Detailed financial statements for HCW Biologics Inc. (HCWB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
HCW Biologics Inc. operates as a preclinical-stage biopharmaceutical firm, primarily engaged in the discovery and advancement of novel immunotherapies. Its research and development efforts are focused on addressing chronic, low-grade inflammation and a spectrum of age-related diseases.
Analysis Summary
HCW Biologics Inc. reported revenue of $54232 in the most recent fiscal year, growing at a 5-year CAGR of -57.9%.
Trailing-twelve-month margins: gross margin 95.9%, operating margin -91.6%, net margin -73.2%.
At the current price of $2.01, HCWB has negative trailing earnings (P/E not meaningful) and an ROE of -142.16%. Market capitalisation stands at $1M.
Balance sheet quality for HCWB: current ratio of 0.1, net debt of $4.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | $4.1M | 0 | $6.7M | $2.8M | $2.6M | $54232 |
| Cost of Revenue | $421817 | 0 | 0 | $4.1M | $2.3M | $1.6M | $43386 |
| Gross Profit | -$421817 | $4.1M | 0 | $2.6M | $560360 | $959403 | $10846 |
| Research & Development | $5.1M | $7.3M | $8.2M | $9.3M | $7.7M | $6.4M | $5.4M |
| Selling, General & Admin | $1.8M | $2.4M | $5.3M | $8.0M | $13.1M | $21.9M | $7.7M |
| Operating Expenses | $6.9M | $9.9M | $13.4M | $17.7M | $26.3M | $30.4M | $11.3M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | $126660 | $283042 | $1.2M | $1.3M |
| Pre-tax Income | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| EPS | $-1.26 | $-0.96 | $-2.16 | $-2.52 | $-4.20 | $-4.62 | $-63.78 |
| EPS (Diluted) | $-1.26 | $-0.96 | $-2.16 | $-2.52 | $-4.20 | $-4.62 | $-63.78 |
| Shares Outstanding (Diluted) | $6.1M | $6.1M | $6.0M | $6.0M | $6.0M | $6.5M | $349617 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15606 | $27010 | $6.5M | $135568 |
| Gross Profit | $3121 | $5401 | $6.5M | -$93887 |
| Operating Income | -$3.3M | -$2.9M | $3.2M | -$3.2M |
| EBITDA | -$4.2M | $1.1M | $3.8M | -$5.0M |
| Net Income | -$4.6M | $719232 | $4.1M | -$5.2M |
| EPS | $-12.12 | $-9.90 | $11.82 | $-43.97 |
| EPS (Diluted) | $-12.12 | $-9.90 | $11.82 | $-43.97 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.4M | $8.5M | $11.7M | $22.3M | $3.6M | $4.7M | $2.0M |
| Short-term Investments | 0 | 0 | $25.0M | $9.7M | 0 | 0 | 0 |
| Receivables | 0 | $2.5M | $133000 | $417695 | $1.5M | $582201 | $32175 |
| Inventory | 0 | 0 | 0 | $1.4M | 0 | 0 | 0 |
| Total Current Assets | $8.0M | $12.1M | $40.5M | $34.1M | $6.4M | $5.7M | $2.3M |
| Property, Plant & Equipment | $2.0M | $1.6M | $1.1M | $10.8M | $20.5M | $22.9M | $20.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $10.1M | $15.4M | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Accounts Payable | $392331 | $155343 | $223664 | $1.2M | $6.2M | $22.3M | $13.1M |
| Short-term Debt | 0 | $567311 | 0 | 0 | 0 | $6.3M | $6.8M |
| Total Current Liabilities | $1.1M | $1.0M | $2.3M | $3.0M | $8.7M | $29.6M | $21.1M |
| Long-term Debt | 0 | 0 | 0 | $6.4M | $6.3M | $7.4M | 0 |
| Total Liabilities | $1.1M | $1.0M | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M |
| Retained Earnings | -$9.7M | -$16.7M | -$30.6M | -$45.5M | -$70.5M | -$100.6M | -$108.5M |
| Total Equity | $9.0M | $14.4M | $51.2M | $37.4M | $13.5M | -$6.8M | $2.8M |
