HCW Biologics Inc. (HCWB) Income Statement
HCWB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHCWB revenue and net income
Where HCWB's revenue goes
2025Each bar shows an amount and its share of revenue. HCWB kept −14,677.1% of revenue as net income.
HCWB profit margins
HCWB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −97.9% | −79.9% | −57.9% | — |
| Gross profit | −98.9% | −83.9% | −69.5% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HCWB quarterly EPS vs estimates
HCW Biologics beat the analyst EPS estimate in 2 of the last 7 quarters. Next report: November 13, 2026.
HCWB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $54,232 | $2.6M | $2.8M | $6.7M | $4.1M | $4.1M | $0 |
| Cost of revenue | $43,386 | $1.6M | $2.3M | $4.1M | $543,598 | $0 | $421,817 |
| Gross profit | $10,846 | $959,403 | $560,360 | $2.6M | −$543,598 | $4.1M | −$421,817 |
| Research & development | $5.4M | $6.4M | $7.7M | $9.3M | $8.2M | $7.3M | $5.1M |
| Sales, general & admin | $7.7M | $22.8M | $13.3M | $8.0M | $5.3M | $2.4M | $1.8M |
| Total operating expenses | $11.3M | $30.4M | $26.3M | $17.7M | $13.4M | $9.9M | $6.9M |
| Operating income | −$11.3M | −$29.5M | −$25.7M | −$15.1M | −$13.4M | −$5.8M | −$7.4M |
| Interest income | — | — | — | — | $505,366 | $22,324 | $72,353 |
| Interest expense | $1.3M | $1.2M | $283,042 | $126,660 | $505,366 | $0 | $0 |
| Income before taxes | −$8.0M | −$30.0M | −$25.0M | −$14.9M | −$12.9M | −$5.8M | −$7.3M |
| Income taxes | — | — | −$4 | −$178,075 | −$505,366 | −$22,324 | −$72,353 |
| Net income | −$8.0M | −$30.0M | −$25.0M | −$14.9M | −$12.9M | −$5.8M | −$7.3M |
| EBITDA | −$5.7M | −$27.7M | −$23.6M | −$14.1M | −$12.3M | −$5.3M | −$6.9M |
| EPS (diluted) | −$25.08 | −$211.20 | −$62.84 | −$100.80 | −$1.11 | −$1.96 | −$0.56 |
| Gross margin | 20.0% | 37.4% | 19.7% | 38.5% | −13.3% | 100.0% | — |
| Operating margin | −20,757.6% | −1,148.5% | −905.0% | −224.3% | −326.1% | −142.1% | — |
| Net margin | −14,677.1% | −1,169.7% | −879.5% | −221.7% | −313.7% | −141.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135,568 | $6.5M | $27,010 | $15,606 | $6,550 | $5,065 | $394,804 | $426,423 | $618,854 | $1.1M | $1.3M | $853,102 |
| Cost of revenue | $229,455 | $11,071 | $21,609 | $12,485 | $5,240 | $4,052 | $315,843 | $341,138 | $438,443 | $511,965 | $1.1M | $678,325 |
| Gross profit | −$93,887 | $6.5M | $5,401 | $3,121 | $1,310 | $1,013 | $78,961 | $85,285 | $180,411 | $614,747 | $252,645 | $174,777 |
| Research & development | $1.2M | $1.3M | $1.3M | $1.4M | $1.2M | $1.5M | $1.0M | $1.2M | $2.0M | $2.1M | $2.1M | $1.7M |
| Sales, general & admin | $1.9M | $1.8M | $1.6M | $1.8M | $2.1M | $153,808 | $1.7M | $2.6M | $12.0M | $6.0M | $3.6M | $3.5M |
| Total operating expenses | $3.1M | $3.3M | $3.0M | $3.3M | $3.5M | $2.0M | $3.2M | $3.8M | $15.3M | $8.1M | $12.1M | $5.3M |
| Operating income | −$3.2M | $3.2M | −$2.9M | −$3.3M | −$3.5M | −$2.0M | −$3.2M | −$3.7M | −$15.1M | −$7.5M | −$10.8M | −$5.1M |
| Interest expense | $100,541 | $109,274 | $226,541 | $142,572 | $228,714 | $255,822 | $248,108 | $223,363 | $159,666 | $1,423 | $1,423 | $95,514 |
| Income before taxes | −$5.2M | $3.8M | $719,232 | −$4.6M | −$1.9M | −$2.2M | −$3.4M | −$3.9M | −$15.3M | −$7.5M | −$10.7M | −$4.9M |
| Income taxes | $10.2M | −$330,186 | — | — | — | — | — | — | −$1 | −$530,950 | — | $330,267 |
| Net income | −$5.2M | $4.1M | $719,232 | −$4.6M | −$1.9M | −$2.2M | −$3.4M | −$3.9M | −$15.3M | −$7.5M | −$10.7M | −$4.9M |
| EBITDA | −$5.0M | $3.8M | $1.1M | −$4.2M | −$1.3M | −$1.2M | −$1.9M | −$3.6M | −$15.0M | −$7.2M | — | −$4.6M |
| EPS (diluted) | −$10.10 | $2.22 | −$6.12 | −$12.12 | −$6.79 | −$0.05 | −$19.20 | −$24.00 | −$96.00 | −$72.00 | −$0.30 | −$33.60 |
| Gross margin | −69.3% | 99.8% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 29.2% | 54.6% | 19.1% | 20.5% |
| Operating margin | −2,335.6% | 49.5% | −10,912.3% | −20,995.9% | −52,886.7% | −38,811.5% | −800.3% | −865.4% | −2,445.8% | −665.1% | −813.3% | −595.2% |
| Net margin | −3,849.9% | 63.2% | 2,662.8% | −29,183.2% | −29,431.0% | −43,373.6% | −854.4% | −915.1% | −2,469.1% | −662.8% | −806.7% | −578.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HCWB's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HCWB financial results
In fiscal year 2025 (ended December 31, 2025), HCW Biologics reported revenue of $0.1 million, down 97.9% from the year before. It had a net loss of $8.0 million, a net profit margin of −14,677.1%. Diluted earnings per share came to −$25.08. Over five years revenue grew at an average rate of −57.9% a year.
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HCWB income statement FAQ
What is HCW Biologics's annual revenue?
HCW Biologics reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 97.9% from $2.6 million the previous year.
Is HCW Biologics profitable?
No. HCW Biologics reported a net loss of $8.0 million in fiscal 2025, a net profit margin of −14,677.1%; its operating margin was −20,757.6%.
What is HCW Biologics's gross margin?
HCW Biologics's gross margin was 20.0% in fiscal 2025: for every $100 of revenue, HCW Biologics kept $20 after the direct cost of its products and services.
How much does HCW Biologics spend on research and development?
HCW Biologics spent $5.4 million on research and development in fiscal 2025, 10,036.3% of revenue.
How fast is HCW Biologics growing?
Revenue grew −57.9% a year on average over the last five fiscal years, from $4.1 million to $0.1 million.
What are HCW Biologics's earnings per share?
HCW Biologics earned $-25.08 per diluted share in fiscal 2025, compared with $-211.20 a year earlier.
When will HCW Biologics report its next earnings?
HCW Biologics is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does HCW Biologics's fiscal year end?
HCW Biologics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.