HCW Biologics financials
$1.75−3.85%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 |
|---|---|---|---|---|---|
| Revenue | $54.2K | $2.6M | $2.8M | $6.7M | $0.00 |
| Gross profit | $10.8K | $959.4K | $560.4K | $2.6M | $0.00 |
| Gross margin | 20.0% | 37.4% | 19.7% | 38.5% | — |
| Operating income | -$13.2M | -$28.2M | -$25.7M | -$15.1M | -$13.4M |
| Net income | -$22.3M | -$30.0M | -$25.0M | -$14.9M | -$12.9M |
| Net margin | −41117.2% | −1169.7% | −879.5% | −221.7% | — |
| Diluted EPS | $-63.78 | $-185.76 | $-168.00 | $-100.80 | $-165.60 |
| EBITDA | -$12.1M | -$11.1M | -$24.6M | -$14.4M | -$12.8M |
| Operating cash flow | -$13.4M | -$14.2M | -$22.5M | -$10.4M | -$11.0M |
| Free cash flow | -$13.4M | -$14.5M | -$28.7M | -$20.7M | -$11.0M |
| Diluted shares | 0.3M | 0.2M | 0.1M | 0.1M | 0.1M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.0M | $4.7M | $3.6M | $22.3M | $11.7M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $9.7M | $25.0M |
| Total debt | $6.8M | $13.7M | $6.3M | $6.4M | $0.00 |
| Total assets | $24.5M | $30.2M | $28.5M | $46.8M | $53.5M |
| Total liabilities | $21.8M | $37.0M | $15.1M | $9.4M | $2.3M |
| Shareholders' equity | $2.8M | -$6.8M | $13.5M | $37.4M | $51.2M |
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