HCW Biologics Inc. (NASDAQ:HCWB) shares are trending on Thursday night.



HCWB shares surged 122.55% to $0.75 in after-hours trading on Thursday after the clinical-stage biopharmaceutical company posted first-quarter results, reporting earnings per share of $0.37, which beat the analyst estimate of -$0.44 by 184.09%.



<h2>Trimmune Deal Powers Revenue Turnaround</h2>



HCW Biologics reported revenue of $6.5 million for the quarter ended Mar. 31, compared with just $5,065 a year earlier. The increase was driven by the March closing of an exclusive worldwide licensing agreement with Beijing Trimmune Biotech for HCW11-006, a multi-functional fusion immunotherapeutic designed to treat solid tumors by activating CD8+ T cells and NK cells. 



According to the company, the deal included a nonrefundable upfront license fee of $3.5 million in gross cash proceeds and an in-kind payment consisting of a $3.5 million transferable minority equity stake in Trimmune.



Net income of the Florida-based company swung to $3.5 million from a loss of $2.2 million in the first quarter of 2025. Research and development expenses and general and administrative expenses also declined 15% and 18%, respectively, reflecting tighter cost controls.



<h2>Phase 1 Data Readout In Focus</h2>



The company's lead autoimmune asset, HCW9302, is a first-in-class interleukin 2 fusion protein targeting alopecia areata, with no dose-limiting toxicities reported to date. Preliminary Phase 1 data from the first two dose cohorts is expected in the first half of 2026, with a full readout targeted for the fourth quarter of 2026.



CEO Dr. Hing C. Wong said HCW9302 “has demonstrated relatively high IL-2Rα affinity and sustains serum exposure,” adding that preclinical studies in nonhuman primates show “significantly longer serum half-life and strong biological activity in relatively low doses.”



<h2>What Investors Need To Know</h2>



Investors should note that as of Mar. 31, the company flagged going-concern doubt over its ability to continue operations for at least 12 months without additional funding. 



On May 5, the company was also granted a Nasdaq hearing to appeal a delisting determination by staff due to non-compliance with the $1.00 minimum bid price requirement.



<h2>Trading Metrics, Technical Analysis</h2>



HCW Biologics has a market capitalization of $2.27 million, with a 52-week high of $10.50 and a 52-week low of $0.25.



The stock of the biotech has a Relative Strength Index (RSI) of 42.58.



Over the past 12 months, HCWB has dropped 96.17%.



The small-cap stock is currently trading near its 52-week low.



Price Action: According to Benzinga Pro data, HCWB closed the regular session at $0.34, down 3.55%.



Benzinga's Edge Stock Rankings indicate HCWB stock has a negative price trend across all time frames.



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Photo Courtesy: Proxima Studio on Shutterstock.com



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



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HCWB

HCW Biologics Inc. (NASDAQ:HCWB) shares surged 122.55% in after-hours trading to $0.75 after reporting Q1 EPS of $0.37, significantly beating the analyst estimate of -$0.44. Revenue rose to $6.5 million, driven by a licensing deal with Beijing Trimmune Biotech. Despite the positive results, the company flagged going-concern doubts and is appealing a Nasdaq delisting determination. HCWB has a market cap of $2.27 million and has dropped 96.17% over the past year.

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HCW Biologics (HCWB) Stock Is Trending Overnight — Here's Why It Moved Over 122% In After-Hours Session