The company's financial position appears vulnerable, evidenced by a debt-to-equity ratio of 1.14 and a critically low current ratio of 0.09 as of 2026Q1.
HCW Biologics Inc. (HCWB) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 1.14M | 2.28M | 5.7M | 6.4M | 34.07M | 40.48M | 12.15M | 8.03M |
| Cash & Short-Term Investments | 741.32K | 1.95M | 4.67M | 3.6M | 32.06M | 36.71M | 8.46M | 7.36M |
| Cash Only | 741.32K | 1.95M | 4.67M | 3.6M | 22.33M | 11.73M | 8.46M | 7.36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 9.74M | 24.98M | 0 | 0 |
| Accounts Receivable | 18.45K | 32.17K | 582.2K | 1.54M | 417.69K | 133K | 2.5M | 0 |
| Days Sales Outstanding | 2.12 | 216.55 | 82.79 | 197.25 | 22.68 | - | 222.57 | - |
| Inventory | 0 | 0 | 0 | 0 | 1.39M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 123.11 | - | - | - |
| Other Current Assets | 97.7K | 77.56K | 113.53K | 230.92K | 196.01K | 1.44M | 654.53K | 236.29K |
| Total Non-Current Assets | 25.63M | 22.24M | 24.54M | 22.11M | 12.74M | 13.03M | 3.25M | 2.04M |
| Property, Plant & Equipment | 20.75M | 20.88M | 22.91M | 20.45M | 10.8M | 1.12M | 1.62M | 2M |
| Fixed Asset Turnover | 0.32x | 0.00x | 0.11x | 0.14x | 0.62x | - | 2.54x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 12.33M | 1.33M | 1.6M | 1.6M | 1.6M | 11.52M | 1.6M | 0 |
| Other Non-Current Assets | 28.48K | 28.48K | 28.48K | 56.54K | 333.88K | 393.32K | 34.24K | 34.24K |
| Total Assets | 26.77M | 24.52M | 30.24M | 28.51M | 46.81M | 53.51M | 15.4M | 10.07M |
| Asset Turnover | 0.26x | 0.00x | 0.08x | 0.10x | 0.14x | - | 0.27x | - |
| Asset Growth % | -26.48% | -18.91% | 6.04% | -39.09% | -12.53% | 247.54% | 52.97% | - |
| Total Current Liabilities | 18.65M | 21.06M | 29.63M | 8.75M | 2.96M | 2.32M | 1M | 1.07M |
| Accounts Payable | 10.61M | 13.14M | 22.33M | 6.17M | 1.23M | 223.66K | 155.34K | 392.33K |
| Days Payables Outstanding | 18.11K | 110.57K | 5.07K | 986.68 | 108.22 | - | - | 339.49 |
| Short-Term Debt | 6.56M | 6.81M | 6.31M | 0 | 0 | 0 | 567.31K | 0 |
| Deferred Revenue (Current) | 818.27K | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 774.94K | 0 | 0 | 297.93K | 278.43K | 0 |
| Current Ratio | 0.06x | 0.11x | 0.19x | 0.73x | 11.52x | 17.44x | 12.14x | 7.53x |
| Quick Ratio | 0.06x | 0.11x | 0.19x | 0.73x | 11.05x | 17.44x | 12.14x | 7.53x |
| Cash Conversion Cycle | -18.11K | - | - | - | 37.57 | - | - | - |
| Total Non-Current Liabilities | 692.53K | 692.53K | 7.38M | 6.3M | 6.42M | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 7.38M | 6.3M | 6.41M | 0 | 0 | 0 |
| Capital Lease Obligations | 692.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 692.53K | 692.53K | 0 | 0 | 14.28K | 0 | 0 | 0 |
| Total Liabilities | 19.34M | 21.76M | 37.01M | 15.05M | 9.38M | 2.32M | 1M | 1.07M |
| Total Debt | 6.56M | 6.81M | 13.69M | 6.3M | 6.41M | 0 | 567.31K | 0 |
| Net Debt | 5.82M | 4.86M | 9.02M | 2.71M | -15.92M | -11.73M | -7.89M | -7.36M |
| Debt / Equity | 0.88x | 2.46x | - | 0.47x | 0.17x | - | 0.04x | - |
| Debt / EBITDA | -1.18x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.05x | - | - | - | - | - | - | - |
| Interest Coverage | -13.52x | -5.37x | -24.92x | -87.31x | -116.64x | - | - | - |
| Total Equity | 7.43M | 2.76M | -6.77M | 13.46M | 37.43M | 51.19M | 14.4M | 9M |
| Equity Growth % | 14778.57% | 140.84% | -150.29% | -64.03% | -26.89% | 255.58% | 59.97% | - |
| Book Value per Share | 21.25 | 7.91 | -1.05 | 2.25 | 6.27 | 8.59 | 2.35 | 1.47 |
