HCW Biologics Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019
Revenue	0.42	2.57	2.84	6.72	-	4.1	Upgrade
Revenue Growth (YoY)	-87.93%	-9.68%	-57.73%	-	-	-	Upgrade
Cost of Revenue	0.34	1.61	2.28	4.14	-	-	Upgrade
Gross Profit	0.08	0.96	0.56	2.59	-	4.1	Upgrade
Selling, General & Admin	6.9	22.85	13.44	8.41	5.3	2.75	Upgrade
Research & Development	5.05	6.29	7.59	9.25	8.07	7.17	Upgrade
Operating Expenses	13.26	30.44	26.28	17.67	13.37	9.92	Upgrade
Operating Income	-13.17	-29.48	-25.72	-15.08	-13.37	-5.82	Upgrade
Interest Expense	-0.87	-0.63	-0.28	-0.13	-	-	Upgrade
Interest & Investment Income	-	-	-	-	-	0.02	Upgrade
Other Non Operating Income (Expenses)	-0.09	0.09	0.76	0.49	-0.06	-	Upgrade
EBT Excluding Unusual Items	-14.13	-30.02	-25.24	-14.71	-13.43	-5.8	Upgrade
Gain (Loss) on Sale of Investments	0.78	-	0.25	-0.19	-	-	Upgrade
Other Unusual Items	1.3	-	-	-	0.57	-	Upgrade
Pretax Income	-12.05	-30.02	-24.99	-14.9	-12.86	-5.8	Upgrade
Net Income	-12.05	-30.02	-24.99	-14.9	-12.86	-5.8	Upgrade
Preferred Dividends & Other Adjustments	10.15	-	-	-	-	1.27	Upgrade
Net Income to Common	-22.21	-30.02	-24.99	-14.9	-12.86	-7.07	Upgrade
Shares Outstanding (Basic)	2	1	1	1	0	0	Upgrade
Shares Outstanding (Diluted)	2	1	1	1	0	0	Upgrade
Shares Change (YoY)	62.33%	7.97%	0.30%	90.84%	296.07%	10.56%	Upgrade
EPS (Basic)	-14.70	-30.96	-27.83	-16.64	-27.41	-59.70	Upgrade
EPS (Diluted)	-14.70	-30.96	-27.83	-16.64	-27.41	-59.70	Upgrade
Free Cash Flow	-12.98	-14.49	-28.72	-20.66	-11.02	-10.62	Upgrade
Free Cash Flow Per Share	-8.60	-14.94	-31.97	-23.07	-23.49	-89.62	Upgrade
Gross Margin	20.00%	37.38%	19.72%	38.48%	-	100.00%	Upgrade
Operating Margin	-3120.97%	-1148.50%	-904.96%	-224.32%	-	-142.07%	Upgrade
Profit Margin	-5261.76%	-1169.70%	-879.52%	-221.67%	-	-172.54%	Upgrade
Free Cash Flow Margin	-3076.68%	-564.48%	-1010.51%	-307.36%	-	-258.99%	Upgrade
EBITDA	-11.6	-28.3	-24.58	-14.49	-12.82	-5.25	Upgrade
EBITDA Margin	-	-	-	-215.55%	-	-128.10%	Upgrade
D&A For EBITDA	1.57	1.18	1.14	0.59	0.54	0.57	Upgrade
EBIT	-13.17	-29.48	-25.72	-15.08	-13.37	-5.82	Upgrade
EBIT Margin	-	-	-	-224.32%	-	-142.07%	Upgrade
Revenue as Reported	-	-	-	-	-	4.1	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q