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

Statements of operations

Condensed Statements of Operations

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2024	2025	2024	2025
Revenues:
Revenues	$426,423	$15,606	$2,171,988	$27,222
Cost of revenues	(341,138)	(12,485)	(1,291,546)	(21,777)
Net revenues	85,285	3,121	880,442	5,445
Operating expenses:
Research and development	1,186,913	1,404,247	5,339,383	4,109,782
General and administrative	1,633,457	1,884,994	4,788,558	6,187,296
Legal expenses (recoveries), net	949,455	6,006	15,761,531	(1,590,945)
Nonoperating loss	—	—	1,300,000	—
Total operating expenses	3,769,825	3,295,247	27,189,472	8,706,133
Loss from operations	(3,684,540)	(3,292,126)	(26,309,030)	(8,700,688)
Interest expense	(229,058)	(127,070)	(393,908)	(632,923)
Change in fair value of investment and contingent liability, net	—	(966,284)	—	782,404
Loss on sale of put shares	—	(182,146)	—	(182,146)
Other income, net	11,310	13,290	52,397	54,412
Net loss	$(3,902,288)	$(4,554,336)	$(26,650,541)	$(8,678,941)
Equity dividend to investor	—	—	—	(10,153,799)
Net loss attributable to Common Stockholders	$(3,902,288)	$(4,554,336)	$(26,650,541)	$(18,832,740)
Net loss per share, basic and diluted	$(4.13)	$(2.02)	$(28.33)	$(11.34)
Weighted average shares outstanding, basic and diluted	945,585	2,260,068	940,586	1,661,332

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.