HCW Biologics Inc. (HCWB) Balance Sheet
HCWB balance sheet, 2025
December 31, 2025 · U.S. dollars$24.5M assets = $21.8M liabilities + $2.8M equity
Both columns are drawn to the same scale: what HCWB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HCWB financial health
Descriptive bands, not a rating. Fiscal 2025.
HCWB balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.1M2019 | $24.5M2025 | +16.0%/yr | |
| Total liabilities | $1.1M2019 | $21.8M2025 | +65.3%/yr | |
| Shareholders’ equity | $9.0M2019 | $2.8M2025 | −17.9%/yr | |
| Cash & short-term investments | $7.4M2019 | $2.0M2025 | −19.8%/yr | |
| Total debt | $567,3112020 | $6.8M2025 | +64.4%/yr | |
| Net cash (debt) | $7.9M2020 | −$4.9M2025 | −$12.7M | |
| Working capital | $7.0M2019 | −$18.8M2025 | −$25.7M | |
| Book value per share | $1.472019 | −$1.052024 | — | |
| Current ratio | 7.532019 | 0.112025 | −7.42 | |
| Debt / equity | 0.042020 | 2.462025 | +2.42 | |
| Shares outstanding | 6.1M2019 | 6.5M2024 | +1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HCWB assets
HCWB liabilities and equity
HCWB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HCWB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $2.0M | $4.7M | $3.6M | $32.1M | $36.7M | $8.5M | $7.4M |
| Cash & equivalents | $2.0M | $4.7M | $3.6M | $22.3M | $11.7M | $8.5M | $7.4M |
| Short-term investments | — | — | $0 | $9.7M | $25.0M | $0 | — |
| Receivables | $32,175 | $582,201 | $1.5M | $417,695 | $133,000 | $2.5M | $0 |
| Inventory | $0 | $0 | $0 | $1.4M | $2.2M | $538,306 | $0 |
| Other current assets | $299,720 | $441,709 | $1.3M | $196,015 | $1.4M | $654,528 | $674,322 |
| Total current assets | $2.3M | $5.7M | $6.4M | $34.1M | $40.5M | $12.1M | $8.0M |
| Property, plant & equipment (net) | $20.9M | $22.9M | $20.5M | $10.8M | $1.1M | $1.6M | $2.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.3M | $1.6M | $1.6M | $1.6M | $11.5M | $1.6M | $0 |
| Other non-current assets | $28,476 | $28,476 | $56,538 | $333,875 | $393,318 | $34,242 | $34,242 |
| Total assets | $24.5M | $30.2M | $28.5M | $46.8M | $53.5M | $15.4M | $10.1M |
| Liabilities | |||||||
| Accounts payable | $13.1M | $22.3M | $6.2M | $1.2M | $223,664 | $155,343 | $392,331 |
| Short-term debt | $6.8M | $6.3M | $28,500 | $6.4M | $1.8M | $567,311 | — |
| Deferred revenue | — | — | — | — | $1.8M | −$567,311 | — |
| Total current liabilities | $21.1M | $29.6M | $8.7M | $3.0M | $2.3M | $1.0M | $1.1M |
| Long-term debt | $0 | $7.4M | $6.3M | $6.4M | $0 | $0 | $0 |
| Other long-term liabilities | $692,531 | $0 | $0 | $14,275 | $223,664 | $155,343 | $392,331 |
| Total liabilities | $21.8M | $37.0M | $15.1M | $9.4M | $2.3M | $1.0M | $1.1M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $328 | $4,454 | $3,603 | $3,588 | $3,577 | $1,118 | $472 |
| Retained earnings (deficit) | −$108.5M | −$100.6M | −$70.5M | −$45.5M | −$30.6M | −$16.7M | −$9.7M |
| Accumulated other comprehensive income | — | — | — | — | −$53.5M | −$1,118 | −$1,100 |
| Total shareholders' equity | $2.8M | −$6.8M | $13.5M | $37.4M | $51.2M | $14.4M | $9.0M |
