$HCWB
HCW Biologics Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024039384 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.127M $1.324M $2.842M
YoY Change 2590.14% -1.31% -57.59%
Cost Of Revenue $512.0K $1.071M $2.281M
YoY Change 1644.34% -0.17% -44.84%
Gross Profit $614.7K $252.6K $560.4K
YoY Change 4805.03% -5.84% -78.33%
Gross Profit Margin 54.56% 19.08% 19.72%
Selling, General & Admin $5.918M $8.806M $18.33M
YoY Change 94.16% 220.04% 129.52%
% of Gross Profit 962.68% 3485.64% 3271.9%
Research & Development $2.123M $2.136M $7.676M
YoY Change -5.87% -27.09% -17.8%
% of Gross Profit 345.39% 845.63% 1369.89%
Depreciation & Amortization $243.5K $274.6K $1.135M
YoY Change -18.52% 5.13% 58.14%
% of Gross Profit 39.61% 108.67% 202.58%
Operating Expenses $8.108M $11.02M $26.28M
YoY Change 50.91% 85.68% 48.75%
Operating Profit -$7.494M -$10.77M -$25.72M
YoY Change 39.79% 90.01% 70.55%
Interest Expense $0.00 $1.420K -$283.0K
YoY Change -100.0% -102.52% -323.46%
% of Operating Profit
Other Income/Expense, Net $25.60K $86.24K $1.006M
YoY Change -93.32% -71.7% 230.09%
Pretax Income -$7.468M -$10.68M -$24.99M
YoY Change 47.28% 97.1% 67.74%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.468M -$10.68M -$24.99M
YoY Change 47.28% 97.1% 67.74%
Net Earnings / Revenue -662.82% -806.69% -879.53%
Basic Earnings Per Share -$0.20 -$0.70
Diluted Earnings Per Share -$0.20 -$0.30 -$0.70
COMMON SHARES
Basic Shares Outstanding 37.82M 35.97M 35.93M
Diluted Shares Outstanding 37.22M 35.93M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.084M $3.595M $3.595M
YoY Change -85.54% -88.79% -88.79%
Cash & Equivalents $4.100M $3.595M $3.595M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $187.3K $1.273M $1.273M
YoY Change -40.92% 549.61% -19.96%
Inventory
Prepaid Expenses $783.4K $1.042M
Receivables $903.9K $1.536M $1.536M
Other Receivables $250.0K $0.00 $0.00
Total Short-Term Assets $6.209M $6.404M $6.404M
YoY Change -79.26% -81.2% -81.2%
LONG-TERM ASSETS
Property, Plant & Equipment $22.59M $20.45M $20.45M
YoY Change 92.41% 89.3% 89.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.600M $1.600M $1.600M
YoY Change 0.0% 0.0% 0.0%
Other Assets $28.48K $56.54K $56.54K
YoY Change -88.75% -83.07% -83.07%
Total Long-Term Assets $24.22M $22.11M $22.11M
YoY Change 78.16% 73.57% 73.57%
TOTAL ASSETS
Total Short-Term Assets $6.209M $6.404M $6.404M
Total Long-Term Assets $24.22M $22.11M $22.11M
Total Assets $30.43M $28.51M $28.51M
YoY Change -30.11% -39.09% -39.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.49M $6.167M $6.167M
YoY Change 801.06% 402.97% 402.97%
Accrued Expenses $2.919M $2.580M $2.580M
YoY Change -13.05% 49.13% 49.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $119.4K
YoY Change -99.69%
Total Short-Term Liabilities $13.41M $8.748M $8.748M
YoY Change 196.61% 195.88% 195.88%
LONG-TERM LIABILITIES
Long-Term Debt $8.274M $6.304M $6.304M
YoY Change 29.57% -1.65% -1.65%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $8.274M $6.304M $6.304M
YoY Change 29.42% -1.87% -1.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.41M $8.748M $8.748M
Total Long-Term Liabilities $8.274M $6.304M $6.304M
Total Liabilities $21.69M $15.05M $15.05M
YoY Change 98.68% 60.46% 60.46%
SHAREHOLDERS EQUITY
Retained Earnings -$78.00M -$70.53M
YoY Change 54.12% 54.89%
Common Stock $3.782K $3.603K
YoY Change 5.38% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.741M $13.46M $13.46M
YoY Change
Total Liabilities & Shareholders Equity $30.43M $28.51M $28.51M
YoY Change -30.11% -39.09% -39.09%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$7.468M -$10.68M -$24.99M
YoY Change 47.28% 97.1% 67.74%
Depreciation, Depletion And Amortization $243.5K $274.6K $1.135M
YoY Change -18.52% 5.13% 58.14%
Cash From Operating Activities -$3.604M -$3.895M -$22.51M
YoY Change -0.94% 2.78% 116.77%
INVESTING ACTIVITIES
Capital Expenditures $129.7K $3.716M $6.203M
YoY Change -56.82% 5309.3% -39.63%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00M
YoY Change -59.97%
Cash From Investing Activities -$129.7K -$3.716M $3.797M
YoY Change -56.82% 5309.3% -74.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.74K
YoY Change 50.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.223M -15.25K -14.53K
YoY Change 222022.78% -61.72% -100.23%
NET CHANGE
Cash From Operating Activities -3.604M -3.895M -22.51M
Cash From Investing Activities -129.7K -3.716M 3.797M
Cash From Financing Activities 4.223M -15.25K -14.53K
Net Change In Cash 489.0K -7.626M -18.73M
YoY Change -112.42% 95.64% -276.78%
FREE CASH FLOW
Cash From Operating Activities -$3.604M -$3.895M -$22.51M
Capital Expenditures $129.7K $3.716M $6.203M
Free Cash Flow -$3.734M -$7.610M -$28.72M
YoY Change -5.21% 97.26% 38.99%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
3600000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22300000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk and Other Risks and Uncertainties</span><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the year ended December 31, 2023, the Company recognized revenues of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. A</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ll of the Company's revenues were derived from the supply of clinical grade material to Wugen under the supply agreement between Wugen and the Company, as contemplated in the Wugen License. As of December 31, 2023, there was a balance of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in accounts receivable related to sales to Wugen on the accompanying audited balance sheet, and the Company believes that collection of these amounts are probable. Since </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 24, 2020, the Company holds </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,174,311</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of Wugen common stock, which were received as consideration for the Wugen License on December 24, 2020. Currently, these shares represent a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% equity ownership interest of Wugen, based on fully diluted, issued and outstanding shares as of December 31, 2023. The Company has not been able to realize any benefit from the sale of these shares, as they are </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">not currently traded on any public market and thus have limited marketability.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2023 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Deferred Revenue</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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. In the year ended December 31, 2021, there was a balance of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in deferred revenues in the Company's balance sheet, all of which were recognized as revenue in the year ended December 31, 2022. There were </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> deferred revenue balances as of December 31, 2022 or 2023.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1800000
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0
CY2022 hcwb Investment Impairment Charges
InvestmentImpairmentCharges
0
CY2023 hcwb Investment Impairment Charges
InvestmentImpairmentCharges
0
CY2023Q4 us-gaap Short Term Investments
ShortTermInvestments
0
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
190547
CY2022Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
15500000
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13041832
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23485025
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2237222
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3031841
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10804610
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20453184
CY2022 us-gaap Depreciation
Depreciation
589608
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
441698
CY2023 us-gaap Depreciation
Depreciation
794619
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
541679
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
29193950
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1124215
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
237364
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.33
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
108176
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.15
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1626129
CY2023Q4 hcwb Consideration Received On Fair Value Of Securities
ConsiderationReceivedOnFairValueOfSecurities
1600000
CY2023Q4 us-gaap Long Term Investments
LongTermInvestments
1600000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1700000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2600000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
119398
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
6300000
CY2023 us-gaap Debt Instrument Term
DebtInstrumentTerm
P12M
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
