HCW Biologics Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $54,232 | $2.6M | $2.8M | $6.7M | $0 |
| Gross profit | $10,846 | $959,403 | $560,360 | $2.6M | $0 |
| Operating income | -$13.2M | -$29.5M | -$25.7M | -$15.1M | -$13.4M |
| Operating expenses | $13.2M | $30.4M | $26.3M | $17.7M | $13.4M |
| Cost of revenue | $43,386 | $1.6M | $2.3M | $4.1M | $0 |
| Cash from operations | -$13.4M | -$14.2M | -$22.5M | -$10.4M | -$11.0M |
| Capital expenditure | $0 | $261,617 | $6.2M | $10.3M | $47,263 |
| Free cash flow | -$13.4M | -$14.5M | -$28.7M | -$20.7M | -$11.0M |
| Impairments | $0 | $0 | — | — | — |
| Total assets | $24.5M | $30.2M | $28.5M | $46.8M | $53.5M |
| Total liabilities | $21.8M | $37.0M | $15.1M | $9.4M | $2.3M |
| Total debt | — | — | $6.5M | $6.5M | — |
Shares outstanding 6.7M · Free float 98.2%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.