$HCWB
HCW Biologics Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022004847 Filed on March 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $3.100M $4.100M
YoY Change
Cost Of Revenue $1.328M $0.00
YoY Change
Gross Profit $1.789M $0.00
YoY Change
Gross Profit Margin 57.72%
Selling, General & Admin $1.845M $4.976M $569.1K
YoY Change 81.64% 104.26%
% of Gross Profit 103.1%
Research & Development $1.790M $8.174M $1.410M
YoY Change -23.18% 12.66%
% of Gross Profit 100.01%
Depreciation & Amortization $142.8K $543.6K $163.7K
YoY Change -10.09% -5.11%
% of Gross Profit 7.98%
Operating Expenses $3.670M $13.37M $2.039M
YoY Change 7.56% 34.7%
Operating Profit -$1.881M -$13.37M
YoY Change -44.88% 129.51%
Interest Expense -$176.4K -$61.95K -$300.00
YoY Change -20375.86% -377.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.057M -$12.86M $2.061M
YoY Change -27.66% 121.68%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.057M -$12.86M $2.061M
YoY Change -27.66% 121.68%
Net Earnings / Revenue -66.36% 50.27%
Basic Earnings Per Share -$0.06 -$0.69
Diluted Earnings Per Share -$57.50K -$685.2K $57.81K
COMMON SHARES
Basic Shares Outstanding 35.78M 18.77M
Diluted Shares Outstanding 35.78M 18.77M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.09M $36.71M
YoY Change 411.75% 334.19%
Cash & Equivalents $18.10M $11.73M $8.456M
Short-Term Investments $16.97M $24.98M
Other Short-Term Assets $245.6K $3.633M $654.5K
YoY Change -85.05% 204.58%
Inventory
Prepaid Expenses $2.021M $538.3K
Receivables $553.0K $133.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.91M $40.48M $12.15M
YoY Change 286.82% 233.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.012M $1.119M $1.615M
YoY Change -33.78% -30.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.35M $11.52M
YoY Change 609.57% 620.24%
Other Assets $686.4K $393.3K $34.24K
YoY Change 1048.71%
Total Long-Term Assets $13.05M $13.03M $3.249M
YoY Change 317.12% 301.13%
TOTAL ASSETS
Total Short-Term Assets $37.91M $40.48M $12.15M
Total Long-Term Assets $13.05M $13.03M $3.249M
Total Assets $50.96M $53.51M $15.40M
YoY Change 294.15% 247.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $743.1K $223.7K $155.3K
YoY Change 129.71% 43.98%
Accrued Expenses $674.3K $2.098M
YoY Change -34.11% 148.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.417M $2.322M $1.001M
YoY Change 5.24% 131.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $139.6K
YoY Change
Total Long-Term Liabilities $139.6K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.417M $2.322M $1.001M
Total Long-Term Liabilities $139.6K $0.00
Total Liabilities $1.557M $2.322M
YoY Change 15.61% 131.91%
SHAREHOLDERS EQUITY
Retained Earnings -$32.69M -$16.72M
YoY Change
Common Stock $3.578K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.40M $51.19M -$16.72M
YoY Change
Total Liabilities & Shareholders Equity $50.96M $53.51M $15.40M
YoY Change 294.15% 247.54%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.057M -$12.86M $2.061M
YoY Change -27.66% 121.68%
Depreciation, Depletion And Amortization $142.8K $543.6K $163.7K
YoY Change -10.09% -5.11%
Cash From Operating Activities -$1.592M -$10.98M -$3.537M
YoY Change 6.87% 5.22%
INVESTING ACTIVITIES
Capital Expenditures $23.55K $47.26K -$36.39K
YoY Change 1.18% -74.68%
Acquisitions
YoY Change
Other Investing Activities $8.000M -$34.97M $0.00
YoY Change
Cash From Investing Activities $7.976M -$35.02M -$36.39K
YoY Change -34363.87% 18658.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.273K $29.53K
YoY Change -83.02% 198.32%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.273K 49.27M 5.547M
YoY Change -102.62% 320.46%
NET CHANGE
Cash From Operating Activities -1.592M -10.98M -3.537M
Cash From Investing Activities 7.976M -35.02M -36.39K
Cash From Financing Activities 2.273K 49.27M 5.547M
Net Change In Cash 6.386M 3.275M 1.973M
YoY Change -499.23% 197.71%
FREE CASH FLOW
Cash From Operating Activities -$1.592M -$10.98M -$3.537M
Capital Expenditures $23.55K $47.26K -$36.39K
Free Cash Flow -$1.616M -$11.02M -$3.501M
YoY Change 6.78% 3.81%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management must apply significant judgment in this process. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from estimates.</span></p>
CY2021 us-gaap Concentration Risk Credit Risk
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<span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Concentration of Credit Risk and Other Risks and Uncertainties</span><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, accounts receivable, and investments. The Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Currently all of the Company's revenues are derived from the Wugen License. For the year ended December 31, 2020, the Company recognized revenues of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">4.1</span><span style="background-color:rgba(255,255,255,1);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="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.6</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million of which was consideration received in the form of shares of Wugen common stock. These shares have limited marketability, and there was no public market on which to trade these shares as of December 31, 2021. As of December 31, 2021, the Company received cash payments of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.8</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million for the sale of research and clinical-grade material, which are currently recognized as deferred revenue on the accompanying balance sheet since the criteria for revenue recognition have not been met.</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:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is highly dependent on a third-party manufacturer to supply drug products for its research and development activities of its programs, including clinical and non-clinical studies. These programs could be adversely affected by a significant interruption in the supply of such drug products. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</span></p>
CY2020 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1271675
CY2021Q4 hcwb Percentage Of Cumulative Dividends
PercentageOfCumulativeDividends
0.06
CY2021 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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;">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. As December 31, 2021, current deferred revenue includes amounts 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;">1.8</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 allocated to the development supply agreement performance obligation under the Wugen License that is included within Accrued liabilities and other current liabilities.</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>
CY2021 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
353388
CY2021Q4 hcwb Deferred Offering Costs Reclassified To Stockholders Equity
DeferredOfferingCostsReclassifiedToStockholdersEquity
6800000
CY2020 hcwb Federal Payroll Taxes
FederalPayrollTaxes
250000
CY2021 hcwb Federal Payroll Taxes
FederalPayrollTaxes
250000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
6752266
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
44412319
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-12862468
CY2021Q4 us-gaap Long Term Investments
LongTermInvestments
11500000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2719441
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2766704
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1104015
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1647614
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1615426
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1119090
CY2020 us-gaap Depreciation
Depreciation
572867
CY2020 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
362892
CY2021 us-gaap Depreciation
Depreciation
543598
CY2020Q4 us-gaap Long Term Investments
LongTermInvestments
1600000
CY2021Q4 hcwb Consideration Received On Fair Value Of Securities
ConsiderationReceivedOnFairValueOfSecurities
1600000
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-5802201
CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
845741
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2100000
CY2020 hcwb Amount Considered For Performance Obligations
AmountConsideredForPerformanceObligations
4100000
CY2021 hcwb Selling Price
SellingPrice
2500000
CY2021 hcwb License Agreement Description
LicenseAgreementDescription
For revenue-based royalties, including milestone payments based on the level of sales, the Company will include royalties in the transaction price at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty is allocated has been satisfied (or partially satisfied).
