marketcaparena

HCWB

HCW Biologics Inc.

Company overview

Market capitalization
$3.34M
Employees
35
Latest publication
2026-09-29
About HCW Biologics Inc.

HCW Biologics Inc., a clinical-stage biopharmaceutical company, focuses on discovering and developing novel immunotherapies for chronic, low-grade inflammation, and diseases in the United States. Its lead products include HCW11-018b, a novel, tetra-valent T-Cell engager; HCW11-040, a multifunctional fusion molecule that is a combination of cytokines and pembrolizumab; and HCW9302, injectable and interleukin 2 (IL-2) fusion protein complex, which is in phase 1 for alopecia areata diseases. The company also develops HCW9201, a fusion protein designed as a reagent to use in the production of natural killer (NK) cell-based therapies; HCW9206, a fusion protein designed as a reagent to use in the production of CAR-therapies for the treatment of infectious diseases; and HCW11-006, an immune cell stimulator. It has a license agreement with Wugen Inc. to develop cell therapy-based treatments; and a license, research and co-development agreement with WY Biotech Co., Ltd. for its preclinical molecules. HCW Biologics Inc. was incorporated in 2018 and is headquartered in Miramar, Florida.

Company website

Financial statements

Income Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
Total Revenue121,730USD6,500,000USD27,010USD15,606USD6,550USD5,065USD394,804USD426,423USD
Cost Of Revenue229,455USD11,071USD21,609USD12,485USD5,240USD4,052USD315,843USD341,138USD
Gross Profit-93,887USD6,531,930USD5,401USD3,121USD1,310USD1,013USD78,961USD85,285USD
Research Development1,203,352USD1,257,948USD1,333,101USD1,404,247USD1,226,824USD1,478,711USD1,049,611USD1,186,913USD
Selling General Administrative1,870,375USD1,833,277USD1,561,552USD1,817,047USD2,077,155USD153,808USD1,587,300USD2,539,447USD
General And Administrative Expenses1,870,375USD1,833,277USD——————
Total Operating Expenses3,072,402USD3,296,221USD2,952,810USD3,279,745USD3,465,387USD1,966,815USD3,238,719USD3,775,520USD
Operating Income-3,166,289USD3,235,709USD-2,947,409USD-3,276,624USD-3,464,077USD-1,965,802USD-3,159,758USD-3,690,235USD
Total Other Income Expense Net-2,052,942USD566,957USD3,666,641USD-1,277,712USD1,536,347USD-231,073USD-213,515USD-212,053USD
Interest Expense100,541USD109,274USD226,541USD142,572USD228,714USD255,822USD248,108USD223,363USD
Income Before Tax-5,219,231USD3,802,666USD719,232USD-4,554,336USD-1,927,730USD-2,196,875USD-3,373,273USD-3,902,288USD
Income Tax Expense0USD330,186USD——————
Net Income-5,219,231USD3,472,480USD719,232USD-4,554,336USD-1,927,730USD-2,196,875USD-3,373,273USD-3,902,288USD
Net Income Applicable To Common Shares-15,373,873USD1,255,709USD——————
Net Interest Income——-226,541USD-142,572USD-330,962USD-528,881USD-775,412USD-223,363USD
Net Income From Continuing Ops——719,232USD-4,554,336USD-1,927,730USD-2,196,875USD-3,373,273USD-3,902,288USD
Ebit——945,773USD-4,411,764USD-1,596,768USD-1,667,994USD-2,597,861USD-3,678,925USD
Ebitda——1,102,713USD-4,237,859USD-1,304,852USD-1,248,984USD-1,915,354USD-3,550,476USD
Depreciation And Amortization——156,940USD173,905USD291,916USD419,010USD682,507USD128,449USD
Reconciled Depreciation——156,940USD173,905USD291,916USD419,010USD682,507USD128,449USD
Tax Provision—————0USD——
Selling And Marketing Expenses——————153,906USD75,060USD
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Income Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USD
Total Revenue54,232USD2,566,792USD2,841,794USD6,722,090USD4,099,750USD4,099,750USD0USD
Cost Of Revenue43,386USD1,607,389USD2,281,434USD4,135,712USD543,598USD—421,817USD
Gross Profit10,846USD959,403USD560,360USD2,586,378USD-543,598USD4,099,750USD-421,817USD
Research Development5,442,884USD6,388,994USD7,676,316USD9,338,365USD8,173,624USD7,255,227USD5,140,358USD
Selling General Administrative7,701,281USD21,945,218USD13,084,441USD7,988,333USD4,975,744USD2,436,009USD1,803,099USD
Unclassified Operating Expenses-1,876,031USD1,300,000USD5,271,156USD————
Total Operating Expenses11,268,134USD30,439,070USD26,277,520USD17,665,156USD13,367,834USD9,924,275USD6,943,457USD
