Hcw Biologics Inc. Financials
Hcw Biologics Inc. (HCWB) reported $54K in revenue for fiscal year 2025, down 97.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
HCW Biologics is operating as a financing-supported development business, with revenue insufficient to cover a largely fixed cost base.
HCW Biologics fits a development-stage pattern: FY2025 revenue was$54K while R&D was$5.4M , so reported sales do not yet carry the cost base. Operating cash flow was-$13.4M , and with capital expenditures at$0 , the cash drain came from running the organization rather than building a heavy asset base.
Revenue fell from
Financing cash flow of
Financial Health Signals
Hcw Biologics Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Hcw Biologics Inc. scores -8.71, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.3M) relative to total liabilities ($21.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Hcw Biologics Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Hcw Biologics Inc. reported a net loss of $8.0M while operations used $13.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Hcw Biologics Inc. reported an operating loss of $13.2M against $845K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Hcw Biologics Inc. generated $54K in revenue in fiscal year 2025. This represents a decrease of 97.9% from the prior year.
Hcw Biologics Inc.'s EBITDA was -$12.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 57.1% from the prior year.
Hcw Biologics Inc. reported -$8.0M in net income in fiscal year 2025. This represents an increase of 73.5% from the prior year.
Hcw Biologics Inc. earned -$10.63 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.7% from the prior year.
Cash & Balance Sheet
Hcw Biologics Inc. recorded an outflow of $13.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 7.6% from the prior year.
Hcw Biologics Inc. held $2.0M in cash against $0 in long-term debt as of fiscal year 2025, with $21.1M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Hcw Biologics Inc.'s gross margin was 20.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 17.4 percentage points from the prior year.
Hcw Biologics Inc.'s ROE was -287.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Hcw Biologics Inc. invested $5.4M in research and development in fiscal year 2025. This represents a decrease of 14.8% from the prior year.
Hcw Biologics Inc. reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
HCWB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $122K-98.1% | $6.5M+24123.5% | $27K+73.1% | $16K+138.3% | $7K+29.3% | $5K-98.7% | $395K-7.4% | $426K |
| Cost of Revenue | $229K+1972.6% | $11K-48.8% | $22K+73.1% | $12K+138.3% | $5K+29.3% | $4K-98.7% | $316K-7.4% | $341K |
| Gross Profit | -$94K-101.4% | $6.5M+120816.9% | $5K+73.1% | $3K+138.2% | $1K+29.3% | $1K-98.7% | $79K-7.4% | $85K |
| R&D Expenses | $1.2M-4.3% | $1.3M-5.6% | $1.3M-5.1% | $1.4M+14.5% | $1.2M-17.0% | $1.5M+40.9% | $1.0M-11.6% | $1.2M |
| SG&A Expenses | $1.9M+2.0% | $1.8M+22.8% | $1.5M-20.8% | $1.9M-10.1% | $2.1M-5.9% | $2.2M+10.1% | $2.0M+23.8% | $1.6M |
| Operating Income | -$3.2M-197.9% | $3.2M+172.9% | -$4.4M-34.9% | -$3.3M+5.0% | -$3.5M-76.2% | -$2.0M+37.4% | -$3.1M+14.7% | -$3.7M |
| Interest Expense | $101K-8.0% | $109K-53.2% | $233K+83.7% | $127K-44.4% | $229K-10.6% | $256K-3.7% | $266K+15.9% | $229K |
| Income Tax | N/A | $330K | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$5.2M-250.3% | $3.5M+382.8% | $719K+115.8% | -$4.6M-136.3% | -$1.9M+12.3% | -$2.2M+34.9% | -$3.4M+13.6% | -$3.9M |
| EPS (Diluted) | -$11.58 | $1.39 | $0.71 | -$2.02 | -$40.72 | -$11.80 | -$0.06 | -$4.13 |
HCWB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.8M-2.1% | $27.3M+11.5% | $24.5M-3.6% | $25.4M-12.0% | $28.9M+10.0% | $26.3M-13.1% | $30.2M+13.9% | $26.6M |
| Current Assets | $1.1M-33.8% | $1.7M-24.6% | $2.3M+43.8% | $1.6M-45.2% | $2.9M+52.9% | $1.9M-66.8% | $5.7M+172.1% | $2.1M |
| Cash & Equivalents | $741K-39.7% | $1.2M-37.1% | $2.0M+78.0% | $1.1M-55.0% | $2.4M+120.2% | $1.1M-76.3% | $4.7M+368.3% | $998K |
| Total Liabilities | $19.3M-10.4% | $21.6M-0.8% | $21.8M-21.0% | $27.6M-4.9% | $29.0M-16.9% | $34.8M-5.8% | $37.0M+1.3% | $36.5M |
| Current Liabilities | $18.6M-6.6% | $20.0M-5.2% | $21.1M-21.6% | $26.9M+0.1% | $26.8M-1.1% | $27.1M-8.4% | $29.6M-1.4% | $30.1M |
| Long-Term Debt | N/A | N/A | $0 | $0-100.0% | $367K-95.2% | $7.7M+4.4% | $7.4M+14.2% | $6.5M |
| Total Equity | $7.4M+28.9% | $5.8M+108.4% | $2.8M+231.2% | -$2.1M-3954.5% | -$52K+99.4% | -$8.6M-26.5% | -$6.8M+32.1% | -$10.0M |
| Retained Earnings | -$110.3M-5.0% | -$105.0M+3.2% | -$108.5M+0.7% | -$109.2M-4.4% | -$104.7M-1.9% | -$102.8M-2.2% | -$100.6M-3.5% | -$97.2M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
