Company research
HCW Biologics Inc.
CIK 1828673Updated Nov 6, 2026
SecurityHCWB · NASDAQ · equity
HCWB price & chart
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NASDAQ:HCWB on TradingView ↗About the company
HCW Biologics Inc. (“HCW Biologics” or the “Company”) is a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to treat diseases promoted by chronic inflammation. We have created novel compounds that represent a new class of drugs that we believe have the potential to fundamentally change the treatment of autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia. In addition, we have begun commercialization of certain commercial-ready proprietary compounds for use as reagents to support the production of immunotherapeutics for the treatment of infectious diseases and cancer. We want our products to improve patients’ healthspan as well as their quality of life, and possibly extend longevity.
In the news
HCW Biologics Reports Second Quarter 2026 Business and Clinical Development Highlights and Financial Results ↗
Seeking Alpha
HCW Biologics regains Nasdaq compliance ↗
Where short sellers are betting in micro- and small-cap stocks ↗
HCW Biologics GAAP EPS of $0.37 beats by $0.81, revenue of $6.53M ↗
SEC disclosures
HCW Biologics Inc. files S-1 registration statement ↗
Recent filings
Entry into a Material Definitive Agreement · Regulation FD Disclosure · Other Events
Items 1.01, 7.01, 8.01, 9.01
EFFECT filing
D filing
Items 06b
S-1 filing
DEF 14A filing
Show 5 more recent filings
Entry into a Material Definitive Agreement · Unregistered Sales of Equity Securities · Regulation FD Disclosure · Other Events
Items 1.01, 3.02, 7.01, 8.01, 9.01
Regulation FD Disclosure · Other Events
Items 7.01, 8.01, 9.01
PRER14A filing
Entry into a Material Definitive Agreement · Regulation FD Disclosure
Items 1.01, 7.01, 9.01
PRE 14A filing
Financials
FY 2025 · USDSource
Source
Source
Source
Source
balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 25,445,540Source | 26,556,479Source | 26,768,318Source | 28,909,636Source | 26,820,091Source | 27,342,213Source | 26,285,406Source | 30,427,656Source | 24,520,013Source | 30,236,578Source | 28,513,660Source | 46,809,155Source |
| Property, Plant and Equipment, NetUSD | 22,502,158Source | 22,833,904Source | 20,745,804Source | 22,635,596Source | 22,806,052Source | 20,766,082Source | 22,762,471Source | 22,590,779Source | 20,880,849Source | 22,909,869Source | 20,453,184Source | 10,804,610Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 1,096,909Source | 998,221Source | 741,324Source | 2,438,962Source | 1,161,314Source | 1,228,879Source | 1,107,613Source | 4,084,076Source | 1,952,464Source | 4,674,572Source | 3,595,101Source | 22,326,356Source |
| Assets, CurrentUSD | 1,588,577Source | 2,094,348Source | 1,140,010Source | 2,897,125Source | 2,385,812Source | 1,721,326Source | 1,894,708Source | 6,208,650Source | 2,284,359Source | 5,698,482Source | 6,404,187Source | 34,070,919Source |
| Operating Lease, Right-of-Use AssetUSD | — | — | — | — | — | — | — | — | — | — | 28,061Source | 190,597Source |
| Other Assets, NoncurrentUSD | 28,476Source | 28,476Source | 28,476Source | 28,477Source | 28,476Source | 28,476Source | 28,476Source | 28,476Source | 28,476Source | 28,476Source | 56,538Source | 333,875Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 27,552,737Source | 36,526,103Source | 19,340,704Source | 28,961,608Source | 33,119,860Source | 21,579,779Source | 34,847,454Source | 21,687,055Source | 21,755,244Source | 37,006,750Source | 15,051,943Source | 9,380,649Source |
| Stockholders’ equity: | ||||||||||||
| Common Stock, Value, IssuedUSD | 262Source | 3,782Source | 161Source | 215Source | 3,782Source | 112Source | 4,493Source | 3,782Source | 328Source | 4,454Source | 3,603Source | 3,588Source |
| Additional Paid in CapitalUSD | 107,127,619Source | 87,209,457Source | — | 104,628,555Source | 86,977,024Source | — | 94,186,471Source | 86,737,203Source | 111,280,287Source | 93,781,511Source | 83,990,437Source | 82,962,964Source |
| Retained Earnings (Accumulated Deficit)USD | -109,235,078Source | -97,182,863Source | -110,262,597Source | -104,680,742Source | -93,280,575Source | -105,043,366Source | -102,753,012Source | -78,000,384Source | -108,515,846Source | -100,556,137Source | -70,532,323Source | -45,538,046Source |
