HCW Biologics (HCWB) Q4 2025 earnings summary

Executive summary

• Initiated first-in-human Phase 1 trial for HCW9302 in alopecia areata in November 2025, with preliminary data expected in H1 2026.

• Received $3.5 million upfront license fee for HCW11-006 and a minority equity interest in Trimmune.

• Launched two proprietary fusion protein molecules as commercial-ready reagents to support cell-based immunotherapeutics.

• Published data on HCW9206 in Science Advances, highlighting its potential to improve CAR-T cell therapy manufacturing and efficacy.

Financial highlights

• Q4 2025 revenues were $27,010, down from $394,804 in Q4 2024; FY 2025 revenues were $54,232, down from $2.6 million in FY 2024.

• Q4 2025 net gain was $2.2 million, compared to a net loss of $3.4 million in Q4 2024; FY 2025 net loss was $6.5 million, improved from $30.0 million net loss in FY 2024.

• R&D expenses decreased 15% year-over-year to $5.4 million in FY 2025; G&A expenses increased 13% to $7.7 million.

• Legal expenses shifted from $15.9 million in FY 2024 to a net recovery of $1.5 million in FY 2025, driven by insurance reimbursement and settlement gains.

Outlook and guidance

• Substantial doubt exists regarding ability to continue as a going concern for 12 months from financial statement issuance without additional funding.

• Regained Nasdaq compliance in February 2026 but received a notice in March 2026 for not maintaining a $1 minimum bid price; plans to appeal.

• Financing plan includes accessing public markets and business development programs, but success is not assured.