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.

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 three months ended March 31, 2026 results: revenue $6.5 million, net income $3.5 million.

Period: the three months ended March 31, 2026
Revenue: $6.5 million
Net income: $3.5 million
Result: reported results

Exact text from the filing

an in-kind payment of a transferable minority equity interest in Trimmune with a fair value of $3.5 million. For the three months ended March 31, 2026, the Company recognized $6.5 million in revenue and $470,000 in deferred revenue. Commercial-Ready Molecules Used as Reagents On March 13, 2026, Science Advances, a peer-reviewed, high-impact journal, released a

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HCW Biologics Inc. filing history →

Source: SEC EDGAR

accession 0001493152-26-023122

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