Operating Income-11,257,288USD-29,479,667USD-25,717,160USD-15,078,778USD-13,367,834USD-5,824,525USD-7,365,274USD
Interest Expense1,250,273USD1,158,441USD283,042USD126,660USD505,366USD0USD0USD
Net Interest Income-1,250,273USD-1,158,441USD-378,941USD-126,660USD505,366USD22,324USD72,353USD
Income Before Tax-7,959,709USD-30,023,814USD-24,994,277USD-14,900,703USD-12,862,468USD-5,802,201USD-7,292,921USD
Net Income-7,959,709USD-30,023,814USD-24,994,277USD-14,900,703USD-12,862,468USD-5,779,877USD-7,292,921USD
Net Income From Continuing Ops-7,959,709USD-30,023,814USD-19,732,487USD-15,205,438USD-12,862,468USD-5,802,201USD-7,292,921USD
Ebit-6,709,436USD-28,865,373USD-24,711,235USD-14,774,043USD-12,862,463USD-5,824,524USD-7,292,921USD
Ebitda-5,667,665USD-27,680,984USD-23,576,051USD-14,056,189USD-12,318,865USD-5,251,657USD-6,871,104USD
Depreciation And Amortization1,041,771USD1,184,389USD1,135,184USD717,854USD543,598USD572,867USD421,817USD
Reconciled Depreciation1,041,771USD1,184,389USD1,121,792USD717,854USD543,598USD595,911USD421,817USD
Total Other Income Expense Net3,297,579USD-544,147USD722,883USD178,075USD505,366USD22,324USD72,353USD
Selling And Marketing Expenses—804,858USD245,607USD————
Income Tax Expense——-4USD-178,075USD-505,366USD-22,324USD-72,353USD
Net Income Applicable To Common Shares———-14,900,703USD-12,862,468USD-7,073,876USD-7,782,531USD
Interest Income————505,366USD22,324USD72,353USD
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Balance sheet Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
Total Assets26,768,318USD27,342,213USD24,520,013USD25,445,540USD28,909,636USD26,285,406USD30,236,578USD26,556,479USD
Cash And Equivalents741,324USD1,228,879USD——————
Cash And Short Term Investments741,324USD1,228,879USD1,952,464USD1,096,909USD2,438,962USD1,107,613USD4,674,572USD998,221USD
Short Term Investments0USD0USD——————
Long Term Investments4,854,028USD4,826,329USD1,326,329USD1,326,329USD3,348,438USD1,599,751USD1,599,751USD1,599,751USD
Total Current Assets1,140,010USD1,721,326USD2,284,359USD1,588,577USD2,897,125USD1,894,708USD5,698,482USD2,094,348USD
Other Current Assets97,702USD119,843USD299,720USD461,001USD436,552USD699,602USD441,709USD444,287USD
Other Non Current Assets28,476USD28,476USD——————
Total Liabilities19,340,704USD21,579,779USD——————
Total Current Liabilities18,648,173USD19,958,813USD21,062,713USD26,860,206USD26,846,101USD27,142,090USD29,628,885USD30,063,334USD
Total Stockholder Equity7,427,614USD5,762,434USD2,764,769USD-2,107,197USD-51,972USD-8,562,048USD-6,770,172USD-9,969,624USD
Total Equity Including Noncontrolling Interest7,427,614USD5,762,434USD——————
Deferred Revenue348,270USD470,000USD——————
Property Plant Equipment Net20,745,804USD20,766,082USD20,880,849USD22,502,158USD22,635,596USD22,762,471USD22,909,869USD22,833,904USD
Accounts Payable10,609,950USD11,785,980USD13,143,394USD18,968,173USD19,354,476USD19,734,057USD22,332,261USD22,666,107USD
Common Stock161USD112USD328USD262USD215USD4,493USD4,454USD3,782USD
Retained Earnings-110,262,597USD-105,043,366USD-108,515,846USD-109,235,078USD-104,680,742USD-102,753,012USD-100,556,137USD-97,182,863USD
Other Non Current Liabilities—692,531USD——————
Total Liab——21,755,244USD27,552,737USD28,961,608USD34,847,454USD37,006,750USD36,526,103USD
Other Current Liab——1,110,104USD1,084,602USD983,421USD1,173,695USD981,940USD1,056,716USD
Capital Stock——328USD262USD215USD4,493USD4,454USD3,782USD
Cash——1,952,464USD1,096,909USD2,438,962USD1,107,613USD4,674,572USD998,221USD
Net Debt——4,856,751USD6,403,053USD4,349,393USD12,832,089USD9,017,977USD11,805,059USD
Short Term Debt——6,809,215USD6,807,431USD6,421,204USD6,234,338USD6,314,684USD6,340,511USD
Short Long Term Debt——6,809,215USD6,807,431USD6,421,204USD6,234,338USD6,314,684USD6,340,511USD
Short Long Term Debt Total——6,809,215USD7,499,962USD6,788,355USD13,939,702USD13,692,549USD12,803,280USD
Net Receivables——32,175USD30,667USD21,611USD87,493USD582,201USD651,840USD
Property Plant Equipment Gross——25,064,327USD———26,586,327USD—
Common Stock Shares Outstanding——2,097,701shares2,260,068shares1,780,113shares44,675,656shares38,793,018shares37,823,394shares
