HCW Biologics Q1 net loss $5.1M, revenue $42K; enters $26.25M credit line

HCW Biologics Inc.

2023-Q1 EPS reported -$0.14 revenue$41,883

Net loss of $5.1M vs $2.1M in Q1 2022; revenue dropped to $42K from $3.1M.
R&D expenses up 26% to $2.3M; G&A up 66% to $3.1M partly due to Altor litigation.
Entered $26.25M development line of credit (7% fixed, 5-yr, interest-only) for facility buildout.
Altor/NantCell litigation moved to arbitration; no loss accrual recorded.
Cash runway extended into 2025 via the credit line and existing cash.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCW Biologics Inc. reported first quarter ended March 31, 2023 results: revenue $41,883, net income -$5.1 million.

Period: first quarter ended March 31, 2023
Revenue: $41,883
Net income: -$5.1 million
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results: • Revenues: Revenues for the first quarter ended March 31, 2022 and 2023 were $3.1 million and $41,883, respectively. In the first quarter of 2022, deferred revenues related to historic transactions were recognized as revenue upon meeting all requirements for revenue recognition. Revenues were derived exclusively from the sale of licensed molecules to the Company’s licensee, Wugen. • Research and development (R&D) expenses: R&D expenses for the first quarter ended March 31, 2022 and 2023 were $1.8 million and $2.3 million, respectively. The $466,135 increase, or 26%, resulted primarily from increased preclinical and clinical trial expenses. • General and administrative (G&A) expenses: G&A expenses for the first quarter ended March 31, 2022 and 2023 were $1.9 million and $3.1 million, respectively. The $1.2 million increase, or 66%, was primarily attributable to increases in professional fees, which includes legal fees associated with legal proceedi

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Source: SEC EDGAR

accession 0000950170-23-019141

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