HCW Biologics Inc.
HCWB Healthcare Biotechnology
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.
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HCW Biologics Inc. (HCWB) Altman Z-score
HCW Biologics Inc.'s Altman Z-score for fiscal 2025 is −8.83, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −8.83 | (0.37) |
| FY2024 | −8.46 | (3.77) |
| FY2023 | −4.68 | (7.59) |
| FY2022 | 2.91 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.77) | — | −0.92 | |
| Retained earnings / total assets | (4.43) | — | −6.20 | |
| EBIT / total assets | (0.54) | — | −1.77 | |
| Market value of equity / total liabilities | 0.09 | — | 0.06 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −8.83 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DCOY Decoy Therapeutics Inc compare | 4.3× |
| HCWB HCW Biologics Inc. | −8.8× |
| ONCO Onconetix, Inc. compare | −9.8× |
| AFMDQ Affimed N.V. compare | −10.4× |
| GOVX GeoVax Labs Inc. compare | −42.5× |
| BCAB BioAtla, Inc. compare | −70.1× |
| VIVS VivoSim Labs, Inc. compare | −71.7× |
| SLXN Silexion Therapeutics Corp compare | — |
| MBIO Mustang Bio, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets