HCW Biologics Q2 net loss narrows to $1.9M; revenue drops 99%; going concern warning

HCW Biologics Inc.

2025-Q2 EPS reported -$9.86 revenue$11,615

Q2 2025 net loss improved to $1.9M from $15.3M in Q2 2024; revenue fell to $6.6K from $618.9K.
Wugen license suspended for one year; company seeks new partner for HCW9206.
Raised $5.0M equity in May 2025; extinguished $6.9M debt via restructuring.
Company expresses substantial doubt about ability to continue as going concern for next 12 months.
On track to initiate Phase 1 trial for HCW9302 in autoimmune disorder in Q3 2025.

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