HCW Biologics Inc.

For the period ended Jun 30, 2025. Filed Aug 18, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 18, 2025

HCWB$1.02-1.9%Stored close · as of Nov 6, 2026

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Contents

Statements of operations

Condensed Statements of Operations

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2024	2025	2024	2025
Revenues:
Revenues	$618,854	$6,550	$1,745,566	$11,615
Cost of revenues	(438,443)	(5,240)	(950,408)	(9,292)
Net revenues	180,411	1,310	795,158	2,323
Operating expenses:
Research and development	2,029,186	1,226,824	4,152,470	2,705,536
General and administrative	1,594,193	2,096,021	3,160,285	4,302,301
Legal expenses (recoveries), net	10,393,042	142,542	14,812,076	(1,596,951)
Nonoperating loss	1,300,000	—	1,300,000	—
Total operating expenses	15,316,421	3,465,387	23,424,831	5,410,886
Loss from operations	(15,136,010)	(3,464,077)	(22,629,673)	(5,408,563)
Interest expense	(159,666)	(228,714)	(159,666)	(505,853)
Unrealized gain on investment	-	1,748,688	—	1,748,688
Other income, net	15,485	16,373	41,086	41,122
Net loss	$(15,280,191)	$(1,927,730)	$(22,748,253)	$(4,124,606)
Equity dividend to investor	-	(10,153,799)	-	(10,153,799)
Net loss attributable to Common Stockholders	$(15,280,191)	$(12,081,529)	$(22,748,253)	$(14,278,405)
Net loss per share, basic and diluted	$(16.16)	$(6.79)	$(24.25)	$(9.86)
Weighted average shares outstanding, basic and diluted	945,585	1,780,113	938,087	1,448,502

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.