HCW Biologics Inc.
- Open
- 4.86
- Day high
- 5.00
- Day low
- 4.75
- Prev close
- 4.99
- Volume
- 24K
- Mkt cap
- $32M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.6
- P/S
- 4.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $430K over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
HCW Biologics Inc. (HCWB) is a Healthcare company listed on NASDAQ. The stock is down 78% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
HCW Biologics Inc. (HCWB) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HCWB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.44 | $0.37 | +184.1% | $7M | -0.2% |
| Mar 31, 2026 | $-0.84 | $-2.63 | -213.1% | $27011 | -99.6% |
| Nov 14, 2025 | $1.58 | $-2.02 | -227.8% | $15606 | -99.8% |
| Aug 18, 2025 | $1.80 | $-6.79 | -477.2% | $6550 | -6.4% |
| May 15, 2025 | — | $-0.05 | — | $5065 | — |
| Mar 28, 2025 | $3.60 | $-3.20 | -188.9% | $394804 | -94.4% |
| Nov 14, 2024 | $-5.20 | $-4.00 | +23.1% | $426423 | — |
| Aug 14, 2024 | $-7.20 | $-16.00 | -122.2% | $618854 | — |
| May 15, 2024 | — | $-8.00 | — | $1M | — |
| Nov 14, 2023 | $-0.13 | $-5.60 | -4207.7% | $853102 | +42.2% |
| Aug 11, 2023 | $-0.15 | $-4.80 | -3100.0% | $622807 | — |
| Aug 12, 2022 | $-0.12 | $-4.00 | -3233.3% | $454000 | — |
HCWB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | Wong Hing Cdirector, 10 percent owner, officer: Chief Executive Officer | Buy | 113,879 | $1.41 |
| May 27, 2026 | Byam Rebeccaofficer: Chief Financial Officer | Buy | 14,235 | $1.41 |
| May 27, 2026 | GARRETT SCOTT Tdirector | Buy | 177,936 | $1.41 |
| May 20, 2025 | Winer Gary Mdirector | Buy | 1,342 | $7.45 |
| May 20, 2025 | Wong Hing Cdirector, 10 percent owner, officer: Chief Executive Officer | Buy | 8,054 | $7.45 |
| May 20, 2025 | GARRETT SCOTT Tdirector | Buy | 13,423 | $7.45 |
| May 9, 2025 | Wong Hing Cdirector, 10 percent owner, officer: Chief Executive Officer | Buy | 46,250 | $26.00 |
| May 9, 2025 | GARRETT SCOTT Tdirector | Buy | 5,385 | $26.00 |
| May 9, 2025 | GARRETT SCOTT Tdirector | Buy | 2,692 | $26.00 |
| May 9, 2025 | Byam Rebeccaofficer: Chief Financial Officer | Buy | 8,462 | $26.00 |
| May 9, 2025 | Byam Rebeccaofficer: Chief Financial Officer | Buy | 4,231 | $26.00 |
| May 9, 2025 | Flowers Leeofficer: SVP of Business Development | Buy | 962 | $26.00 |
| May 9, 2025 | Flowers Leeofficer: SVP of Business Development | Buy | 481 | $26.00 |
| May 9, 2025 | Greene Rick S.director | Buy | 962 | $26.00 |
| May 9, 2025 | Greene Rick S.director | Buy | 481 | $26.00 |
Source: HCWB SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full HCWB insider & 13F page →HCW Biologics Inc. company profile
Overview
HCW Biologics Inc. (NASDAQ:HCWB) is a preclinical-stage biopharmaceutical company founded in 2018 and headquartered in Miramar, Florida. The company went public in July 2021 and focuses on developing novel immunotherapies targeting chronic, low-grade inflammation and age-related diseases. HCW Biologics operates in the highly specialized field of cancer immunotherapy and autoimmune disease treatment, with a pipeline of experimental drugs in various stages of development from preclinical research to Phase II clinical trials.
Business
HCW Biologics operates in the biotechnology sector, specifically developing immunotherapies - treatments that harness or modify the body's immune system to fight diseases. The company's approach focuses on addressing chronic inflammation and age-related conditions, which are underlying factors in many serious diseases including cancer and autoimmune disorders. The company's product pipeline consists of several experimental drug candidates. HCW9218 represents their lead injectable immunotherapeutic designed to treat multiple cancer types including pancreatic, ovarian, breast, prostate, and colorectal cancers, as well as pulmonary fibrosis - a serious lung disease where tissue becomes scarred and breathing becomes difficult. HCW9302 targets autoimmune diseases such as alopecia areata (an autoimmune condition causing hair loss) and various metabolic diseases. The company also develops cell-based therapies, which involve using living cells as medicine. HCW9201 is currently in Phase II clinical trials for treating patients with relapsed or refractory acute myeloid leukemia (AML) - a type of blood cancer that has either returned after treatment or hasn't responded to initial therapy. Additionally, HCW9206 is being developed for acute myeloid leukemia treatment. Beyond drug development, HCW Biologics generates revenue through contract research and development services, providing their expertise and facilities to other pharmaceutical companies. This service revenue helps fund their internal drug development programs while the company's primary therapeutic candidates remain in clinical testing phases.
