# HCW Biologics Inc.: overview HCWB · Nasdaq · CIK 1828673 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31 Pages: [Overview](/companies/hcwb.md) · [Financials](/companies/hcwb/financials.md) · [Filings](/companies/hcwb/filings.md) · [Insiders](/companies/hcwb/insiders.md) Latest reported revenue: [$121.7k](/filings/0001493152-26-038262.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 14, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001493152-26-038262). ## Last eight quarters | Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | | --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | $k | [426](/filings/0001193125-25-283238.md) | [395 d](/filings/0001193125-26-134934.md) | [5.1](/filings/0001493152-26-038246.md) | [6.6](/filings/0001493152-26-038262.md) | [15.6](/filings/0001193125-25-283238.md) | [27.0 d](/filings/0001193125-26-134934.md) | [6,500](/filings/0001493152-26-038246.md) | [122](/filings/0001493152-26-038262.md) | | Gross margin | % | [20.0%](/filings/0001193125-25-283238.md) | [20.0% d](/filings/0001193125-26-134934.md) | [20.0%](/filings/0001493152-26-038246.md) | [20.0%](/filings/0001493152-26-038262.md) | [20.0%](/filings/0001193125-25-283238.md) | [20.0% d](/filings/0001193125-26-134934.md) | [100.5%](/filings/0001493152-26-038246.md) | [(77.1%)](/filings/0001493152-26-038262.md) | | Operating margin | % | [(864.1%)](/filings/0001193125-25-283238.md) | [(797.2%) d](/filings/0001193125-26-134934.md) | [(38811.5%)](/filings/0001493152-26-038246.md) | [(52886.7%)](/filings/0001493152-26-038262.md) | [(21095.3%)](/filings/0001193125-25-283238.md) | [(16519.1%) d](/filings/0001193125-26-134934.md) | [49.8%](/filings/0001493152-26-038246.md) | [(2601.1%)](/filings/0001493152-26-038262.md) | | Net margin | % | [(915.1%)](/filings/0001193125-25-283238.md) | [(854.4%) d](/filings/0001193125-26-134934.md) | [(43373.6%)](/filings/0001493152-26-038262.md) | [(29431.0%)](/filings/0001493152-26-038262.md) | [(29183.2%)](/filings/0001193125-25-283238.md) | [2662.8% d](/filings/0001193125-26-134934.md) | [53.4%](/filings/0001493152-26-038262.md) | [(4287.5%)](/filings/0001493152-26-038262.md) | | Diluted EPS | $ per share | [(4.13)](/filings/0001193125-25-283238.md) | not reported | [(11.80)](/filings/0001493152-26-038246.md) | [(40.72)](/filings/0001493152-26-038262.md) | [(2.02)](/filings/0001193125-25-283238.md) | not reported | [1.39](/filings/0001493152-26-038246.md) | [(11.58)](/filings/0001493152-26-038262.md) | | Free cash flow | $k | [(2,964) d](/filings/0001193125-25-283238.md) | [(2,948) d](/filings/0001193125-26-134934.md) | [(3,514)](/filings/0001493152-26-038246.md) | [(3,282) d](/filings/0001493152-26-038262.md) | [(3,240) d](/filings/0001193125-25-283238.md) | [(3,356) d](/filings/0001193125-26-134934.md) | not reported | not reported | - Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure. ## Last five fiscal years | Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) | | --- | --- | ---: | ---: | ---: | ---: | ---: | | Revenue | $m | [0.0](/filings/0000950170-23-010315.md) | [6.7](/filings/0000950170-24-060543.md) | [2.8](/filings/0000950170-25-046724.md) | [2.6](/filings/0001193125-26-134934.md) | [0.1](/filings/0001193125-26-134934.md) | | Gross margin | % | not reported | [38.5%](/filings/0000950170-24-060543.md) | [19.7%](/filings/0000950170-25-046724.md) | [37.4%](/filings/0001193125-26-134934.md) | [20.0%](/filings/0001193125-26-134934.md) | | Operating margin | % | not reported | [(224.3%)](/filings/0000950170-24-060543.md) | [(905.0%)](/filings/0000950170-25-046724.md) | [(1147.6%)](/filings/0001193125-26-134934.md) | [(24270.7%)](/filings/0001193125-26-134934.md) | | Net margin | % | not reported | [(221.7%)](/filings/0000950170-24-060543.md) | [(879.5%)](/filings/0000950170-25-046724.md) | [(1169.7%)](/filings/0001193125-26-134934.md) | [(14677.1%)](/filings/0001193125-26-134934.md) | | Diluted