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
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
Revenue	0.42	2.57	2.84	6.72	-	4.1
Revenue Growth (YoY)	-87.93%	-9.68%	-57.73%	-	-	-
Cost of Revenue	0.34	1.61	2.28	4.14	-	-
Gross Profit	0.08	0.96	0.56	2.59	-	4.1
Selling, General & Admin	6.82	22.75	13.35	8.33	5.19	2.67
Research & Development	5.16	6.39	7.68	9.34	8.17	7.26
Other Operating Expenses	-	1.3	5.25	-	-	-
Total Operating Expenses	11.98	30.44	26.28	17.67	13.37	9.92
Operating Income	-11.89	-29.48	-25.72	-15.08	-13.37	-5.82
Interest Expense	-0.85	-0.63	-0.28	-0.13	-	-
Other Non-Operating Income (Expense)	0.69	0.09	1.01	0.3	0.51	0.02
Total Non-Operating Income (Expense)	-0.16	-0.54	0.72	0.18	0.51	0.02
Pretax Income	-12.05	-30.02	-24.99	-14.9	-12.86	-5.8
Net Income	-22.21	-30.02	-24.99	-14.9	-12.86	-7.07
Net Income Attributable to Preferred Dividends	-10.15	-	-	-	-	-1.27
Net Income to Common	-22.21	-30.02	-24.99	-14.9	-12.86	-7.07
Shares Outstanding (Basic)	2	1	1	1	0	0
Shares Outstanding (Diluted)	2	1	1	1	0	0
Shares Change (YoY)	66.98%	7.97%	0.30%	90.84%	296.07%	10.56%
EPS (Basic)	-13.98	-30.80	-28.00	-16.80	-27.60	-59.60
EPS (Diluted)	-13.98	-30.80	-28.00	-16.80	-27.60	-59.60
Free Cash Flow	-12.98	-14.49	-28.72	-20.66	-11.02	-10.62
Free Cash Flow Per Share	-8.36	-14.94	-31.97	-23.07	-23.49	-89.62
Gross Margin	20.00%	37.38%	19.72%	38.48%	-	100.00%
Operating Margin	-2817.99%	-1148.50%	-904.96%	-224.32%	-	-142.07%
Profit Margin	-2855.81%	-1169.70%	-879.52%	-221.67%	-	-141.53%
FCF Margin	-3076.69%	-564.48%	-1010.51%	-307.36%	-	-258.99%
EBITDA	-10.33	-28.3	-24.58	-14.36	-12.82	-5.25
EBITDA Margin	-2446.61%	-1102.36%	-865.02%	-213.64%	-	-128.10%
EBIT	-11.89	-29.48	-25.72	-15.08	-13.37	-5.82
EBIT Margin	-2817.99%	-1148.50%	-904.96%	-224.32%	-	-142.07%

Updated Sep 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q