HCW Biologics reports FY2024 net loss $30M; going concern doubt, plans financing

HCW Biologics Inc.

FY2024 revenue $2.6M (vs $2.8M); net loss $30.0M (vs $25.0M); legal expenses $15.9M from arbitration.
Q4 2024 revenue $394,804 (vs $1.3M); net loss $3.4M (vs $10.7M).
Substantial doubt about going concern; financing plan includes $20M equity line with Square Gate and $7M milestone from WY Biotech license.
Nasdaq extension to April 28 (bid price) and June 15 (other rules); special meeting March 31 for reverse split and conversions.
IND cleared for HCW9302 Phase 1 in alopecia areata; Phase 2 ovarian cancer study closed due to poor enrollment.

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