HCW Biologics Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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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$0.95-6.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of cash flows
Condensed Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(26,650,541) | $(8,678,941) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and accretion | 501,882 | 884,831 |
| Stock-based compensation | 716,940 | 759,441 |
| Commitment fee | — | 150,000 |
| Change in fair value of investment and contingent liability, net | — | (782,404) |
| Loss on sale of put shares | — | 182,146 |
| Loss on conversion of debt with related parties | — | (131,135) |
| Changes in the carrying amount of right-of-use asset | (418) | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 883,917 | 551,534 |
| Prepaid expenses and other assets | 829,043 | 162,903 |
| Accounts payable and other liabilities | 12,383,171 | (3,134,475) |
| Operating lease liability | (56,541) | — |
| Net cash used in operating activities | (11,392,547) | (10,036,100) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (148,205) | — |
| Net cash used in investing activities | (148,205) | — |
| Cash flows from financing activities: | ||
| Proceeds from issuance of Common Stock | 2,502,260 | 1,475,939 |
| Proceeds from issuance of Common Stock under SEPA, net | — | 1,992,779 |
| Proceeds from issuance of pre-funded warrants | — | 3,822,894 |
| Proceeds from issuance of debt | 6,530,000 | 150,000 |
| Issuance costs for Common Stock and pre-funded warrants | — | (888,399) |
| Debt repayment | (88,388) | (94,776) |
| Net cash provided by financing activities | 8,943,872 | 6,458,437 |
| Net decrease in cash and cash equivalents | (2,596,880) | (3,577,663) |
| Cash and cash equivalents at the beginning of the period | 3,595,101 | 4,674,572 |
| Cash and cash equivalents at the end of the period | $998,221 | $1,096,909 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest, net of amounts capitalized | $340,988 | $496,268 |
| Noncash investing activities: | ||
| Capital expenditures accrued, but not yet paid | $1,910,698 | $— |
| Purchases of property and equipment included in accounts payable | $829,207 | $23,000 |
| Noncash financing activities: | ||
| Put shares issued but not priced under SEPA | $— | $182,195 |
| Extinguishment of restructured debt | $— | $7,440,462 |
| Issuance of Common Stock, warrants and other rights upon extinguishment of restructured debt | $— | $3,962,766 |
| Gain on extinguishment of debt with related parties | $— | $3,477,696 |
| Equity dividend to investor | $— | $10,153,799 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.