HCWB Nasdaq Pharmaceutical Preparations Financials FY2020βFY2025
HCW Biologics Inc. had $0.1M of revenue in fiscal 2025, down 97.9% on the year before. Over five years, revenue changed β57.9% a year on average.
Last close Β· Oct 26, 2026
$1.10
β$22.42 (β95.32%) past year
Hi! I read HCW Biologics Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β97.9%
No. Sales fell 97.9% last year.
Does it make a profit?
β14,685.8%
No. It lost money last year.
Does profit turn into cash?
β24,707.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
How is the share priced?
0.0x
One share costs 0.0 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
HCW Biologics Inc. had $0.1M of revenue in fiscal 2025, down 97.9% on the year before.
Over five years, revenue changed β57.9% a year on average.
Its operating margin was β24,285.1%, down 23,137.5Β pts: of every 100 in sales, about β24,285 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
HCW Biologics Inc. lost $8.0M in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was β$13.4M in fiscal 2025, β24,707.7% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders bought $0.5M of shares on the open market and sold none.
Bought, 12 months
$0.5M
4 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | Hing C WongChief Executive Officer, Director, 10% owner | Bought | 23,210 | $2.59 | $0.1M | Form 4 |
| Jul 29, 2026 | Lee FlowersSVP of Business Development | Bought | 7,736 | $2.59 | $0.0M | Form 4 |
| Jul 29, 2026 | Scott T GarrettDirector | Bought | 7,736 | $2.59 | $0.0M | Form 4 |
| May 22, 2026 | Hing C WongChief Executive Officer, Director, 10% owner | Bought | 113,879 | $1.41 | $0.2M | Form 4 |
| May 22, 2026 | Rebecca ByamChief Financial Officer | Bought | 14,235 | $1.41 | $0.0M | Form 4 |
| May 22, 2026 | Scott T GarrettDirector | Bought | 177,936 | $1.41 | $0.3M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably HCW Biologics Inc. can carry it.
KIRA summarises the numbers
HCW Biologics Inc. owes $4.9M more than it holds in cash.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $36.7M | $32.1M | $3.6M | $4.7M | $2.0M |
| Debt incl. finance leases | $0.0M | $6.4M | $6.3M | $13.7M | $6.8M |
| Debt / equity | 0.0x | 0.2x | 0.5x | β | 2.5x |
| Interest coverage | β | β119.0x | β90.9x | β45.0x | β15.6x |
| Current ratio | 17.4x | 11.5x | 0.7x | 0.2x | 0.1x |
| Quick ratio | 17.4x | 11.5x | 0.7x | 0.2x | 0.1x |
| Total assets | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Total liabilities | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M |
| Shareholders' equity | $51.2M | $37.4M | $13.5M | β$6.8M | $2.8M |
| Net debt (β = net cash) | β$36.7M | β$25.7M | $2.7M | $9.0M | $4.9M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
Its return on capital was β136.4%: every 100 invested in the business earned about β136 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
HCW Biologics Inc. passes 2 of 9 financial health tests (Piotroski F-score).
