HCW Biologics Inc. — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that HCW Biologics Inc. filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2021 | Dec 31, 2020 | $4.10M | Mar 29, 2022 |
Gross Profit
Revenue minus the cost of goods sold (COGS). Gross profit shows how much revenue remains to cover operating expenses, R&D, and administrative costs before calculating operating income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $10.8K | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $959.4K | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $560.4K | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $2.59M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $0 | Mar 28, 2023 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($7.96M) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | ($30.02M) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | ($24.99M) | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | ($14.90M) | May 15, 2024 |
| FY2022 | Dec 31, 2021 | ($12.86M) | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | ($5.80M) | Mar 29, 2022 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($13.16M) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | ($29.46M) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | ($25.72M) | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | ($15.08M) | May 15, 2024 |
| FY2022 | Dec 31, 2021 | ($13.37M) | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | ($5.82M) | Mar 29, 2022 |
R&D Expense
Spending on research and development activities — developing new products, improving existing ones, or conducting basic research. High R&D relative to revenue is common in technology and pharmaceutical companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $5.44M | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $6.39M | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $7.68M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $9.34M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $8.17M | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | $7.26M | Mar 29, 2022 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($13.39M) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | ($14.23M) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | ($22.51M) | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | ($10.39M) | May 15, 2024 |
| FY2022 | Dec 31, 2021 | ($10.98M) | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | ($10.43M) | Mar 29, 2022 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $0 | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $261.6K | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $6.20M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $10.28M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $47.3K | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | $186.7K | Mar 29, 2022 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $24.52M | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $30.24M | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $28.51M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $46.81M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $53.51M | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | $15.40M | Mar 29, 2022 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $21.76M | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $37.01M | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $15.05M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $9.38M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $2.32M | Mar 28, 2023 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.76M | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | ($6.77M) | Mar 31, 2026 |
| FY2025 | Dec 31, 2023 | $13.46M | Mar 31, 2026 |
| FY2024 | Dec 31, 2022 | $37.43M | Mar 28, 2025 |
| FY2023 | Dec 31, 2021 | $51.19M | May 15, 2024 |
| FY2022 | Dec 31, 2020 | ($16.72M) | Mar 28, 2023 |
| FY2021 | Dec 31, 2019 | ($9.68M) | Mar 29, 2022 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($108.52M) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | ($100.56M) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | ($70.53M) | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | ($45.54M) | May 15, 2024 |
| FY2022 | Dec 31, 2021 | ($30.64M) | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | ($16.72M) | Mar 29, 2022 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $1.95M | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $4.67M | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $3.60M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $22.33M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $11.73M | Mar 28, 2023 |
| FY2021 | Dec 31, 2020 | $8.46M | Mar 29, 2022 |
| FY2021 | Dec 31, 2019 | $7.36M | Mar 29, 2022 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $0 | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | $7.38M | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | $6.30M | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | $6.41M | May 15, 2024 |
| FY2022 | Dec 31, 2021 | $0 | Mar 28, 2023 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | (10) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | (30) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | 0 | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | 0 | May 15, 2024 |
| FY2022 | Dec 31, 2021 | 0 | Mar 28, 2023 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | (10) | Mar 31, 2026 |
| FY2025 | Dec 31, 2024 | (30) | Mar 31, 2026 |
| FY2024 | Dec 31, 2023 | 0 | Mar 28, 2025 |
| FY2023 | Dec 31, 2022 | 0 | May 15, 2024 |
| FY2022 | Dec 31, 2021 | 0 | Mar 28, 2023 |