119398
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
127623
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
135266
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6079440
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6461727
CY2023 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 royalties are allocated has been satisfied (or partially satisfied).
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-14900703
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-24994277
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35822249
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35822249
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35929446
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35929446
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.7
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.7
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1867458
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1779338
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1770739
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.96
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P9Y
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31441
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0.41
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1028
CY2022 hcwb Share Based Compensation Arrangements By Share Based Payment Award Options Expired In Period Weighted Average Exercise Price1
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageExercisePrice1
0.21
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1867458
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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3.11
CY2022 hcwb Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term3
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3
P8Y6M
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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671878
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
473686
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.06
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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198258
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1867458
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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3.11
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
671878
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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91000
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1.88
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.16
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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26342
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.86
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
4114
CY2023 hcwb Share Based Compensation Arrangements By Share Based Payment Award Options Expired In Period Weighted Average Exercise Price1
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageExercisePrice1
3.4
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1779338
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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3.31
CY2023 hcwb Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term3
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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238210
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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942998
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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3.07
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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173385
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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231301
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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202917
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1.71
CY2023 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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1.42
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.8805
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.899
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0329
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0399
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Income Tax Reconciliation Tax Credits
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512967
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.0344
CY2023 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
540777
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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1.71
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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1.42
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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1800000
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y7M13D
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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171215
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
184214
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-14900703
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-24994277
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-3129148
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-5248798
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-655142
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.044
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-1027320
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0411
CY2022 hcwb Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
64106
CY2022 hcwb Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
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CY2023 hcwb Income Tax Reconciliation Permanent Differences
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2024-02-29
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CY2023 hcwb Supplemental Balance Sheet Operating Leases Disclosure Table Textblock
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<p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023, the supplemental balance sheet information related to leases was as follows:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:70.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:79.704%;"></td> <td style="width:1.94%;"></td> <td style="width:1%;"></td> <td style="width:16.357%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">As of December 31, 2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;word-break:break-word;"> <td style="background-color:#cceeff;text-indent:5pt;white-space:pre-wrap;vertical-align:middle;"><p style="margin-left:5pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><span style="-sec-ix-hidden:F_bdfb70cf-49e3-4aa3-af8b-e80db4ef253b;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Operating</span></span></span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> lease right-of-use assets</span></p></td> <td style="background-color:#cff0fc;white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="background-color:#cff0fc;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="background-color:#cff0fc;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">28,061</span></p></td> <td style="background-color:#cff0fc;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="text-indent:5pt;white-space:pre-wrap;vertical-align:middle;"><p style="margin-left:5pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><span style="-sec-ix-hidden:F_55e5455d-fc98-4d71-b5dd-7e7f5a5da5c1;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Operating</span></span></span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> lease liabilities, current</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">28,061</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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28061
CY2023Q4 us-gaap Operating Lease Liability Current
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28061
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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28693
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due
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28693
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
187600
CY2023 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
169700
CY2023 hcwb Commitment Fund
CommitmentFund
6900000
CY2024Q1 hcwb Deposit Account For Interest Reserve
DepositAccountForInterestReserve
5300000
CY2023Q4 hcwb Deposit Account For Credit Loss Reserve
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5300000
CY2023 hcwb Perecentage Of Legal Fees
PerecentageOfLegalFees
0.50
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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