| Stockholders' Equity Attributable to ParentUSD | -2,107,197Source | -9,969,624Source | 7,427,614Source | -51,972Source | -6,299,769Source | 5,762,434Source | -8,562,047Source | 8,740,601Source | 2,764,769Source | -6,770,172Source | 13,461,717Source | 37,428,506Source |
| Liabilities and EquityUSD | 25,445,540Source | 26,556,479Source | 26,768,318Source | 28,909,636Source | 26,820,091Source | 27,342,213Source | 26,285,406Source | 30,427,656Source | 24,520,013Source | 30,236,578Source | 28,513,660Source | 46,809,155Source |
| Current liabilities: | ||||||||||||
| Liabilities, CurrentUSD | 26,860,206Source | 30,063,334Source | 18,648,173Source | 26,846,101Source | 23,219,139Source | 19,958,813Source | 27,142,090Source | 13,412,606Source | 21,062,713Source | 29,628,885Source | 8,747,625Source | 2,956,481Source |
| Operating Lease, Liability, CurrentUSD | — | — | — | — | — | — | — | — | — | — | 28,061Source | 178,411Source |
| Accounts Payable, CurrentUSD | 18,968,173Source | 22,666,107Source | 10,609,950Source | 19,354,476Source | 16,877,463Source | 11,785,980Source | 19,734,057Source | 10,493,416Source | 13,143,394Source | 22,332,261Source | 6,167,223Source | 1,226,156Source |
| Operating Lease, Liability, NoncurrentUSD | — | — | — | — | — | — | — | — | — | — | — | 14,275Source |
| Deferred Income Tax Liabilities, NetUSD | — | — | — | — | — | — | — | — | 24,897Source | 40,909Source | 146,914Source | — |
| Additional Financial Items | ||||||||||||
| Deferred Revenue, CurrentUSD | — | — | 348,270Source | — | — | 470,000Source | — | — | 0Source | 0Source | 1,800,000Source | 1,800,000Source |
| Long-term DebtUSD | 0Source | 6,462,769Source | — | 367,151Source | 9,900,721Source | — | 7,705,364Source | 8,274,449Source | 0Source | 7,377,865Source | 6,304,318Source | 6,409,893Source |
| Long-term Debt, Current MaturitiesUSD | — | — | — | — | — | — | — | — | — | — | 119,398Source | 38,273,000Source |
| Short-term InvestmentsUSD | 0Source | — | 0Source | 0Source | — | 0Source | 0Source | 0Source | 0Source | — | 0Source | 9,735,930Source |
| Additional Paid in Capital, Common Stock | — | — | —Source | — | — | —Source | — | — | — | — | — | — |
| Other Liabilities, Noncurrent | — | — | — | — | — | —Source | — | — | — | — | — | — |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation, Depletion and AmortizationUSD | — | — | — | — | — | — | 142,049Source | 419,010Source | — | 1,184,389Source | 1,135,184Source | 717,854Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | — | — | 10,019Source | 275,642Source | 768,623Source | 1,009,011Source | 1,003,749Source | 1,120,191Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in Accounts ReceivableUSD | — | — | — | — | — | — | 42,669Source | -494,708Source | -550,026Source | -953,556Source | 1,118,061Source | 284,695Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | -1,575,226Source | -3,513,856Source | -13,391,617Source | -14,227,428Source | -22,514,121Source | -10,386,110Source |
| Cash flows from investing activities: | ||||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | — | 0Source | 0Source | -261,617Source | 3,797,400Source | 14,708,392Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | — | — | — | 0Source | 0Source | 261,617Source | 6,202,600Source | 10,275,128Source |
| Cash flows from financing activities: | ||||||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | 851,641Source | -53,103Source | 10,669,509Source | 15,568,516Source | -14,534Source | 6,273,397Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -723,585Source | -3,566,959Source | -2,722,108Source | 1,079,471Source | -18,731,255Source | 10,595,679Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 1,096,909Source | 998,221Source | — | 2,438,962Source | — | 1,107,613Source | 1,952,464Source | 4,674,572Source | 3,595,101Source | 22,326,356Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 171,404Source | 244,269Source | 601,661Source | 569,770Source | 283,042Source | 126,660Source |
| Additional Financial Items | ||||||||||||
| DepreciationUSD | — | — | — | — | — | — | — | — | 507,021Source | 644,616Source | 794,619Source | 589,608Source |
| Depreciation, Amortization and Accretion, NetUSD | — | — | — | — | — | — | — | — | 1,041,771Source | — | — | — |
| Gain (Loss) on InvestmentsUSD | — | — | — | — | — | 1,748,688Source | — | — | -273,422Source | — | — | — |
| Gain (Loss) on Extinguishment of DebtUSD | — | — | — | — | 483,383Source | — | — | — | 5,461,046Source | — | — | 0Source |
