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HCW Biologics Inc.(HCWB)Earnings, Financials & Key Ratios
HCWB•NASDAQ
$0.32
$668096 mkt cap·Price updated May 7, 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$54K-97.9%
- EBITDA-$10M+63.9%
- Net Income-$8M+73.5%
- EPS (Diluted)-10.63-1280.5%
- Gross Margin20%-46.5%
- EBITDA Margin-18836.7%-1608.8%
- Operating Margin-20757.65%-1707.4%
- Net Margin-14677.14%-1154.8%
- ROE-287.9%+67.9%
- ROIC-171.1%+28.7%
- Debt/Equity2.46
- Interest Coverage-5.37+78.5%
HCWB Key Insights
HCW Biologics Inc. (HCWB) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High quality earnings: Operating CF exceeds net income
- ✓Share count reduced 94.6% through buybacks
- ✓Trading at only 0.2x book value
✗Weaknesses
- ✗High debt to equity ratio of 2.5x
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 4 (bottom 4%)
- ✗Sales declining 57.9% over 5 years
- ✗Trading more than 30% below 52-week high
* 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-57.9%
3 Years-79.94%
TTM-97.89%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM73.49%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-1262.82%
Return on Capital
10 Years-161.17%
5 Years-199.32%
3 Years-308.03%
Last Year-553.87%
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 | 5.53B | 27.22 | -9.97 | -47.07% | 0.00 | |||
 ARQT | 2.58B | 20.66 | -158.92 | 91.34% | -0.57% | -1.41% | 0.03 | |
 KYMR | 6.91B | 84.63 | -22.94 | -16.72% | -6.12% | -25.02% | 0.05 | |
 RCUS | 2.5B | 24.80 | -7.54 | -4.26% | -156.36% | -68.97% | 0.16 | |
 TGTX | 6.87B | 43.03 | 15.53 | 87.32% | 65.95% | 87.36% | 0.40 | |
 AGIO | 1.64B | 27.53 | -3.87 | 48.03% | -6.4% | -34.11% | 0.05 | |
 FATE | 280.32M | 2.43 | -2.11 | -51.24% | -20.51% | -65.79% | 0.38 | |
 NKTR | 1.69B | 83.37 | -8.57 | -43.89% | -297.07% | -399.1% | 1.66 |
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 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 4.1M | 0 | 6.72M | 2.84M | 2.57M | 54.23K |
| Revenue Growth % | - | - | -100% | - | -57.72% | -9.68% | -97.89% |
| Cost of Goods Sold | 421.82K | 0 | 543.6K | 4.14M | 2.28M | 1.61M | 43.39K |
| COGS % of Revenue | - | - | - | 61.52% | 80.28% | 62.62% | 80% |
| 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% | 10.85K▼ 98.9% |
| Gross Margin % | - | 100% | - | 38.48% | 19.72% | 37.38% | 20% |
| Gross Profit Growth % | - | 1071.93% | -113.26% | 575.79% | -78.33% | 71.21% | -98.87% |
| Operating Expenses | 6.94M | 9.92M | 12.82M | 17.67M | 26.28M | 30.44M | 11.27M |
| OpEx % of Revenue | - | 242.07% | - | 262.79% | 924.68% | 1185.88% | 20777.65% |
| Selling, General & Admin | 1.8M | 2.44M | 5M | 7.99M | 13.08M | 21.95M | 7.7M |
| SG&A % of Revenue | - | 59.42% | - | 118.84% | 460.43% | 854.97% | 14200.62% |
| Research & Development | 5.14M | 7.26M | 7.82M | 9.34M | 7.68M | 6.39M | 5.44M |
| R&D % of Revenue | - | 176.97% | - | 138.92% | 270.12% | 248.91% | 10036.3% |
| Other Operating Expenses | 0 | 233.04K | 0 | 338.46K | 5.52M | 2.1M | -1.88M |
| 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% | -11.26M▲ 61.8% |
| Operating Margin % | - | -142.07% | - | -224.32% | -904.96% | -1148.5% | -20757.65% |
| Operating Income Growth % | - | 20.92% | -129.51% | -12.8% | -70.55% | -14.63% | 61.81% |
| EBITDA | -6.94M | -5.25M | -12.82M | -14.36M | -24.58M | -28.3M | -10.22M |
| EBITDA Margin % | - | -128.1% | - | -213.64% | -865.02% | -1102.36% | -18836.7% |
| EBITDA Growth % | - | 24.37% | -144.19% | -11.98% | -71.17% | -15.11% | 63.9% |
| D&A (Non-Cash Add-back) | 421.82K | 572.87K | 543.6K | 717.85K | 1.14M | 1.18M | 1.04M |
| EBIT | -7.29M | -5.82M | -12.86M | -14.77M | -24.71M | -28.87M | -6.71M |
| Net Interest Income | 72.35K | 22.32K | 505.37K | -126.66K | -283.04K | -1.16M | -1.25M |
