HCWB · HCW Biologics Inc.
HCW Biologics Inc., a clinical-stage biopharmaceutical company, focuses on discovering and developing novel immunotherapies for chronic, low-grade inflammation, and diseases in the United States. Its lead products include HCW11-018b, a novel, tetra-valent T-Cell engager; HCW11-040, a multifunctional fusion molecule that is a combination of cytokines and pembrolizumab; and HCW9302, injectable and interleukin 2 (IL-2) fusion protein complex, which is in phase 1 for alopecia areata diseases. The company also develops HCW9201, a fusion protein designed as a reagent to use in the production of natural killer (NK) cell-based therapies; HCW9206, a fusion protein designed as a reagent to use in the production of CAR-therapies for the treatment of infectious diseases; and HCW11-006, an immune cell stimulator. It has a license agreement with Wugen Inc. to develop cell therapy-based treatments; and a license, research and co-development agreement with WY Biotech Co., Ltd. for its preclinical molecules. HCW Biologics Inc. was incorporated in 2018 and is headquartered in Miramar, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.34 |
| SO | 6.7M |
| Options | 0.0M |
| Warrants | 5.6M |
| FD SO | 12.4M |
| MC | $53.9M |
| Cash | $1.2M |
| Total debt | $6.6M |
| EV | $59.2M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 9.0x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 8.6% |
| Insiders | 9.2% |
| # Institutions | 15 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $30.00 |
| Short % float | 2.8% |
| Days to cover | 0.21 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-14. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 6.50 | 0.03 | 0.02 | 0.01 |
| Revenue YoY % | 128231.7% | (93.2%) | (96.3%) | (98.9%) |
| Cost of Revenue | 0.00 | 0.02 | 0.01 | 0.01 |
| Gross Profit | 6.50 | 0.01 | 0.00 | 0.00 |
| Gross Profit YoY % | 641558.4% | (93.2%) | (96.3%) | (99.3%) |
| Gross Margin % | 100.0% | 20.0% | 20.0% | 20.0% |
| SG&A | 1.83 | 1.51 | 1.88 | 2.10 |
| R&D | 1.26 | 1.33 | 1.40 | 1.23 |
| Operating Expense | 3.26 | 4.47 | 3.30 | 3.47 |
| Operating Income | 3.24 | (4.46) | (3.29) | (3.46) |
| Operating Income YoY % | 264.6% | (41.8%) | 10.7% | 77.1% |
| Operating Margin % | 49.8% | (16519.1%) | (21095.3%) | (52886.7%) |
| EBITDA | 3.38 | — | — | — |
| EBITDA Margin % | 52.0% | — | — | — |
| Interest Expense | 0.11 | 0.21 | 0.13 | 0.23 |
| Other Income / (Expense) | 0.68 | 5.39 | (1.14) | 1.77 |
| Pretax Income | 3.80 | 0.72 | (4.55) | (1.93) |
| Tax Provision | 0.33 | 0.00 | — | — |
| Net Income | 3.47 | 0.72 | (4.55) | (1.93) |
| Net Margin % | 53.4% | 2662.8% | (29183.2%) | (29431.0%) |
| Diluted EPS | $0.37 | $0.71 | -$2.02 | -$6.79 |
| Basic EPS | $0.37 | $0.71 | -$2.02 | -$6.79 |
| Diluted Avg Shares | 5.4 | — | 2.3 | 1.8 |
| Basic Avg Shares | 5.4 | — | 2.3 | 1.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 6.55 | 0.05 | 2.57 | 2.84 | 6.72 |
| Revenue YoY % | 11976.2% | (97.9%) | (9.7%) | (57.7%) | — |
| Cost of Revenue | 0.04 | 0.04 | 1.61 | 2.28 | 4.14 |
| Gross Profit | 6.51 | 0.01 | 0.96 | 0.56 | 2.59 |
| Gross Profit YoY % | 59920.6% | (98.9%) | 71.2% | (78.3%) | — |
| Gross Margin % | 99.4% | 20.0% | 37.4% | 19.7% | 38.5% |
| SG&A | 7.33 | 7.70 | 6.82 | 6.78 | 8.33 |
| R&D | 5.22 | 5.44 | 6.39 | 7.68 | 9.34 |
| Operating Expense | 14.49 | 13.17 | 30.42 | 26.28 | 17.67 |
| Operating Income | (7.98) | (13.16) | (29.46) | (25.72) | (15.08) |
| Operating Income YoY % | 39.4% | 55.3% | (14.5%) | (70.6%) | — |
| Operating Margin % | (121.9%) | (24270.7%) | (1147.6%) | (905.0%) | (224.3%) |
| EBITDA | (7.73) | (12.66) | (28.27) | (24.58) | (14.36) |
