197M ▲ -43.374K% ▼ $-0.05 ▲ $-1.249M ▲
Q4-2024 $394.804K ▼ $3.239M ▼ $-3.373M ▲ -854.417% ▲ $-0.08 ▲ $-1.915M ▲
Q3-2024 $426.423K $3.776M $-3.902M -915.121% $-0.1 $-3.55M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.097M ▼ $25.446M ▼ $27.553M ▼ $-2.107M ▼
Q2-2025 $2.439M ▲ $28.91M ▲ $28.962M ▼ $-51.972K ▲
Q1-2025 $1.108M ▼ $26.285M ▼ $34.847M ▼ $-8.562M ▼
Q4-2024 $4.675M ▲ $30.237M ▲ $37.007M ▲ $-6.77M ▲
Q3-2024 $998.221K $26.556M $36.526M $-9.97M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.554M ▼ $-3.24M ▲ $0 $1.898M ▼ $-1.342M ▼ $-3.24M ▲
Q2-2025 $-1.928M ▲ $-3.282M ▲ $0 $4.614M ▲ $1.331M ▲ $-3.282M ▲
Q1-2025 $-2.197M ▲ $-3.514M ▼ $0 ▲ $-53.103K ▼ $-3.567M ▼ $-3.514M ▼
Q4-2024 $-3.373M ▲ $-2.835M ▲ $-113.412K ▼ $6.625M ▲ $3.676M ▲ $-2.948M ▲
Q3-2024 $-3.902M $-2.926M $-37.063K $2.8M $-163.093K $-2.964M

Five-Year Company Overview

Income Statement

Income Statement HCW Biologics looks like a typical early-stage biotech company from an income perspective: it is essentially pre-revenue and has been consistently loss-making. Reported sales are effectively negligible, and results are driven almost entirely by research, development, and overhead expenses. Losses have been steady to gradually increasing over the past few years, and per‑share losses have deepened as time has passed. This reflects ongoing investment in the pipeline without any commercial products yet on the market. There is no sign in the historical data of a revenue inflection point so far, so the business remains in the “spend to develop” phase rather than the “earn from products” phase.

Balance Sheet

Balance Sheet The balance sheet is small and quite lean, with limited assets and only modest cash reported in recent years. Debt exists but is not large in absolute terms. The more notable point is that equity flipped from positive to negative in the most recent year, which means accumulated losses now exceed the capital on the books. In practice, this signals financial fragility and a reliance on outside funding to keep operations going. Asset levels are not high enough to provide much cushion, and the reverse split in 2025 underscores that the company has already been managing through capital market pressures.

Cash Flow

Cash Flow Cash flow statements show a consistent pattern of cash outflows from operations, as expected for a clinical-stage biotech. The company spends cash each year to fund trials and overhead, with no meaningful cash coming in from product sales to offset those outlays. Free cash flow is also negative, and capital spending is minimal, so the vast majority of the cash burn is tied to running and advancing the pipeline. The business model is therefore heavily dependent on raising capital or securing partnerships to extend its cash runway; internal cash generation is not currently a source of support.

Competitive Edge

Competitive Edge HCW Biologics operates in one of the most competitive and well-funded areas of healthcare: immunotherapy and inflammation-driven disease. Against that backdrop, its key competitive strengths are its proprietary TOBI and TRuC platforms and a clear scientific focus on chronic, age-related inflammation (“inflammaging”). These platforms allow the creation of multi-functional fusion proteins that can act on several immune pathways at once, which is a differentiated concept versus many single-target drugs. The pipeline includes candidates for difficult cancers and autoimmune disease, with preclinical data suggesting potential advantages over some existing therapies. However, the company is still early in clinical development, while many larger competitors already have approved products and deep resources. HCW’s competitive position will likely depend on whether it can generate compelling clinical data and secure strong partnerships before larger players close the innovation gap.

Innovation and R&D

Innovation and R&D Innovation is the core strength of HCW Biologics. The company has built two proprietary platforms that can generate a wide array of immune-modulating fusion proteins, and it has already created dozens of molecules from these technologies. Lead candidates target chemo‑resistant cancers and autoimmune conditions, and newer constructs aim to improve on current checkpoint inhibitors and T‑cell engagers by tackling both cancer cells and the suppressive tumor environment at the same time. The R&D strategy is ambitious: multi-functional biologics, focus on inflammaging, and expansion into multiple disease areas over time. The flip side is execution risk. Most programs are in early clinical or preclinical stages, so there is substantial uncertainty about how well the promising science will translate into real patient outcomes and approvable products. R&D productivity and trial results will ultimately determine whether the innovation platform converts into lasting value.

Summary

HCW Biologics is a classic high‑risk, high‑uncertainty clinical-stage biotech: it has almost no revenue, persistent losses, and a thin balance sheet that recently moved into negative equity territory. Cash burn is steady, and the company depends on external funding and prospective partnerships to support its operations. On the positive side, the scientific story is differentiated. HCW is targeting the inflammatory underpinnings of aging and cancer with proprietary platforms designed to produce multi-functional immunotherapies, and its pipeline includes several novel candidates aimed at tough-to-treat conditions. The competitive environment is intense, and the company is small relative to established players, so its future hinges on a few key factors: the quality of clinical trial results, its ability to attract partners and capital, and its success in converting platform science into clearly superior therapies. Overall, HCW Biologics combines a promising and innovative technology base with a financially constrained, early-stage profile. Progress in the clinic and on the partnering front will be the main signposts for how its risk–reward balance evolves over time.

NEWS

November 18, 2025 · 7:25 AM UTC

HCW Biologics Announces Initiation of First-In-Human Clinical Trial to Evaluate HCW9302 in an Autoimmune Disease

Read more

November 14, 2025 · 4:44 PM UTC

HCW Biologics Reports Third Quarter 2025 Business Highlights and Financial Results

Read more

November 7, 2025 · 7:00 AM UTC

HCW Biologics Presents Preclinical Data for TRBC-Based T-Cell Engager Program at the Society for Immunotherapy of Cancer's (SITC) 40th Annual Meeting

Read more

October 16, 2025 · 9:25 AM UTC

HCW Biologics to Participate in the 2025 Maxim Growth Summit

Read more

September 30, 2025 · 8:45 AM UTC

HCW Biologics Inc. (NASDAQ: HCWB) Participates in Virtual Investor “What This Means” Segment About its Proprietary T-Cell Engager Program

Read more