HCW Biologics Inc.(HCWB)Earnings, Financials & Key Ratios
HCWB•NASDAQ
$0.35
$14M mkt cap·Price updated May 6, 2026
AboutHCW Biologics Inc., a preclinical stage biopharmaceutical company, focuses on discovering and developing novel immunotherapies for chronic, low-grade inflammation, and age-related diseases. The company's lead products include HCW9218, which is an injectable immunotherapeutic for patients with pancreatic, ovarian, breast, prostate, and colorectal cancers, as well as pulmonary fibrosis; and HCW9302 for auto-immune diseases, such as alopecia areata and metabolic diseases. It also develops HCW9201, a cell-based therapy that is in Phase II clinical trials for the treatment of patients with relapsed/refractory acute myeloid leukemia; and HCW9206 for the treatment of acute myeloid leukemia. The company was incorporated in 2018 and is headquartered in Miramar, Florida.Show more
- Revenue$3M-9.7%
- EBITDA-$28M-15.1%
- Net Income-$30M-20.1%
- EPS (Diluted)-0.77-10.0%
- Gross Margin37.38%+89.6%
- EBITDA Margin-1102.36%-27.4%
- Operating Margin-1148.5%-26.9%
- Net Margin-1169.7%-33.0%
- ROE-897.37%-813.6%
- ROIC-240.08%-134.5%
- Interest Coverage-25.45+72.0%
HCWB Key Insights
HCW Biologics Inc. (HCWB) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 4 (bottom 4%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
HCWB Price & Volume
HCW Biologics Inc. (HCWB) stock price & volume — 10-year historical chart
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HCWB Growth Metrics
HCW Biologics Inc. (HCWB) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-87.93%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM67.72%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-794%
Return on Capital
10 Years-95.73%
5 Years-98.5%
3 Years-133.99%
Last Year-289.39%
HCWB Peer Comparison
HCW Biologics Inc. (HCWB) competitors in Immunology and Inflammation Therapies — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 IMVT | 5.83B | 28.67 | -10.50 | -47.07% | 0.00 | |||
 ARQT | 3.02B | 24.17 | -185.92 | 91.34% | -0.57% | -1.41% | 0.03 | |
 KYMR | 7.04B | 86.26 | -23.38 | -16.72% | -6.12% | -25.02% | 0.05 | |
 RCUS | 2.62B | 26.00 | -7.90 | -4.26% | -156.36% | -68.97% | 0.16 | |
 TGTX | 6.7B | 41.97 | 15.15 | 87.32% | 65.95% | 87.36% | 0.40 | |
 AGIO | 1.6B | 26.98 | -3.79 | 48.03% | -6.4% | -34.11% | 0.05 | |
 FATE | 264.17M | 2.29 | -1.99 | -51.24% | -20.51% | -65.79% | 0.38 | |
 NKTR | 1.67B | 85.09 | -8.75 | -43.89% | -192.87% | -356.81% | 0.95 |
Compare HCWB vs Peers
HCW Biologics Inc. (HCWB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HCWB Income Statement
HCW Biologics Inc. (HCWB) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 4.1M | 0 | 6.72M | 2.84M | 2.57M | 422.02K |
| Revenue Growth % | - | - | -100% | - | -57.72% | -9.68% | -87.93% |
| Cost of Goods Sold | 421.82K | 0 | 543.6K | 4.14M | 2.28M | 1.61M | 511.52K |
| COGS % of Revenue | - | - | - | 61.52% | 80.28% | 62.62% | - |
| Gross Profit | -421.82K▲ 0% | 4.1M▲ 1071.9% | -543.6K▼ 113.3% | 2.59M▲ 575.8% | 560.36K▼ 78.3% | 959.4K▲ 71.2% | -89.5K▲ 0% |
| Gross Margin % | - | 100% | - | 38.48% | 19.72% | 37.38% | -21.21% |
| Gross Profit Growth % | - | 1071.93% | -113.26% | 575.79% | -78.33% | 71.21% | - |
| Operating Expenses | 6.94M | 9.92M | 12.82M | 17.67M | 26.28M | 30.44M | 11.79M |
