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) Beneish M-score
HCW Biologics Inc.'s Beneish M-score for fiscal 2025 is −9.28; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −9.28 | (3.02) |
| FY2024 | −6.27 | (9.94) |
| FY2023 | 3.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.62 | — | 2.41 | |
| Gross margin index | 1.88 | — | 0.99 | |
| Asset quality index | 1.03 | — | 0.41 | |
| Sales growth index | 0.02 | — | 0.02 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 53.51 | — | −9.20 | |
| Total accruals to total assets | 0.22 | — | 1.04 | |
| Leverage index | 0.70 | — | −0.23 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −9.28 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HCWB HCW Biologics Inc. | −9.3× |
| AFMDQ Affimed N.V. compare | 15.1× |
| VIVS VivoSim Labs, Inc. compare | 29.5× |
| ONCO Onconetix, Inc. compare | 33.3× |
| SLXN Silexion Therapeutics Corp compare | — |
| BCAB BioAtla, Inc. compare | — |
| GOVX GeoVax Labs Inc. compare | — |
| DCOY Decoy Therapeutics Inc compare | — |
| MBIO Mustang Bio, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI