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

HCW Biologics Inc.

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

Q2 2025 revenue $6,550 vs $618,854 in Q2 2024 after suspending Wugen license.
Net loss improved to $1.9M from $15.3M YoY due to $10.4M arbitration legal fees in prior year.
Closed $5.0M equity offering on May 15, 2025; extinguished $7.7M debt via restructuring.
Substantial doubt about going concern without additional funding within 12 months.
Phase 1 trial for HCW9302 in alopecia areata on track for Q3 2025 launch.

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