HCW Biologics (HCWB) Financial Statements & Analysis

HCW Biologics (HCWB) Income Statement

HCW Biologics reported revenue of $54.23K in fiscal 2025 (fiscal year ended Mar 31, 2026), down 97.9% from $2.57M a year earlier. HCW Biologics posted a net loss of $7.96M, compared with a net loss of $30.02M a year earlier. Gross margin was 20.0% and operating margin -20757.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $135.57K, up 1969.7% from the same quarter a year earlier.

HCW Biologics Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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HCW Biologics Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Mar 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Revenue & Gross Profit
Revenue	0.05	0.05	2.57	2.84	6.72	0.00	4.10	0.00
Cost of Revenue	0.04	0.04	1.61	2.28	4.14	0.00	0.00	0.42
Gross Profit	0.01	0.01	0.96	0.56	2.59	0.00	4.10	-0.42
Operating Expenses
Research & Development	5.44	5.33	6.29	7.68	9.34	8.17	7.17	5.14
Selling, General & Administrative	7.70	8.34	22.83	13.08	7.99	4.98	2.75	1.80
Operating Expenses	11.27	13.17	30.42	26.28	17.67	13.37	9.92	6.94
Operating Income	-11.26	-13.16	-29.46	-25.72	-15.08	-13.37	-5.82	-7.37
Other Income/Expense
Interest Income	0.00	-	0.00	0.00	0.00	0.51	0.02	0.07
Interest Expense	1.25	1.25	-0.63	0.28	0.13	0.00	0.00	0.00
Other Income/Expense	3.30	5.20	-0.57	1.01	0.18	0.51	0.02	0.07
Income
Income Before Tax	-7.96	-7.96	-30.02	-24.99	-14.90	-12.86	-5.80	-7.29
Income Tax Expense	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	-7.96	-22.30	-30.02	-24.99	-14.90	-12.86	-5.80	-7.29
Net Income - Continuous Operations	-7.96	-7.96	-30.02	-24.99	-14.90	-12.86	-5.78	-7.29
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	-5.67	-12.62	-26.97	-23.58	-14.06	-12.32	-5.25	-6.87
EBIT	-	-13.66	-28.16	-24.71	-14.77	-12.86	-5.82	-
Depreciation & Amortization	1.04	0.24	1.18	0.27	0.72	0.22	0.57	0.42
Earnings Per Share
Basic EPS	-64.00	-64.00	-186.00	-168.00	-3.00	-28.00	-60.00	-1.00
Diluted EPS	-64.00	-64.00	-186.00	-168.00	-3.00	-28.00	-60.00	-1.00
Basic Shares Outstanding	0.35	0.35	0.16	0.15	5.97	0.47	0.12	6.12
Diluted Shares Outstanding	0.35	0.35	0.16	0.15	5.97	0.47	0.12	6.12

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About HCW Biologics Financial Statements

What was HCW Biologics's revenue in fiscal 2025?

HCW Biologics reported revenue of $54.23K in fiscal 2025 (fiscal year ended Mar 31, 2026). That was down 97.9% from $2.57M a year earlier.

Is HCW Biologics profitable?

No. HCW Biologics reported a net loss of $7.96M in fiscal 2025. In fiscal 2024 it lost $30.02M.

What is HCW Biologics's operating margin?

HCW Biologics's operating income was −$11.26M on revenue of $54.23K in fiscal 2025, an operating margin of -20757.6%, compared with -1147.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition