HCW Biologics Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	6.72	0.05	2.57	2.84	6.72	-
Revenue Growth	707.02%	-97.89%	-9.68%	-57.73%	63.96%	-
Cost of Revenue	0.27	0.04	1.61	2.28	4.14	-
Gross Profit	6.45	0.01	0.96	0.56	2.59	-
Selling, General & Admin	9.34	8.34	22.83	13.44	8.41	5.3
Research & Development	5.09	5.33	6.29	7.59	9.25	8.07
Operating Expenses	14.63	13.67	29.12	26.28	17.67	13.37
Operating Income	-8.18	-13.66	-28.16	-25.72	-15.08	-13.37
Interest Expense	-0.55	-0.85	-0.65	-0.28	-0.13	-
Other Non Operating Income (Expenses)	-2	-0.2	0.09	0.76	0.49	-0.06
EBT Excluding Unusual Items	-10.73	-14.7	-28.72	-25.24	-14.71	-13.43
Gain (Loss) on Sale of Investments	-2.02	-0.27	-	0.25	-0.19	-
Asset Writedown	-1.5	-1.5	-	-	-	-
Other Unusual Items	7	6.52	-1.3	-	-	0.57
Pretax Income	-5.25	-7.96	-30.02	-24.99	-14.9	-12.86
Net Income	-5.58	-7.96	-30.02	-24.99	-14.9	-12.86
Preferred Dividends & Other Adjustments	15.83	14.34	-	-	-	-
Net Income to Common	-21.41	-22.3	-30.02	-24.99	-14.9	-12.86
Net Income Growth	-	-	-	-	-	-
Shares Outstanding (Basic)	1	0	0	0	0	0
Shares Outstanding (Diluted)	1	0	0	0	0	0
Shares Change	285.74%	116.30%	7.97%	0.30%	90.84%	296.07%
EPS (Basic)	-27.18	-63.78	-185.75	-166.96	-99.83	-164.46
EPS (Diluted)	-27.18	-63.78	-185.75	-166.96	-99.83	-164.46
EPS Growth	-	-	-	-	-	-

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Free Cash Flow	-	-13.39	-14.49	-28.72	-20.66	-11.02
Free Cash Flow Per Share	-	-38.30	-89.64	-191.82	-138.43	-140.94
Gross Margin	95.91%	20.00%	37.38%	19.72%	38.48%	-
Operating Margin	-121.77%	-25192.71%	-1096.95%	-904.96%	-224.32%	-
Profit Margin	-318.55%	-41117.24%	-1169.70%	-879.52%	-221.67%	-
Free Cash Flow Margin	-	-24693.20%	-564.48%	-1010.51%	-307.36%	-
EBITDA	-7.57	-12.62	-26.97	-24.58	-14.49	-12.82
EBITDA Margin	-112.62%	-	-	-	-215.55%	-
D&A For EBITDA	0.61	1.04	1.18	1.14	0.59	0.54
EBIT	-8.18	-13.66	-28.16	-25.72	-15.08	-13.37
EBIT Margin	-121.77%	-	-	-	-224.32%	-

SEC Filings: 10-K · 10-Q