Non Current Assets Total——22,235,654USD23,856,963USD26,012,511USD24,390,698USD24,538,096USD24,462,131USD
Non Current Liabilities Total——692,531USD692,530USD2,115,507USD7,705,364USD7,377,865USD6,462,769USD
Non Current Liabilities Other——692,531USD692,531USD1,748,356USD———
Non Currrent Assets Other——28,476USD28,476USD28,477USD28,476USD28,476USD28,476USD
Net Working Capital——-18,778,354USD-25,271,629USD-23,948,976USD-25,247,382USD-23,930,403USD-27,968,986USD
Unclassified Current Liabilities——-6,809,215USD-6,807,431USD-6,334,204USD-6,234,338USD-6,314,684USD-6,340,511USD
Unclassified Equity——111,279,959USD107,127,357USD104,628,340USD94,181,978USD93,777,057USD87,205,675USD
Long Term Debt————367,151USD7,705,364USD7,377,865USD6,462,769USD
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Balance sheet Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USD
Total Assets24,520,013USD30,236,578USD28,513,660USD46,809,155USD53,514,829USD15,398,086USD10,066,011USD
Other Current Assets299,720USD441,709USD1,273,329USD196,015USD1,436,617USD1,192,834USD674,322USD
Total Liab21,755,244USD37,006,750USD15,051,943USD9,380,649USD2,321,589USD1,001,084USD1,066,144USD
Total Stockholder Equity2,764,769USD-6,770,172USD13,461,717USD37,428,506USD51,193,240USD14,397,002USD8,999,867USD
Other Current Liab1,110,104USD981,940USD2,580,402USD1,730,325USD2,097,925USD278,430USD673,813USD
Common Stock328USD4,454USD3,603USD3,588USD3,577USD1,118USD472USD
Capital Stock328USD4,454USD3,603USD3,588USD3,577USD31,115,879USD18,676,633USD
Retained Earnings-108,515,846USD-100,556,137USD-70,532,323USD-45,538,046USD-30,637,343USD-16,719,515USD-9,676,766USD
Cash1,952,464USD4,674,572USD3,595,101USD22,326,356USD11,730,677USD8,455,834USD7,355,834USD
Cash And Short Term Investments1,952,464USD4,674,572USD3,595,101USD32,062,286USD36,714,197USD8,455,834USD7,355,834USD
Total Current Assets2,284,359USD5,698,482USD6,404,187USD34,070,919USD40,480,371USD12,148,668USD8,030,156USD
Total Current Liabilities21,062,713USD29,628,885USD8,747,625USD2,956,481USD2,321,589USD1,001,084USD1,066,144USD
Net Debt4,856,751USD9,017,977USD2,709,217USD-15,916,463USD-11,730,677USD-7,888,523USD-7,355,834USD
Short Term Debt6,809,215USD6,314,684USD28,500USD6,409,893USD1,800,000USD567,311USD—
Short Long Term Debt6,809,215USD6,314,684USD—————
Short Long Term Debt Total6,809,215USD13,692,549USD6,304,318USD6,409,893USD—567,311USD—
Long Term Investments1,326,329USD1,599,751USD1,599,751USD1,599,751USD11,522,050USD1,599,750USD0USD
Net Receivables32,175USD582,201USD1,535,757USD417,695USD133,000USD2,500,000USD—
Accounts Payable13,143,394USD22,332,261USD6,167,223USD1,226,156USD223,664USD155,343USD392,331USD
Property Plant Equipment Net20,880,849USD22,909,869USD20,453,184USD10,804,610USD1,119,090USD1,615,426USD2,001,613USD
Property Plant Equipment Gross25,064,327USD26,586,327USD23,485,025USD10,804,610USD2,766,704USD1,615,426USD2,001,613USD
Common Stock Shares Outstanding2,097,701shares38,793,018shares35,929,446shares35,822,249shares35,768,264shares36,700,520shares36,700,520shares
Non Current Assets Total22,235,654USD24,538,096USD22,109,473USD12,738,236USD13,034,458USD3,249,417USD2,035,855USD
Non Current Liabilities Total692,531USD7,377,865USD6,304,318USD6,424,168USD223,664USD155,343USD392,331USD
Non Current Liabilities Other692,531USD——14,275USD———
Non Currrent Assets Other28,476USD28,476USD56,538USD333,875USD393,318USD34,241USD34,242USD
Net Working Capital-18,778,354USD-23,930,403USD-2,343,438USD31,114,438USD38,158,782USD11,147,584USD6,964,012USD
Unclassified Current Liabilities-6,809,215USD-6,314,684USD—-6,409,893USD-3,600,000USD——
Unclassified Equity111,279,959USD93,777,057USD83,986,834USD82,959,376USD135,338,258USD——
Long Term Debt—7,377,865USD6,304,318USD6,409,893USD———
Short Term Investments——0USD9,735,930USD24,983,520USD0USD—
Other Assets———333,875USD393,318USD34,242USD34,242USD
Inventory———1,394,923USD2,196,557USD538,306USD—
Net Tangible Assets———37,428,506USD51,193,240USD-16,718,397USD-9,676,294USD
Current Deferred Revenue————1,800,000USD-567,311USD—
Accumulated Other Comprehensive Income————-53,514,829USD-1,118USD-1,100USD
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Cash flow Quarterly

