---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-023122"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2026-05-14T20:31:08+00:00"
generated_at: "2026-05-14T20:32:52.562485+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-26-023122
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2026-05-14T20:31:08+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000149315226023122/0001493152-26-023122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000149315226023122/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-023122
- JSON: https://secwatch.observer/filing/0001493152-26-023122.json
- Plain text: https://secwatch.observer/filing/0001493152-26-023122.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000149315226023122/0001493152-26-023122-index.htm

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