| Key figures | |||||||
| Total debt | $6.8M | $13.7M | $6.3M | $6.4M | $1.8M | $567,311 | — |
| Net cash (debt) | −$4.9M | −$9.0M | −$2.7M | $25.7M | $34.9M | $7.9M | — |
| Working capital | −$18.8M | −$23.9M | −$2.3M | $31.1M | $38.2M | $11.1M | $7.0M |
| Tangible book value | $2.8M | −$6.8M | $13.5M | $37.4M | $51.2M | $14.4M | $9.0M |
| Book value per share | — | −$1.05 | $2.25 | $6.27 | — | $2.35 | $1.47 |
| Shares outstanding | — | 6.5M | 6.0M | 6.0M | — | 6.1M | 6.1M |
| Current ratio | 0.11 | 0.19 | 0.73 | 11.52 | 17.44 | 12.14 | 7.53 |
| Quick ratio | 0.09 | 0.18 | 0.59 | 10.99 | 15.87 | 10.94 | 6.90 |
| Debt / equity | 2.46 | — | 0.47 | 0.17 | 0.04 | 0.04 | — |
| Equity / assets | 11.3% | −22.4% | 47.2% | 80.0% | 95.7% | 93.5% | 89.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $741,324 | $1.2M | $2.0M | $1.1M | $2.4M | $1.1M | $4.7M | $998,221 | $1.2M | $4.1M | $3.6M | $11.2M |
| Cash & equivalents | $741,324 | $1.2M | $2.0M | $1.1M | $2.4M | $1.1M | $4.7M | $998,221 | $1.2M | $4.1M | $3.6M | $11.2M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $18,451 | $74,844 | $32,175 | $30,667 | $21,611 | $87,493 | $582,201 | $651,840 | $654,973 | $1.2M | $1.5M | $710,078 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1.7M |
| Other current assets | $380,235 | $417,603 | $299,720 | $461,001 | $436,552 | $699,602 | $441,709 | $444,287 | $569,525 | $970,689 | $1.3M | $174,881 |
| Total current assets | $1.1M | $1.7M | $2.3M | $1.6M | $2.9M | $1.9M | $5.7M | $2.1M | $2.4M | $6.2M | $6.4M | $13.8M |
| Property, plant & equipment (net) | $20.7M | $20.8M | $20.9M | $22.5M | $22.6M | $22.8M | $22.9M | $22.8M | $22.8M | $22.6M | $20.5M | $14.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $4.9M | $4.8M | $1.3M | $1.3M | $3.3M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M |
| Other non-current assets | $28,476 | $28,476 | $28,476 | $28,476 | $28,477 | $28,476 | $28,476 | $28,476 | $28,476 | $28,476 | $56,538 | $5.3M |
| Total assets | $26.8M | $27.3M | $24.5M | $25.4M | $28.9M | $26.3M | $30.2M | $26.6M | $26.8M | $30.4M | $28.5M | $35.6M |
| Liabilities | ||||||||||||
| Accounts payable | $10.6M | $11.8M | $13.1M | $19.0M | $19.4M | $19.7M | $22.3M | $22.7M | $16.9M | $10.5M | $6.2M | $3.2M |
| Short-term debt | $6.6M | $6.6M | $6.8M | $6.8M | $6.4M | $6.2M | $6.3M | $6.3M | $124,000 | $122,152 | — | $188,349 |
| Deferred revenue | $348,270 | $470,000 | — | — | — | — | — | — | — | −$122,152 | — | −$117,680 |
| Total current liabilities | $18.6M | $20.0M | $21.1M | $26.9M | $26.8M | $27.1M | $29.6M | $30.1M | $23.2M | $13.4M | $8.7M | $5.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $367,151 | $7.7M | $7.4M | $6.5M | $9.9M | $8.3M | $6.3M | $6.3M |
| Other long-term liabilities | $692,531 | $1.6M | $692,531 | $692,530 | $1.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $19.3M | $21.6M | $21.8M | $27.6M | $29.0M | $34.8M | $37.0M | $36.5M | $33.1M | $21.7M | $15.1M | $11.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $161 | $673 | $328 | $262 | $215 | $4,493 | $4,454 | $3,782 | $3,782 | $3,782 | — | $3,593 |
