HCW Biologics (HCWB)
Market Price (5/20/2026): $1.025 | Market Cap: $3.4 MilSector: Health Care | Industry: Biotechnology
HCW Biologics (HCWB)
Market Price (5/20/2026): $1.025Market Cap: $3.4 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -138%, 3Y Excs Rtn is -177% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20797% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -98%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -55%, Rev Chg QQuarterly Revenue Change % is -93% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1417% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -24694%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24694% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1133% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -233% High stock price volatilityVol 12M is 312% Key risksHCWB key risks include [1] a severe liquidity crisis creating "going concern" doubt, Show more. |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -138%, 3Y Excs Rtn is -177% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20797% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -98%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -55%, Rev Chg QQuarterly Revenue Change % is -93% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1417% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -24694%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24694% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1133% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -233% |
| High stock price volatilityVol 12M is 312% |
| Key risksHCWB key risks include [1] a severe liquidity crisis creating "going concern" doubt, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. HCW Biologics reported significantly better-than-expected financial results for the first quarter of 2026. The company posted net income attributable to common stockholders of $1.98 million, a notable improvement from a $2.20 million loss in the prior-year quarter. Basic and diluted earnings per share (EPS) were $0.37, sharply exceeding analyst estimates of a $0.44 loss per share. Revenue also saw a substantial increase, rising to $6.54 million from just $5,065 in Q1 2025.
2. The company secured a lucrative exclusive worldwide licensing agreement for HCW11-006. This agreement with Beijing Trimmune Biotech was the primary driver of the Q1 2026 revenue surge. The deal included a nonrefundable upfront license fee valued at $7 million, consisting of $3.5 million in cash and a transferable minority equity interest in Trimmune worth $3.5 million. HCW Biologics recognized $6.5 million of this license revenue in the first quarter of 2026.
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Stock Movement Drivers
Fundamental Drivers
The -4.5% change in HCWB stock from 1/31/2026 to 5/19/2026 was primarily driven by a -87.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.11 | 1.06 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -87.1% |
| P/S Multiple | 5.9 | 64.1 | 978.5% |
| Shares Outstanding (Mil) | 2 | 3 | -31.1% |
| Cumulative Contribution | -4.5% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| HCWB | -4.5% | |
| Market (SPY) | 6.3% | -8.5% |
| Sector (XLV) | -4.4% | -7.5% |
Fundamental Drivers
The -72.6% change in HCWB stock from 10/31/2025 to 5/19/2026 was primarily driven by a -93.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.87 | 1.06 | -72.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 0 | -93.5% |
| P/S Multiple | 8.3 | 64.1 | 675.0% |
| Shares Outstanding (Mil) | 2 | 3 | -45.7% |
| Cumulative Contribution | -72.6% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| HCWB | -72.6% | |
| Market (SPY) | 8.2% | -4.0% |
| Sector (XLV) | 3.0% | -6.4% |
Fundamental Drivers
The -86.8% change in HCWB stock from 4/30/2025 to 5/19/2026 was primarily driven by a -97.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.06 | 1.06 | -86.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 0 | -97.9% |
| P/S Multiple | 3.3 | 64.1 | 1830.5% |
| Shares Outstanding (Mil) | 1 | 3 | -67.8% |
| Cumulative Contribution | -86.8% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| HCWB | -86.8% | |
| Market (SPY) | 33.8% | -2.0% |
| Sector (XLV) | 6.7% | -10.8% |
Fundamental Drivers
The -98.1% change in HCWB stock from 4/30/2023 to 5/19/2026 was primarily driven by a -99.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.15 | 1.06 | -98.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 0 | -99.2% |
| P/S Multiple | 7.6 | 64.1 | 741.1% |
| Shares Outstanding (Mil) | 1 | 3 | -72.7% |
| Cumulative Contribution | -98.1% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| HCWB | -98.1% | |
| Market (SPY) | 83.3% | 7.0% |
| Sector (XLV) | 16.0% | 6.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HCWB Return | -63% | -17% | -36% | -64% | -95% | 38% | -99% |
| Peers Return | -36% | -49% | -4% | -0% | 35% | 100% | -15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| HCWB Win Rate | 17% | 42% | 50% | 33% | 33% | 60% | |
| Peers Win Rate | 32% | 42% | 47% | 48% | 43% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HCWB Max Drawdown | - | -42% | -60% | -83% | -99% | -81% | |
| Peers Max Drawdown | -63% | -72% | -60% | -57% | -58% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBRX, NKTR, XNCR, MGNX, ZYME.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | HCWB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.8% | -7.8% |
| % Gain to Breakeven | 16.0% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.4% | 7.1% |
| Time to Breakeven | 78 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.8% | -24.5% |
| % Gain to Breakeven | 24.7% | 32.4% |
| Time to Breakeven | 7 days | 427 days |
In The Past
HCW Biologics's stock fell -13.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 16.0% gain to breakeven.