| Total Debt | 0 | $567311 | 0 | $6.4M | $6.3M | $13.7M | $6.8M |
| Net Debt | -$7.4M | -$7.9M | -$36.7M | -$25.7M | $2.7M | $9.0M | $4.9M |
| Working Capital | $7.0M | $11.1M | $38.2M | $31.1M | -$2.3M | -$23.9M | -$18.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $2.0M | $1.2M | $741324 |
| Total Assets | $25.4M | $24.5M | $27.3M | $26.8M |
| Total Liabilities | $27.6M | $21.8M | $21.6M | $19.3M |
| Total Equity | -$2.1M | $2.8M | $5.8M | $7.4M |
| Total Debt | $7.5M | $6.8M | $6.6M | $6.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M |
| Depreciation & Amortization | $421817 | $572868 | $543598 | $717854 | $1.1M | $1.2M | $1.0M |
| Stock-based Compensation | $1763 | $21875 | $360975 | $1.1M | $1.0M | $1.0M | $768623 |
| Change in Working Capital | $104173 | -$5.2M | $1.5M | $2.5M | -$4.6M | $13.6M | -$2.8M |
| Operating Cash Flow | -$6.8M | -$10.4M | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M |
| Capital Expenditure | -$1.5M | -$186682 | -$47263 | -$10.3M | -$6.2M | -$261617 | -$3 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.2M | -$10.6M | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.2M | -$3.4M | -$1.6M | -$4.0M |
| Capital Expenditure | $1 | -$3 | -$4 | $4 |
| Free Cash Flow | -$3.2M | -$3.4M | -$1.6M | -$4.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $9182 | $10019 | $1220 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | -57.7% | -9.7% | -97.9% | |||
| Net Income Growth (YoY) | +20.7% | -122.5% | -15.8% | -67.7% | -20.1% | +73.5% | |
| EPS Growth (YoY) | +23.8% | -125.0% | -16.7% | -66.7% | -10.0% | -1280.5% | |
| Shares Change (YoY) | +0.0% | -2.5% | +0.2% | +0.3% | +8.0% | -94.6% | |
| FCF Growth (YoY) | -29.1% | -3.8% | -87.4% | -39.0% | +49.5% | +7.6% | |
| Gross Margin | 100.0% | 38.5% | 19.7% | 37.4% | 20.0% | ||
| Operating Margin | -142.1% | -224.3% | -905.0% | -1148.5% | -20757.6% | ||
| EBITDA Margin | -128.1% | -209.1% | -829.6% | -1078.4% | -10450.8% | ||
| Net Margin | -141.0% | -221.7% | -879.5% | -1169.7% | -14677.1% | ||
| FCF Margin | -259.0% | -307.4% | -1010.5% | -564.5% | -24693.2% | ||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.34 | $-1.74 | $-1.85 | $-3.46 | $-4.80 | $-2.24 | $-38.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.1M | $6.1M | $6.0M | $6.0M | $6.0M | $6.5M | $349617 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -142.16% |
| Return on Invested Capital | -39.28% |
| Return on Assets | -18.39% |
| Gross Margin | 95.91% |
| Operating Margin | -91.57% |
| Net Margin | -73.22% |
Financial Health
| Debt / Equity | 0.88 |
| Current Ratio | 0.06 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -8.57 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -1200.00 | -1575.00 | -257.78 | -182.36 | -70.29 | -23.17 | -0.09 |
| P/B | 1027.63 | 642.39 | 64.84 | 73.30 | 131.32 | -102.22 | 0.74 |
| P/S | 0.00 | 2255.88 | 0.00 | 408.15 | 622.05 | 269.62 | 37.52 |
| Gross Margin | 0.0% | 100.0% | 0.0% | 38.5% | 19.7% | 37.4% | 20.0% |
| Operating Margin | 0.0% | -142.1% | 0.0% | -224.3% | -905.0% | -1148.5% | -20757.6% |
| Net Margin | 0.0% | -141.0% | 0.0% | -221.7% | -879.5% | -1169.7% | -14677.1% |
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Explore sector: Healthcare · Biotechnology
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