Estados financieros detallados de HCW Biologics Inc. (HCWB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
HCW Biologics Inc. registró ingresos de $54232 en el último ejercicio fiscal, con un CAGR de 5 años del -57.9%.
Márgenes de los últimos 12 meses: margen bruto 95.9%, margen operativo -91.6%, margen neto -73.2%.
Al precio actual de $2.01, HCWB presenta beneficios negativos (P/E no significativo) y un ROE del -142.16%. La capitalización bursátil es de $1M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $4.1M | 0 | $6.7M | $2.8M | $2.6M | $54232 |
| Coste de Ventas | $421817 | 0 | 0 | $4.1M | $2.3M | $1.6M | $43386 |
| Beneficio Bruto | -$421817 | $4.1M | 0 | $2.6M | $560360 | $959403 | $10846 |
| I+D | $5.1M | $7.3M | $8.2M | $9.3M | $7.7M | $6.4M | $5.4M |
| Generales y Administrativos | $1.8M | $2.4M | $5.3M | $8.0M | $13.1M | $21.9M | $7.7M |
| Gastos Operativos | $6.9M | $9.9M | $13.4M | $17.7M | $26.3M | $30.4M | $11.3M |
| Beneficio Operativo | -$7.4M | -$5.8M | -$13.4M | -$15.1M | -$25.7M | -$29.5M | -$11.3M |
| EBITDA | -$6.9M | -$5.3M | -$12.3M | -$14.1M | -$23.6M | -$27.7M | -$5.7M |
| Gastos por Intereses | 0 | 0 | 0 | $126660 | $283042 | $1.2M | $1.3M |
| Beneficio Antes de Impuestos | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| BPA | $-1.26 | $-0.96 | $-2.16 | $-2.52 | $-4.20 | $-4.62 | $-63.78 |
| BPA Diluido | $-1.26 | $-0.96 | $-2.16 | $-2.52 | $-4.20 | $-4.62 | $-63.78 |
| Acciones en Circulación (Diluidas) | $6.1M | $6.1M | $6.0M | $6.0M | $6.0M | $6.5M | $349617 |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $15606 | $27010 | $6.5M | $135568 |
| Beneficio Bruto | $3121 | $5401 | $6.5M | -$93887 |
| Beneficio Operativo | -$3.3M | -$2.9M | $3.2M | -$3.2M |
| EBITDA | -$4.2M | $1.1M | $3.8M | -$5.0M |
| Beneficio Neto | -$4.6M | $719232 | $4.1M | -$5.2M |
| BPA | $-12.12 | $-9.90 | $11.82 | $-43.97 |
| BPA Diluido | $-12.12 | $-9.90 | $11.82 | $-43.97 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.4M | $8.5M | $11.7M | $22.3M | $3.6M | $4.7M | $2.0M |
| Inversiones a Corto | 0 | 0 | $25.0M | $9.7M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $2.5M | $133000 | $417695 | $1.5M | $582201 | $32175 |
| Inventario | 0 | 0 | 0 | $1.4M | 0 | 0 | 0 |
| Activos Corrientes | $8.0M | $12.1M | $40.5M | $34.1M | $6.4M | $5.7M | $2.3M |
| Inmovilizado Material | $2.0M | $1.6M | $1.1M | $10.8M | $20.5M | $22.9M | $20.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $10.1M | $15.4M | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Cuentas por Pagar | $392331 | $155343 | $223664 | $1.2M | $6.2M | $22.3M | $13.1M |
| Deuda a Corto | 0 | $567311 | 0 | 0 | 0 | $6.3M | $6.8M |
| Pasivos Corrientes | $1.1M | $1.0M | $2.3M | $3.0M | $8.7M | $29.6M | $21.1M |
| Deuda a Largo | 0 | 0 | 0 | $6.4M | $6.3M | $7.4M | 0 |
| Pasivos Totales | $1.1M | $1.0M | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M |
| Reservas | -$9.7M | -$16.7M | -$30.6M | -$45.5M | -$70.5M | -$100.6M | -$108.5M |
| Patrimonio Neto | $9.0M | $14.4M | $51.2M | $37.4M | $13.5M | -$6.8M | $2.8M |
| Deuda Total | 0 | $567311 | 0 | $6.4M | $6.3M | $13.7M | $6.8M |
