HCW Biologics Q1 net loss $2.2M; closed $5M equity offering; going concern doubt

HCW Biologics Inc.

2025-Q1 EPS reported -$0.05 revenue$5,065

Q1 revenue $5,065 vs $1.1M prior year; net loss $2.2M vs $7.5M prior; R&D down 30% to $1.5M; G&A up 42% to $2.2M.
Closed $5.0M equity offering on May 15 with one institutional investor; used to fund Phase 1 trial for HCW9302 in alopecia areata.
Delivered technology report to WY Biotech for licensing of HCW11-006; expects $7.0M upfront fee after 30-day diligence.
Received Nasdaq compliance letter for bid price, public float, MVPHS; must comply with all listing rules by June 16, 2025.
Substantial doubt about ability to continue as going concern for 12 months; additional funding needed.

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