| OpEx % of Revenue | - | 242.07% | - | 262.79% | 924.68% | 1185.88% | - |
| Selling, General & Admin | 1.8M | 2.44M | 5M | 7.99M | 13.08M | 21.95M | 5.64M |
| SG&A % of Revenue | - | 59.42% | - | 118.84% | 460.43% | 854.97% | - |
| Research & Development | 5.14M | 7.26M | 7.82M | 9.34M | 7.68M | 6.39M | 5.04M |
| R&D % of Revenue | - | 176.97% | - | 138.92% | 270.12% | 248.91% | - |
| Other Operating Expenses | 0 | 233.04K | 0 | 338.46K | 5.52M | 2.1M | 1.1M |
| Operating Income | -7.37M▲ 0% | -5.82M▲ 20.9% | -13.37M▼ 129.5% | -15.08M▼ 12.8% | -25.72M▼ 70.6% | -29.48M▼ 14.6% | -11.88M▲ 0% |
| Operating Margin % | - | -142.07% | - | -224.32% | -904.96% | -1148.5% | -2813.99% |
| Operating Income Growth % | - | 20.92% | -129.51% | -12.8% | -70.55% | -14.63% | - |
| EBITDA | -6.94M | -5.25M | -12.82M | -14.36M | -24.58M | -28.3M | -10.31M |
| EBITDA Margin % | - | -128.1% | - | -213.64% | -865.02% | -1102.36% | -2442.61% |
| EBITDA Growth % | - | 24.37% | -144.19% | -11.98% | -71.17% | -15.11% | 71.67% |
| D&A (Non-Cash Add-back) | 421.82K | 572.87K | 543.6K | 717.85K | 1.14M | 1.18M | 1.57M |
| EBIT | -7.29M | -5.82M | -12.86M | -14.77M | -24.71M | -28.87M | -10.29M |
| Net Interest Income | 72.35K | 22.32K | 505.37K | -126.66K | -283.04K | -1.16M | -859.71K |
| Interest Income | 72.35K | 22.32K | 505.37K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 126.66K | 283.04K | 1.16M | 859.71K |
| Other Income/Expense | 72.35K | 22.32K | 505.37K | 178.07K | 722.88K | -544.15K | -176.46K |
| Pretax Income | -7.29M▲ 0% | -5.8M▲ 20.4% | -12.86M▼ 121.7% | -14.9M▼ 15.8% | -24.99M▼ 67.7% | -30.02M▼ 20.1% | -12.05M▲ 0% |
| Pretax Margin % | - | -141.53% | - | -221.67% | -879.52% | -1169.7% | -2855.81% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.29M▲ 0% | -5.78M▲ 20.7% | -12.86M▼ 122.5% | -14.9M▼ 15.8% | -24.99M▼ 67.7% | -30.02M▼ 20.1% | -12.05M▲ 0% |
| Net Margin % | - | -140.98% | - | -221.67% | -879.52% | -1169.7% | -2855.81% |
| Net Income Growth % | - | 20.75% | -122.54% | -15.85% | -67.74% | -20.12% | 67.72% |
| Net Income (Continuing) | -7.29M | -5.8M | -12.86M | -14.9M | -24.99M | -30.02M | -12.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20▲ 0% | -0.16▲ 20.0% | -0.35▼ 118.7% | -0.41▼ 17.1% | -0.70▼ 70.7% | -0.77▼ 10.0% | -5.33▲ 0% |
| EPS Growth % | - | 20% | -118.75% | -17.14% | -70.73% | -10% | -794% |
| EPS (Basic) | -0.20 | -0.16 | -0.35 | -0.41 | -0.70 | -0.77 | - |
| Diluted Shares Outstanding | 36.7M | 36.7M | 35.77M | 35.82M | 35.93M | 38.79M | 2.26M |
| Basic Shares Outstanding | 36.7M | 36.7M | 35.77M | 35.82M | 35.93M | 38.79M | 2.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
HCWB Balance Sheet
HCW Biologics Inc. (HCWB) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 8.03M | 12.15M | 40.48M | 34.07M | 6.4M | 5.7M | 1.59M |
| Cash & Short-Term Investments | 7.36M | 8.46M | 36.71M | 32.06M | 3.6M | 4.67M | 1.1M |
| Cash Only | 7.36M | 8.46M | 11.73M | 22.33M | 3.6M | 4.67M | 1.1M |
| Short-Term Investments | 0 | 0 | 24.98M | 9.74M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 2.5M | 133K | 417.69K | 1.54M | 582.2K | 30.67K |
| Days Sales Outstanding | - | 222.57 | - | 22.68 | 197.25 | 82.79 | 156.1 |
| Inventory | 0 | 0 | 0 | 1.39M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 123.11 | - | - | - |
