{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-134936","form_type":"8-K","ticker":"HCWB","cik":"0001828673","company_name":"HCW Biologics Inc.","filed_at":"2026-03-31T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.404549+00:00","generated_at":"2026-05-15T08:13:24.353482+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"HCW Biologics Q4 net gain $2.2M; annual loss narrows; HCW9302 Phase 1 underway","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-134936","json":"https://secwatch.observer/filing/0001193125-26-134936.json","markdown":"https://secwatch.observer/filing/0001193125-26-134936.md","text":"https://secwatch.observer/filing/0001193125-26-134936.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/0001193125-26-134936-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-20260331.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T08:13:24.353482+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0dd6e0b385b560add630c7b5edde9fd5784741e1","claim":"HCW Biologics Inc. reported the year ended December 31, 2025 results: revenue $54,232.","evidence_excerpt":"Revenues for the years ended December 31, 2024 and 2025 were $2.6 million and $54,232, respectively.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/0001193125-26-134936-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the year ended December 31, 2025"},{"label":"Revenue","value":"$54,232"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"94f04c317bbc0fe172e7e7925eb1618dc9e07c4d","claim":"HCW Biologics Inc. reported the three months ended December 31, 2025 results: revenue $27,010.","evidence_excerpt":"Revenues for the three months ended December 31, 2024 and 2025 were $394,804 and $27,010, respectively.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/0001193125-26-134936-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the three months ended December 31, 2025"},{"label":"Revenue","value":"$27,010"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}