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| Event | HCWB | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.4% | 7.1% |
| Time to Breakeven | 78 days | 31 days |
In The Past
HCW Biologics's stock fell -13.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 16.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HCW Biologics (HCWB)
AI Analysis | Feedback
1. It's like an early-stage Regeneron, but focused on novel immunotherapies for chronic inflammation, aging, and various cancers.
2. Think of it as a seed-stage Bristol Myers Squibb (BMS), developing innovative immunotherapies to combat cancer, autoimmune conditions, and chronic inflammation.
AI Analysis | Feedback
- HCW9218: An injectable immunotherapeutic targeting various cancers (pancreatic, ovarian, breast, prostate, colorectal) and pulmonary fibrosis.
- HCW9302: Developed for the treatment of auto-immune diseases like alopecia areata and metabolic diseases.
- HCW9201: A cell-based therapy currently in Phase II clinical trials for relapsed/refractory acute myeloid leukemia.
- HCW9206: A therapy under development for the treatment of acute myeloid leukemia.
AI Analysis | Feedback
HCW Biologics Inc. (HCWB) is a preclinical stage biopharmaceutical company focused on discovering and developing novel immunotherapies. Its lead products are currently in preclinical development or early-stage clinical trials (Phase II).
As a company in the research and development phase, HCW Biologics Inc. does not yet have commercialized products available for sale to individuals or other companies. Therefore, it does not currently have major customers in the traditional sense of purchasing its therapeutic products.
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Hing C. Wong, Ph.D., Founder and Chief Executive Officer
Dr. Hing C. Wong founded HCW Biologics in April 2018. With a 35-year career in the life sciences industry, he has held leadership positions ranging from early-stage startups to globally established companies. Previously, he founded and served as the CEO of Altor BioScience Corporation from 2002 to 2017, a company that was acquired by NantCell, Inc. Following the acquisition, he continued as CEO of NantCell until March 2018. Dr. Wong also founded and served as CEO of Sunol Molecular Corporation from 1996 to 2002. Before his entrepreneurial ventures, he held senior roles at Baxter Healthcare Inc. as Director, Biology Skills Center, and at Cetus Corporation as Director of Microbial Genetics.
Rebecca Byam, Chief Financial Officer
Rebecca Byam joined HCW Biologics as Chief Financial Officer in October 2019. Her prior experience includes serving as a Director at PricewaterhouseCoopers LLP from 2003 to 2019. She also held CFO positions at MaMaMedia Inc. from 1998 to 2002 and at Momentum Partners from 1995 to 1998. Earlier in her career, Ms. Byam was an Investment Professional at Apax Partners LLP from 1985 to 1995, where she specialized in biotechnology investments. She is a Certified Public Accountant.
Peter Rhode, Ph.D., Chief Scientific Officer & VP of Clinical Operations
Dr. Peter Rhode serves as the Chief Scientific Officer and Vice President of Clinical Operations at HCW Biologics.
Lee Flowers, Senior Vice President of Business Development
Lee Flowers is the Senior Vice President of Business Development for HCW Biologics.
Nicole Valdivieso, Vice President of Legal Affairs
Nicole Valdivieso holds the title of Vice President of Legal Affairs at HCW Biologics.
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Here are the key risks for HCW Biologics (HCWB):-
Financial Instability and Going Concern: HCW Biologics faces significant financial challenges, including high cash burn, minimal revenue, and substantial net losses. The company's management has explicitly disclosed "substantial doubt" about its ability to continue as a going concern without securing additional funding. Its primary revenue stream was significantly impacted by the suspension of a key licensing agreement. While the company recently regained compliance with Nasdaq listing requirements, it remains under a one-year mandatory panel monitor, indicating ongoing compliance risk related to equity rules.
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Clinical Trial Failure and Regulatory Risk: As a preclinical and clinical-stage biopharmaceutical company, HCW Biologics' future and valuation are heavily dependent on the successful progression and regulatory approval of its pipeline candidates, such as HCW9218 and HCW9302. Any delays, setbacks, or unfavorable data from clinical trials could severely impact the company's stock price and its ability to secure future financing.
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Reliance on External Capital and Shareholder Dilution: Due to its significant operating losses and minimal revenue, HCW Biologics is heavily reliant on equity financing to fund its research and development and advance its clinical programs. This ongoing need for external capital carries the risk of substantial dilution for existing shareholders.
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HCW Biologics Inc. (symbol: HCWB) develops novel immunotherapies for various diseases. The addressable market sizes for their main products or services are outlined below:
HCW9218 (Pancreatic, Ovarian, Breast, Prostate, and Colorectal Cancers, and Pulmonary Fibrosis)
- Pancreatic Cancer: The global pancreatic cancer treatment market size was estimated at approximately USD 2.92 billion in 2024 and is projected to reach USD 5.84 billion by 2030. Another estimate places the global market at USD 3.25 billion in 2025, expected to grow to USD 10.25 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 13.62%. North America held the largest share of the pancreatic cancer treatment market in 2024, at 39.27%. The U.S. market alone is projected to reach USD 5.25 billion by 2032.
- Ovarian Cancer: The global ovarian cancer drugs market size was estimated at USD 3.84 billion in 2024 and is expected to reach approximately USD 7.34 billion by 2034, growing at a CAGR of 6.7%. Another report indicates the global ovarian cancer market was valued at USD 2 billion in 2021 and is projected to reach USD 11.18 billion by 2030, with an expected CAGR of 24%. The market size across the 7 Major Markets (7MM – United States, EU4, UK, and Japan) is expected to grow from USD 3,012 million in 2025 to USD 5,703 million in 2034. North America dominated the market, holding a 44.0% revenue share in 2024.
- Breast Cancer: The global breast cancer market size was estimated at USD 26.23 billion in 2025 and is predicted to increase to approximately USD 40.11 billion by 2035, with a CAGR of 4.34% from 2026 to 2035. Another source noted the global breast cancer market size as USD 33.52 billion in 2024, projected to grow to USD 64.49 billion by 2031, at a CAGR of 9.80%. North America dominated the global market with the largest market share of 42% in 2025.
- Prostate Cancer: The global prostate cancer market size is calculated at USD 12.88 billion in 2025 and is predicted to increase to approximately USD 28.83 billion by 2035, expanding at a CAGR of 8.50% from 2026 to 2035. Another estimate shows the global prostate cancer therapeutics market size was USD 25.12 billion in 2025 and is projected to grow to USD 106.86 billion by 2034, exhibiting a CAGR of 15.24%. The total prostate cancer treatment market size in the 7MM was nearly USD 12,300 million in 2023. North America dominated the global market with a market share of 51.37% in 2025.
- Colorectal Cancer: The global colorectal cancer therapeutics market size was estimated at USD 12.79 billion in 2024 and is expected to reach approximately USD 19.95 billion by 2034, at a CAGR of 4.55% from 2025 to 2034. Another report estimates the global colorectal cancer market to be valued at USD 13.74 billion in 2025 and expected to reach USD 19.08 billion by 2032, exhibiting a CAGR of 4.8%. In 2023, the total colorectal cancer market size in the 7MM was approximately USD 13,000 million. North America contributed the highest market share of 38% in 2024.
