---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-060553"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-01T23:29:45.834236+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# HCW Biologics Q1 net loss widens to $7.5M; going concern doubt persists

## Summary
- Net loss of $7.5M vs $5.1M in Q1 2023; revenue rose to $1.1M from $41,883 due to Wugen sales.
- G&A expenses surged 94% to $6.0M driven by legal costs for Altor/NantCell arbitration hearing set for May 20.
- Completed Phase 1/1b trials for HCW9218 in solid tumors; RP2D established; plans ovarian cancer Phase 2 with UPMC in H2 2024.
- Raised $6.1M YTD; bridge financing target $10M in secured notes ($3.6M issued); going concern uncertainty remains.
- IND for HCW9302 in autoimmune disease planned for Q3 2024.

## SEC filing metadata
- accession: 0000950170-24-060553
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000095017024060553/0000950170-24-060553-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000095017024060553/hcwb-20240515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-060553
- JSON: https://secwatch.observer/filing/0000950170-24-060553.json
- Plain text: https://secwatch.observer/filing/0000950170-24-060553.txt

## Key facts
- Earnings Releases
  HCW Biologics Inc. reported first quarter ended March 31, 2024 results: revenue $1.1 million, net income $7.5 million.
  - Period: first quarter ended March 31, 2024
  - Revenue: $1.1 million
  - Net income: $7.5 million
  - Result: reported results
  source text: we plan to submit in the third quarter of 2024. 2 First Quarter 2024 Financial Results • Revenues: Revenues for the first quarters ended March 31, 2023 and 2024 were $41,883 and $1.1 million, respectively. Revenues in both periods were derived exclusively from the sale of licensed molecules to the Company’s licensee, Wugen. The licensed molecules are one of the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000095017024060553/0000950170-24-060553-index.htm

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