HCWB on Nasdaq

HCW Biologics Inc.

American pharmaceutical preparations company based in Miramar. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerHCWB on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersMiramar, United States2
  • Incorporated inDE3
  • Business address2929 N Commerce Pkwy, Miramar, Fl 330253
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • LEI5299008ZJ4RXXTN04Z972
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o Corporation Service Company, 251 Little Falls Drive, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 68266802

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HCW Biologics Inc. (“HCW Biologics” or the “Company”) is a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to support or treat diseases promoted by chronic inflammation. We have created novel compounds that represent a new class of drugs that we believe have the potential to fundamentally change the treatment of autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia. Among other things, we have begun commercialization of certain commercial-ready proprietary compounds for use as reagents in the production of immunotherapeutics for the treatment of infectious diseases and cancer. We want our products to improve patients’ healthspan as well as their quality of life, and possibly extend longevity.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

20.0%Gross margin5
-24270.7%Operating margin5
-14677.1%Net margin5
-97.9%Revenue growth, 20255
-287.9%Return on equity5
0.00×Debt to equity5
-$13.4MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$43.4K
  • Research and development86¢$5.4M
  • Interest13¢$845.1K

Out of $54.2K in revenue.5 The company lost money this year.

Financial statements

Revenue67895$54.2K in 2025−99% since 2020
0$2.0M$4.0M$6.0M$8.0M2020: $4.1M$4.1M20202021: $0$020212022: $6.7M$6.7M20222023: $2.8M$2.8M2023−58%2024: $2.6M$2.6M2024−10%2025: $54.2K$54.2K2025−98%
Gross profit7895$10.8K in 2025
0$1.0M$2.0M$3.0M2021: $0$020212022: $2.6M$2.6M20222023: $560.4K$560.4K2023−78%2024: $959.4K$959.4K2024+71%2025: $10.8K$10.8K2025−99%
Operating income67895-$13.2M in 2025+126% since 2020
-$30.0M-$20.0M-$10.0M02020: -$5.8M-$5.8M20202021: -$13.4M-$13.4M2021+130%2022: -$15.1M-$15.1M2022+13%2023: -$25.7M-$25.7M2023+71%2024: -$29.5M-$29.5M2024+15%2025: -$13.2M-$13.2M2025−55%
Net income67895-$8.0M in 2025+37% since 2020
-$40.0M-$30.0M-$20.0M-$10.0M02020: -$5.8M-$5.8M20202021: -$12.9M-$12.9M2021+122%2022: -$14.9M-$14.9M2022+16%2023: -$25.0M-$25.0M2023+68%2024: -$30.0M-$30.0M2024+20%2025: -$8.0M-$8.0M2025−73%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenues$54.2K$2.6M
Cost of revenues-$43.4K-$1.6M
Net revenues$10.8K$959.4K
Research and development$5.4M$6.4M
General and administrative$7.7M$6.8M
Legal expenses (recoveries), net-$1.5M$15.9M
Impairment of Long-Lived Asset$1.5M$0
Nonoperating loss$0$1.3M
Total operating expenses$13.2M$30.4M
Loss from operations-$13.2M-$29.5M
Interest expense-$845.1K-$654.3K
Change in fair value of investment-$273.4K$0
Change in fair value of contingent liability$1.1M$0
Loss on sale of put shares-$264.0K$0
Gain on extinguishment of liability$5.5M$0
Other income, net$68.4K$87.0K
Net loss-$8.0M-$30.0M
Equity dividend to investor-$14.3M$0
Net loss attributable to Common Stockholders-$22.3M-$30.0M
Net loss per share, basic-$10.63-$30.96
Net loss per share, diluted-$10.63-$30.96
Weighted-average shares outstanding, basic2.1M shares969.8K shares
Weighted-average shares outstanding, diluted2.1M shares969.8K shares

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Leadership

Who has led HCW Biologics Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Rebecca Byam2021–now
2025
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorHing C. Wong named Feb 27, 2024 to Aug 6, 202619
  • Executive OfficerLee S. Flower named Jun 8, 202620
  • DirectorRick S. Greene named Feb 27, 2024 to Aug 6, 202619

Timeline

  1. Apr 2, 2018Founded HCW Biologics Inc. is founded2

Filings

277 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 96 major events, 80 insider forms, 4 large holders, 5 private raises, 69 other. The latest 20:

