| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 6.50 | 64900.0% |
| Total Income | 6.50 | 64900.0% |
| Expenditure | 3.26 | 65.5% |
| PBT | 3.80 | |
| Net Profit | 3.47 | 257.7% |
| OPM | 49.78% | |
| NPM | 53.42% | |
| EPS | 0.37 | 840.0% |
HCW Biologics Reports Q1 2026 Revenue of $6.5M and Net Income of $3.5M
15 May 2026 · 15 May, 2:08 am
Summary
HCW Biologics Inc. reported its financial results for the first quarter of 2026. The company's revenue increased to $6.5 million, driven by the closing of the licensing arrangement with Beijing Trimmune Biotech Co., Ltd. Net income was $3.5 million, a significant improvement from the $2.2 million loss in the same period last year. The company is progressing with its clinical trials, expecting preliminary data readout for HCW9302 in alopecia areata in the first half of 2026. However, the company believes that substantial doubt exists regarding its ability to continue as a going concern for at least 12 months without additional funding or financial support.
Key Highlights
- 1
HCW Biologics reported revenue of $6.5 million for the three months ended March 31, 2026, compared to $5,065 for the same period in 2025.
- 2
The company recognized $6.5 million in revenue and $470,000 in deferred revenue from the exclusive worldwide license for HCW11-006.
- 3
Research and development expenses decreased by 15% to $1.3 million for the three months ended March 31, 2026.
- 4
General and administrative expenses decreased by 18% to $1.8 million for the three months ended March 31, 2026.
- 5
Net income for the three months ended March 31, 2026, was $3.5 million, compared to a net loss of $2.2 million for the same period in 2025.
- 6
The company completed a $1.5 million equity financing in February 2026.
- 7
The company remains on track to provide preliminary clinical data readout from the first two dose levels of the Phase 1 clinical study evaluating HCW9302 in alopecia areata in the first half of 2026.
Management Comments
Hing C. Wong
HCW9302 was selected as the lead product candidate for the Company’s autoimmune program because it has demonstrated relatively high IL-2Rα affinity and sustains serum exposure, which implies it has a strong profile for the treatment of autoimmune disorders. The Company’s preclinical studies in nonhuman primates show that HCW9302 achieves significantly longer serum half-life and exhibits strong biological activity in relatively low doses, which could appear in the human data readout as support for enhanced receptor selectivity, better tolerability and reduced off-target effects.
Informational and educational content only. Not investment advice.