CY2021Q3 us-gaap Cumulative Dividends
CumulativeDividends
2800000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7073876
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12862468
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4739285
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18770935
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.49
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.69
CY2021Q4 hcwb Deferred Tax Assets Operating Loss Carryforwards Federal State And Local
DeferredTaxAssetsOperatingLossCarryforwardsFederalStateAndLocal
5479664
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24510530
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1770739
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
586662
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.13
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M6D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5500
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
263976
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.20
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75851
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.13
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32740
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.12
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
742047
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
39078
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
88531
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.15
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CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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5413
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742047
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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39078
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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0.19
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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2.96
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41084
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6032
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
447115
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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4.16
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M26D
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8730
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8318
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0050
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.18
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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2.95
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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103045
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CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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0
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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0
CY2020 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
6750
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
146400
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
173400
CY2020Q4 hcwb Deferred Tax Assets Operating Loss Carryforwards Federal State And Local
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3102649
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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IncomeTaxReconciliationTaxCreditsOther
2088
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.0004
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5802201
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-12862468
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.2100
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
-264152
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.0455
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-590728
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0459
CY2020 hcwb Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
10161
CY2020 hcwb Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0018
CY2021 hcwb Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
-85678
CY2021 hcwb Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.0067
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-34591
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0060
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2093
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0002
CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
46608
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0080
CY2021 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
85000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.0066
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1555740
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0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.0000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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0.0000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
658595
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1164970
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
24585
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
12356
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2821
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
84612
CY2020Q4 us-gaap Deferred Rent Asset Net Current
DeferredRentAssetNetCurrent
2089
CY2021Q4 us-gaap Deferred Rent Asset Net Current
DeferredRentAssetNetCurrent
307
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
133015
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
218015
CY2021Q4 hcwb Deferred Tax Asset Unrealized Gain Loss
DeferredTaxAssetUnrealizedGainLoss
16708
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
397464
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3923754
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7374096
CY2020Q4 hcwb Deferred Tax Liability Depreciable Assets
DeferredTaxLiabilityDepreciableAssets
-10054
CY2021Q4 hcwb Deferred Tax Liability Depreciable Assets
DeferredTaxLiabilityDepreciableAssets
35
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10054
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
35
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3913700
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7374131
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 hcwb Valuation Allowance Available To Reduce Deferred Tax Asset
ValuationAllowanceAvailableToReduceDeferredTaxAsset
7400000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3500000
CY2021 hcwb Income Tax Provision Under Cares Act Description
IncomeTaxProvisionUnderCaresActDescription
The CARES Act, among other things, contains modifications on the limitation of business interest expense under Section 163(j), allow for net operating loss ("NOL") carryovers and carrybacks to offset 100% of taxable income for taxable years before 2021, and includes a technical correction to the TCJA with respect to Qualified Improvement Property ("QIP") where such property has a 15-year recovery period for purposes of the general depreciation system of Section 168(a). The Company is currently evaluating the impact of the CARES Act, and aside from the 15-year QIP technical correction, it believes that none of other modifications or tax law changes will result in any material benefit or apply.
CY2020Q1 hcwb Taxable Income Utilization Percentage Under Cares Act
TaxableIncomeUtilizationPercentageUnderCaresAct
1
CY2020 hcwb Federal And State Nol Taxable Income Offset Percentage
FederalAndStateNolTaxableIncomeOffsetPercentage
1
CY2021 hcwb Federal And State Nol Taxable Income Offset Percentage
FederalAndStateNolTaxableIncomeOffsetPercentage
0.80
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
133015
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
218015
CY2021 hcwb Operating Loss Carryforwards Expiration Term
OperatingLossCarryforwardsExpirationTerm
2038 through 2041
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
36000
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
183943
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
208348
CY2020Q4 us-gaap Contractual Obligation
ContractualObligation
3900000
CY2021Q4 us-gaap Contractual Obligation
ContractualObligation
2500000
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
181600

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