- Pulmonary Fibrosis: The global idiopathic pulmonary fibrosis treatment market size was estimated at USD 3.68 billion in 2024 and is projected to reach USD 5.46 billion by 2030, growing at a CAGR of 6.8%. Another source states the global idiopathic pulmonary fibrosis market size was valued at USD 4.54 billion in 2024 and is projected to reach USD 8.6 billion by 2033, growing at a CAGR of 7.35% from 2025 to 2033. The global progressive pulmonary fibrosis (PPF) treatment market size is anticipated to grow from USD 0.6 billion in 2024 to USD 2.45 billion by 2034, achieving a CAGR of 15.21%. North America is dominant in the progressive pulmonary fibrosis (PPF) treatment market, with a 44% share in 2024.
HCW9302 (Auto-immune diseases, such as alopecia areata, and metabolic diseases)
- Alopecia Areata: The global alopecia areata market size is calculated at USD 3.32 billion in 2024 and is expected to be worth USD 6.92 billion by 2034, expanding at a CAGR of 7.6%. Another report indicates the market size is expected to grow from USD 3.58 billion in 2024 to USD 5.24 billion in 2029, at a CAGR of 8.2%. In 2023, the alopecia market in the 7MM was valued at approximately USD 379 million. North America leads the global alopecia market, accounting for the largest regional share of 38.73% in 2024.
- Metabolic Diseases: The global metabolic disorder therapeutics market size was estimated at USD 77,240.5 million in 2024 and is projected to reach USD 120,714.7 million by 2030, growing at a CAGR of 7.8%. Another source reported the global metabolic disorder therapeutics market size was USD 74.97 billion in 2024 and is expected to reach USD 157.65 billion by 2033, growing at a CAGR of 8.6%. For the broader cardiometabolic diseases market, the global size was estimated at USD 235.99 billion in 2025 and is predicted to increase to approximately USD 1,987.69 billion by 2035, expanding at a CAGR of 23.75%. North America dominated the global metabolic disorder therapeutics market with a revenue share of 39.9% in 2024.
HCW9201 and HCW9206 (Acute Myeloid Leukemia - AML and Relapsed/Refractory Acute Myeloid Leukemia)
- Acute Myeloid Leukemia (AML) and Relapsed/Refractory Acute Myeloid Leukemia (R/R AML): The global acute myeloid leukemia treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030, growing at a CAGR of 10.6%. Another report shows the market size at USD 4.28 billion in 2026, projected to reach USD 10.64 billion by 2035, with a CAGR of 10.64%. For relapsed or refractory disease, physicians generally turn to experimental therapies first. The Acute Myeloid Leukemia (AML) market is estimated to be valued at USD 1.74 billion in 2025 and is expected to reach USD 2.92 billion by 2032, growing at a CAGR of 7.7% from 2025 to 2032. North America dominated the global market with a share of 37.6% in 2024. The U.S. acute myeloid leukemia treatment market dominated North America with a share of 90.9% in 2024.
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Expected Drivers of Future Revenue Growth for HCW Biologics (HCWB)
Over the next 2-3 years, HCW Biologics (HCWB) is expected to drive future revenue growth through the advancement of its proprietary immunotherapy pipeline and strategic commercial partnerships.- Licensing and Milestone Payments from HCW11-006 with Trimmune Biotech: HCW Biologics has entered an exclusive worldwide licensing agreement with Beijing Trimmune Biotech Co., Ltd. for its preclinical molecule HCW11-006. This deal includes an upfront payment valued at $7.0 million (comprising cash and equity), along with eligibility for significant development milestone payments and double-digit royalties on future product sales. Trimmune Biotech plans to initiate a Phase 1 clinical trial for HCW11-006 in solid tumors in China during the first half of 2027.
- Progression and Partnerships for HCW9302 in Autoimmune Diseases: The company initiated a Phase 1 clinical study in the fourth quarter of 2025 to evaluate HCW9302 in patients with an autoimmune disease, specifically alopecia areata. Successful completion of this Phase 1 trial, with a biomarker readout expected in Q2 2026, is anticipated to lead to rapid expansion into Phase 2 studies for alopecia areata and potentially other autoimmune and inflammatory conditions such as vitiligo and atopic dermatitis. Positive clinical data from these trials are crucial for securing future licensing or commercialization partnerships for HCW9302, including an option for Trimmune Biotech to license Greater China rights.
