HCW Biologics Q4 net gain $2.2M; annual loss narrows; HCW9302 Phase 1 underway

HCW Biologics Inc.

2026-Q1 EPS reported $0.37 revenue$6,500,000

Q4 2025 net gain of $2.2M vs $3.4M loss in Q4 2024; FY 2025 net loss narrowed to $6.5M from $30.0M.
Q4 revenue $27K vs $395K year ago due to Wugen license suspension; FY revenue $54K vs $2.6M.
Initiated Phase 1 trial of HCW9302 for alopecia areata in Nov 2025; preliminary data expected H1 2026.
Received $3.5M upfront fee ($2.9M net) from Trimmune for worldwide license of HCW11-006; eligible for milestones and royalties.
Going concern doubt remains; Nasdaq issued bid price deficiency notice on March 26, 2026 after regaining compliance in Feb 2026.

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