HCW Biologics Inc. (HCWB) Revenue History
Annual and quarterly revenue from 2019 to present
HCWB Revenue Over Time (2019–2025)
HCWB Revenue Growth History
0 of 4 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- -100.0%
- FY2022 revenue growth
- N/A
- FY2023 revenue growth
- -57.7%
- FY2024 revenue growth
- -9.7%
- FY2025 revenue growth
- -97.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $6.5M | +129080.7% |
| Q4 2025 | $27K | -93.2% |
| Q3 2025 | $16K | -96.3% |
| Q2 2025 | $7K | -98.9% |
| Q1 2025 | $5K | -99.6% |
| Q4 2024 | $395K | -70.2% |
| Q3 2024 | $426K | -50.0% |
| Q2 2024 | $619K | -0.6% |
Multi-year avg. share of annual revenue by fiscal quarter
HCWB Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 22, 2026, HCW Biologics Inc. (HCWB) generated trailing twelve-month (TTM) revenue of $6.6 million, reflecting explosive growth of +129080.7% year-over-year. The most recent quarter (Q1 2026) recorded $6.5 million in revenue, up 24124.4% sequentially.
Historical Growth Trajectory
HCWB's 5-year compound annual growth rate (CAGR) stands at -57.9%, indicating revenue contraction over this period. The 3-year CAGR of -79.9% is below the 5-year average, signalling a growth deceleration in recent years. HCW Biologics Inc.'s highest annual revenue of $6.7 million was recorded in 2022.
Peer Comparison
Compared to Healthcare sector peers — including ARQT (+95.3% YoY), KYMR (-12.6% YoY), and RCUS (+67.4% YoY) — HCWB has outperformed the peer group in revenue growth. Compare HCWB vs ARQT →
HCWB Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HCWBCurrent | $7M | +129080.7% | -57.9% | -20757.6% | |
 ARQT | $376M | +95.3% | - | -3.3% | |
 KYMR | $39M | -12.6% | +2.9% | -891.3% | |
 RCUS | $247M | +67.4% | +25.9% | -156.3% | |
 TGTX | $616M | +81.3% | +426.7% | 20.0% |
HCWB Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $54K | -97.9% | $11K | 20.0% | $-11,257,288 | -20757.6% |
| 2024 | $2.6M | -9.7% | $959K | 37.4% | $-29,479,667 | -1148.5% |
| 2023 | $2.8M | -57.7% | $560K | 19.7% | $-25,717,160 | -905.0% |
| 2022 | $6.7M | - | $2.6M | 38.5% | $-15,078,778 | -224.3% |
| 2021 | $0 | -100.0% | $0 | - | $-13,367,834 | - |
| 2020 | $4.1M | - | $4.1M | 100.0% | $-5,824,525 | -142.1% |
| 2019 | $0 | - | $-421,817 | - | $-7,365,274 | - |
Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HCWB — Frequently Asked Questions
Quick answers to the most common questions about buying HCWB stock.
Is HCWB's revenue growth accelerating or slowing?
HCWB revenue growth is accelerating. TTM revenue reached $7M, up +129080.7% year-over-year — ahead of the 5-year CAGR of -57.9%. This indicates the business is expanding faster than its historical baseline.
What is HCWB's revenue history from 2019 to 2026?
HCW Biologics Inc. (HCWB) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $7M, growing at +129080.7% YoY. The 5-year CAGR is -57.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HCWB's long-term revenue growth rate (CAGR)?
HCW Biologics Inc.'s 5-year revenue CAGR of -57.9% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +129080.7% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HCWB.
Why does HCWB's quarterly revenue fluctuate?
HCWB quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. HCW Biologics Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is HCWB's revenue distributed by segment?
HCWB reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HCWB's revenue compare to industry peers?
HCW Biologics Inc. (HCWB) with TTM revenue of $7M and +129080.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.