| Retained earnings (deficit) | −$110.3M | −$105.0M | −$108.5M | −$109.2M | −$104.7M | −$102.8M | −$100.6M | −$97.2M | −$93.3M | −$78.0M | −$70.5M | −$59.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | $7.4M | $5.8M | $2.8M | −$2.1M | −$51,972 | −$8.6M | −$6.8M | −$10.0M | −$6.3M | $8.7M | $13.5M | $23.9M |
| Key figures | ||||||||||||
| Total debt | $6.6M | $6.6M | $6.8M | $7.5M | $6.8M | $13.9M | $13.7M | $12.8M | $10.0M | $8.4M | $6.3M | $6.5M |
| Net cash (debt) | −$5.8M | −$5.3M | −$4.9M | −$6.4M | −$4.3M | −$12.8M | −$9.0M | −$11.8M | −$8.9M | −$4.3M | −$2.7M | $4.7M |
| Working capital | −$17.5M | −$18.2M | −$18.8M | −$25.3M | −$23.9M | −$25.2M | −$23.9M | −$28.0M | −$20.8M | −$7.2M | −$2.3M | $8.4M |
| Tangible book value | $7.4M | $5.8M | $2.8M | −$2.1M | −$51,972 | −$8.6M | −$6.8M | −$10.0M | −$6.3M | $8.7M | $13.5M | $23.9M |
| Book value per share | — | — | — | — | — | −$1.15 | −$1.05 | −$1.58 | −$1.00 | $1.41 | — | $3.99 |
| Shares outstanding | — | — | — | — | — | 7.4M | 6.5M | 6.3M | 6.3M | 6.2M | — | 6.0M |
| Current ratio | 0.06 | 0.09 | 0.11 | 0.06 | 0.11 | 0.07 | 0.19 | 0.07 | 0.10 | 0.46 | 0.73 | 2.56 |
| Quick ratio | 0.04 | 0.07 | 0.09 | 0.04 | 0.09 | 0.04 | 0.18 | 0.05 | 0.08 | 0.39 | 0.59 | 2.20 |
| Debt / equity | 0.88 | 1.14 | 2.46 | — | — | — | — | — | — | 0.96 | 0.47 | 0.27 |
| Equity / assets | 27.7% | 21.1% | 11.3% | −8.3% | −0.2% | −32.6% | −22.4% | −37.5% | −23.5% | 28.7% | 47.2% | 67.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
HCWB financial position
At the end of fiscal 2025 (December 31, 2025), HCW Biologics had total assets of $24.5 million (down 18.9% from a year earlier), total liabilities of $21.8 million and shareholders' equity of $2.8 million. It held $2.0 million in cash and short-term investments against $6.8 million of debt, net debt of $4.9 million. Its current ratio was 0.11. In the latest quarter (ended June 30, 2026) total assets were $26.8 million and equity $7.4 million.
Related: HCWB income statement, HCWB cash flow statement, HCWB key metrics. See the HCWB stock overview for the latest quote and news.
HCWB balance sheet FAQ
What are HCW Biologics's total assets?
HCW Biologics reported total assets of $24.5 million at the end of fiscal 2025 (December 31, 2025), compared with $30.2 million a year earlier.
How much debt does HCW Biologics have?
HCW Biologics had $6.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.46.
How much cash does HCW Biologics have?
HCW Biologics held $2.0 million in cash and short-term investments at the end of fiscal 2025; with $6.8 million of debt that is net debt of $4.9 million.
What is HCW Biologics's book value?
HCW Biologics's shareholders' equity (book value) was $2.8 million at the end of fiscal 2025.
What is HCW Biologics's current ratio?
HCW Biologics had current assets of $2.3 million and current liabilities of $21.1 million, a current ratio of 0.11 (current liabilities exceed current assets).