NASDAQ : HCWB
HCW Biologics Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 1.1 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.46M
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Financial statements
HCW Biologics Inc. (HCWB) reported revenue of 6.72M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.72M | 54.23K | 2.57M | 2.84M | 6.72M | |
| Cost of Revenue | 274.62K | 43.39K | 1.61M | 2.28M | 4.14M | |
| Gross Profit | 6.45M | 10.85K | 959.40K | 560.36K | 2.59M | |
| Selling, General & Admin | 7.35M | 8.34M | 22.83M | 13.44M | 8.41M | 5.30M |
| Research & Development | 5.09M | 5.33M | 6.29M | 7.59M | 9.25M | 8.07M |
| Operating Expenses | 12.63M | 13.67M | 29.12M | 26.28M | 17.67M | 13.37M |
| Operating Income | -6.18M | -13.66M | -28.16M | -25.72M | -15.08M | -13.37M |
| Interest Expense | -549.01K | -845.05K | -654.28K | -283.04K | -126.66K | |
| Other Non Operating Income (Expenses) | -2.00M | -195.60K | 86.99K | 757.48K | 491.11K | -61.95K |
| EBT Excluding Unusual Items | -8.73M | -14.70M | -28.72M | -25.24M | -14.71M | -13.43M |
| Gain (Loss) on Sale of Investments | -2.02M | -273.42K | 248.44K | -186.37K | ||
| Asset Writedown | -1.50M | -1.50M | ||||
| Other Unusual Items | 7.00M | 6.52M | -1.30M | 567.31K | ||
| Pretax Income | -5.25M | -7.96M | -30.02M | -24.99M | -14.90M | -12.86M |
| Net Income | -5.58M | -7.96M | -30.02M | -24.99M | -14.90M | -12.86M |
| Preferred Dividends & Other Adjustments | 15.83M | 14.34M | ||||
| Net Income to Common | -21.41M | -22.30M | -30.02M | -24.99M | -14.90M | -12.86M |
| Shares Outstanding (Basic) | 787.58K | 349.62K | 161.64K | 149.71K | 149.26K | 78.21K |
| Shares Outstanding (Diluted) | 787.58K | 349.62K | 161.64K | 149.71K | 149.26K | 78.21K |
| EPS (Basic) | -27.18 | -63.78 | -185.75 | -166.96 | -99.83 | -164.46 |
| EPS (Diluted) | -27.18 | -63.78 | -185.75 | -166.96 | -99.83 | -164.46 |
| Free Cash Flow | -12.14M | -13.39M | -14.49M | -28.72M | -20.66M | -11.02M |
| Free Cash Flow Per Share | -15.41 | -38.30 | -89.64 | -191.82 | -138.43 | -140.94 |
| Gross Margin | 95.91% | 20.00% | 37.38% | 19.72% | 38.48% | |
| Operating Margin | -92.02% | -25,192.71% | -1,096.95% | -904.96% | -224.32% | |
| Profit Margin | -318.55% | -41,117.24% | -1,169.70% | -879.52% | -221.67% | |
| Free Cash Flow Margin | -180.58% | -24,693.20% | -564.48% | -1,010.51% | -307.36% | |
| EBITDA | -5.58M | -12.62M | -26.97M | -24.58M | -14.49M | -12.82M |
| EBITDA Margin | -83.09% | -215.55% | ||||
| D&A For EBITDA | 599.99K | 1.04M | 1.18M | 1.14M | 589.61K | 543.60K |
| EBIT | -6.18M | -13.66M | -28.16M | -25.72M | -15.08M | -13.37M |
| EBIT Margin | -92.02% | -224.32% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 741.32K | 1.95M | 4.67M | 3.60M | 22.33M | 11.73M |
| Short-Term Investments | 9.74M | 24.98M | ||||
| Cash & Short-Term Investments | 741.32K | 1.95M | 4.67M | 3.60M | 32.06M | 36.71M |
| Accounts Receivable | 18.45K | 32.17K | 582.20K | 1.54M | 417.69K | |
| Other Receivables | 133.00K | |||||
| Receivables | 18.45K | 32.17K | 582.20K | 1.54M | 417.69K | 133.00K |
| Prepaid Expenses | 282.53K | 222.16K | 328.18K | 1.04M | 1.39M | 2.20M |