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
Depreciation127,095USD142,049USD156,940USD173,905USD291,916USD419,010USD682,507USD128,449USD
Stock Based Compensation1,220USD10,019USD9,182USD205,492USD278,307USD275,642USD292,071USD232,434USD
Change To Account Receivables56,393USD-42,669USD-1,508USD-9,056USD65,882USD494,708USD69,639USD3,133USD
Change To Liabilities-779,506USD-1,341,879USD——————
Change In Working Capital-835,174USD-1,032,431USD-361,653USD-213,432USD-44,973USD-2,161,633USD-436,186USD614,934USD
Operating Cash Flow-3,966,138USD-1,575,226USD——————
Financing Cash Flow3,478,583USD851,641USD——————
Change In Cash-487,555USD-723,585USD855,555USD-1,342,053USD1,331,349USD-3,566,959USD3,676,351USD-163,093USD
End Cash Flow741,324USD1,228,879USD——————
Net Income——719,232USD-4,554,336USD-1,927,731USD-2,196,875USD-3,373,273USD-3,902,288USD
Other Non Cash Items——-3,879,218USD1,353,922USD-1,879,822USD150,000USD292,071USD232,434USD
Total Cash From Operating Activities——-3,355,517USD-3,239,941USD-3,282,303USD-3,513,856USD-2,834,881USD-2,926,471USD
Capital Expenditures——0USD-1USD0USD-4USD-113,412USD-37,063USD
Free Cash Flow——-3,355,517USD-3,239,940USD-3,282,303USD-3,513,856USD-2,948,293USD-2,963,534USD
Net Borrowings——-32,847USD-31,391USD119,075USD-32,460USD343,990USD2,800,441USD
Total Cash From Financing Activities——4,211,072USD1,897,888USD4,613,652USD-53,103USD6,624,644USD2,800,441USD
Issuance Of Capital Stock——4,565,299USD-1,830,115USD5,297,179USD1,654USD3,960,574USD0USD
Begin Period Cash Flow——1,096,909USD2,438,962USD1,107,613USD4,674,572USD998,221USD1,161,314USD
End Period Cash Flow——1,952,464USD1,096,909USD2,438,962USD1,107,613USD4,674,572USD998,221USD
Other Cashflows From Financing Activities——-321,380USD1,897,888USD3,845,191USD-22,297USD2,320,080USD-37,063USD
Investments———0USD0USD0USD-113,412USD-37,063USD
Unclassified Financing Cash Flow———1,861,506USD-4,647,793USD———
Total Cashflows From Investing Activities——————-113,412USD-37,063USD
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Cash flow YTD