| Other Current Assets | 236.29K | 654.53K | 1.44M | 196.01K | 230.92K | 113.53K | 250.34K |
| Total Non-Current Assets | 2.04M | 3.25M | 13.03M | 12.74M | 22.11M | 24.54M | 23.86M |
| Property, Plant & Equipment | 2M | 1.62M | 1.12M | 10.8M | 20.45M | 22.91M | 22.5M |
| Fixed Asset Turnover | - | 2.54x | - | 0.62x | 0.14x | 0.11x | 0.02x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 1.6M | 11.52M | 1.6M | 1.6M | 1.6M | 7.87M |
| Other Non-Current Assets | 34.24K | 34.24K | 393.32K | 333.88K | 56.54K | 28.48K | 113.91K |
| Total Assets | 10.07M▲ 0% | 15.4M▲ 53.0% | 53.51M▲ 247.5% | 46.81M▼ 12.5% | 28.51M▼ 39.1% | 30.24M▲ 6.0% | 25.45M▲ 0% |
| Asset Turnover | - | 0.27x | - | 0.14x | 0.10x | 0.08x | 0.02x |
| Asset Growth % | - | 52.97% | 247.54% | -12.53% | -39.09% | 6.04% | -3.96% |
| Total Current Liabilities | 1.07M | 1M | 2.32M | 2.96M | 8.75M | 29.63M | 26.86M |
| Accounts Payable | 392.33K | 155.34K | 223.66K | 1.23M | 6.17M | 22.33M | 18.97M |
| Days Payables Outstanding | 339.49 | - | 150.18 | 108.22 | 986.68 | 5.07K | 14.34K |
| Short-Term Debt | 0 | 567.31K | 0 | 0 | 0 | 6.31M | 6.81M |
| Deferred Revenue (Current) | 0 | 0 | 1.8M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 278.43K | 297.93K | 0 | 0 | 774.94K | 966.6K |
| Current Ratio | 7.53x | 12.14x | 17.44x | 11.52x | 0.73x | 0.19x | 0.19x |
| Quick Ratio | 7.53x | 12.14x | 17.44x | 11.05x | 0.73x | 0.19x | 0.19x |
| Cash Conversion Cycle | - | - | - | 37.57 | - | - | -14.18K |
| Total Non-Current Liabilities | 0 | 0 | 0 | 6.42M | 6.3M | 7.38M | 692.53K |
| Long-Term Debt | 0 | 0 | 0 | 6.41M | 6.3M | 7.38M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 692.53K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 14.28K | 0 | 0 | 1.75M |
| Total Liabilities | 1.07M | 1M | 2.32M | 9.38M | 15.05M | 37.01M | 27.55M |
| Total Debt | 0 | 567.31K | 0 | 6.41M | 6.3M | 13.69M | 7.5M |
| Net Debt | -7.36M | -7.89M | -11.73M | -15.92M | 2.71M | 9.02M | 6.4M |
| Debt / Equity | - | 0.04x | - | 0.17x | 0.47x | - | -3.56x |
| Debt / EBITDA | - | - | - | - | - | - | -0.73x |
| Net Debt / EBITDA | - | - | - | - | - | - | -0.62x |
| Interest Coverage | - | - | - | -119.05x | -90.86x | -25.45x | -11.97x |
| Total Equity | 9M▲ 0% | 14.4M▲ 60.0% | 51.19M▲ 255.6% | 37.43M▼ 26.9% | 13.46M▼ 64.0% | -6.77M▼ 150.3% | -2.11M▲ 0% |
| Equity Growth % | - | 59.97% | 255.58% | -26.89% | -64.03% | -150.29% | -170.21% |
| Book Value per Share | 0.25 | 0.39 | 1.43 | 1.04 | 0.37 | -0.17 | -0.93 |
| Total Shareholders' Equity | 9M | 14.4M | 51.19M | 37.43M | 13.46M | -6.77M | -2.11M |
| Common Stock | 472 | 1.12K | 3.58K | 3.59K | 3.6K | 4.45K | 262 |
| Retained Earnings | -9.68M | -16.72M | -30.64M | -45.54M | -70.53M | -100.56M | -109.24M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
HCWB Cash Flow Statement
HCW Biologics Inc. (HCWB) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -6.77M | -10.43M | -10.98M | -10.39M | -22.51M | -14.23M | -14.23M |
| Operating CF Margin % | - | -254.44% | - | -154.51% | -792.25% | -554.29% | - |
| Operating CF Growth % | - | -54.19% | -5.22% | 5.37% | -116.77% | 36.81% | 51.49% |
| Net Income | -7.29M | -5.8M | -12.86M | -14.9M | -24.99M | -30.02M | -12.05M |
| Depreciation & Amortization | 421.82K | 572.87K | 543.6K | 717.85K | 1.14M | 1.18M | 1.57M |