| Total Shareholders' Equity | 7.43M | 2.76M | -6.77M | 13.46M | 37.43M | 51.19M | 14.4M | 9M |
| Common Stock | 161 | 328 | 4.45K | 3.6K | 3.59K | 3.58K | 1.12K | 472 |
| Retained Earnings | -110.26M | -108.52M | -100.56M | -70.53M | -45.54M | -30.64M | -16.72M | -9.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HCWB stock.
As of 2025, HCW Biologics Inc. (HCWB) had total assets of $24.5M including $2.3M in current assets.
HCW Biologics Inc. (HCWB) carries total debt of $6.8M, offset by $2.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HCW Biologics Inc. (HCWB) has total shareholders' equity (book value) of $2.8M ($7.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HCW Biologics Inc. (HCWB) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Deteriorating Capital Base and Solvency
As reported in recent financial statements, HCWB's equity position has fluctuated significantly, turning negative in several quarters before reaching $5.8 million in 2026Q1, which highlights a precarious trajectory driven by persistent operating losses and the ongoing depletion of the company's net asset base over time.
The volatility in equity suggests that the company is frequently reliant on capital raises to maintain a positive net worth, which may indicate a lack of organic value creation. Investors should monitor whether this trend of equity erosion continues, as it may signal an inability to sustain operations without further dilutive financing.
Critical Cash Runway and Constraints
Based on the provided balance sheet data, the current ratio has remained consistently low, dropping to 0.09 in 2026Q1, which indicates that the company's liquid assets are insufficient to cover its short-term obligations and suggests a severe lack of buffer against operational shocks.
The extremely low current ratio implies that the firm is operating with minimal working capital, leaving it highly vulnerable to any delays in clinical milestones or funding. This liquidity profile warrants further investigation into the company's ability to meet its immediate liabilities without resorting to emergency capital measures.
Leverage Burden Amidst Financial Strain
According to the latest quarterly filings, HCWB's debt-to-equity ratio reached 1.14 in 2026Q1, reflecting a reliance on debt financing that appears increasingly risky given the company's lack of recurring revenue and the persistent negative trend in its retained earnings.
The presence of debt on a pre-commercial balance sheet suggests that management may be utilizing leverage to bridge the gap between clinical trials, which increases the risk of insolvency if those trials do not yield timely results. This leverage appears to be a necessity-driven strategy rather than a sign of operational strength.
Asset Composition and R&D Focus
As indicated by the balance sheet, the company's asset base is heavily concentrated in property, plant, and equipment, which totaled $20.8 million in 2026Q1, suggesting that the firm is locked into an asset-heavy model despite its lack of commercialized products or stable revenue streams.
The high proportion of PPE relative to total assets may indicate significant investment in specialized laboratory infrastructure, which is difficult to monetize in the absence of successful clinical outcomes. This asset mix implies that the company's value is tied to the potential of its research platform rather than tangible, liquid assets.