Saturday 17 October 2026
Export HCWB’s income statement to Excel — free account
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.
1.24
0.01
+0.81%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | 554.40 | 422.40 | 218.40 | 66.24 | 5.72 |
Analyst estimates 2026–2028 Powerpack |
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| 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.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
HCW Biologics Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| 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%) |
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.