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Stocks · Health care · Pharmaceutical Preparations

HCW Biologics Inc.

HCWB Clue Score34
United States Fiscal year ends December CIK 0001828673
$1.60 +4.58% Close, 9 Oct 2026
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Price $1.60 −41.18% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 20 Jul 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue4.1Operating income−5.8Net income−5.8Fiscal year 2021Revenue0.0 −100.0%Operating income−13.4Net income−12.9EPS, diluted−0.69Fiscal year 2022Revenue6.7Operating income−15.1Net income−14.9EPS, diluted−0.42Fiscal year 2023Revenue2.8 −57.7%Operating income−25.7Net income−25.0EPS, diluted−0.70Fiscal year 2024Revenue2.6 −9.7%Operating income−29.5Net income−30.0EPS, diluted−30.96Fiscal year 2025Revenue0.1 −97.9%Operating income−13.2Net income−8.0EPS, diluted−10.63
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.1 0.0 6.7 2.8 2.6 0.1
Growth −100.0% −57.7% −9.7% −97.9%
Operating income −5.8 −13.4 −15.1 −25.7 −29.5 −13.2
Net income −5.8 −12.9 −14.9 −25.0 −30.0 −8.0
Growth
EPS, diluted n/a −0.69 −0.42 −0.70 −30.96 −10.63

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Operating margin−142.1%Net margin−141.5%Free cash flow margin−259.0%Fiscal year 2021Fiscal year 2022Gross margin38.5%Operating margin−224.3%Net margin−221.7%Free cash flow margin−307.4%Fiscal year 2023Gross margin19.7%Operating margin−905.0%Net margin−879.5%Free cash flow margin−1,010.5%Fiscal year 2024Gross margin37.4%Operating margin−1,147.6%Net margin−1,169.7%Free cash flow margin−564.5%Fiscal year 2025Gross margin20.0%Operating margin−24,270.7%Net margin−14,677.1%Free cash flow margin−24,693.2%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a 38.5% 19.7% 37.4% 20.0%
Operating margin −142.1% n/a −224.3% −905.0% −1,147.6% −24,270.7%
Net margin −141.5% n/a −221.7% −879.5% −1,169.7% −14,677.1%
Free cash flow margin −259.0% n/a −307.4% −1,010.5% −564.5% −24,693.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−10.4Capital expenditure−0.2Free cash flow−10.6Fiscal year 2021Operating cash flow−11.0Capital expenditure−0.0Free cash flow−11.0Fiscal year 2022Operating cash flow−10.4Capital expenditure−10.3Free cash flow−20.7Fiscal year 2023Operating cash flow−22.5Capital expenditure−6.2Free cash flow−28.7Fiscal year 2024Operating cash flow−14.2Capital expenditure−0.3Free cash flow−14.5Fiscal year 2025Operating cash flow−13.4Capital expenditure0.0Free cash flow−13.4
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −10.4 −11.0 −10.4 −22.5 −14.2 −13.4
Capital expenditure −0.2 −0.0 −10.3 −6.2 −0.3 0.0
Free cash flow −10.6 −11.0 −20.7 −28.7 −14.5 −13.4
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash8.5Shareholders’ equity−16.7Fiscal year 2021Cash11.7Total debt0.0Net cash (debt)11.7Shareholders’ equity51.2Debt to equity0.00Fiscal year 2022Cash22.3Total debt44.7Net cash (debt)−22.4Shareholders’ equity37.4Debt to equity1.19Fiscal year 2023Cash3.6Total debt6.4Net cash (debt)−2.8Shareholders’ equity13.5Debt to equity0.48Fiscal year 2024Cash4.7Total debt7.4Net cash (debt)−2.7Shareholders’ equity−6.8Fiscal year 2025Cash2.0Total debt0.0Net cash (debt)2.0Shareholders’ equity2.8Debt to equity0.00
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 8.5 11.7 22.3 3.6 4.7 2.0
Total debt n/a 0.0 44.7 6.4 7.4 0.0
Net cash (debt) n/a 11.7 −22.4 −2.8 −2.7 2.0
Shareholders’ equity −16.7 51.2 37.4 13.5 −6.8 2.8
Debt to equity n/a 0.00 1.19 0.48 n/a 0.00

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
4.1 0.0 6.7 2.8 2.6 0.1
Growth −100.0% −57.7% −9.7% −97.9%
n/a 0.0 4.1 2.3 1.6 0.0
n/a 0.0 2.6 0.6 1.0 0.0
Growth −78.3% +71.2% −98.9%
7.3 8.2 9.3 7.7 6.4 5.4
2.7 5.2 8.3 6.8 6.8 7.7
−5.8 −13.4 −15.1 −25.7 −29.5 −13.2
Growth
−5.8 −12.9 −14.9 −25.0 −30.0 −8.0
0.0 0.0 0.0 0.0 0.0 0.0
−5.8 −12.9 −14.9 −25.0 −30.0 −8.0
Growth
Per share
n/a −0.69 −0.42 −0.70 −30.96 −10.63
n/a −0.69 −0.42 −0.70 −30.96 −10.63
Growth
n/a 18.8 35.8 35.9 1.0 2.1
n/a 18.8 35.8 35.9 1.0 2.1
Growth +90.8% +0.3% −97.3% +116.3%

† The diluted share count jumps at 2022 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 57.9% a year over five years.
  • Operating margin is down 24,128.7 points on five years ago, at -24,270.7%.
  • A net loss in 6 of 6 years on file.