HCWB · Hcw Biologics Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.50M | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $11.1K | - | $12.5K | $5.2K | $4.1K | - | $341.1K | $438.4K | $512.0K | - |
| Gross Profit | $6.53M | - | $3.1K | $1.3K | $1.0K | - | $85.3K | $180.4K | $614.7K | - |
| R&D | $1.26M | - | $1.40M | $1.23M | $1.48M | - | $1.19M | $2.03M | $2.12M | - |
| SG&A | $1.83M | - | $1.88M | $2.10M | $2.23M | - | $1.64M | $1.59M | $5.99M | - |
| Total Operating Expenses | $3.30M | - | $3.30M | $3.47M | $1.97M | - | $3.78M | $15.32M | $8.11M | - |
| D&A | $142.0K | - | - | - | $419.0K | - | - | - | $243.5K | - |
| Operating Income | $3.24M | - | ($3.29M) | ($3.46M) | ($1.97M) | - | ($3.69M) | ($15.14M) | ($7.49M) | - |
| Interest Expense | $109.3K | - | $127.1K | $228.7K | $255.8K | - | $223.4K | $159.7K | $0 | - |
| Income Tax | $330.2K | - | - | - | $0 | - | - | - | $0 | - |
| Net Income | $3.47M | - | ($4.55M) | ($1.93M) | ($2.20M) | - | ($3.90M) | ($15.28M) | ($7.47M) | - |
| EPS - Basic | $0.37 | - | ($2.02) | ($6.79) | ($0.05) | - | ($4.00) | ($16.00) | ($8.00) | - |
| EPS - Diluted | $0.37 | - | ($2.02) | ($6.79) | ($0.05) | - | ($4.00) | ($16.00) | ($8.00) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.23M | $1.95M | $1.10M | $2.44M | $1.11M | $4.67M | $998.2K | $1.16M | $4.08M | $3.60M |
| Accounts Receivable | $74.8K | $32.2K | $30.7K | $21.6K | $87.5K | $582.2K | $651.8K | $655.0K | $903.9K | $1.54M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $11.79M | $13.14M | $18.97M | $19.35M | $19.73M | $22.33M | $22.67M | $16.88M | $10.49M | $6.17M |
| Current Assets | $1.72M | $2.28M | $1.59M | $2.90M | $1.89M | $5.70M | $2.09M | $2.39M | $6.21M | $6.40M |
| Total Assets | $27.34M | $24.52M | $25.45M | $28.91M | $26.29M | $30.24M | $26.56M | $26.82M | $30.43M | $28.51M |
| Current Liabilities | $19.96M | $21.06M | $26.86M | $26.85M | $27.14M | $29.63M | $30.06M | $23.22M | $13.41M | $8.75M |
| Long-term Debt | - | $0 | $0 | $367.2K | $7.71M | $7.38M | $6.46M | $9.90M | $8.27M | $6.30M |
| Total Liabilities | $21.58M | $21.76M | $27.55M | $28.96M | $34.85M | $37.01M | $36.53M | $33.12M | $21.69M | $15.05M |
| Stockholders' Equity | $5.76M | $2.76M | ($2.11M) | ($52.0K) | ($8.56M) | ($6.77M) | ($9.97M) | ($6.30M) | $8.74M | $13.46M |
| Retained Earnings | ($105.04M) | ($108.52M) | ($109.24M) | ($104.68M) | ($102.75M) | ($100.56M) | ($97.18M) | ($93.28M) | ($78.00M) | ($70.53M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.58M) | - | - | - | ($3.51M) | - | - | - | ($3.60M) | - |
| Investing Cash Flow | - | - | - | - | $0 | - | - | - | ($129.7K) | - |
| Financing Cash Flow | $851.6K | - | - | - | ($53.1K) | - | - | - | $4.22M | - |
| CapEx | - | - | - | - | $0 | - | - | - | $129.7K | - |
| Free Cash Flow | - | - | - | - | ($3.51M) | - | - | - | ($3.73M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 100.5% | - | - | - | - | - | - | - | - | - |
| Operating margin | 49.8% | - | - | - | - | - | - | - | - | - |
| EBITDA margin | 52.0% | - | - | - | - | - | - | - | - | - |
| Net margin | 53.4% | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | 1.60 | - | - | - | 0.50 | - |
| R&D / Revenue | 19.4% | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 28.2% | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 8.7% | - | - | - | - | - | - | - | - | - |
| Return on assets | 12.7% | - | -17.9% | -6.7% | -8.4% | - | -14.7% | -57.0% | -24.5% | - |
| Return on equity | 60.3% | - | 216.1% | 3709.2% | 25.7% | - | 39.1% | 242.6% | -85.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | -34.8% | - |
| Liquidity | ||||||||||
| Current ratio | 0.09 | 0.11 | 0.06 | 0.11 | 0.07 | 0.19 | 0.07 | 0.10 | 0.46 | 0.73 |
| Quick ratio | 0.09 | 0.11 | 0.06 | 0.11 | 0.07 | 0.19 | 0.07 | 0.10 | 0.46 | 0.73 |
| Cash ratio | 0.06 | 0.09 | 0.04 | 0.09 | 0.04 | 0.16 | 0.03 | 0.05 | 0.30 | 0.41 |
| Leverage | ||||||||||
| Debt / Equity | - | 0.00 | 0.00 | -7.06 | -0.90 | -1.09 | -0.65 | -1.57 | 0.95 | 0.47 |
| Debt / Assets | - | 0.00 | 0.00 | 0.01 | 0.29 | 0.24 | 0.24 | 0.37 | 0.27 | 0.22 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 29.6x | - | -25.9x | -15.1x | -7.7x | - | -16.5x | -94.8x | - | - |
| Equity multiplier | 4.74 | 8.87 | -12.08 | -556.25 | -3.07 | -4.47 | -2.66 | -4.26 | 3.48 | 2.12 |
| Liabilities / Assets | 0.79 | 0.89 | 1.08 | 1.00 | 1.33 | 1.22 | 1.38 | 1.23 | 0.71 | 0.53 |
| Efficiency | ||||||||||
| Asset turnover | 0.24 | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 4d | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 388572d | - | 554536d | 1348165d | 1777624d | - | 24252d | 14050d | 7481d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 1.0x | - | - | - | - | - | - | - | - | - |
| P / B | 0.3x | - | - | - | - | - | - | - | 298.1x | - |
| P / S | 0.3x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 0.2x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 644710.5% | - | -96.3% | -99.3% | -99.8% | - | -51.2% | 49.8% | 4805.0% | - |
| Operating income growth (YoY) | - | - | 10.8% | 77.1% | 73.8% | - | 27.3% | -235.6% | -39.8% | - |
| Net income growth (YoY) | - | - | -16.7% | 87.4% | 70.6% | - | 21.0% | -255.0% | -47.3% | - |
| EPS growth (YoY) | - | - | 49.5% | 57.6% | 99.4% | - | -2757.1% | -13233.3% | -13233.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 5.9% | - | - | - | 5.2% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | 78.9% | 99.2% | - | - | - | - | -73.2% | -64.0% |
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing HCW Biologics Inc. against the 5 most active filers in the same SIC group.