| EBITDA Margin % | (118.0%) | (23335.8%) | (1101.5%) | (865.0%) | (213.6%) |
| Interest Expense | 0.68 | 0.85 | 0.65 | 0.28 | 0.13 |
| Other Income / (Expense) | 6.70 | 6.05 | — | 1.01 | — |
| Pretax Income | (1.96) | (7.96) | (30.02) | (24.99) | (14.90) |
| Tax Provision | 0.33 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (2.29) | (7.96) | (30.02) | (24.99) | (14.90) |
| Net Margin % | (35.0%) | (14677.1%) | (1169.7%) | (879.5%) | (221.7%) |
| Diluted EPS | -$7.73 | -$10.63 | -$30.96 | -$0.70 | -$0.42 |
| Basic EPS | -$7.73 | -$10.63 | -$30.96 | -$0.70 | -$0.42 |
| Diluted Avg Shares | 5.4 | 2.1 | 1.0 | 35.9 | 35.8 |
| Basic Avg Shares | 5.4 | 2.1 | 1.0 | 35.9 | 35.8 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.23 | 1.95 | 1.10 | 2.44 |
| Short-term Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 0.07 | 0.03 | 0.03 | 0.02 |
| Total Current Assets | 1.72 | 2.28 | 1.59 | 2.90 |
| Net PPE | 20.77 | 20.88 | 22.50 | 22.64 |
| Long-term Investments | 4.83 | 1.33 | 1.33 | 3.35 |
| Total Assets | 27.34 | 24.52 | 25.45 | 28.91 |
| Accounts Payable | 11.79 | 13.14 | 18.97 | 19.35 |
| Other Current Liabilities | 8.17 | 7.92 | 7.89 | 7.49 |
| Total Current Liabilities | 19.96 | 21.06 | 26.86 | 26.85 |
| Long-term Debt | — | 0.00 | 0.00 | 0.37 |
| Other Liabilities | 1.62 | 0.69 | 0.69 | 1.75 |
| Total Liabilities | 21.58 | 21.76 | 27.55 | 28.96 |
| Retained Earnings | (105.04) | (108.52) | (109.24) | (104.68) |
| Total Equity | 5.76 | 2.76 | (2.11) | (0.05) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.23 | 1.95 | 4.67 | 3.60 | 22.33 |
| Short-term Investments | 0.00 | 0.00 | 0.00 | 0.00 | 9.74 |
| Receivables | 0.07 | 0.03 | 0.58 | 1.54 | 0.42 |
| Other Current Assets | — | — | — | 1.27 | 1.59 |
| Total Current Assets | 1.72 | 2.28 | 5.70 | 6.40 | 34.07 |
| Net PPE | 20.77 | 20.88 | 22.91 | 20.45 | 10.80 |
| Operating Lease ROU | — | — | — | 0.03 | 0.19 |
| Long-term Investments | 4.83 | 1.33 | 1.60 | 1.60 | 1.60 |
| Total Assets | 27.34 | 24.52 | 30.24 | 28.51 | 46.81 |
| Accounts Payable | 11.79 | 13.14 | 22.33 | 6.17 | 1.23 |
| Current Debt | — | — | — | 0.12 | — |
| Current Lease Liabilities | — | — | — | 0.03 | 0.18 |
| Other Current Liabilities | 8.17 | 7.92 | 7.30 | 2.43 | 1.55 |
| Total Current Liabilities | 19.96 | 21.06 | 29.63 | 8.75 | 2.96 |
| Long-term Debt | — | 0.00 | 7.38 | 6.30 | 6.41 |
| Long-term Lease Liabilities | — | — | — | — | 0.01 |
| Other Liabilities | 1.62 | 0.69 | — | — | — |
| Total Liabilities | 21.58 | 21.76 | 37.01 | 15.05 | 9.38 |
| Retained Earnings | (105.04) | (108.52) | (100.56) | (70.53) | (45.54) |
| Total Equity | 5.76 | 2.76 | (6.77) | 13.46 | 37.43 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | 3.47 | 0.72 | (4.55) | (1.93) |
| D&A | 0.14 | — | — | — |
| Stock-Based Comp | 0.01 | 0.01 | 0.21 | 0.28 |
| Δ Working Cap & Other | (5.20) | (4.08) | 1.11 | (1.63) |
| Operating Cash Flow | (1.58) | (3.36) | (3.24) | (3.28) |
| CapEx | — | 0.00 | 0.00 | 0.00 |
| Investing Cash Flow | — | 0.00 | 0.00 | 0.00 |
| Debt Issuance | — | 0.00 | 0.00 | 0.15 |
| Stock Issuance | — | 4.02 | 0.00 | 1.47 |
| Other Financing | 0.85 | — | 1.90 | 2.99 |
| Financing Cash Flow | 0.85 | 4.21 | 1.90 | 4.61 |
| Free Cash Flow | — | (3.36) | (3.24) | (3.28) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (2.29) | (7.96) | (30.02) | (24.99) | (14.90) |
| D&A | 0.23 | 0.51 | 1.18 | 1.14 | 0.72 |
| Stock-Based Comp | 0.50 | 0.77 | 1.01 | 1.00 | 1.12 |
| Δ Working Cap & Other | (9.90) | (6.71) | 13.60 | 0.34 | 2.68 |
| Operating Cash Flow | (11.45) | (13.39) | (14.23) | (22.51) | (10.39) |
| CapEx | — | 0.00 | (0.26) | (6.20) | (10.28) |
