# HCW Biologics Inc.: financial statements, quarterly

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)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/hcwb/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | 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 | $m | [0.9](/filings/0000950170-24-127198.md) | [1.3 d](/filings/0000950170-25-046724.md) | [1.1](/filings/0000950170-25-072833.md) | [0.6](/filings/0000950170-25-109642.md) | [0.4](/filings/0001193125-25-283238.md) | [0.4 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0001493152-26-038246.md) | [0.0](/filings/0001493152-26-038262.md) | [0.0](/filings/0001193125-25-283238.md) | [0.0 d](/filings/0001193125-26-134934.md) | [6.5](/filings/0001493152-26-038246.md) | [0.1](/filings/0001493152-26-038262.md) |
| Cost of revenue | $m | [0.7](/filings/0000950170-24-127198.md) | [1.1 d](/filings/0000950170-25-046724.md) | [0.5](/filings/0000950170-25-072833.md) | [0.4](/filings/0000950170-25-109642.md) | [0.3](/filings/0001193125-25-283238.md) | [0.3 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0001493152-26-038246.md) | [0.0](/filings/0001493152-26-038262.md) | [0.0](/filings/0001193125-25-283238.md) | [0.0 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0001493152-26-038246.md) | [0.2](/filings/0001493152-26-038262.md) |
| Gross profit | $m | [0.2](/filings/0000950170-24-127198.md) | [0.3 d](/filings/0000950170-25-046724.md) | [0.6](/filings/0000950170-25-072833.md) | [0.2](/filings/0000950170-25-109642.md) | [0.1](/filings/0001193125-25-283238.md) | [0.1 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0001493152-26-038246.md) | [0.0](/filings/0001493152-26-038262.md) | [0.0](/filings/0001193125-25-283238.md) | [0.0 d](/filings/0001193125-26-134934.md) | [6.5](/filings/0001493152-26-038246.md) | [(0.1)](/filings/0001493152-26-038262.md) |
| Research and development | $m | [1.7](/filings/0000950170-24-127198.md) | [2.1 d](/filings/0000950170-25-046724.md) | [2.1](/filings/0000950170-25-072833.md) | [2.0](/filings/0000950170-25-109642.md) | [1.2](/filings/0001193125-25-283238.md) | [1.0 d](/filings/0001193125-26-134934.md) | [1.5](/filings/0001493152-26-038246.md) | [1.2](/filings/0001493152-26-038262.md) | [1.4](/filings/0001193125-25-283238.md) | [1.3 d](/filings/0001193125-26-134934.md) | [1.3](/filings/0001493152-26-038246.md) | [1.2](/filings/0001493152-26-038262.md) |
| Operating income | $m | [(5.1)](/filings/0000950170-24-127198.md) | [(10.8) d](/filings/0000950170-25-046724.md) | [(7.5)](/filings/0000950170-25-072833.md) | [(15.1)](/filings/0000950170-25-109642.md) | [(3.7)](/filings/0001193125-25-283238.md) | [(3.1) d](/filings/0001193125-26-134934.md) | [(2.0)](/filings/0001493152-26-038246.md) | [(3.5)](/filings/0001493152-26-038262.md) | [(3.3)](/filings/0001193125-25-283238.md) | [(4.5) d](/filings/0001193125-26-134934.md) | [3.2](/filings/0001493152-26-038246.md) | [(3.2)](/filings/0001493152-26-038262.md) |
| Interest expense | $m | [0.1](/filings/0000950170-24-127198.md) | [(0.0) d](/filings/0000950170-25-046724.md) | [0.0](/filings/0000950170-25-072833.md) | [0.2](/filings/0000950170-25-109642.md) | [0.2](/filings/0001193125-25-283238.md) | [0.3 d](/filings/0001193125-26-134934.md) | [0.3](/filings/0001493152-26-038246.md) | [0.2](/filings/0001493152-26-038262.md) | [0.1](/filings/0001193125-25-283238.md) | [0.2 d](/filings/0001193125-26-134934.md) | [0.1](/filings/0001493152-26-038246.md) | [0.1](/filings/0001493152-26-038262.md) |
| Income tax | $m | [0.0 d](/filings/0000950170-23-063359.md) | [0.0 d](/filings/0000950170-25-046724.md) | [0.0](/filings/0000950170-24-060599.md) | [0.0 d](/filings/0000950170-24-097121.md) | [0.0 d](/filings/0000950170-24-127198.md) | [0.0 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0000950170-25-072833.md) | not reported | not reported | [0.0 d](/filings/0001193125-26-134934.md) | [0.3](/filings/0001493152-26-038246.md) | [0.0 d](/filings/0001493152-26-038262.md) |
