HCW Biologics financials
$1.75−3.85%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 30 | Q1 '26 Mar 31 | Q4 '25 Dec 31 | Q3 '25 Sep 30 | Q2 '25 Jun 30 | Q1 '25 Mar 31 | Q4 '24 Dec 31 | Q3 '24 Sep 30 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.6K | $6.5M | $27.0K | $15.6K | $6.5K | $5.1K | $394.8K | $426.4K | $618.9K | $1.1M | $1.3M | $853.1K |
| Gross profit | -$93.9K | $6.5M | $5.4K | $3.1K | $1.3K | $1.0K | $79.0K | $85.3K | $180.4K | $614.7K | $252.6K | $174.8K |
| Gross margin | −69.3% | 99.8% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 29.2% | 54.6% | 19.1% | 20.5% |
| Operating income | -$3.2M | $3.2M | -$4.5M | -$3.3M | -$3.5M | -$2.0M | -$3.1M | -$3.7M | -$15.1M | -$7.5M | -$11.7M | -$4.8M |
| Net income | -$15.4M | $2.0M | -$3.5M | -$4.6M | -$12.1M | -$2.2M | -$3.4M | -$3.9M | -$15.3M | -$7.5M | -$10.7M | -$4.9M |
| Net margin | −11340.3% | 30.3% | −12832.1% | −29183.2% | −184450.8% | −43373.6% | −854.4% | −915.1% | −2469.1% | −662.8% | −806.7% | −578.9% |
| Diluted EPS | $-11.58 | $2.22 | $-4.41 | $-12.12 | $-40.72 | $-11.82 | $-6.98 | $-24.78 | $-96.96 | $-1.20 | $-71.21 | $-33.60 |
| EBITDA | -$3.0M | $3.4M | -$4.3M | -$3.1M | -$3.2M | -$1.5M | $13.4M | -$3.6M | -$15.0M | -$7.3M | -$11.4M | -$4.6M |
| Operating cash flow | -$4.0M | -$1.6M | -$3.4M | -$3.2M | -$3.3M | -$3.5M | -$2.8M | -$2.9M | -$4.9M | -$3.6M | -$3.9M | -$5.6M |
| Free cash flow | -$4.0M | -$1.6M | -$3.4M | -$3.2M | -$3.3M | -$3.5M | -$2.9M | -$3.0M | -$4.9M | -$3.7M | -$7.6M | -$6.2M |
| Diluted shares | 1.3M | 0.9M | 0.8M | 0.4M | 0.3M | 0.2M | 0.5M | 0.2M | 0.2M | 6.2M | 0.1M | 0.1M |
Balance sheet
| Period end | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $741.3K | $1.2M | $2.0M | $1.1M | $2.4M | $1.1M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $6.6M | $6.6M | $6.8M | $6.8M | $6.8M | $13.9M |
| Total assets | $26.8M | $27.3M | $24.5M | $25.4M | $28.9M | $26.3M |
| Total liabilities | $19.3M | $21.6M | $21.8M | $27.6M | $29.0M | $34.8M |
| Shareholders' equity | $7.4M | $5.8M | $2.8M | -$2.1M | -$52.0K | -$8.6M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology