HCW Biologics Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
HCWB$0.95-6.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Operations
| Years EndedDecember 31, | ||
|---|---|---|
| 2024 | 2025 | |
| Revenues: | ||
| Revenues | $2,566,792 | $54,232 |
| Cost of revenues | (1,607,389) | (43,386) |
| Net revenues | 959,403 | 10,846 |
| Operating expenses: | ||
| Research and development | 6,388,994 | 5,442,884 |
| General and administrative | 6,816,449 | 7,701,281 |
| Legal expenses (recoveries), net | 15,910,480 | (1,470,809) |
| Impairment of long-lived asset | — | 1,500,000 |
| Nonoperating loss | 1,300,000 | — |
| Total operating expenses | 30,415,923 | 13,173,356 |
| Loss from operations | (29,456,520) | (13,162,510) |
| Interest expense | (654,284) | (845,051) |
| Change in fair value of investment | — | (273,422) |
| Change in fair value of contingent liability | — | 1,055,826 |
| Loss on sale of put shares | — | (263,974) |
| Gain on extinguishment of liability | — | 5,461,046 |
| Other income, net | 86,990 | 68,376 |
| Net loss | $(30,023,814) | $(7,959,709) |
| Equity dividend to investor | — | (14,338,993) |
| Net loss attributable to Common Stockholders | $(30,023,814) | $(22,298,702) |
| Net loss per share, basic and diluted | $(30.96) | $(10.63) |
| Weighted average shares outstanding, basic and diluted | 969,825 | 2,097,701 |
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