---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-283230"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2025-11-14T23:59:59+00:00"
generated_at: "2026-05-16T19:54:29.687049+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-283230
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2025-11-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000119312525283230/0001193125-25-283230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000119312525283230/hcwb-20251114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-283230
- JSON: https://secwatch.observer/filing/0001193125-25-283230.json
- Plain text: https://secwatch.observer/filing/0001193125-25-283230.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.