---
title: "HCW Biologics Q4 revenue drops sharply on license suspension"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281247776.md"
datetime: "2026-03-31T21:14:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281247776.md)
  - [en](https://longbridge.com/en/news/281247776.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281247776.md)
---

# HCW Biologics Q4 revenue drops sharply on license suspension

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Overview

-   U.S. biopharmaceutical firm’s Q4 2025 revenue declined sharply yr/yr amid license suspension
-   Basic EPS for Q4 was -1.02, reflecting continued net losses
-   Company received $3.5 mln upfront license fee for HCW11-006 and launched two commercial-ready reagents

Outlook

-   Company says substantial doubt exists about ability to continue as going concern without additional funding
-   Company expects preliminary human data from HCW9302 Phase 1 trial in first half of 2026
-   Company plans to appeal Nasdaq notice on minimum bid price non-compliance

Result Drivers

-   LICENSE SUSPENSION - Revenue decline attributed to one-year suspension of Wugen license agreement, allowing co to market HCW9206 and HCW9201 as reagents
-   R&D SPENDING - Q4 R&D expenses increased 27% yr/yr, driven by ongoing clinical development activities
-   REAGENT LAUNCH - Co launched two proprietary fusion protein molecules as commercial-ready reagents to support cell-based immunotherapeutics production Company press release:

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q4 Basic -$1.02

### EPS

Analyst Coverage

-   The one available analyst rating on the shares is “buy”
-   The average consensus recommendation for the biotechnology & medical research peer group is “buy”
-   Wall Street’s median 12-month price target for HCW Biologics Inc is $2.00, about 454.2% above its March 30 closing price of $0.36 For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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