Every 10-Q that HCW Biologics Inc. (HCWB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HCWB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HCWB filings page.
HCW Biologics Inc. reported interim results for the three and six months ended June 30, 2026. Total assets were $26.8 million, up from $24.5 million at December 31, 2025, driven mainly by an increase in investments to $4.9 million and stable property, plant and equipment of about $20.7 million. Cash and cash equivalents declined to $741,324, while total current liabilities were $18.6 million, leaving a tight liquidity position.
For the six months, revenue rose to $6.7 million from $11,615 a year earlier, primarily from a March 2026 license agreement with Beijing Trimmune Biotech that generated $6.3 million of license revenue and $351,730 of services revenue. This shifted operating results to a small operating income of $69,420 versus a prior-period operating loss of $5.4 million. However, after equity dividends to an investor, the net loss attributable to common stockholders was $13.4 million, and net cash used in operating activities was $5.5 million.
Management states that recurring losses, negative operating cash flows, limited cash, and lack of product revenue raise substantial doubt about the company’s ability to continue as a going concern for at least 12 months, and this doubt was not alleviated. HCW completed multiple equity financings and warrant transactions in 2025–2026, executed two reverse stock splits, and maintains a $20 million standby equity purchase agreement to access additional capital if conditions allow.
HCW Biologics Inc. filed an amended quarterly report for the three months ended March 31, 2026 to restate earnings per share after identifying certain common warrants as participating securities under ASC 260. This required applying the two-class method, reducing net income attributable to common stockholders by $728,299 and basic and diluted EPS by $0.14 before reverse splits, and by $0.80 after giving effect to the 1-for-40 and 1-for-6 reverse stock splits.
For the quarter, revenue rose to $6.54 million, largely from a license agreement with Trimmune, versus $5,065 a year earlier, driving a shift from a net loss of $2.20 million to net income of $3.47 million. Operating income was $3.24 million. Cash and cash equivalents were $1.23 million and investments $4.83 million, against current liabilities of $19.96 million, including short-term debt.
Management discloses substantial doubt about the company’s ability to continue as a going concern due to cumulative net losses of $102.3 million, ongoing negative operating cash flows, and funding needs. A previously identified material weakness in internal control over financial reporting related to complex warrant and financing accounting remains unremediated. A warrant liability of $928,435 and a contingent liability of $692,531 are measured at fair value.
HCW Biologics Inc. reported a sharp turnaround for the three months ended March 31, 2026, driven by a major licensing deal. Net revenues rose to $6,531,930 from $1,013 a year earlier, largely from a Trimmune license that generated $6.5 million of revenue.
The company moved from a net loss of $2,196,875 to net income of $3,472,480, with net income attributable to common stockholders of $1,984,008, or $0.37 per share. Total assets increased to $27,342,213, including an investment in Trimmune and Wugen.
Despite the profitable quarter, management discloses cumulative net losses of $102.3 million, low cash of $1,228,879, ongoing legal and debt obligations, and explicitly states that these factors raise substantial doubt about the company’s ability to continue as a going concern for at least 12 months.
HCW Biologics reported a busy quarter with financing, licensing and construction developments that materially affect liquidity and operations. The company executed a one-for-forty reverse stock split effective April 11, 2025 and completed multiple financings: a registered direct/private placement that closed November 20, 2024, a follow-on public offering that closed May 15, 2025 raising gross proceeds of $5.0 million, bridge loans of $150,000 and $270,000 (the latter converted to equity), and other equity-related transactions valued at $15.2 million fair value of securities issued. HCW amended a license with WY Biotech that includes a $7.0 million upfront fee now expected by September 30, 2025, though revenue was not recognized because collectability was not probable. The company faces construction-related mechanics liens and litigation (BE&K, Fisk and related motions), reflected short-term debt classification due to lender acceleration rights, and recorded a $1.3 million fraud loss. A troubled debt restructuring converted $6.6 million of secured notes into equity, producing a non-cash gain recorded to additional paid-in capital.