| Net income | $m | [(4.9)](/filings/0000950170-24-127198.md) | [(10.7) d](/filings/0000950170-25-046724.md) | [(7.5)](/filings/0001193125-25-283238.md) | [(15.3)](/filings/0001193125-25-283238.md) | [(3.9)](/filings/0001193125-25-283238.md) | [(3.4) d](/filings/0001193125-26-134934.md) | [(2.2)](/filings/0001493152-26-038262.md) | [(1.9)](/filings/0001493152-26-038262.md) | [(4.6)](/filings/0001193125-25-283238.md) | [0.7 d](/filings/0001193125-26-134934.md) | [3.5](/filings/0001493152-26-038262.md) | [(5.2)](/filings/0001493152-26-038262.md) |
| Diluted EPS | $ per share | [(0.14)](/filings/0000950170-24-127198.md) | not reported | [(0.20)](/filings/0000950170-25-072833.md) | [(16.16)](/filings/0000950170-25-109642.md) | [(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) |
| Basic EPS | $ per share | [(0.14)](/filings/0000950170-24-127198.md) | not reported | [(0.20)](/filings/0000950170-25-072833.md) | [(16.16)](/filings/0000950170-25-109642.md) | [(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) |

- Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: us-gaap:CostOfRevenue
- Gross profit: us-gaap:GrossProfit
- Research and development: us-gaap:ResearchAndDevelopmentExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpense
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [11.2](/filings/0000950170-23-063359.md) | [3.6](/filings/0000950170-25-046724.md) | [4.1](/filings/0000950170-24-060599.md) | [1.2](/filings/0000950170-24-097121.md) | [1.0](/filings/0000950170-24-127198.md) | [4.7](/filings/0001193125-26-134934.md) | [1.1](/filings/0000950170-25-072833.md) | [2.4](/filings/0000950170-25-109642.md) | [1.1](/filings/0001193125-25-283238.md) | [2.0](/filings/0001493152-26-038262.md) | [1.2](/filings/0001493152-26-038246.md) | [0.7](/filings/0001493152-26-038262.md) |
| Current assets | $m | [13.8](/filings/0000950170-23-063359.md) | [6.4](/filings/0000950170-25-046724.md) | [6.2](/filings/0000950170-24-060599.md) | [2.4](/filings/0000950170-24-097121.md) | [2.1](/filings/0000950170-24-127198.md) | [5.7](/filings/0001193125-26-134934.md) | [1.9](/filings/0000950170-25-072833.md) | [2.9](/filings/0000950170-25-109642.md) | [1.6](/filings/0001193125-25-283238.md) | [2.3](/filings/0001493152-26-038262.md) | [1.7](/filings/0001493152-26-038246.md) | [1.1](/filings/0001493152-26-038262.md) |
| Total assets | $m | [35.6](/filings/0000950170-23-063359.md) | [28.5](/filings/0000950170-25-046724.md) | [30.4](/filings/0000950170-24-060599.md) | [26.8](/filings/0000950170-24-097121.md) | [26.6](/filings/0000950170-24-127198.md) | [30.2](/filings/0001193125-26-134934.md) | [26.3](/filings/0000950170-25-072833.md) | [28.9](/filings/0000950170-25-109642.md) | [25.4](/filings/0001193125-25-283238.md) | [24.5](/filings/0001493152-26-038262.md) | [27.3](/filings/0001493152-26-038246.md) | [26.8](/filings/0001493152-26-038262.md) |
| Current liabilities | $m | [5.4](/filings/0000950170-23-063359.md) | [8.7](/filings/0000950170-25-046724.md) | [13.4](/filings/0000950170-24-060599.md) | [23.2](/filings/0000950170-24-097121.md) | [30.1](/filings/0000950170-24-127198.md) | [29.6](/filings/0001193125-26-134934.md) | [27.1](/filings/0000950170-25-072833.md) | [26.8](/filings/0000950170-25-109642.md) | [26.9](/filings/0001193125-25-283238.md) | [21.1](/filings/0001493152-26-038262.md) | [20.0](/filings/0001493152-26-038246.md) | [18.6](/filings/0001493152-26-038262.md) |
| Total liabilities | $m | [11.7](/filings/0000950170-23-063359.md) | [15.1](/filings/0000950170-25-046724.md) | [21.7](/filings/0000950170-24-060599.md) | [33.1](/filings/0000950170-24-097121.md) | [36.5](/filings/0000950170-24-127198.md) | [37.0](/filings/0001193125-26-134934.md) | [34.8](/filings/0000950170-25-072833.md) | [29.0](/filings/0000950170-25-109642.md) | [27.6](/filings/0001193125-25-283238.md) | [21.8](/filings/0001493152-26-038262.md) | [21.6](/filings/0001493152-26-038246.md) | [19.3](/filings/0001493152-26-038262.md) |
