HCW Biologics Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $54,232 | $2.6M | $2.8M | $6.7M | $0 |
| Cost of revenue | $43,386 | $1.6M | $2.3M | $4.1M | $0 |
| Gross profit | $10,846 | $959,403 | $560,360 | $2.6M | $0 |
| Research and development | $5.4M | $6.4M | $7.7M | $9.3M | $8.2M |
| Operating expenses | $13.2M | $30.4M | $26.3M | $17.7M | $13.4M |
| Operating income | -$13.2M | -$29.5M | -$25.7M | -$15.1M | -$13.4M |
| Interest expense | $845,051 | $654,284 | $283,042 | $126,660 | $0 |
| Pretax income | -$8.0M | -$30.0M | -$25.0M | -$14.9M | -$12.9M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$8.0M | -$30.0M | -$25.0M | -$14.9M | -$12.9M |
| Balance Sheet | |||||
| Cash and equivalents | $2.0M | $4.7M | $3.6M | $22.3M | $11.7M |
| Current assets | $2.3M | $5.7M | $6.4M | $34.1M | $40.5M |
| Total assets | $24.5M | $30.2M | $28.5M | $46.8M | $53.5M |
| Current liabilities | $21.1M | $29.6M | $8.7M | $3.0M | $2.3M |
| Total liabilities | $21.8M | $37.0M | $15.1M | $9.4M | $2.3M |
| Total debt | — | — | $6.5M | $6.5M | — |
| Stockholders' equity | $2.8M | -$6.8M | $13.5M | $37.4M | $51.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$13.4M | -$14.2M | -$22.5M | -$10.4M | -$11.0M |
| Depreciation and amortization | $1.0M | $1.2M | $1.1M | $717,854 | $543,598 |
| Stock-based compensation | $768,623 | $1.0M | $1.0M | $1.1M | $360,975 |
| Capital expenditure | $0 | $261,617 | $6.2M | $10.3M | $47,263 |
| Free cash flow | -$13.4M | -$14.5M | -$28.7M | -$20.7M | -$11.0M |
| Impairments | $0 | $0 | — | — | — |
Shares outstanding 6.7M · Free float 90.8%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.