Exact reported values; units shown beside each amount. Missing values are —.
MetricQ2 20262026-06-30 · USD
Depreciation269,144USD
Stock Based Compensation11,239USD
Other Non Cash Items483,383USD
Change To Account Receivables13,724USD
Change To Liabilities-2,121,385USD
Change In Working Capital-1,867,605USD
Operating Cash Flow-5,541,364USD
Financing Cash Flow4,330,224USD
Change In Cash-1,211,140USD
End Cash Flow741,324USD
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Cash flow Yearly

Exact reported values; units shown beside each amount. Missing values are —.
MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USD
Net Income-7,959,709USD-30,023,814USD-24,994,277USD-14,900,703USD-12,862,468USD-5,802,201USD-7,292,921USD
Depreciation1,041,771USD1,184,389USD1,135,184USD717,854USD543,598USD572,868USD421,817USD
Stock Based Compensation768,623USD1,009,011USD1,003,749USD1,120,191USD360,975USD21,875USD1,763USD
Other Non Cash Items-4,460,611USD-418USD4,984,259USD188,459USD28,256USD23,043USD79,003USD
Change To Account Receivables550,026USD953,556USD-1,118,061USD-284,695USD2,367,000USD-2,500,000USD-2,500,000USD
Change In Working Capital-2,781,691USD13,603,404USD-4,643,036USD2,488,089USD1,455,401USD-5,246,911USD104,173USD
Total Cash From Operating Activities-13,391,617USD-14,227,428USD-22,514,121USD-10,386,110USD-10,975,717USD-10,431,326USD-6,765,168USD
Capital Expenditures0USD-261,617USD-6,202,600USD-10,275,128USD-47,263USD-186,682USD-1,460,255USD
Free Cash Flow-13,391,617USD-14,489,045USD-28,716,721USD-20,661,238USD-11,022,980USD-10,618,008USD-8,225,423USD
Net Borrowings22,377USD6,785,602USD-38,273USD6,448,166USD6,448,166USD563,590USD563,590USD
Total Cash From Financing Activities10,669,509USD15,568,516USD-14,534USD6,273,397USD49,269,475USD11,718,008USD13,446,680USD
Issuance Of Capital Stock8,034,017USD6,462,834USD15,528USD15,778USD56,029,528USD11,154,418USD13,446,680USD
Change In Cash-2,722,108USD1,079,471USD-18,731,255USD10,595,679USD3,274,843USD1,100,000USD5,221,421USD
Begin Period Cash Flow4,674,572USD3,595,101USD22,326,356USD11,730,677USD8,455,834USD7,355,834USD2,134,413USD
End Period Cash Flow1,952,464USD4,674,572USD3,595,101USD22,326,356USD11,730,677USD8,455,834USD7,355,834USD
Other Cashflows From Financing Activities-1,209,779USD2,320,080USD3,797,400USD-190,547USD-3,937,972USD11,144,520USD13,386,391USD
Unclassified Financing Cash Flow3,822,894USD—-3,789,189USD—-6,448,166USD-11,144,520USD-13,949,981USD
Investments—-261,617USD7,444,363USD24,983,520USD-34,971,652USD-186,682USD-1,460,091USD
Total Cashflows From Investing Activities—-261,617USD3,797,400USD14,708,392USD-35,018,915USD-186,682USD-1,460,091USD
Unclassified Investing Cash Flow——2,555,637USD-24,983,520USD34,971,652USD—1,460,091USD
Change To Liabilities———418,208USD1,887,816USD-628,647USD766,394USD
Sale Purchase Of Stock———-174,769USD———
Cash And Cash Equivalents Changes———10,595,679USD———
Other Cashflows From Investing Activities———24,983,520USD-34,971,652USD—164USD
Dividends Paid————-2,822,081USD——
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Operating metrics

No operating metrics are currently published for this company.

Revenue breakdown

No revenue breakdown is currently published for this company.

Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.