Revenue model
HCW Biologics operates a dual revenue model combining contract research services with proprietary drug development. Currently, the company generates revenue primarily through research and development services provided to other pharmaceutical and biotechnology companies. This includes contract manufacturing, analytical testing, and research collaboration agreements. In 2024, the company reported approximately $2.6 million in total revenue, with similar levels in 2023 ($2.8 million) and higher revenue of $6.7 million in 2022, suggesting some volatility in their service business. The company's long-term revenue strategy depends on successfully advancing their proprietary drug candidates through clinical trials and eventual commercialization. If successful, HCW Biologics would transition to a product sales model, licensing their therapies to larger pharmaceutical companies or marketing them directly. The biotech industry typically involves high upfront investment in research and development with the potential for substantial returns if drugs receive regulatory approval and achieve commercial success. Several factors significantly impact the company's financial margins and prospects. Regulatory approval timelines and success rates critically affect when and if the company can generate product revenue. Clinical trial costs, which can range from millions to hundreds of millions of dollars per drug candidate, directly impact cash burn rates. Competition from larger pharmaceutical companies with greater resources poses ongoing challenges. Additionally, the company's ability to secure partnerships, licensing deals, or additional funding affects their capacity to continue operations and advance their pipeline. The volatile nature of contract research revenue also creates uncertainty in their near-term financial planning.
Competitive moat
HCW Biologics operates in a highly competitive biotechnology landscape with limited sustainable competitive advantages at this stage of development. The company's potential moat primarily rests on their proprietary immunotherapy platform and specific drug formulations, which may provide temporary protection through patents and regulatory exclusivity if successfully developed and approved. However, the company's competitive position appears relatively weak compared to established pharmaceutical giants and well-funded biotech companies. Larger competitors possess significantly greater financial resources, established regulatory expertise, extensive clinical trial networks, and proven commercialization capabilities. The biotechnology sector is characterized by rapid innovation, where breakthrough discoveries can quickly obsolete existing approaches. HCW Biologics faces substantial execution risks given their preclinical and early clinical stage status. The majority of drug candidates fail during clinical development, and even successful programs require years of testing and hundreds of millions in investment before potential commercialization. The company's small size and limited cash resources create additional vulnerability, as they may struggle to fund extended clinical programs or compete for top scientific talent. The company's contract research services provide some diversification but operate in a commoditized market with limited differentiation. While their focus on immunotherapy aligns with current industry trends, this also means intense competition from numerous other companies pursuing similar approaches. Without breakthrough clinical results or unique technological advantages, HCW Biologics lacks a strong defensive moat against competitive threats.
Risks & safety
HCW Biologics presents significant financial risks with minimal margin of safety for investors. • **Cash Position**: As of Q1 2025, the company held $1.1 million in cash and short-term investments, down from $4.7 million at year-end 2024, indicating rapid cash depletion • **Burn Rate**: Operating cash flow was negative $3.5 million in Q1 2025 alone, suggesting the current cash position provides less than one quarter of runway at current spending levels • **Debt Burden**: Total liabilities of $34.8 million significantly exceed total assets of $26.3 million, creating negative shareholder equity • **Current Ratio**: Extremely poor liquidity with current ratio of 0.07, meaning current liabilities exceed current assets by more than 14 times • **Valuation Metrics**: Trading at negative enterprise value due to debt exceeding market capitalization; traditional valuation metrics are not applicable given lack of profitability • **Going Concern**: The combination of minimal cash, high burn rate, and negative working capital creates immediate solvency concerns requiring urgent financing or strategic alternatives The company faces imminent financial distress without additional capital infusion, making this an extremely high-risk investment with essentially no margin of safety.
Recent development
Based on available financial data, HCW Biologics has experienced significant operational and financial developments over recent years. The company's revenue has shown considerable volatility, declining from $6.7 million in 2022 to $2.8 million in 2023 and $2.6 million in 2024, suggesting challenges in their contract research business or completion of major service agreements. The company's financial position has deteriorated substantially since going public. Cash reserves have declined from over $22 million in 2022 to just $1.1 million by Q1 2025, while operating losses have remained consistently high at $14-27 million annually. This cash burn pattern indicates the company has been funding operations primarily through their initial public offering proceeds and potentially additional financing rounds. The advancement of their clinical programs appears to be progressing, with HCW9201 reaching Phase II clinical trials for acute myeloid leukemia treatment. However, the rapid depletion of cash resources suggests the company may face challenges funding continued clinical development without securing additional capital through equity raises, partnerships, or licensing agreements. The company's balance sheet transformation from a relatively healthy position in 2022-2023 to the current distressed state with negative working capital indicates either accelerated spending on clinical programs or difficulties in maintaining their service revenue business. This financial trajectory suggests HCW Biologics is approaching a critical inflection point requiring immediate strategic action to continue operations.
HCWB company profile · for informational purposes only — not investment advice.
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