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 2 / 8 | 1 / 9 | 3 / 9 | 2 / 9 |
| Accruals ratio | 30.1% | β5.5% | β9.0% | β6.6% | β53.8% | 19.8% |
| Altman Z'' | β1.88 | 24.29 | 3.21 | β13.73 | β22.77 | β22.93 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $4.1M | $0.0M | $6.7M | $2.8M | $2.6M | $0.1M |
| Gross profit | β | $0.0M | $2.6M | $0.6M | $1.0M | $0.0M |
| Research and development | $7.3M | $8.2M | $9.3M | $7.7M | $6.4M | $5.4M |
| Operating income | β$5.8M | β$13.4M | β$15.1M | β$25.7M | β$29.5M | β$13.2M |
| Interest expense | β | $0.0M | $0.1M | $0.3M | $0.7M | $0.8M |
| Pretax income | β$5.8M | β$12.9M | β$14.9M | β$25.0M | β$30.0M | β$8.0M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$5.8M | β$12.9M | β$14.9M | β$25.0M | β$30.0M | β$8.0M |
| Net income to common | β$7.1M | β$12.9M | β | β | β$30.0M | β$22.3M |
| Diluted EPS | β$1.49 | β$0.69 | β$0.42 | β$0.70 | β$30.96 | β$10.63 |
| Diluted shares | 0.00B | 0.02B | 0.04B | 0.04B | 0.00B | 0.00B |
| Cash flow | ||||||
| Cash from operations | β$10.4M | β$11.0M | β$10.4M | β$22.5M | β$14.2M | β$13.4M |
| Capital expenditure | $0.2M | $0.0M | $10.3M | $6.2M | $0.3M | $0.0M |
| Free cash flow | β$10.6M | β$11.0M | β$20.7M | β$28.7M | β$14.5M | β$13.4M |
| Depreciation and amortization | $0.6M | $0.5M | $0.7M | $1.1M | $1.2M | $1.0M |
| Stock-based compensation | $0.0M | $0.4M | $1.1M | $1.0M | $1.0M | $0.8M |
| Balance sheet | ||||||
| Cash and short-term investments | $8.5M | $36.7M | $32.1M | $3.6M | $4.7M | $2.0M |
| Total debt | β | $0.0M | $6.4M | $6.3M | $13.7M | $6.8M |
| Current assets | $12.1M | $40.5M | $34.1M | $6.4M | $5.7M | $2.3M |
| Current liabilities | $1.0M | $2.3M | $3.0M | $8.7M | $29.6M | $21.1M |
| Property and equipment, net | $1.6M | $1.1M | $10.8M | $20.5M | $22.9M | $20.9M |
| Total assets | $15.4M | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Total liabilities | $32.1M | $2.3M | $9.4M | $15.1M | $37.0M | $21.8M |
| Shareholders' equity | β$16.7M | $51.2M | $37.4M | $13.5M | β$6.8M | $2.8M |
| Margins | ||||||
| Gross margin | β | β | 38.5% | 19.7% | 37.4% | 19.9% |
| Operating margin | β142.1% | β | β224.3% | β905.0% | β1,147.6% | β24,285.1% |
| EBITDA margin | β128.1% | β | β213.6% | β865.0% | β1,101.5% | β22,362.9% |
| Net margin | β141.5% | β | β221.7% | β879.5% | β1,169.7% | β14,685.8% |
| FCF margin | β259.0% | β | β307.4% | β1,010.5% | β564.5% | β24,707.7% |
| Returns | ||||||
| Return on capital | β | β72.9% | β101.2% | β125.6% | β1,035.3% | β136.4% |
| Return on capital employed | β40.5% | β26.1% | β34.4% | β130.1% | β4,847.2% | β380.7% |
| Return on equity | β | β74.6% | β33.6% | β98.2% | β897.4% | β |
| Return on assets | β37.7% | β37.3% | β29.7% | β66.4% | β102.2% | β29.1% |
| Return on tangible equity | β | β25.1% | β39.8% | β185.7% | β | β806.5% |
| Growth | ||||||
| Revenue growth | β | β100.0% | β | β57.7% | β9.7% | β97.9% |
| Share count change | β | 296.1% | 90.8% | 0.3% | β97.3% | 116.3% |
| Financial health | ||||||
| Debt / equity | β | 0.0x | 0.2x | 0.5x | β | 2.5x |
| Interest coverage | β | β | β119.0x | β90.9x | β45.0x | β15.6x |
| Current ratio | 12.1x | 17.4x | 11.5x | 0.7x | 0.2x | 0.1x |
| Quick ratio | 12.1x | 17.4x | 11.5x | 0.7x | 0.2x | 0.1x |
| Capital allocation | ||||||
| Capex / revenue | 4.6% | β | 152.9% | 218.3% | 10.2% | 0.0% |
| Stock comp / revenue | 0.5% | β | 16.7% | 35.3% | 39.3% | 1,418.1% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 2.0 | 1.0 | 3.0 | 2.0 |
| Altman Z'' | β1.9 | 24.3 | 3.2 | β13.7 | β22.8 | β22.9 |
| Accruals ratio | 30.1% | β5.5% | β9.0% | β6.6% | β53.8% | 19.8% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001828673). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