| Interest Income | 72.35K | 22.32K | 505.37K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 126.66K | 283.04K | 1.16M | 1.25M |
| Other Income/Expense | 72.35K | 22.32K | 505.37K | 178.07K | 722.88K | -544.15K | 3.3M |
| 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% | -7.96M▲ 73.5% |
| Pretax Margin % | - | -141.53% | - | -221.67% | -879.52% | -1169.7% | -14677.14% |
| 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% | -7.96M▲ 73.5% |
| Net Margin % | - | -140.98% | - | -221.67% | -879.52% | -1169.7% | -14677.14% |
| Net Income Growth % | - | 20.75% | -122.54% | -15.85% | -67.74% | -20.12% | 73.49% |
| Net Income (Continuing) | -7.29M | -5.8M | -12.86M | -14.9M | -24.99M | -30.02M | -7.96M |
| 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% | -10.63▼ 1280.5% |
| EPS Growth % | - | 20% | -118.75% | -17.14% | -70.73% | -10% | -1280.52% |
| EPS (Basic) | -0.20 | -0.16 | -0.35 | -0.41 | -0.70 | -0.77 | -10.63 |
| Diluted Shares Outstanding | 36.7M | 36.7M | 35.77M | 35.82M | 35.93M | 38.79M | 2.1M |
| Basic Shares Outstanding | 36.7M | 36.7M | 35.77M | 35.82M | 35.93M | 38.79M | 2.1M |
| 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 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 8.03M | 12.15M | 40.48M | 34.07M | 6.4M | 5.7M | 2.28M |
| Cash & Short-Term Investments | 7.36M | 8.46M | 36.71M | 32.06M | 3.6M | 4.67M | 1.95M |
| Cash Only | 7.36M | 8.46M | 11.73M | 22.33M | 3.6M | 4.67M | 1.95M |
| Short-Term Investments | 0 | 0 | 24.98M | 9.74M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 2.5M | 133K | 417.69K | 1.54M | 582.2K | 32.17K |
| Days Sales Outstanding | - | 222.57 | - | 22.68 | 197.25 | 82.79 | 216.55 |
| 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 | 299.72K |
| Total Non-Current Assets | 2.04M | 3.25M | 13.03M | 12.74M | 22.11M | 24.54M | 22.24M |
| Property, Plant & Equipment | 2M | 1.62M | 1.12M | 10.8M | 20.45M | 22.91M | 20.88M |
| Fixed Asset Turnover | - | 2.54x | - | 0.62x | 0.14x | 0.11x | 0.00x |
| 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 | 1.33M |
| Other Non-Current Assets | 34.24K | 34.24K | 393.32K | 333.88K | 56.54K | 28.48K | 28.48K |
| 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% | 24.52M▼ 18.9% |
| Asset Turnover | - | 0.27x | - | 0.14x | 0.10x | 0.08x | 0.00x |
| Asset Growth % | - | 52.97% | 247.54% | -12.53% | -39.09% | 6.04% | -18.91% |
| Total Current Liabilities | 1.07M | 1M | 2.32M | 2.96M | 8.75M | 29.63M | 21.06M |
| Accounts Payable | 392.33K | 155.34K | 223.66K | 1.23M | 6.17M | 22.33M | 13.14M |
| Days Payables Outstanding | 339.49 | - | 150.18 | 108.22 | 986.68 | 5.07K | 110.57K |
| 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 | 0 |
| Current Ratio | 7.53x | 12.14x | 17.44x | 11.52x | 0.73x | 0.19x | 0.11x |
| Quick Ratio | 7.53x | 12.14x | 17.44x | 11.05x | 0.73x | 0.19x | 0.11x |
| Cash Conversion Cycle | - | - | - | 37.57 | - | - | - |
| 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 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 14.28K | 0 | 0 | 692.53K |
| Total Liabilities | 1.07M | 1M | 2.32M | 9.38M | 15.05M | 37.01M | 21.76M |
| Total Debt | 0 | 567.31K | 0 | 6.41M | 6.3M | 13.69M | 6.81M |
| Net Debt | -7.36M | -7.89M | -11.73M | -15.92M | 2.71M | 9.02M | 4.86M |
| Debt / Equity | - | 0.04x | - | 0.17x | 0.47x | - | 2.46x |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -116.64x | -87.31x | -24.92x | -5.37x |
| Total Equity | 9M▲ 0% | 14.4M▲ 60.0% | 51.19M▲ 255.6% | 37.43M▼ 26.9% | 13.46M▼ 64.0% | -6.77M▼ 150.3% | 2.76M▲ 140.8% |
| Equity Growth % | - | 59.97% | 255.58% | -26.89% | -64.03% | -150.29% | 140.84% |
| Book Value per Share | 0.25 | 0.39 | 1.43 | 1.04 | 0.37 | -0.17 | 1.32 |
