---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-039334"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2024-04-01T23:59:59+00:00"
generated_at: "2026-06-04T04:51:12.597834+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# HCW Biologics FY 2023 net loss $25M vs $14.9M; going concern substantial doubt; $12.5M new financing

## Summary
- FY 2023 revenue $2.8M (down 58% from $6.7M); net loss $25.0M vs $14.9M in 2022.
- Reserve for credit loss of $5.3M on terminated Prime Capital Ventures credit agreement.
- Completed $2.5M private placement (Feb 2024) and $10.0M secured notes (Mar 2024); substantial doubt about going concern as of Dec 31, 2023.
- Phase 1/1b trials of HCW9218 completed; planning Phase 2 in ovarian and pancreatic cancer.
- Arbitration with Altor/NantCell scheduled for May 2024; new Delaware complaint for contribution of legal fees.

## SEC filing metadata
- accession: 0000950170-24-039334
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2024-04-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000095017024039334/0000950170-24-039334-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000095017024039334/hcwb-20240401.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-039334
- JSON: https://secwatch.observer/filing/0000950170-24-039334.json
- Plain text: https://secwatch.observer/filing/0000950170-24-039334.txt

## Key facts
- Earnings Releases
  HCW Biologics Inc. reported financial results for fourth quarter and fiscal year ended December 31, 2023.
  - Period: fourth quarter and fiscal year ended December 31, 2023
  - Result: reported results
  source text: On April 1, 2024, HCW Biologics Inc. issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000095017024039334/0000950170-24-039334-index.htm

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