  1. Oct 9, 2026EFFECT EDGAR
  2. Oct 8, 2026D EDGAR
  3. Oct 2, 2026S-1 EDGAR
  4. Oct 1, 2026DEF 14A EDGAR
  5. Sep 24, 20268-K EDGAR
  6. Sep 10, 20268-K EDGAR
  7. Sep 9, 2026PRER14A EDGAR
  8. Sep 8, 20268-K EDGAR
  9. Sep 8, 2026PRE 14A EDGAR
  10. Aug 31, 2026EFFECT EDGAR
  11. Aug 28, 2026S-1/A EDGAR
  12. Aug 20, 2026S-1 EDGAR
  13. Aug 14, 202610-Q EDGAR
  14. Aug 14, 20268-K EDGAR
  15. Aug 14, 202610-Q/A EDGAR
  16. Aug 14, 20268-K EDGAR
  17. Aug 6, 2026D EDGAR
  18. Jul 31, 20264 EDGAR
  19. Jul 31, 20264 EDGAR
  20. Jul 31, 20264 EDGAR

The 277 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

71 open-market trades by officers, directors and large owners since October 2021: 71 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 29, 2026Wong Hing CChief Executive OfficerBuy23,210$2.59$60.1KForm 4
Jul 29, 2026Flowers LeeSVP of Business DevelopmentBuy7,736$2.59$20.0KForm 4
Jul 29, 2026GARRETT SCOTT TDirectorBuy7,736$2.59$20.0KForm 4
May 22, 2026Wong Hing CChief Executive OfficerBuy113,879$1.41$160.6KForm 4
May 22, 2026GARRETT SCOTT TDirectorBuy177,936$1.41$250.9KForm 4
May 22, 2026Byam RebeccaChief Financial OfficerBuy14,235$1.41$20.1KForm 4
May 16, 2025Wong Hing CChief Executive OfficerBuy8,054$7.45$60.0KForm 4
May 16, 2025Winer Gary MDirectorBuy1,342$7.45$10.0KForm 4
May 16, 2025GARRETT SCOTT TDirectorBuy13,423$7.45$100.0KForm 4
May 8, 2025Winer Gary MDirectorBuy2,308$26.00$60.0KForm 4
May 8, 2025Wong Hing CChief Executive OfficerBuy92,500$26.00$2.4MForm 4
May 8, 2025GARRETT SCOTT TDirectorBuy5,385$26.00$140.0KForm 4
May 8, 2025Byam RebeccaChief Financial OfficerBuy8,462$26.00$220.0KForm 4
May 8, 2025Flowers LeeSVP of Business DevelopmentBuy962$26.00$25.0KForm 4
May 8, 2025Greene Rick S.DirectorBuy962$26.00$25.0KForm 4
Sep 14, 2023Wong Hing CChief Executive OfficerBuy1,800$2.08$3.7KForm 4
Sep 14, 2023Winer Gary MDirectorBuy1,041$2.05$2.1KForm 4
Sep 13, 2023Winer Gary MDirectorBuy546$2.05$1.1KForm 4
Sep 13, 2023Byam RebeccaChief Financial OfficerBuy5,000$2.10$10.5KForm 4
Sep 12, 2023Byam RebeccaChief Financial OfficerBuy5,000$2.09$10.4KForm 4

All 71 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • ARMISTICE CAPITAL, LLCSCHEDULE 13G/A, 2 filings Feb 17, 2026 to May 15, 202621
  • Hing C. WongSCHEDULE 13D/A, 2 filings Nov 22, 2024 to Jun 13, 202522

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 29, 2026Raised $1.6 million in a private offering of equity Form D: 4 investors so far Form D
  2. May 21, 2026Raised $4 million in a private offering of equity Form D: 7 investors so far Form D
  3. Nov 20, 2024Raised $6.9 million in a private offering of securities Form D: 1 investor so far Form D
  4. Feb 20, 2024Raised $2.5 million in a private offering of equity Form D: 6 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jane Street Group, LLC52,138$260.2K0.0%New
Citadel Advisors LLC19,942$99.5K0.0%New
Vanguard Fiduciary Trust Co6,510$32.5K0.0%New
Tower Research Capital LLC (TRC)4,117$20.5K0.0%New
Connective Capital Management, LLC3,338$16.7K0.0%New
Vanguard Capital Management LLC2,003$10.0K0.0%New
Golden State Wealth Management, LLC1,667$8.3K0.0%New
Barclays PLC191$9530.0%New
Hrt Financial LP13,583$670.0%New
Osaic Holdings, Inc.4$200.0%New
Caitong International Asset Management Co., Ltd11$100.0%New
UBS Group AG1$50.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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