| Other Current Assets | 97.70K | 77.56K | 113.53K | 230.92K | 196.01K | 1.44M |
| Total Current Assets | 1.14M | 2.28M | 5.70M | 6.40M | 34.07M | 40.48M |
| Property, Plant & Equipment | 20.75M | 20.88M | 22.91M | 20.45M | 10.80M | 1.12M |
| Long-Term Investments | 4.85M | 1.33M | 1.60M | 1.60M | 1.60M | 11.52M |
| Other Long-Term Assets | 28.48K | 28.48K | 28.48K | 56.54K | 333.88K | 393.32K |
| Total Assets | 26.77M | 24.52M | 30.24M | 28.51M | 46.81M | 53.51M |
| Accounts Payable | 10.61M | 13.14M | 22.33M | 6.17M | 1.23M | 223.66K |
| Accrued Expenses | 1.13M | 1.10M | 954.00K | 2.43M | 1.55M | 297.93K |
| Short-Term Debt | 6.56M | 6.81M | 6.31M | |||
| Current Portion of Long-Term Debt | 119.00K | |||||
| Current Portion of Leases | 28.50K | 178.00K | ||||
| Current Unearned Revenue | 348.27K | 1.80M | ||||
| Other Current Liabilities | 10.10K | 27.94K | ||||
| Total Current Liabilities | 18.65M | 21.06M | 29.63M | 8.75M | 2.96M | 2.32M |
| Long-Term Debt | 7.38M | 6.30M | 6.41M | |||
| Long-Term Leases | 14.28K | |||||
| Other Long-Term Liabilities | 692.53K | 692.53K | ||||
| Total Liabilities | 19.34M | 21.76M | 37.01M | 15.05M | 9.38M | 2.32M |
| Common Stock | 161.00 | 328.00 | 111.00 | 3.60K | 3.59K | 3.58K |
| Additional Paid-In Capital | 117.69M | 111.28M | 93.79M | 83.99M | 82.96M | 81.83M |
| Retained Earnings | -110.26M | -108.52M | -100.56M | -70.53M | -45.54M | -30.64M |
| Total Common Equity | 7.43M | 2.76M | -6.77M | 13.46M | 37.43M | 51.19M |
| Shareholders' Equity | 7.43M | 2.76M | -6.77M | 13.46M | 37.43M | 51.19M |
| Total Liabilities & Equity | 26.77M | 24.52M | 30.24M | 28.51M | 46.81M | 53.51M |
| Total Debt | 6.56M | 6.81M | 13.69M | 6.45M | 6.60M | |
| Net Cash (Debt) | -5.82M | -4.86M | -9.02M | -2.86M | 25.46M | 36.71M |
| Net Cash Per Share | -7.39 | -13.89 | -55.79 | -19.08 | 170.58 | 469.42 |
| Filing Date Shares Outstanding | 1.84M | 1.12M | 187.23K | 157.60K | 149.53K | 149.08K |
| Total Common Shares Outstanding | 1.62M | 546.63K | 185.59K | 150.10K | 149.49K | 149.03K |
| Working Capital | -17.51M | -18.78M | -23.93M | -2.34M | 31.11M | 38.16M |
| Book Value Per Share | 4.59 | 5.06 | -36.48 | 89.68 | 250.38 | 343.50 |
| Tangible Book Value | 7.43M | 2.76M | -6.77M | 13.46M | 37.43M | 51.19M |
| Tangible Book Value Per Share | 4.59 | 5.06 | -36.48 | 89.68 | 250.38 | 343.50 |
| Land | 2.15M | 2.15M | 2.15M | 2.15M | ||
| Buildings | 6.11M | 6.11M | 6.11M | 6.11M | ||
| Machinery | 2.66M | 2.66M | 2.66M | 2.62M | 2.42M | |
| Construction In Progress | 12.02M | 13.55M | 10.44M | 52.41K | ||
| Leasehold Improvements | 354.28K | 354.28K | 354.28K | 349.98K | 349.98K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -5.58M | -7.96M | -30.02M | -24.99M | -14.90M | -12.86M |
| Depreciation & Amortization | 599.99K | 1.04M | 1.18M | 1.14M | 717.85K | 543.60K |
| Asset Writedown & Restructuring Costs | 1.50M | 1.50M | ||||
| Loss (Gain) From Sale of Investments | 2.02M | 273.42K | -264.07K | 186.37K | 65.83K | |
| Stock-Based Compensation | 225.91K | 768.62K | 1.01M | 1.00M | 1.12M | 360.98K |
| Provision & Write-off of Bad Debts | 5.25M | |||||
| Other Operating Activities | -8.46M | -6.23M | -418.00 | -1.67K | 2.09K | -539.05K |
