HCW Biologics Q1 net income $3.5M on $6.5M revenue; reiterates going concern doubt, Nasdaq appeal pending

HCW Biologics Inc.

Q1 2026 revenue $6.5M (vs $5K Q1 2025) from Trimmune license; net income $3.5M vs net loss $2.2M YoY.
Phase 1 HCW9302 for alopecia areata enrolling; preliminary data H1 2026, full readout Q4 2026; no DLTs.
Closed exclusive worldwide license with Beijing Trimmune for $3.5M cash plus $3.5M equity in-kind on March 16, 2026.
Going concern doubt exists; Nasdaq hearing granted May 5, 2026 to appeal delisting due to bid price non-compliance.
Completed $1.5M equity financing Feb 2026 with warrants at $0.6055 exercise price.

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