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.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCW Biologics Inc. reported the year ended December 31, 2025 results: revenue $54,232.

Period: the year ended December 31, 2025
Revenue: $54,232
Result: reported results

Exact text from the filing

Revenues for the years ended December 31, 2024 and 2025 were $2.6 million and $54,232, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCW Biologics Inc. reported the three months ended December 31, 2025 results: revenue $27,010.

Period: the three months ended December 31, 2025
Revenue: $27,010
Result: reported results

Exact text from the filing

Revenues for the three months ended December 31, 2024 and 2025 were $394,804 and $27,010, respectively.

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51 earnings releases filed in the last 30 days. Browse all earnings releases →

HCW Biologics Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-134936

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