| Other Investing | — | — | — | 10.00 | 24.98 |
| Investing Cash Flow | — | 0.00 | (0.26) | 3.80 | 14.71 |
| Debt Issuance | — | 0.15 | 6.91 | 0.00 | 6.45 |
| Stock Issuance | — | 5.49 | 6.46 | 0.02 | 0.02 |
| Other Financing | 11.57 | 5.03 | 2.20 | — | — |
| Financing Cash Flow | 11.57 | 10.67 | 15.57 | (0.01) | 6.27 |
| Free Cash Flow | — | (13.39) | (14.49) | (28.72) | (20.66) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.09 | 0.11 | 0.06 | 0.11 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 3.74 | 7.87 | -13.08 | -557.25 |
| EBITDA Margin % | 52.0% | — | — | — |
| Working Capital | (18.24) | (18.78) | (25.27) | (23.95) |
| Net Debt | — | (1.95) | (1.10) | (2.07) |
| ROE % | 60.3% | 26.0% | 216.1% | 3709.2% |
| ROA % | 12.7% | 2.9% | (17.9%) | (6.7%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.09 | 0.11 | 0.19 | 0.73 | 11.52 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 3.74 | 7.87 | -5.47 | 1.12 | 0.25 |
| EBITDA Margin % | (118.0%) | (23335.8%) | (1101.5%) | (865.0%) | (213.6%) |
| Working Capital | (18.24) | (18.78) | (23.93) | (2.34) | 31.11 |
| Net Debt | — | (1.95) | 2.70 | 2.71 | (15.92) |
| ROE % | (39.7%) | (287.9%) | 443.5% | (185.7%) | (39.8%) |
| ROA % | (8.4%) | (32.5%) | (99.3%) | (87.7%) | (31.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-27 | Wong Hing C | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-22 | P | 113,879 | $1.41 | $160,000 |
| 2026-05-27 | Wong Hing C | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-22 | P | 113,879 | — | $0 |
| 2026-05-27 | GARRETT SCOTT T | Director | 2026-05-22 | P | 177,936 | $1.41 | $250,000 |
| 2026-05-27 | GARRETT SCOTT T | Director | 2026-05-22 | P | 177,936 | — | $0 |
| 2026-05-27 | Byam Rebecca | Officer (Chief Financial Officer) | 2026-05-22 | P | 14,235 | $1.41 | $20,000 |
| 2026-05-27 | Byam Rebecca | Officer (Chief Financial Officer) | 2026-05-22 | P | 14,235 | — | $0 |
| 2025-05-20 | Wong Hing C | Director, Officer (Chief Executive Officer), 10% Owner | 2025-05-16 | P | 8,054 | $7.45 | $60,002 |
| 2025-05-20 | Winer Gary M | Director | 2025-05-16 | P | 1,342 | $7.45 | $9,998 |
| 2025-05-20 | GARRETT SCOTT T | Director | 2025-05-16 | P | 13,423 | $7.45 | $100,001 |
| 2025-05-09 | Winer Gary M | Director | 2025-05-08 | P | 2,308 | $26.00 | $60,008 |
| 2025-05-09 | Wong Hing C | Director, Officer (Chief Executive Officer), 10% Owner | 2025-05-08 | P | 92,500 | $26.00 | $2,405,000 |
| 2025-05-09 | GARRETT SCOTT T | Director | 2025-05-08 | P | 5,385 | $26.00 | $140,010 |
| 2025-05-09 | Byam Rebecca | Officer (Chief Financial Officer) | 2025-05-08 | P | 8,462 | $26.00 | $220,012 |
| 2025-05-09 | Flowers Lee | Officer (SVP of Business Development) | 2025-05-08 | P | 962 | $26.00 | $25,012 |
| 2025-05-09 | Greene Rick S. | Director | 2025-05-08 | P | 962 | $26.00 | $25,012 |
| 2025-05-09 | Winer Gary M | Director | 2025-05-07 | P | 1,154 | — | $0 |
| 2025-05-09 | Wong Hing C | Director, Officer (Chief Executive Officer), 10% Owner | 2025-05-07 | P | 46,250 | — | $0 |
| 2025-05-09 | GARRETT SCOTT T | Director | 2025-05-07 | P | 2,692 | — | $0 |
| 2025-05-09 | Byam Rebecca | Officer (Chief Financial Officer) | 2025-05-07 | P | 4,231 | — | $0 |
| 2025-05-09 | Flowers Lee | Officer (SVP of Business Development) | 2025-05-07 | P | 481 | — | $0 |
| 2025-05-09 | Greene Rick S. | Director | 2025-05-07 | P | 481 | — | $0 |
| 2024-06-17 | Giles Lisa M. | Director | 2024-06-14 | A | 12,500 | — | $0 |
| 2024-06-17 | GARRETT SCOTT T | Director | 2024-06-14 | A | 12,500 | — | $0 |
| 2024-06-17 | Greene Rick S. | Director | 2024-06-14 | A | 12,500 | — | $0 |
| 2024-06-17 | Winer Gary M | Director | 2024-06-14 | A | 12,500 | — | $0 |