- Advancement of HCW9218 in Pancreatic and Ovarian Cancers: HCW9218, an immunotherapeutic for various cancers, is currently in a Phase 1b clinical trial for advanced pancreatic cancer. Additionally, an investigator-sponsored Phase 2 clinical trial evaluating HCW9218 in combination with neoadjuvant chemotherapy for metastatic advanced stage ovarian cancer was expected to commence enrollment in the first half of 2024. Positive outcomes from these clinical trials could serve as a foundation for future licensing agreements or collaborations, providing a significant revenue stream for the company.
- Commercialization and Licensing of HCW9206 as a CAR-T Manufacturing Reagent: Recent preclinical research in March 2026 demonstrated that HCW9206 enhances CAR-T cell functionality, leading to improved anti-tumor and antiviral activity. Described as a "commercialization-ready compound" for generating highly functional CAR-T cells, HCW Biologics is actively engaged in discussions with biopharmaceutical manufacturers. Licensing HCW9206 for use in CAR-T cell manufacturing processes could generate revenue through upfront fees, milestones, and royalties.
- Expansion of Novel Immunotherapy Pipeline and New Partnerships: HCW Biologics is actively pursuing new business development opportunities and is in search of commercial partners for the clinical development of its T-cell engager (TCE) compounds and other novel protein and antibody therapies. The progression of these next-generation immunotherapies into clinical development and the establishment of new licensing agreements or collaborations represent ongoing drivers for future revenue growth.
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Share Issuance
- HCW Biologics raised $56.0 million in gross proceeds through its Initial Public Offering (IPO) on July 20, 2021, by issuing 7,000,000 shares of common stock at $8.00 per share.
- In February 2026, the company announced a follow-on offering of 2,477,292 units priced at $0.6055 per unit, expecting gross proceeds of approximately $1.5 million. Each unit included one share of common stock (or pre-funded warrant) and one warrant.
- HCW Biologics entered into a $4.0 million warrant inducement in November 2025.
Inbound Investments
- The company secured $56.0 million in gross proceeds from its Initial Public Offering (IPO) in July 2021.
- In April 2023, HCW Biologics obtained a $26.25 million non-dilutive asset-backed development loan to finance the construction of its new headquarters and manufacturing facility.
- In February 2026, HCW Biologics received a $3.5 million upfront cash license fee and a minority co-founder equity position in the newly formed joint venture, Trimmune Biotech, valued at approximately $3.5 million, as part of an exclusive worldwide license agreement with WY Biotech Co., Ltd.
Capital Expenditures
- A $26.25 million development loan was secured in April 2023, specifically for the buildout of the company's new headquarters and manufacturing facility.
- In Q3 2025, HCW Biologics reported $0 in capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| HCW Biologics Earnings Notes | 12/16/2025 | |
| Would You Still Hold HCW Biologics Stock If It Fell Another 30%? | 10/17/2025 | |
| Day 8 of Loss Streak for HCW Biologics Stock with -42% Return (vs. -81% YTD) [9/11/2025] | 09/12/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.09 |
| Mkt Cap | 1.2 |
| Rev LTM | 89 |
| Op Inc LTM | -119 |
| FCF LTM | -133 |
| FCF 3Y Avg | -122 |
| CFO LTM | -131 |
| CFO 3Y Avg | -117 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -18.2% |
| Rev Chg 3Y Avg | 1.5% |
| Rev Chg Q | -41.2% |
| QoQ Delta Rev Chg LTM | -10.9% |
| Op Inc Chg LTM | 13.7% |
| Op Inc Chg 3Y Avg | -5.7% |
| Op Mgn LTM | -201.7% |
| Op Mgn 3Y Avg | -180.3% |
| QoQ Delta Op Mgn LTM | -22.4% |
| CFO/Rev LTM | -200.2% |
| CFO/Rev 3Y Avg | -192.9% |
| FCF/Rev LTM | -203.1% |
| FCF/Rev 3Y Avg | -196.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.2 |
| P/S | 26.2 |
| P/Op Inc | -9.0 |