| General and Administrative ExpenseUSD | — | — | 1,884,994Source | 1,633,457Source | 1,870,375Source | 2,096,021Source | 1,833,277Source | 2,227,597Source | 7,701,281Source | 6,839,596Source | 13,351,204Source | 8,326,791Source |
| Income Tax Expense (Benefit)USD | — | — | — | — | — | — | 330,186Source | 0Source | 0Source | 0Source | 0Source | 0Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -4,554,336Source | -3,902,288Source | -5,219,231Source | -1,927,730Source | 3,472,480Source | -2,196,875Source | -7,959,709Source | -30,023,814Source | -24,994,277Source | -14,900,703Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -4,554,336Source | -3,902,288Source | -15,373,873Source | -12,081,529Source | 1,255,709Source | -2,196,875Source | -22,298,702Source | — | — | — |
| Nonoperating Income (Expense)USD | — | — | 0Source | 0Source | — | 0Source | — | — | 0Source | — | — | — |
| Operating ExpensesUSD | — | — | 3,295,247Source | 3,769,825Source | 3,072,402Source | 3,465,387Source | 3,296,221Source | 1,966,815Source | 13,173,356Source | 30,439,070Source | 26,277,520Source | 17,665,156Source |
| Other Operating Income (Expense), NetUSD | — | — | 13,290Source | 11,310Source | 7,551Source | 16,373Source | 8,888Source | 24,749Source | 68,376Source | 86,990Source | 1,005,925Source | — |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | 1,500,000Source | 1,654Source | 5,493,086Source | 6,462,834Source | 23,739Source | 15,778Source |
| Realized Investment Gains (Losses)USD | — | — | — | — | — | — | — | — | — | 0Source | 15,625Source | — |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | — | 15,606Source | 426,423Source | 135,568Source | 6,550Source | 6,543,001Source | 5,065Source | 54,232Source | 2,566,792Source | 2,841,794Source | 6,722,090Source |
| Unrealized Gain (Loss) on InvestmentsUSD | — | — | — | — | — | 1,748,688Source | — | — | — | 0Source | 248,445Source | -186,370Source |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | —Source | —Source | — | — | — | — |
| Derivative, Gain (Loss) on Derivative, Net | — | — | — | — | —Source | — | —Source | — | — | — | — | — |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of Goods and Services Sold | — | — | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source |
| Operating Income (Loss)USD | — | — | -3,292,126Source | -3,684,540Source | -3,166,289Source | -3,464,077Source | 3,235,709Source | -1,965,802Source | -13,162,510Source | -29,479,667Source | -25,717,160Source | -15,078,778Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | — | — | -5,219,231Source | -1,927,730Source | 3,802,666Source | -2,196,875Source | -7,959,709Source | -30,023,814Source | -24,994,277Source | -14,900,703Source |
| Income Tax Expense (Benefit)USD | — | — | — | — | — | — | 330,186Source | 0Source | 0Source | 0Source | 0Source | 0Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -4,554,336Source | -3,902,288Source | -5,219,231Source | -1,927,730Source | 3,472,480Source | -2,196,875Source | -7,959,709Source | -30,023,814Source | -24,994,277Source | -14,900,703Source |
| Earnings Per Share, BasicUSD per share | — | — | -2.02Source | -4.13Source | -11.58Source | -40.72Source | 1.39Source | -11.8Source | -10.63Source | -0.77Source | -0.7Source | -0.42Source |
| Earnings Per Share, DilutedUSD per share | — | — | -2.02Source | -4.13Source | -11.58Source | -40.72Source | 1.39Source | -11.8Source | -10.63Source | -0.77Source | -0.7Source | -0.42Source |
| Total Revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 2,260,068Source | 945,585Source | 1,327,966Source | 296,686Source | 904,312Source | 186,149Source | 2,097,701Source | 38,793,018Source | 35,929,446Source | 35,822,249Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 2,260,068Source | 945,585Source | 1,327,966Source | 296,686Source | 904,312Source | 186,149Source | 2,097,701Source | 38,793,018Source | 35,929,446Source | 35,822,249Source |
| Additional Financial Items | ||||||||||||
| Gain (Loss) on InvestmentsUSD | — | — | — | — | — | 1,748,688Source | — | — | -273,422Source | — | — | — |
| General and Administrative ExpenseUSD | — | — | 1,884,994Source | 1,633,457Source | 1,870,375Source | 2,096,021Source | 1,833,277Source | 2,227,597Source | 7,701,281Source | 6,839,596Source | 13,351,204Source | 8,326,791Source |
| Gross ProfitUSD | — | — | 3,121Source | 85,285Source | -93,887Source | 1,310Source | 6,531,930Source | 1,013Source | 10,846Source | 959,403Source | 560,360Source | 2,586,378Source |