| Long-term debt | $m | [6.3](/filings/0000950170-23-063359.md) | [6.3](/filings/0000950170-25-046724.md) | [8.3](/filings/0000950170-24-060599.md) | [9.9](/filings/0000950170-24-097121.md) | [6.5](/filings/0000950170-24-127198.md) | [7.4](/filings/0001193125-26-134934.md) | [7.7](/filings/0000950170-25-072833.md) | [0.4](/filings/0000950170-25-109642.md) | [0.0](/filings/0001193125-25-283238.md) | [0.0](/filings/0001193125-26-134934.md) | not reported | not reported |
| Current portion of debt | $m | [0.1](/filings/0000950170-23-063359.md) | [0.1](/filings/0000950170-24-060543.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Short-term borrowings | $m | not reported | [0.0](/filings/0000950170-25-046724.md) | not reported | not reported | [6.3](/filings/0000950170-24-127198.md) | [6.3](/filings/0001193125-26-134934.md) | [6.2](/filings/0000950170-25-072833.md) | [6.4](/filings/0000950170-25-109642.md) | [6.8](/filings/0001193125-25-283238.md) | [6.8](/filings/0001493152-26-038262.md) | [6.6](/filings/0001493152-26-038246.md) | [6.6](/filings/0001493152-26-038262.md) |
| Shareholders' equity | $m | [23.9](/filings/0000950170-24-127198.md) | [13.5](/filings/0001193125-26-134934.md) | [8.7](/filings/0001193125-25-283238.md) | [(6.3)](/filings/0001193125-25-283238.md) | [(10.0)](/filings/0001193125-25-283238.md) | [(6.8)](/filings/0001493152-26-038262.md) | [(8.6)](/filings/0001493152-26-038262.md) | [(0.1)](/filings/0001493152-26-038262.md) | [(2.1)](/filings/0001193125-25-283238.md) | [2.8](/filings/0001493152-26-038262.md) | [5.8](/filings/0001493152-26-038262.md) | [7.4](/filings/0001493152-26-038262.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebt
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Short-term borrowings: us-gaap:ShortTermBorrowings
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | 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) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $k | [(5,589) d](/filings/0000950170-24-127198.md) | [(3,895) d](/filings/0000950170-25-046724.md) | [(3,604)](/filings/0000950170-25-072833.md) | [(4,862) d](/filings/0000950170-25-109642.md) | [(2,926) d](/filings/0001193125-25-283238.md) | [(2,835) 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) | [(1,575)](/filings/0001493152-26-038246.md) | [(3,966) d](/filings/0001493152-26-038262.md) |
| Capital expenditure | $k | [630 d](/filings/0000950170-24-127198.md) | [3,716 d](/filings/0000950170-25-046724.md) | [130](/filings/0000950170-25-072833.md) | [(18.6) d](/filings/0000950170-25-109642.md) | [37.1 d](/filings/0001193125-25-283238.md) | [113 d](/filings/0001193125-26-134934.md) | [0.0](/filings/0000950170-25-072833.md) | [0.0 d](/filings/0000950170-25-109642.md) | [0.0 d](/filings/0001193125-25-283238.md) | [0.0 d](/filings/0001193125-26-134934.md) | not reported | not reported |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

## Shares

| Line item | Unit | Q3 FY2022 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [35.8](/filings/0000950170-23-063359.md) | [35.9](/filings/0000950170-24-060599.md) | [35.9](/filings/0000950170-24-097121.md) | [35.9](/filings/0000950170-24-127198.md) | [37.2](/filings/0000950170-25-072833.md) | [0.9](/filings/0000950170-25-109642.md) | [0.9](/filings/0001193125-25-283238.md) | [0.2](/filings/0001493152-26-038246.md) | [0.3](/filings/0001493152-26-038262.md) | [2.3](/filings/0001193125-25-283238.md) | [0.9](/filings/0001493152-26-038246.md) | [1.3](/filings/0001493152-26-038262.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 1,836,324 at 2026-08-14, from the cover of the [10-Q/A filed 2026-08-14](/filings/0001493152-26-038246.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:48 ET. No prices; not investment advice.