HCW Biologics Inc.

For the period ended Sep 30, 2025. Filed Nov 14, 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.

Sep 30, 2025 · Filed Nov 14, 2025

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

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Contents

Balance sheets

Condensed Balance Sheets

	December 31,	September 30,
	2024	2025
Unaudited
ASSETS
Current assets:
Cash and cash equivalents	$4,674,572	$1,096,909
Accounts receivable, net	582,201	30,667
Prepaid expenses	328,181	210,661
Other current assets	113,528	250,340
Total current assets	5,698,482	1,588,577
Investments	1,599,751	1,326,329
Property, plant and equipment, net	22,909,869	22,502,158
Other assets	28,476	28,476
Total assets	$30,236,578	$25,445,540
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Liabilities
Current liabilities:
Accounts payable	$22,332,261	$18,968,173
Accrued liabilities and other current liabilities	981,940	1,084,602
Short-term debt, net	6,314,684	6,807,431
Total current liabilities	29,628,885	26,860,206
Debt, net	7,377,865	—
Contingent liability - related party	—	692,531
Total liabilities	37,006,750	27,552,737
Commitments and contingencies (Note 11)
Stockholders’ deficit:
Common stock:
Common, $0.0001 par value; 250,000,000 shares authorized and 1,113,532 shares issued at December 31, 2024; 250,000,000 shares authorized and 2,621,607 shares issued at September 30, 2025	111	262
Additional paid-in capital	93,785,854	107,127,619
Accumulated deficit	(100,556,137)	(109,235,078)
Total stockholders’ deficit	(6,770,172)	(2,107,197)
Total liabilities and stockholders’ deficit	$30,236,578	$25,445,540

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.