| Interest ExpenseUSD | — | — | 127,070Source | 229,058Source | 100,541Source | 228,714Source | 109,274Source | 255,822Source | 845,051Source | 631,137Source | 283,042Source | 126,660Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -4,554,336Source | -3,902,288Source | -15,373,873Source | -12,081,529Source | 1,255,709Source | -2,196,875Source | -22,298,702Source | — | — | — |
| Nonoperating Income (Expense)USD | — | — | 0Source | 0Source | — | 0Source | — | — | 0Source | — | — | — |
| Operating ExpensesUSD | — | — | 3,295,247Source | 3,769,825Source | 3,072,402Source | 3,465,387Source | 3,296,221Source | 1,966,815Source | 13,173,356Source | 30,439,070Source | 26,277,520Source | 17,665,156Source |
| Other IncomeUSD | — | — | — | — | — | — | — | — | — | — | — | 304,735Source |
| Other Operating Income (Expense), NetUSD | — | — | 13,290Source | 11,310Source | 7,551Source | 16,373Source | 8,888Source | 24,749Source | 68,376Source | 86,990Source | 1,005,925Source | — |
| Realized Investment Gains (Losses)USD | — | — | — | — | — | — | — | — | — | 0Source | 15,625Source | — |
| Research and Development ExpenseUSD | — | — | 1,404,247Source | 1,186,913Source | 1,203,352Source | 1,226,824Source | 1,257,948Source | 1,478,711Source | 5,442,884Source | 6,388,994Source | 7,676,316Source | 9,338,365Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | — | 15,606Source | 426,423Source | 135,568Source | 6,550Source | 6,543,001Source | 5,065Source | 54,232Source | 2,566,792Source | 2,841,794Source | 6,722,090Source |
| Total Revenue | — | — | — | — | —Source | — | —Source | — | — | — | — | — |
| Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | — | — | — | — | — | — | —Source | —Source | — | — | — | — |
Offerings
Registration 333-299271
Registration 333-298452
Registration 333-295280
Registration 333-296577
Registration 333-293396
- Gross proceeds
- 1500000.31
- Net proceeds
- 1396500.29
- Deal price
- 0.6055
- Shares
- 2477292
- Offering price
- $0.6055
- Ticker
- HCWB
Underwriters: Maxim Group LLC
Registration 333-292652
Filing attachments
ex99-1.htm · 8-K · 2026-11-05
Exhibit 99.1 HCW Biologics Secures up to $10.0 Million in Cash Through Debt Financing Provides funding needed to complete HCW9302 Phase 1 study in alopecia areata and establish Recommended Phase 2 Dose MIRAMAR, Fla., November 5, 2026 (GLOBE NEWSWIRE) - HCW Biologics Inc. (the “Company” or “HCW Biologics”) (NASDAQ: HCWB), a U.S.-based clinical-stage biopharmaceutical company and leading developer in novel multi-functional fusion immunotherapeutics, for treatments of autoimmune diseases, cancer…
Read attachment ↗ex107.htm · S-1 · 2026-10-02
Calculation of Filing Fee Tables S-1 HCW Biologics Inc. ──────────────────────────────────── Table 1: Newly Registered and Carry Forward Securities ☐Not Applicable ─────────────────────────────────────────────────────────────────────────────── Security Type Security Class Title Fee Calculation or Carry Forward Rule Amount Registered Proposed Maximum Offering Price Per Unit …
Read attachment ↗ex4-1.htm · 8-K · 2026-09-24
Exhibit 4.1 HCW BIOLOGICS INC. NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION …
Read attachment ↗ex4-2.htm · 8-K · 2026-09-24
Exhibit 4.2 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSA…
Read attachment ↗ex99-1.htm · 8-K · 2026-09-24
Exhibit 99.1 HCW Biologics Inc. Announces Pricing of $1.5 Million Private Placement MIRAMAR, Fla., September 24, 2026 (GLOBE NEWSWIRE) - HCW Biologics Inc. (the “Company” or “HCW Biologics”), (NASDAQ: HCWB), a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to treat autoimmune diseases, cancer and senescence-associated dysplasia, today announced the pricing of its $1.5 million private placement (the “Offering”) with an existing stockholder of the Co…
Read attachment ↗ex99-1.htm · 8-K · 2026-09-08
EX-99.1 2 ex99-1.htm EX-99.1 Exhibit 99.1 HCW Biologics Entered an Exclusive Distribution Agreement with Akron Biotech to Commercialize HCW11-006 as Reagent Used to Support Production of Highly Functional Human CAR-T Cells Agreement includes pre-payment commitments for product sales and distribution of the second-generation multi-cytokine-based HCW11-006 for use as a reagent Akron is a leading supplier of critical ancillary materials and accessory molecules for clinical and commercial sca…
Read attachment ↗