HCW Biologics Inc.
HCWBNasdaqHealthcare · Pharmaceutical Preparations · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $54,232 | $2.6M | $2.8M | $6.7M | $0 | $4.1M |
| Operating income | −$13.2M | −$29.5M | −$25.7M | −$15.1M | −$13.4M | −$5.8M |
| Net income | −$8.0M | −$30.0M | −$25.0M | −$14.9M | −$12.9M | −$5.8M |
| Total assets | $24.5M | $30.2M | $28.5M | $46.8M | $53.5M | $15.4M |
| Total liabilities | $21.8M | $37.0M | $15.1M | $9.4M | $2.3M | — |
| Equity | $2.8M | −$6.8M | $13.5M | $37.4M | $51.2M | −$16.7M |
| EPS (diluted) | $-10.63 | $-30.96 | $-0.70 | $-0.42 | $-0.69 | — |
| Shares out. | 44.9M | 37.8M | 35.9M | 35.8M | 18.8M | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −24270.7%
- Net margin
- −14677.1%
- Return on equity
- −287.9%
- Return on assets
- −32.5%
- Return on capital (ROCE)
- −380.7%
- Liabilities / assets
- 88.7%
- Debt / equity
- 7.87×
- Book value / share
- $0.06
- Revenue growth (YoY)
- −97.9%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -22.93distress
- Accruals / assets
- 22.2%high accruals
- Beneish M-Score
- -9.17normal
- Piotroski F-Score
- 2/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 6 warning● 0 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- High accruals — earnings-quality risk
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗Aug 15, 2025
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Clinical trials
ClinicalTrials.gov · ongoing · next readout firstInterventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Armistice Capital, LlcPassive (13G)May 15, 2026
- Wong Hing CActivist (13D)Jun 13, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.8M | 1.0 | +573.5% |
| Apr 30, 2026 | 570,862 | 1.0 | +337.1% |
| Apr 15, 2026 | 130,618 | 1.0 | +18.1% |
| Mar 31, 2026 | 110,641 | 1.0 | +158.1% |
| Mar 13, 2026 | 42,868 | 1.0 | -25.6% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Delisting / listing-standard noticeJun 1, 2026
- Terminated a material agreementMay 27, 2026
- Entered a material agreement · Unregistered equity sale · Regulation FD disclosure · Other material eventMay 21, 2026
- Results of operationsMay 14, 2026
- Other material eventApr 30, 2026
- Other material eventApr 30, 2026
- Amended charter or bylawsApr 16, 2026
- Results of operationsMar 31, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.