HCWB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.0M-151.8% | -$1.6M+53.1% | -$3.4M-3.6% | -$3.2M+1.3% | -$3.3M+6.6% | -$3.5M-24.0% | -$2.8M+3.1% | -$2.9M |
| Capital Expenditures | N/A | N/A | $0 | $0 | $0 | $0-100.0% | $113K+206.0% | $37K |
| Free Cash Flow | N/A | N/A | -$3.4M-3.6% | -$3.2M+1.3% | -$3.3M+6.6% | -$3.5M-19.2% | -$2.9M+0.5% | -$3.0M |
| Investing Cash Flow | N/A | N/A | $0 | $0 | $0 | $0+100.0% | -$113K-206.0% | -$37K |
| Financing Cash Flow | $3.5M+308.5% | $852K-79.8% | $4.2M+121.9% | $1.9M-58.9% | $4.6M+8788.1% | -$53K-100.8% | $6.6M+136.6% | $2.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
HCWB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -77.1%-177.0pp | 99.8%+79.8pp | 20.0%0.0pp | 20.0%0.0pp | 20.0%0.0pp | 20.0%0.0pp | 20.0%0.0pp | 20.0% |
| Operating Margin | -2601.1% | 49.5% | -16439.6% | -21095.3% | -52886.7% | -38811.5% | -795.9% | -864.1% |
| Net Margin | -4287.6% | 53.1% | 2662.7% | -29183.2% | -29431.0% | -43373.6% | -854.4% | -915.1% |
| Return on Equity | -70.3%-130.5pp | 60.3%+34.3pp | 26.0% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -19.5%-32.2pp | 12.7%+9.8pp | 2.9%+20.8pp | -17.9%-11.2pp | -6.7%+1.7pp | -8.4%+2.8pp | -11.2%+3.5pp | -14.7% |
| Current Ratio | 0.060.0x | 0.090.0x | 0.110.0x | 0.060.0x | 0.110.0x | 0.07-0.1x | 0.19+0.1x | 0.07 |
| Debt-to-Equity | 2.60-1.1x | 3.74+3.7x | 0.00 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | -12422.8% | -20760.9% | -50111.5% | -69375.2% | -746.8% | -695.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Hcw Biologics Inc. Ranks
Frequently Asked Questions
What is Hcw Biologics Inc.'s annual revenue?
Hcw Biologics Inc. (HCWB) reported $54K in total revenue for fiscal year 2025. This represents a -97.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hcw Biologics Inc.'s revenue growing?
Hcw Biologics Inc. (HCWB) revenue declined by 97.9% year-over-year, from $2.6M to $54K in fiscal year 2025.
Is Hcw Biologics Inc. profitable?
No, Hcw Biologics Inc. (HCWB) reported a net income of -$8.0M in fiscal year 2025.
What is Hcw Biologics Inc.'s EBITDA?
Hcw Biologics Inc. (HCWB) had EBITDA of -$12.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Hcw Biologics Inc. have?
As of fiscal year 2025, Hcw Biologics Inc. (HCWB) had $2.0M in cash and equivalents against $0 in long-term debt.
What is Hcw Biologics Inc.'s gross margin?
Hcw Biologics Inc. (HCWB) had a gross margin of 20.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hcw Biologics Inc.'s return on equity (ROE)?
Hcw Biologics Inc. (HCWB) has a return on equity of -287.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hcw Biologics Inc.'s free cash flow?
Hcw Biologics Inc. (HCWB) recorded an outflow of $13.4M in free cash flow during fiscal year 2025. This represents a 7.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hcw Biologics Inc.'s operating cash flow?
Hcw Biologics Inc. (HCWB) recorded an outflow of $13.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Hcw Biologics Inc.'s total assets?
Hcw Biologics Inc. (HCWB) had $24.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hcw Biologics Inc.'s capital expenditures?
Hcw Biologics Inc. (HCWB) reported no capital expenditure during fiscal year 2025.
How much does Hcw Biologics Inc. spend on research and development?
Hcw Biologics Inc. (HCWB) invested $5.4M in research and development during fiscal year 2025.
What is Hcw Biologics Inc.'s current ratio?
Hcw Biologics Inc. (HCWB) had a current ratio of 0.11 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Hcw Biologics Inc.'s debt-to-equity ratio?
Hcw Biologics Inc. (HCWB) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hcw Biologics Inc.'s return on assets (ROA)?
Hcw Biologics Inc. (HCWB) had a return on assets of -32.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Hcw Biologics Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Hcw Biologics Inc. (HCWB) held $3.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.4M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Hcw Biologics Inc.'s Altman Z-Score?
Hcw Biologics Inc. (HCWB) has an Altman Z-Score of -8.71, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Hcw Biologics Inc.'s Piotroski F-Score?
Hcw Biologics Inc. (HCWB) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hcw Biologics Inc.'s earnings high quality?
Hcw Biologics Inc. (HCWB) reported a net loss of $8.0M while operations used $13.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Hcw Biologics Inc. cover its interest payments?
Hcw Biologics Inc. (HCWB) reported an operating loss of $13.2M against $845K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.