EPS | $ per share | [(0.69)](/filings/0000950170-23-010315.md) | [(0.42)](/filings/0000950170-24-060543.md) | [(0.70)](/filings/0000950170-25-046724.md) | [(30.96)](/filings/0001193125-26-134934.md) | [(10.63)](/filings/0001193125-26-134934.md) | | Free cash flow | $m | [(11.0)](/filings/0000950170-23-010315.md) | [(20.7)](/filings/0000950170-24-060543.md) | [(28.7)](/filings/0000950170-25-046724.md) | [(14.5)](/filings/0001193125-26-134934.md) | [(13.4)](/filings/0001193125-26-134934.md) | - Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. - Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing. ## Insider purchases and sales The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/hcwb/insiders.md) None in coverage. ## Funds that report holding it From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md) | Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before | | --- | --- | ---: | ---: | --- | --- | | [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $260.2k | 52,138 | | New +52,138 | | [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $99.5k | 19,942 | | New +19,942 | | [VANGUARD FIDUCIARY TRUST CO](/funds/933478.md) | 2026-06-30 | $32.5k | 6,510 | | New +6,510 | | [Tower Research Capital LLC (TRC)](/funds/1533421.md) | 2026-06-30 | $20.5k | 4,117 | | New +4,117 | | [Connective Capital Management, LLC](/funds/1543568.md) | 2026-06-30 | $16.7k | 3,338 | | New +3,338 | | [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $10.0k | 2,003 | | New +2,003 | | [Golden State Wealth Management, LLC](/funds/1776033.md) | 2026-06-30 | $8.3k | 1,667 | | New +1,667 | | [BARCLAYS PLC](/funds/312069.md) | 2026-06-30 | $953 | 191 | | New +191 | | [HRT FINANCIAL LP](/funds/1475597.md) | 2026-06-30 | $67 | 13,583 | | New +13,583 | | [OSAIC HOLDINGS, INC.](/funds/1677044.md) | 2026-06-30 | $20 | 4 | | New +4 | ## Recent filings [All 340 filings](/companies/hcwb/filings.md) | Filed | Accepted | Form | What it is | Accession | | --- | --- | --- | --- | --- | | 2026-10-02 | 20:30 ET | [S-1](/filings/0001493152-26-045532.md) | Registration statement | 0001493152-26-045532 | | 2026-10-01 | 14:00 ET | [DEF 14A](/filings/0001493152-26-045289.md) | Proxy statement, period 2026-10-01 | 0001493152-26-045289 | | 2026-09-24 | 12:30 ET | [8-K](/filings/0001493152-26-044078.md) | 1.01 Entry into a material agreement; 3.02 Unregistered sale of equity; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001493152-26-044078 | | 2026-09-10 | 22:02 ET | [8-K](/filings/0001493152-26-042009.md) | 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001493152-26-042009 | | 2026-09-08 | 13:00 ET | [8-K](/filings/0001493152-26-041716.md) | 1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001493152-26-041716 | | 2026-08-28 | 20:42 ET | [S-1/A](/filings/0001493152-26-040618.md) | Registration statement, amended | 0001493152-26-040618 | | 2026-08-20 | 18:58 ET | [S-1](/filings/0001493152-26-039452.md) | Registration statement | 0001493152-26-039452 | | 2026-08-14 | 19:30 ET | [10-Q](/filings/0001493152-26-038262.md) | Quarterly report, period 2026-06-30 | 0001493152-26-038262 | | 2026-08-14 | 19:20 ET | [8-K](/filings/0001493152-26-038258.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001493152-26-038258 | | 2026-08-14 | 19:10 ET | [10-Q/A](/filings/0001493152-26-038246.md) | Quarterly report, amended, period 2026-03-31 | 0001493152-26-038246 | ## Latest annual report [Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-134934.md), filed Mar 31, 2026. ## Forecast league Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/b31f94b9-b99f-49e9-b2c1-9891bbc7d4ca) ## About the filer - CIK: 1828673 - Tickers: HCWB - Exchange: Nasdaq - SIC code: 2834 Pharmaceutical Preparations - State of incorporation: DE - Filer category:
Emerging growth company Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:48 ET. No prices; not investment advice.