Saturday 17 October 2026 Export HCWB’s income statement to Excel — free account

HCW Biologics Inc.

HCW Biologics Inc.’s revenue for fiscal 2025 (year ended December 2025) was $54,200.00, down 97.9% from fiscal 2024. In the quarter to June 2026, revenue grew 1,954.6%, EPS grew 71.6%, free cash flow fell 20.8% and total debt fell 3.34%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

1.24 0.01 +0.81%

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Market cap: $2.8M
P/E: 0.0×
Fwd P/E: −3.4×
Dividend yield: —
F-score: 3/9
Altman Z: −8.83
Beneish M: −9.28
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.53

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	3	—	3	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 2.75

Revenue 6.72

Net Income (5.58)

Free Cash Flow (12.14)

Net Debt 5.82

Current Ratio 0.06

Debt/Equity 0.88

P/E ratio 0.00

Fwd P/E (3.40)

P/S ratio 0.25

P/B ratio 0.22

Past 5Y EPS Growth —

This Y EPS Growth 92.60%

Next Y EPS Growth 77.75%

Next Y revenue growth 12,222.88%

Next 5Y EPS Growth 77.46%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 0.63%

10-year low 10-year high

P/B against its own 10 years 0.34%

10-year low 10-year high

EV/Sales against its own 10 years 2.00%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	4	5	2	1
Receivables	2	1	0	0
Inventory	—	—	—	—
Other	0	0	0	0
	6	6	2	1

	2023	2024	2025	Q'26
Payables	6	22	13	11
ST’ Debt	—	6	7	7
Other	—	—	—	—
	9	30	21	19

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	(79.95%)
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	(58.04%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	7	0	—	—	—
’25	0	0	0	0	0
’24	1	1	0	0	3
’23	0	1	1	1	3
’22	3	0	2	1	7

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	(4)	—	—	—
’25	(4)	(3)	(3)	(3)	(13)
’24	(4)	(5)	(3)	(3)	(14)
’23	(4)	(9)	(6)	(4)	(23)
’22	(2)	(3)	(2)	(4)	(10)
’21	(1)	(1)	(5)	(3)	(11)
’20	(2)	(4)	(3)	(4)	(10)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	(4)	—	—	—
’25	(4)	(3)	(3)	(3)	(13)
’24	(4)	(5)	(3)	(3)	(14)
’23	(4)	(11)	(6)	(8)	(29)
’22	(2)	(3)	(12)	(4)	(21)
’21	(2)	(1)	(5)	(3)	(11)
’20	(2)	(4)	(3)	(4)	(11)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.22	(11.58)	—	—	—
’25	(11.81)	(40.73)	(12.12)	(6.12)	(63.77)
’24	(1.20)	(95.98)	(23.99)	(19.20)	(184.76)
’23	(33.59)	(28.79)	(33.59)	(71.99)	(167.97)
’22	(14.40)	(23.99)	(26.21)	(35.99)	(100.78)
’21	(141.00)	(158.37)	(33.59)	143.91	(165.57)
’20	(0.07)	(141.10)	(137.02)	—	(293.79)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	554.40	422.40	218.40	66.24	5.72	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	1,866.00	796.80	556.80	604.80	247.20
People
People	Employees	—	—	—	—	—	44	44	45	36	35
	Revenue/emp, $m	—	—	—	—	0.00	0.00	0.15	0.06	0.07	0.00
Income, $m
Income, $m	Revenue	—	—	—	—	4	—	7	3	3	0
	Gross margin, %	—	—	—	0.00	100.00	0.00	38.48	19.72	37.38	19.93
	EBT	—	—	—	(7)	(6)	(13)	(15)	(25)	(30)	(8)
	EBT margin, %	—	—	—	0.00	(141.52)	0.00	(221.67)	(879.52)	(1,169.70)	(14,685.79)
	Net income	—	0	—	(7)	(6)	(13)	(15)	(25)	(30)	(8)
	Depreciation	—	—	—	0	1	1	1	1	1	1
Per share, $
Per share, $	Revenue	—	—	—	0.00	208.11	0.00	45.02	18.98	15.87	0.16
	Earnings	—	—	—	(0.21)	(293.79)	(165.57)	(100.78)	(167.97)	(184.76)	(63.77)
	Cash flow	—	—	—	(0.18)	(529.51)	(140.35)	(69.57)	(150.39)	(87.99)	(38.29)
	Capex	—	—	—	0.00	(9.48)	(0.60)	(68.82)	(41.43)	(1.62)	0.00
	Free cash flow	—	—	—	(0.18)	(538.98)	(140.96)	(138.39)	(191.83)	(89.60)	(38.29)
	Book value	—	—	—	0.25	(848.65)	654.64	250.69	89.92	(41.87)	7.91
	Shares, m	—	—	—	37	0	0	0	0	0	0
Valuation, ×
Valuation, ×	P/E	—	—	—	—	0.00	—	0.00	0.00	0.00	0.00
	P/S	—	—	—	—	0.00	—	10.45	15.17	6.74	37.55
	P/B	—	—	—	—	0.00	—	1.88	3.20	0.00	0.74
	EV/Sales	—	—	—	—	0.00	—	6.63	16.18	10.26	133.75
	EV/FCF	—	—	—	—	(2.90)	—	(2.16)	(1.60)	(1.82)	(0.53)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	(7)	(10)	(11)	(10)	(23)	(14)	(13)
	Capex	—	—	—	(1)	0	0	(10)	(6)	0	—
	Free cash flow	—	—	—	(7)	(11)	(11)	(21)	(29)	(14)	(13)
Balance, $m
Balance, $m	Working capital	—	—	—	7	11	38	31	(2)	(24)	(19)
	Total debt	—	—	—	—	1	—	6	6	14	7
	Net debt	—	—	—	(7)	(8)	(37)	(26)	3	9	5
	Shareholders’ equity	—	—	—	9	(17)	51	37	13	(7)	3
Returns, %
Returns, %	ROA	—	—	—	(154.63)	(55.56)	(37.33)	(29.71)	(66.37)	(102.21)	(81.45)
	ROIC	—	—	—	0.00	0.00	(57.70)	(80.03)	(99.40)	(819.04)	(107.94)
	ROE	—	—	—	58.97	53.60	(74.62)	(33.63)	(98.23)	(897.37)	1,113.43