| Deuda Neta | -$7.4M | -$7.9M | -$36.7M | -$25.7M | $2.7M | $9.0M | $4.9M |
| Capital Circulante | $7.0M | $11.1M | $38.2M | $31.1M | -$2.3M | -$23.9M | -$18.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.1M | $2.0M | $1.2M | $741324 |
| Activos Totales | $25.4M | $24.5M | $27.3M | $26.8M |
| Pasivos Totales | $27.6M | $21.8M | $21.6M | $19.3M |
| Patrimonio Neto | -$2.1M | $2.8M | $5.8M | $7.4M |
| Deuda Total | $7.5M | $6.8M | $6.6M | $6.6M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Amortizaciones | $421817 | $572868 | $543598 | $717854 | $1.1M | $1.2M | $1.0M |
| Compensación en Acciones | $1763 | $21875 | $360975 | $1.1M | $1.0M | $1.0M | $768623 |
| Cambio en Capital Circulante | $104173 | -$5.2M | $1.5M | $2.5M | -$4.6M | $13.6M | -$2.8M |
| Flujo de Caja Operativo | -$6.8M | -$10.4M | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M |
| Inversiones (CapEx) | -$1.5M | -$186682 | -$47263 | -$10.3M | -$6.2M | -$261617 | -$3 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.2M | -$10.6M | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$3.2M | -$3.4M | -$1.6M | -$4.0M |
| Inversiones (CapEx) | $1 | -$3 | -$4 | $4 |
| Flujo de Caja Libre | -$3.2M | -$3.4M | -$1.6M | -$4.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $9182 | $10019 | $1220 |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | -100.0% | | -57.7% | -9.7% | -97.9% |
| Crecimiento Beneficio Neto (anual) | | +20.7% | -122.5% | -15.8% | -67.7% | -20.1% | +73.5% |
| Crecimiento BPA (anual) | | +23.8% | -125.0% | -16.7% | -66.7% | -10.0% | -1280.5% |
| Cambio en Acciones (anual) | | +0.0% | -2.5% | +0.2% | +0.3% | +8.0% | -94.6% |
| Crecimiento FCF (anual) | | -29.1% | -3.8% | -87.4% | -39.0% | +49.5% | +7.6% |
| Margen Bruto | | 100.0% | | 38.5% | 19.7% | 37.4% | 20.0% |
| Margen Operativo | | -142.1% | | -224.3% | -905.0% | -1148.5% | -20757.6% |
| Margen EBITDA | | -128.1% | | -209.1% | -829.6% | -1078.4% | -10450.8% |
| Margen Neto | | -141.0% | | -221.7% | -879.5% | -1169.7% | -14677.1% |
| Margen FCF | | -259.0% | | -307.4% | -1010.5% | -564.5% | -24693.2% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.34 | $-1.74 | $-1.85 | $-3.46 | $-4.80 | $-2.24 | $-38.30 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $6.1M | $6.1M | $6.0M | $6.0M | $6.0M | $6.5M | $349617 |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -142.16% |
| Rentabilidad sobre capital invertido | -39.28% |
| Rentabilidad sobre activos | -18.39% |
| Margen bruto | 95.91% |
| Margen operativo | -91.57% |
| Margen neto | -73.22% |
Salud financiera
| Deuda / Patrimonio | 0.88 |
| Ratio corriente | 0.06 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -8.57 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1200.00 | -1575.00 | -257.78 | -182.36 | -70.29 | -23.17 | -0.09 |
| P/VC | 1027.63 | 642.39 | 64.84 | 73.30 | 131.32 | -102.22 | 0.74 |
| P/V | 0.00 | 2255.88 | 0.00 | 408.15 | 622.05 | 269.62 | 37.52 |
| Margen Bruto | 0.0% | 100.0% | 0.0% | 38.5% | 19.7% | 37.4% | 20.0% |
| Margen Operativo | 0.0% | -142.1% | 0.0% | -224.3% | -905.0% | -1148.5% | -20757.6% |
| Margen Neto | 0.0% | -141.0% | 0.0% | -221.7% | -879.5% | -1169.7% | -14677.1% |