HCW Biologics Q3 net loss $4.6M; going concern doubt; first patient dosing expected Q4 2025

HCW Biologics Inc.

2025-Q3 EPS reported -$11.34 revenue$27,222

Revenue fell to $15,606 from $426,423 YoY; net loss $4.6M vs $3.9M.
Substantial doubt about going concern for 12 months from Sep 30, 2025.
Nasdaq Panel granted continued listing subject to compliance with Equity Rule by Dec 31, 2025.
Issued 475,000 shares for $2.2M gross proceeds via Standby Equity Purchase Agreement.
Phase 1 trial of HCW9302 in autoimmune disease to dose first patient Q4 2025.

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