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DCOY Decoy Therapeutics Inc	$2.9M	0.0×	— (loss-making)	−84.61% (below 0%: shrinking)	n/m	−212.47% (below 0%: shrinking)	100.00%	(1,055.98%)	Compare
MBIO Mustang Bio, Inc.	$2.9M	— (loss-making)	—	—	n/m	+27.78% (above 0%: growing)	0.00%	0.00%	Compare
BCAB BioAtla, Inc.	$2.9M	— (loss-making)	— (loss-making)	+4,233.33% (above 0%: growing)	n/m	+97.03% (above 0%: growing)	100.00%	3.49%	Compare
ONCO Onconetix, Inc.	$2.9M	0.0×	— (loss-making)	−83.94% (below 0%: shrinking)	n/m	−36.00% (below 0%: shrinking)	25.15%	(15,969.59%)	Compare
VIVS VivoSim Labs, Inc.	$2.8M	— (loss-making)	— (loss-making)	−51.35% (below 0%: shrinking)	n/m	+17.87% (above 0%: growing)	100.00%	(15,327.78%)	Compare
AFMDQ Affimed N.V.	$2.8M	— (loss-making)	— (loss-making)	−92.02% (below 0%: shrinking)	n/m	+46.95% (above 0%: growing)	100.00%	(9,216.90%)	Compare
HCWB HCW Biologics Inc.	$2.8M	— (loss-making)	— (loss-making)	+1,954.55% (above 0%: growing)	n/m	−20.84% (below 0%: shrinking)	(69.25%)	(2,335.03%)
SLXN Silexion Therapeutics Corp	$2.7M	— (loss-making)	—	—	n/m	−16.63% (below 0%: shrinking)	—	0.00%	Compare
GOVX GeoVax Labs Inc.	$2.6M	— (loss-making)	— (loss-making)	+183.44% (above 0%: growing)	n/m	+15.81% (above 0%: growing)	100.00%	0.00%	Compare
Median of peers	$2.9M	—	—	−67.64%	—	+16.84%	100.00%	(527.99%)

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HCW Biologics Inc. (HCWB) key facts

Concern: HCW Biologics Inc.’s revenue for fiscal 2025 (year ended December 2025) was $54,200.00, down 97.9% from fiscal 2024.
HCW Biologics Inc. (HCWB) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, HCWB traded at $1.24, a market capitalization of $2.8 million.
Return on equity was 1,113.4% and debt-to-equity 0.88.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −8.83 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.