HCW Biologics Inc.
HCWBHealthcare|Biotechnology|US
$1.02
-0.02 (-1.92%)
Tangible Book / Share
$21.25
Cash / Share
$2.12
Financials
Financial Snapshot
Market Cap
$354.6K
Enterprise Value
$6.2M
Revenue (TTM)
$6.7M
Net Income (TTM)
-$4.9M
Cash & Investments
$741.3K
Net Cash
-$5.8M
Free Cash Flow (TTM)
-$12.1M
Operating CF (TTM)
-$12.1M
Debt/Equity
0.88
Cash Runway & Burn Rate
Cash on Hand
$741.3K
Quarterly Burn
$3.0M
Monthly Burn
$1.0M
Est. Runway
~0.2 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.4M | $8.5M | $36.7M | $32.1M | $3.6M | $4.7M | $2.0M | $741.3K | |
| Operating Cash Flow | -$6.8M | -$10.4M | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M | -$12.1M | |
| Free Cash Flow | -$8.2M | -$10.6M | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M | -$12.1M | |
| Capital Expenditure | -$1.5M | -$186.7K | -$47.3K | -$10.3M | -$6.2M | -$261.6K | -$3.00 | -$2.00 | |
| Financing Cash Flow | $13.4M | $11.7M | $49.3M | $6.3M | -$14.5K | $15.6M | $10.7M | $10.4M |
R&D Spending
R&D (TTM)
$5.2M
R&D Intensity
77.3%
R&D Growth vs Prior
-4.5%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $4.1M | $0.00 | $6.7M | $2.8M | $2.6M | $54.2K | $6.7M | |
| R&D Expense | $5.1M | $7.3M | $8.2M | $9.3M | $7.7M | $6.4M | $5.4M | $5.2M | |
| R&D % of Revenue | — | 177.0% | — | 138.9% | 270.1% | 248.9% | 10036.3% | 77.3% | |
| SG&A | $1.8M | $2.4M | $5.3M | $8.0M | $13.1M | $21.9M | $7.7M | $7.1M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $4.1M | $0.00 | $6.7M | $2.8M | $2.6M | $54.2K | $6.7M | |
| Cost of Revenue | $421.8K | $0.00 | $0.00 | $4.1M | $2.3M | $1.6M | $43.4K | $274.6K | |
| Gross Profit | -$421.8K | $4.1M | $0.00 | $2.6M | $560.4K | $959.4K | $10.8K | $6.4M | |
| R&D | $5.1M | $7.3M | $8.2M | $9.3M | $7.7M | $6.4M | $5.4M | $5.2M | |
| SG&A | $1.8M | $2.4M | $5.3M | $8.0M | $13.1M | $21.9M | $7.7M | $7.1M | |
| Operating Income | -$7.4M | -$5.8M | -$13.4M | -$15.1M | -$25.7M | -$29.5M | -$11.3M | -$6.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $126.7K | $283.0K | $1.2M | $1.3M | $360.4K | |
| Pretax Income | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M | -$5.2M | |
| Net Income | -$7.3M | -$5.8M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$8.0M | -$4.9M | |
| EPS (Diluted) | -1.26 | -0.96 | -2.16 | -2.52 | -4.20 | -4.62 | -63.78 | -54.17 | |
| EBITDA | -$6.9M | -$5.3M | -$12.3M | -$14.1M | -$23.6M | -$27.7M | -$5.7M | -$4.3M | |
| Shares Out. (M) | 6.12 | 6.12 | 5.96 | 5.97 | 5.99 | 6.47 | 0.35 | 0.35 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.4M | $8.5M | $11.7M | $22.3M | $3.6M | $4.7M | $2.0M | $741.3K | |
| Short-Term Investments | $0.00 | $0.00 | $25.0M | $9.7M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $8.0M | $12.1M | $40.5M | $34.1M | $6.4M | $5.7M | $2.3M | $1.1M | |
| Total Assets | $10.1M | $15.4M | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M | $26.8M | |
| Total Current Liabilities | $1.1M | $1.0M | $2.3M | $3.0M | $8.7M | $29.6M | $21.1M | $18.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $6.4M | $6.3M | $7.4M | $0.00 | $0.00 | |
| Total Liabilities | $1.1M | $1.0M | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M | $19.3M | |
| Stockholders' Equity | $9.0M | $14.4M | $51.2M | $37.4M | $13.5M | -$6.8M | $2.8M | $7.4M | |
| Retained Earnings | -$9.7M | -$16.7M | -$30.6M | -$45.5M | -$70.5M | -$100.6M | -$108.5M | -$110.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.8M | -$10.4M | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M | -$12.1M | |
| Capital Expenditure | -$1.5M | -$186.7K | -$47.3K | -$10.3M | -$6.2M | -$261.6K | -$3.00 | -$2.00 | |
| Free Cash Flow | -$8.2M | -$10.6M | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M | -$12.1M | |
| Investing Cash Flow | -$1.5M | -$186.7K | -$35.0M | $14.7M | $3.8M | -$261.6K | $0.00 | $0.00 | |
