---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-063348"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2023-11-14T23:59:59+00:00"
generated_at: "2026-06-08T03:58:04.802849+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# HCW Biologics Q3 net loss widens to $4.9M; cash $11.2M; Phase 1 data positive

## Summary
- Revenue fell to $853K from $1.8M YoY; licensee Wugen limiting purchases for remainder of 2023.
- Net loss increased 26% YoY to $4.9M; G&A jumped 107% to $3.6M due to Altor/NantCell litigation legal fees.
- Cash and equivalents $11.2M at Sep 30, 2023; company believes capital sufficient through end of 2024.
- Phase 1 trial of HCW9218: 50% of evaluable patients had stable disease; dose-dependent TGF-β reduction; well tolerated.
- Expects to complete initial phase of both cancer studies by early 2024; plans to submit IND for HCW9302 by end of 2023.

## SEC filing metadata
- accession: 0000950170-23-063348
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2023-11-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000095017023063348/0000950170-23-063348-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000095017023063348/hcwb-20231114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-063348
- JSON: https://secwatch.observer/filing/0000950170-23-063348.json
- Plain text: https://secwatch.observer/filing/0000950170-23-063348.txt

## Key facts
- Earnings Releases
  HCW Biologics Inc. reported quarter ended September 30, 2023 results: revenue $853,102, net income $4.9 million.
  - Period: quarter ended September 30, 2023
  - Revenue: $853,102
  - Net income: $4.9 million
  - Result: reported results
  source text: level for future Phase 2 studies of HCW9218. 2 Third Quarter 2023 Financial Results: • Revenues: Revenues for the quarter ended September 30, 2022 and 2023 were $1.8 million and $853,102, respectively. Revenues for the nine months ended September 30, 2022 and 2023 were $5.4 million and $1.5 million, respectively. Revenues were derived exclusively from the sale of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000095017023063348/0000950170-23-063348-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.