$HCWB
HCW Biologics Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004237 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $1.583M $1.360M $553.2K
YoY Change 178.22% 145.85%
% of Gross Profit
Research & Development $1.483M $2.687M $2.099M
YoY Change 5.2% 28.05%
% of Gross Profit
Depreciation & Amortization $95.59K $124.1K $126.2K
YoY Change -41.6% -1.67%
% of Gross Profit
Operating Expenses $3.113M $4.092M $2.709M
YoY Change 52.68% 51.08%
Operating Profit -$4.092M -$2.709M
YoY Change 51.08%
Interest Expense -$60.90K -$2.540K -$370.00
YoY Change 20200.0% 586.49%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.173M -$4.095M -$2.709M
YoY Change -253.99% 51.15%
Income Tax
% Of Pretax Income
Net Earnings -$3.173M -$4.095M -$2.709M
YoY Change -253.99% 51.15%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$169.1K -$114.6K -$75.99K
COMMON SHARES
Basic Shares Outstanding 35.73M 29.57M
Diluted Shares Outstanding 29.57M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.71M $40.11M
YoY Change
Cash & Equivalents $11.73M $15.10M $6.483M
Short-Term Investments $24.98M $24.99M
Other Short-Term Assets $1.437M $1.383M
YoY Change 119.49%
Inventory
Prepaid Expenses $2.197M $1.991M
Receivables $133.0K $70.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.48M $43.56M
YoY Change 233.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.119M $1.269M
YoY Change -30.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.52M $11.58M
YoY Change
Other Assets $393.3K
YoY Change 1048.64%
Total Long-Term Assets $13.03M $12.85M
YoY Change 301.13%
TOTAL ASSETS
Total Short-Term Assets $40.48M $43.56M
Total Long-Term Assets $13.03M $12.85M
Total Assets $53.51M $56.41M
YoY Change 247.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.7K $637.2K
YoY Change 43.98%
Accrued Expenses $2.098M $1.757M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.322M $2.395M
YoY Change 131.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.322M $2.395M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.322M $2.395M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$30.64M -$27.46M
YoY Change 83.25%
Common Stock $3.577K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.19M $54.01M -$18.37M
YoY Change
Total Liabilities & Shareholders Equity $53.51M $56.41M
YoY Change 247.54%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.173M -$4.095M -$2.709M
YoY Change -253.99% 51.15%
Depreciation, Depletion And Amortization $95.59K $124.1K $126.2K
YoY Change -41.6% -1.67%
Cash From Operating Activities -$3.377M -$5.119M -$2.750M
YoY Change -4.54% 86.17%
INVESTING ACTIVITIES
Capital Expenditures -$19.85K -$4.130K -$105.2K
YoY Change -45.45% -96.07%
Acquisitions
YoY Change
Other Investing Activities -$4.050K -$34.97M $0.00
YoY Change
Cash From Investing Activities -$23.91K -$34.97M -$105.2K
YoY Change -34.3% 33139.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.110K 50.16M 6.169M
YoY Change -99.89% 713.16%
NET CHANGE
Cash From Operating Activities -3.377M -5.119M -2.750M
Cash From Investing Activities -23.91K -34.97M -105.2K
Cash From Financing Activities 6.110K 50.16M 6.169M
Net Change In Cash -3.394M 10.07M 3.314M
YoY Change -272.04% 203.95%
FREE CASH FLOW
Cash From Operating Activities -$3.377M -$5.119M -$2.750M
Capital Expenditures -$19.85K -$4.130K -$105.2K
Free Cash Flow -$3.357M -$5.115M -$2.644M
YoY Change -4.11% 93.42%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:13.5pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Deferred Revenue</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Deferred revenue represents amounts billed, or in certain cases, yet to be billed to the Company’s customer for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligations. The long-term portion of deferred revenue represents amounts to be recognized after one year. As of September 30, 2021, current deferred revenue includes a</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">mounts of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">allocated to the development supply agreement performance obligation under the Wugen License that is included within Accrued liabilities and other current liabilities. There was no long-term deferred revenue as of September 30, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. </span>
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CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1800000
hcwb Redeemable Preferred Stock
RedeemablePreferredStock
<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">3. Redeemable Preferred Stock </span><p style="text-indent:10.2%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In a series of closings which took place in 2020, the Company completed the private placement of Series C Preferred Stock. The terms of the redeemable preferred stock provide for an adjustment to the conversion price upon the occurrence of certain transactions or events, such as stock splits, split-up, certain dividends, or distributions. Cumulative dividends accrue whether or not declared by the Board of Directors. Giving effect to the Reverse Stock Split, a total of </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">5,439,112</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of Series C Preferred Stock were issued at $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">2.05</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> per share, for gross proceeds of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">11.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million, net of offering costs. The Company’s Series C Preferred Stock is convertible into shares of Class A common stock and earns cumulative dividends at a rate of 6% per annum and compound annually. </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">No</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> dividends have been paid or declared as of the reporting date. Upon conversion, accrued and unpaid cumulative dividends will be forfeited.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:10.2%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:12.0pt;font-family:Times New Roman;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On July 22, 2021, the Company closed on its IPO, and the requirements for mandatory conversion were met. All outstanding shares of Series A, Series B, and Series C Preferred Stock converted into an equal number of shares of common stock. As a result, the rights, preferences, and terms ascribed to these shares are no longer applicable. Cumulative dividends of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">2.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million accrued as of the conversion date were forfeited and such forfeiture was recognized through Additional paid-in capital.</span></p><p style="text-indent:10.2%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">At September 30, 2021, the Company has </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million shares of preferred stock authorized and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares issued.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
us-gaap Dividends
Dividends
0
CY2021Q3 us-gaap Cumulative Dividends
CumulativeDividends
2800000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2709006
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4094704
us-gaap Net Income Loss
NetIncomeLoss
-7863006
us-gaap Net Income Loss
NetIncomeLoss
-9689062
CY2020Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
282861
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
842433
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2991867
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4094704
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8705439
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9689062
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4743823
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29572267
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4728816
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13111087
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.63
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.84
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.74
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24324050
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1710817
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
6752266
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
48791554
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
54000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
36000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
90000
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
45914
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
52963
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
137987
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
154533
CY2020Q3 us-gaap Contractual Obligation
ContractualObligation
2000000.0
CY2021Q3 us-gaap Contractual Obligation
ContractualObligation
1500000

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