| Financing Cash Flow | $13.4M | $11.7M | $49.3M | $6.3M | -$14.5K | $15.6M | $10.7M | $10.4M | |
| Issuance of Stock | $60.3K | $9.9K | $56.0M | $15.8K | $23.7K | $6.5M | $11.9M | $11.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $563.6K | $0.00 | $6.4M | -$38.3K | $6.8M | $22.4K | -$356.4K | |
| Stock Based Comp. | $1.8K | $21.9K | $361.0K | $1.1M | $1.0M | $1.0M | $768.6K | $20.4K | |
| Net Change in Cash | $5.2M | $1.1M | $3.3M | $10.6M | -$18.7M | $1.1M | -$2.7M | -$1.7M |
Dilution Tracker
Shares Outstanding
0M
5-Year Share Growth
-94.3%
Stock Issuance (TTM)
$11.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.12 | 6.12 | 5.96 | 5.97 | 5.99 | 6.47 | 0.35 | 0.35 | |
| Change vs Prior % | — | 0.0% | -2.5% | 0.2% | 0.3% | 8.0% | -94.6% | 0.0% | |
| Stock Issuance | $60.3K | $9.9K | $56.0M | $15.8K | $23.7K | $6.5M | $11.9M | $11.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.8K | $21.9K | $361.0K | $1.1M | $1.0M | $1.0M | $768.6K | $20.4K |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 100.0% | — | 38.5% | 19.7% | 37.4% | 20.0% | 95.9% | |
| Operating Margin % | — | -142.1% | — | -224.3% | -905.0% | -1148.5% | -20757.6% | -91.6% | |
| Net Margin % | — | -141.0% | — | -221.7% | -879.5% | -1169.7% | -14677.1% | -73.2% | |
| EBITDA Margin % | — | -128.1% | — | -209.1% | -829.6% | -1078.4% | -10450.8% | -63.6% | |
| FCF Margin % | — | -259.0% | — | -307.4% | -1010.5% | -564.5% | -24693.2% | -180.6% | |
| ROE % | -81.0% | -40.1% | -25.1% | -39.8% | -185.7% | 443.5% | -287.9% | -142.2% | |
| ROA % | -72.5% | -37.5% | -24.0% | -31.8% | -87.7% | -99.3% | -32.5% | -18.4% | |
| ROIC % | -81.8% | -38.9% | -26.1% | -34.4% | -130.1% | -425.9% | -109.7% | -39.3% | |
| R&D / Revenue % | — | 177.0% | — | 138.9% | 270.1% | 248.9% | 10036.3% | 77.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | -100.0% | 0.0% | -57.7% | -9.7% | -97.9% | |
| Gross Profit | 0.0% | 1071.9% | -100.0% | 0.0% | -78.3% | 71.2% | -98.9% | |
| Operating Income | 0.0% | 20.9% | -129.5% | -12.8% | -70.6% | -14.6% | 61.8% | |
| Net Income | 0.0% | 20.7% | -122.5% | -15.8% | -67.7% | -20.1% | 73.5% | |
| EPS (Diluted) | 0.0% | 23.8% | -125.0% | -16.7% | -66.7% | -10.0% | -1280.5% | |
| Operating Cash Flow | 0.0% | -54.2% | -5.2% | 5.4% | -116.8% | 36.8% | 5.9% | |
| Free Cash Flow | 0.0% | -29.1% | -3.8% | -87.4% | -39.0% | 49.5% | 7.6% | |
| R&D Expense | 0.0% | 41.1% | 12.7% | 14.2% | -17.8% | -16.8% | -14.8% | |
| SG&A Expense | 0.0% | 35.1% | 117.7% | 50.7% | 63.8% | 67.7% | -64.9% | |
| Total Assets | 0.0% | 53.0% | 247.5% | -12.5% | -39.1% | 6.0% | -18.9% | |
| Book Value / Share | 0.0% | 60.0% | 264.9% | -27.0% | -64.1% | -146.6% | 855.2% | |
| Debt | 0.0% | 0.0% | -100.0% | 0.0% | -1.6% | 117.2% | -50.3% | |
| Diluted Shares | 0.0% | 0.0% | -2.5% | 0.2% | 0.3% | 8.0% | -94.6% |
Valuation
P/E (TTM)At Loss
P/S0.05
10Y Low / Med / High37.52 / 408.15 / 2255.88
P/B0.05
10Y Low / Med / High0.74 / 131.32 / 1027.63
EV/EBITDAAt Loss
EV/Revenue0.92
10Y Low / Med / High127.07 / 405.78 / 2253.95
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$21.25
Cash / Share
$2.12
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1200.00 | -1575.00 | -257.78 | -182.36 | -70.29 | -23.17 | -0.09 | -0.02 | |
| P/S Ratio | 0.00 | 2255.88 | 0.00 | 408.15 | 622.05 | 269.62 | 37.52 | 0.05 | |
| P/B Ratio | 1027.63 | 642.39 | 64.84 | 73.30 | 131.32 | -102.22 | 0.74 | 0.05 | |
| EV/EBITDA | -1344.93 | -1759.57 | -268.50 | -194.06 | -75.09 | -25.33 | -1.22 | -1.45 | |
| EV/Revenue | 0.00 | 2253.95 | 0.00 | 405.78 | 623.00 | 273.14 | 127.07 | 0.92 |
Analyst Estimates & Quality
Altman Z-Score
-6.89
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $6.7M | $33.7M | $45.7M |
| Net Income | -$1.7M | -$367.1K | -$255.2K |
| EPS | $-4.72 | $-1.05 | $-0.73 |
| # Analysts (EPS) | 1 | 1 | 1 |