| Stock-Based Compensation | 1.76K | 21.88K | 360.98K | 1.12M | 1M | 1.01M | 846.02K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 23.04K | -473.22K | 188.46K | 4.98M | -418 | -375.9K |
| Working Capital Changes | 104.17K | -5.25M | 1.46M | 2.49M | -4.64M | 13.6M | -2.86M |
| Change in Receivables | 0 | -2.5M | 2.37M | -284.69K | -1.12M | 953.56K | 621.17K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 766.39K | -628.65K | 1.89M | 418.21K | 1.62M | 11.87M | -3.64M |
| Cash from Investing | -1.46M | -186.68K | -35.02M | 14.71M | 3.8M | -261.62K | -113.41K |
| Capital Expenditures | -1.46M | -186.68K | -47.26K | -10.28M | -6.2M | -261.62K | -113.41K |
| CapEx % of Revenue | - | 4.55% | - | 152.86% | 218.26% | 10.19% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 164 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.45M | 11.72M | 49.27M | 6.27M | -14.53K | 15.57M | 13.08M |
| Debt Issued (Net) | 0 | 563.59K | 0 | 6.45M | -38.27K | 6.79M | 399.21K |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 15.78K | 23.74K | 1000K | 2.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -6.76M | -190.55K | 0 | 2.32M | 6.14M |
| Net Change in Cash | 5.22M▲ 0% | 1.1M▼ 78.9% | 3.27M▲ 197.7% | 10.6M▲ 223.5% | -18.73M▼ 276.8% | 1.08M▲ 105.8% | 98.69K▲ 0% |
| Free Cash Flow | -8.23M▲ 0% | -10.62M▼ 29.1% | -11.02M▼ 3.8% | -20.66M▼ 87.4% | -28.72M▼ 39.0% | -14.49M▲ 49.5% | -12.98M▲ 0% |
| FCF Margin % | - | -258.99% | - | -307.36% | -1010.51% | -564.48% | -3076.69% |
| FCF Growth % | - | -29.09% | -3.81% | -87.44% | -38.99% | 49.54% | 32.2% |
| FCF per Share | -0.22 | -0.29 | -0.31 | -0.58 | -0.80 | -0.37 | -0.37 |
| FCF Conversion (FCF/Net Income) | 0.93x | 1.80x | 0.85x | 0.70x | 0.90x | 0.47x | 1.08x |
| Interest Paid | 0 | 0 | 0 | 126.66K | 283.04K | 569.77K | 632.94K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
HCWB Key Ratios
HCW Biologics Inc. (HCWB) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -49.41% | -39.22% | -33.63% | -98.23% | -897.37% | 275.61% |
| Return on Invested Capital (ROIC) | -107.17% | -43.62% | -37.09% | -102.37% | -240.08% | -240.08% |
| Gross Margin | 100% | - | 38.48% | 19.72% | 37.38% | -21.21% |
| Net Margin | -140.98% | - | -221.67% | -879.52% | -1169.7% | -2855.81% |
| Debt / Equity | 0.04x | - | 0.17x | 0.47x | - | -3.56x |
| Interest Coverage | - | - | -119.05x | -90.86x | -25.45x | -11.97x |
| FCF Conversion | 1.80x | 0.85x | 0.70x | 0.90x | 0.47x | 1.08x |
| Revenue Growth | - | -100% | - | -57.72% | -9.68% | -87.93% |
HCWB Frequently Asked Questions
HCW Biologics Inc. (HCWB) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
HCW Biologics Inc. (HCWB) reported $0.4M in revenue for fiscal year 2024.
HCW Biologics Inc. (HCWB) saw revenue decline by 9.7% over the past year.
HCW Biologics Inc. (HCWB) reported a net loss of $12.1M for fiscal year 2024.
Dividend & Returns
HCW Biologics Inc. (HCWB) has a return on equity (ROE) of -897.4%. Negative ROE indicates the company is unprofitable.
HCW Biologics Inc. (HCWB) had negative free cash flow of $13.0M in fiscal year 2024, likely due to heavy capital investments.
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HCW Biologics Inc. (HCWB) financial analysis — history, returns, DCA and operating performance tools
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