<span item_type="fundamental" item_id="6c7ae5332eab4574928c776769a7588c" counter_id="ST/US/HCWB" env="prod"></span><span item_type="announcement" item_id="632445590630236801" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 27.01 K.</p><p>EPS: As of FY2025 Q4, the actual value is USD -1.02.</p><p>EBIT: As of FY2025 Q4, the actual value is USD -4.25 M.</p><p></p><p>HCW Biologics Inc. issued a press release on March 31, 2026, announcing its financial results for the quarter ended December 31, 2025, furnished as Exhibit 99.1 to a Current Report on Form 8-K; however, the provided text of this 8-K filing does not detail specific financial or operational metrics, cash flow information, unique company-specific indicators, or forward-looking outlook or guidance <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-20260331.htm"></span>.</p><h4>Revenues</h4><p>HCW Biologics Inc.’s revenues for the three months ended December 31, 2025, were $27,010, a significant decrease from $394,804 for the same period in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year ended December 31, 2025, revenues were $54,232, down from $2.6 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. Historically, revenues were exclusively from the sale of licensed molecules to Wugen, but in 2025, the company agreed to a one-year suspension of the Wugen License Agreement to market HCW9206 and HCW9201 as reagents <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Cost of Revenues</h4><p>Cost of revenues for the three months ended December 31, 2025, was - $21,609, compared to - $315,843 for the same period in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year ended December 31, 2025, cost of revenues was - $43,386, significantly lower than - $1,607,389 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Net Revenues (Gross Profit)</h4><p>Net revenues for the three months ended December 31, 2025, were $5,401, down from $78,961 in the comparable 2024 period <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, net revenues were $10,846, a substantial decrease from $959,403 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Research and Development (R&amp;D) Expenses</h4><p>R&amp;D expenses for the three months ended December 31, 2025, were $1.3 million, an increase of $283,491 or 27% from $1.0 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, R&amp;D expenses decreased by $1.0 million or 15% to $5.4 million, from $6.4 million in 2024, with higher expenses in 2024 attributed to manufacturing and materials <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>General and Administrative (G&amp;A) Expenses</h4><p>G&amp;A expenses for the three months ended December 31, 2025, were $1.5 million, a decrease of $526,175 or 26% from $2.0 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, G&amp;A expenses increased by $884,832 or 13% to $7.7 million, from $6.8 million in 2024, primarily due to salaries, benefits, and professional fees related to audit, tax, advisory services, and compliance with SEC and Nasdaq regulations <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Legal Expenses (Recoveries), Net</h4><p>Legal expenses (recoveries), net for the three months ended December 31, 2025, were $120,136, down from $148,949 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, the company reported a contra expense of - $1.5 million, a significant change from $15.9 million in 2024, which includes a $2.0 million insurance reimbursement received in January 2025 and a $5.5 million gain from a settlement agreement for legal fees <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Impairment of Long-Lived Asset</h4><p>An impairment of long-lived asset of $1,500,000 was recorded for both the three months and the full fiscal year ended December 31, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Total Operating Expenses</h4><p>Total operating expenses for the three months ended December 31, 2025, were $4,467,223, up from $3,238,720 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, total operating expenses decreased to $13,173,356 from $30,415,923 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Loss from Operations</h4><p>Loss from operations for the three months ended December 31, 2025, was - $4,461,822, compared to - $3,159,759 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, loss from operations was - $13,162,510, an improvement from - $29,456,520 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Net (Loss) Gain</h4><p>Net gain for the three months ended December 31, 2025, was $719,232, a significant improvement from a net loss of - $3,373,273 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, the net loss was - $7,959,709, an improvement from - $30,023,814 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Net Loss Attributable to Common Stockholders</h4><p>Net loss attributable to common stockholders for the three months ended December 31, 2025, was - $3,465,962, compared to - $3,373,273 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. For the full fiscal year 2025, this figure was - $22,298,702, compared to - $30,023,814 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Cash and Cash Equivalents</h4><p>As of December 31, 2025, cash and cash equivalents were $1,952,464, down from $4,674,572 at December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Total Current Liabilities</h4><p>Total current liabilities as of December 31, 2025, were $21,062,713, a decrease from $29,628,885 at December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Total Stockholders’ Equity (Deficit)</h4><p>Total stockholders’ equity (deficit) as of December 31, 2025, was $2,764,769, an improvement from a deficit of - $6,770,172 at December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Unique Metrics / Business Highlights</h4><p>HCW Biologics Inc. received the full payment of a $3.5 million upfront licensing fee (net $2.9 million after taxes) for the exclusive worldwide license of HCW11-006 to Beijing Trimmune Biotech Co., Ltd., and also received a transferable minority equity interest in Trimmune <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. The company is eligible for additional development milestone payments and double-digit royalties on future product sales from this license <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. HCW Biologics Inc. also launched two proprietary fusion protein molecules, HCW9206 and HCW9201, as commercial-ready reagents to generate revenue and offset development costs <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p><h4>Financial Guidance</h4><p>HCW Biologics Inc. believes there is substantial doubt about its ability to continue as a going concern for at least 12 months without additional funding <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. The company has had early success with its multi-step financing plan but cannot assure continued success with remaining elements <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>. HCW Biologics Inc. is also subject to a Nasdaq bid price rule non-compliance notice and plans to appeal this determination <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1828673/000119312526134936/hcwb-ex99_1.htm"></span>.</p>

HCW Biologics | 8-K: FY2025 Q4 Revenue: USD 27.01 K