---
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"
generated_at: "2026-05-15T08:13:24.353482+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-134936
- JSON: https://secwatch.observer/filing/0001193125-26-134936.json
- Plain text: https://secwatch.observer/filing/0001193125-26-134936.txt

## Key facts
- Earnings Releases
  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
  source text: Revenues for the years ended December 31, 2024 and 2025 were $2.6 million and $54,232, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/0001193125-26-134936-index.htm
- Earnings Releases
  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
  source text: Revenues for the three months ended December 31, 2024 and 2025 were $394,804 and $27,010, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/0001193125-26-134936-index.htm

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