| Total Shareholders' Equity | 9M | 14.4M | 51.19M | 37.43M | 13.46M | -6.77M | 2.76M |
| Common Stock | 472 | 1.12K | 3.58K | 3.59K | 3.6K | 4.45K | 328 |
| Retained Earnings | -9.68M | -16.72M | -30.64M | -45.54M | -70.53M | -100.56M | -108.52M |
| 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 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -6.77M | -10.43M | -10.98M | -10.39M | -22.51M | -14.23M | -13.39M |
| Operating CF Margin % | - | -254.44% | - | -154.51% | -792.25% | -554.29% | -24693.2% |
| Operating CF Growth % | - | -54.19% | -5.22% | 5.37% | -116.77% | 36.81% | 5.87% |
| Net Income | -7.29M | -5.8M | -12.86M | -14.9M | -24.99M | -30.02M | -7.96M |
| Depreciation & Amortization | 421.82K | 572.87K | 543.6K | 717.85K | 1.14M | 1.18M | 1.04M |
| Stock-Based Compensation | 1.76K | 21.88K | 360.98K | 1.12M | 1M | 1.01M | 768.62K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 23.04K | -473.22K | 188.46K | 4.98M | -418 | -4.46M |
| Working Capital Changes | 104.17K | -5.25M | 1.46M | 2.49M | -4.64M | 13.6M | -2.78M |
| Change in Receivables | 0 | -2.5M | 2.37M | -284.69K | -1.12M | 953.56K | 550.03K |
| 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 | -3.47M |
| Cash from Investing | -1.46M | -186.68K | -35.02M | 14.71M | 3.8M | -261.62K | 0 |
| Capital Expenditures | -1.46M | -186.68K | -47.26K | -10.28M | -6.2M | -261.62K | 0 |
| 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 | 10.67M |
| Debt Issued (Net) | 0 | 563.59K | 0 | 6.45M | -38.27K | 6.79M | 22.38K |
| Equity Issued (Net) | 13.45M | 11.15M | 56.03M | 15.78K | 23.74K | 6.46M | 11.86M |
| 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 | -1.21M |
| 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% | -2.72M▼ 352.2% |
| 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% | -13.39M▲ 7.6% |
| FCF Margin % | - | -258.99% | - | -307.36% | -1010.51% | -564.48% | -24693.2% |
| FCF Growth % | - | -29.09% | -3.81% | -87.44% | -38.99% | 49.54% | 7.57% |
| FCF per Share | -0.22 | -0.29 | -0.31 | -0.58 | -0.80 | -0.37 | -6.38 |
| FCF Conversion (FCF/Net Income) | 0.93x | 1.80x | 0.85x | 0.70x | 0.90x | 0.47x | 1.68x |
| Interest Paid | 0 | 0 | 0 | 126.66K | 283.04K | 569.77K | 0 |
| 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -81.03% | -49.41% | -39.22% | -33.63% | -98.23% | -897.37% | -287.9% |
| Return on Invested Capital (ROIC) | - | -107.17% | -43.62% | -37.09% | -102.37% | -240.08% | -171.1% |
| Gross Margin | - | 100% | - | 38.48% | 19.72% | 37.38% | 20% |
| Net Margin | - | -140.98% | - | -221.67% | -879.52% | -1169.7% | -14677.14% |
| Debt / Equity | - | 0.04x | - | 0.17x | 0.47x | - | 2.46x |
| Interest Coverage | - | - | - | -116.64x | -87.31x | -24.92x | -5.37x |
| FCF Conversion | 0.93x | 1.80x | 0.85x | 0.70x | 0.90x | 0.47x | 1.68x |
| Revenue Growth | - | - | -100% | - | -57.72% | -9.68% | -97.89% |
HCWB SEC Filings & Documents
HCW Biologics Inc. (HCWB) SEC filings — annual & quarterly reports (10-K, 10-Q)
HCWB Frequently Asked Questions
HCW Biologics Inc. (HCWB) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
HCW Biologics Inc. (HCWB) reported $0.1M in revenue for fiscal year 2025.
HCW Biologics Inc. (HCWB) saw revenue decline by 97.9% over the past year.
HCW Biologics Inc. (HCWB) reported a net loss of $8.0M for fiscal year 2025.
Dividend & Returns
HCW Biologics Inc. (HCWB) has a return on equity (ROE) of -287.9%. Negative ROE indicates the company is unprofitable.
HCW Biologics Inc. (HCWB) had negative free cash flow of $13.4M in fiscal year 2025, 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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Revenue History
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