| Change in Accounts Receivable | 3.16K | 550.03K | 953.56K | -1.12M | -284.69K | 2.37M |
| Change in Accounts Payable | -2.82M | -3.47M | 11.87M | 1.62M | 418.21K | 1.89M |
| Change in Other Net Operating Assets | 28.62K | 141.99K | 775.08K | -5.14M | 2.35M | -2.80M |
| Operating Cash Flow | -12.14M | -13.39M | -14.23M | -22.51M | -10.39M | -10.98M |
| Capital Expenditures | -261.62K | -6.20M | -10.28M | -47.26K | ||
| Investment in Securities | 10.00M | 24.98M | -34.97M | |||
| Investing Cash Flow | -261.62K | 3.80M | 14.71M | -35.02M | ||
| Long-Term Debt Issued | 150.00K | 6.91M | 6.45M | |||
| Total Debt Issued | 150.00K | 6.91M | 6.45M | |||
| Long-Term Debt Repaid | -127.62K | -119.40K | -38.27K | |||
| Net Debt Issued (Repaid) | -356.38K | 22.38K | 6.79M | -38.27K | 6.45M | |
| Issuance of Common Stock | 8.24M | 8.03M | 6.46M | 23.74K | 15.78K | 56.03M |
| Other Financing Activities | 2.56M | 2.61M | 2.32M | -190.55K | -6.76M | |
| Financing Cash Flow | 10.44M | 10.67M | 15.57M | -14.53K | 6.27M | 49.27M |
| Net Cash Flow | -1.70M | -2.72M | 1.08M | -18.73M | 10.60M | 3.27M |
| Free Cash Flow | -12.14M | -13.39M | -14.49M | -28.72M | -20.66M | -11.02M |
| Free Cash Flow Margin | -180.58% | -24,693.20% | -564.48% | -1,010.51% | -307.36% | |
| Free Cash Flow Per Share | -15.41 | -38.30 | -89.64 | -191.82 | -138.43 | -140.94 |
| Levered Free Cash Flow | -11.66M | -15.63M | 424.28K | -15.29M | -15.73M | -5.68M |
| Unlevered Free Cash Flow | -11.32M | -15.10M | 833.21K | -15.12M | -15.65M | -5.68M |
| Cash Interest Paid | 466.85K | 601.66K | 569.77K | 283.04K | 126.66K | |
| Change in Working Capital | -2.44M | -2.78M | 13.60M | -4.64M | 2.49M | 1.46M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.59M | 2.62M | 19.87M | 44.07M | 68.69M | 82.89M |
| Enterprise Value | 8.41M | 8.33M | 31.80M | 39.37M | 49.14M | 42.77M |
| Last Close Price | 1.10 | 5.82 | 107.06 | 294.00 | 459.55 | 556.80 |
| PS Ratio | 0.37 | 48.35 | 7.74 | 15.51 | 10.22 | |
| PB Ratio | 0.24 | 0.95 | -2.94 | 3.27 | 1.83 | 1.62 |
| P/TBV Ratio | 0.33 | 0.95 | 3.27 | 1.83 | 1.62 | |
| EV/Sales Ratio | 1.23 | 153.65 | 12.39 | 13.85 | 7.31 | |
| Debt / Equity Ratio | 0.88 | 2.46 | -2.02 | 0.48 | 0.18 | |
| Net Debt / Equity Ratio | 0.78 | 1.76 | -1.33 | 0.21 | -0.68 | -0.72 |
| Net Debt / EBITDA Ratio | -1.04 | -0.39 | -0.33 | -0.12 | 1.76 | 2.86 |
| Net Debt / FCF Ratio | -0.48 | -0.36 | -0.62 | -0.10 | 1.23 | 3.33 |
| Asset Turnover | 0.24 | 0.00 | 0.09 | 0.07 | 0.13 | |
| Quick Ratio | 0.04 | 0.09 | 0.18 | 0.59 | 10.99 | 15.87 |
| Current Ratio | 0.06 | 0.11 | 0.19 | 0.73 | 11.52 | 17.44 |
| Return on Equity (ROE) | -151.36% | -897.37% | -98.23% | -33.63% | -39.22% | |
| Return on Assets (ROA) | -13.88% | -31.19% | -59.91% | -42.68% | -18.79% | -24.25% |
| Return on Capital Employed (ROCE) | -76.20% | -395.20% | -4,633.30% | -130.10% | -34.40% | -26.10% |
| Earnings Yield | -2,343.50% | -303.55% | -151.10% | -56.72% | -21.69% | -15.52% |
| FCF Yield | -493.38% | -510.71% | -72.92% | -65.16% | -30.08% | -13.30% |
| Buyback Yield / Dilution | -285.74% | -116.30% | -7.97% | -0.30% | -90.84% | -296.07% |