HCW Biologics Inc
hcwbiologics.comWhat Do They Do?
Develops immune-based drug candidates for autoimmune and inflammatory diseases, cancer and diseases linked to aging, and supplies protein reagents for making immunotherapies.
10-K for FY2025, filed Mar 31, 2026HCW Biologics Inc. (“HCW Biologics” or the “Company”) is a clinical-stage biopharmaceutical company developing transformative fusion…View ↗
HCW9206 is a proprietary fusion protein designed as a reagent to use in the production of CAR-therapies for the treatment of infectious…View ↗
HCW9201 is a proprietary fusion protein designed as a reagent to use in the production of Natural Killer (“NK”) cell-based therapies. It is…View ↗
How Do They Make Money?
Partners pay upfront for rights to use licensed compounds, with later payments tied to development milestones and royalties on product sales. The company also supplies research and clinical materials, billing in the same quarter as the related costs.
10-K for FY2025, filed Mar 31, 2026At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance…View ↗
For out-licensing arrangements that include a grant of a license to the Company’s intellectual property, the Company considers whether the…View ↗
At the inception of the arrangement and at each reporting date thereafter, the Company assesses whether it should include any milestone and…View ↗
On June 18, 2021, the Company entered into a master services agreement (“MSA”) with Wugen for the supply of materials for clinical…View ↗
$54.2K
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10-K for FY2025, filed Mar 31, 2026
$54.2K ↗
Who Are Their Customers?
Licensees obtain rights to compounds and buy research and clinical materials; the company plans to market commercial-ready reagents directly or through corporate partners.
10-K for FY2025, filed Mar 31, 2026At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance…View ↗
Materials Supply:View ↗
During the year ended December 31, 2025, the Company launched two of its proprietary fusion protein molecules as commercial-ready molecules…View ↗
Do Revenues Turn Into Profits?
No. It lost $8M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$13.2MView ↗
10-K for FY2025, filed Mar 31, 2026
−$8MView ↗
10-K for FY2025, filed Mar 31, 2026
−$13.4MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$5.2MView ↗
- ▲ +171% (Loss)
- vs −$1.9M in Q2 FY2025
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Sep 4, 2026
HCW Biologics signed an exclusive HCW11-006 distribution deal with Akron
The agreement covers distribution outside China, subject to due diligence and closing; the parties also plan a supply agreement with advance payments.
Sources
8-K, filed Sep 8, 2026
On September 4, 2026, HCW Biologics Inc. (the “Company”) entered into an Exclusive Distribution Agreement (the “Distribution Agreement” or…View ↗
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Aug 14, 2026
Company will restate its first-quarter financial statements
The company said its first-quarter 2026 statements should no longer be relied on after an earnings-per-share allocation error.
Sources
8-K, filed Aug 14, 2026
On August 10, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of HCW Biologics Inc. (the “Company”), in…View ↗
Reagent commercialization
The older report described an out-license for molecules used in cell-based cancer treatments; the latest report says the company launched commercial-ready reagents for immunotherapy manufacturing and plans to market them itself or through a partner.
10-K for FY2022, filed Mar 28, 2023 10-K for FY2025, filed Mar 31, 2026We signed our first out-license agreement at the end of 2020, when we entered into an exclusive worldwide license (the “Wugen License”)…View ↗
During the year ended December 31, 2025, the Company launched two of its proprietary fusion protein molecules as commercial-ready molecules…View ↗
Drug discovery platforms
The older report centered its discovery work on the TOBI platform; the latest describes TOBI alongside a TRBC platform for designing immune-treatment candidates.
10-K for FY2022, filed Mar 28, 2023 10-K for FY2025, filed Mar 31, 2026We have combined our deep understanding of disease-related immunology with our expertise in advanced protein engineering to develop our…View ↗
Who Do They Compete With?
Competes with AbbVie, Amgen, AstraZeneca/MedImmune, Bristol Myers Squibb, Merck &, Novartis Pharmaceuticals, Pfizer, Sanofi, Genentech, Altos Labs, Calico Life Sciences, Rubedo Life Sciences, Unity Biotechnology, Johnson & Johnson, Coya Therapeutics, Nektar Therapeutics, Synthorx, Moderna, Xencor, and AnaptysBio
10-K for FY2025, filed Mar 31, 2026We compete in the segments of the pharmaceutical, biotechnology, and other related markets that develop cancer therapies. There are many…View ↗
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