| P/EBIT | -8.1 |
| P/E | -6.9 |
| P/CFO | -6.2 |
| Total Yield | -16.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -32.2% |
| D/E | 0.1 |
| Net D/E | -0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.7% |
| 3M Rtn | 17.3% |
| 6M Rtn | 10.2% |
| 12M Rtn | 141.8% |
| 3Y Rtn | 64.2% |
| 1M Excs Rtn | -12.3% |
| 3M Excs Rtn | -7.4% |
| 6M Excs Rtn | 16.3% |
| 12M Excs Rtn | 117.4% |
| 3Y Excs Rtn | -20.2% |
Price Behavior
| Market Price | $1.06 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/20/2021 | |
| Distance from 52W High | -88.5% | |
| 50 Days | 200 Days | |
| DMA Price | $0.49 | $2.14 |
| DMA Trend | down | down |
| Distance from DMA | 118.5% | -50.5% |
| 3M | 1YR | |
| Volatility | 566.0% | 313.7% |
| Downside Capture | -287.71 | 126.55 |
| Upside Capture | 6.41 | -157.10 |
| Correlation (SPY) | -12.9% | -2.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.61 | 2.07 | 2.32 | 2.23 | 1.57 | 10.36 |
| Up Beta | 3.06 | 4.16 | 5.45 | 4.84 | 1.95 | 20.48 |
| Down Beta | 18.34 | -6.41 | -3.06 | 0.23 | 2.22 | 3.14 |
| Up Capture | 176% | 165% | -34% | -78% | -40% | 31% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 18 | 24 | 42 | 86 | 285 |
| Down Capture | 257% | 303% | 318% | 260% | 192% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 25 | 40 | 80 | 158 | 424 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HCWB | |
|---|---|---|---|---|
| HCWB | -88.3% | 313.7% | 0.12 | - |
| Sector ETF (XLV) | 12.7% | 14.7% | 0.60 | -7.3% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | -2.5% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | -6.8% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | 2.1% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | -7.5% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | -1.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HCWB | |
|---|---|---|---|---|
| HCWB | -66.1% | 1,686.7% | 0.46 | - |
| Sector ETF (XLV) | 5.6% | 14.6% | 0.20 | 4.6% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 5.3% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 4.8% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 4.1% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 3.2% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 4.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HCWB | |
|---|---|---|---|---|
| HCWB | -41.8% | 1,686.7% | 0.46 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 4.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 5.3% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 4.8% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 4.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 3.2% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 4.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/31/2026 | -16.7% | -8.8% | 30.9% |
| 11/14/2025 | 2.0% | -27.7% | -42.2% |
| 8/14/2025 | -5.8% | -23.7% | 12.9% |
| 3/28/2025 | -6.0% | -98.1% | -37.3% |
| 11/14/2024 | -4.7% | 129.6% | 15.2% |
| 8/14/2024 | -13.6% | -26.0% | 5.2% |
| 4/1/2024 | 0.6% | -3.0% | -15.2% |
| 11/14/2023 | -17.7% | -23.4% | -12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 6 |
| # Negative | 8 | 11 | 9 |
| Median Positive | 2.0% | 10.3% | 14.0% |
| Median Negative | -6.3% | -13.5% | -13.4% |
| Max Positive | 9.8% | 129.6% | 30.9% |
| Max Negative | -17.7% | -98.1% | -42.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/18/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wong, Hing C | Chief Executive Officer | Direct | Buy | 5202025 | 7.45 | 8,054 | 60,002 | 3,739,237 | Form |
| 2 | Winer, Gary M | Direct | Buy | 5202025 | 7.45 | 1,342 | 9,998 | 30,359 | Form | |
| 3 | Garrett, Scott T | Direct | Buy | 5202025 | 7.45 | 13,423 | 100,001 | 190,012 | Form | |
| 4 | Winer, Gary M | Direct | Buy | 5092025 | 26.00 | 2,308 | 60,008 | 71,058 | Form | |
| 5 | Wong, Hing C | Chief Executive Officer | Direct | Buy | 5092025 | 26.00 | 92,500 | 2,405,000 | 12,840,282 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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