$HCWB
HCW Biologics Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024097121 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $426.4K $618.9K
YoY Change -50.02% -0.63%
Cost Of Revenue $341.1K $438.4K
YoY Change -49.71% -12.73%
Gross Profit $85.29K $180.4K
YoY Change -51.2% 49.84%
Gross Profit Margin 20.0% 29.15%
Selling, General & Admin $2.545M $11.94M
YoY Change -27.74% 304.92%
% of Gross Profit 2984.28% 6619.79%
Research & Development $1.187M $2.029M
YoY Change -28.82% 25.52%
% of Gross Profit 1391.7% 1124.76%
Depreciation & Amortization $128.5K $129.9K
YoY Change -54.23% -54.3%
% of Gross Profit 150.61% 72.02%
Operating Expenses $3.776M $15.32M
YoY Change -28.12% 230.74%
Operating Profit -$3.690M -$15.14M
YoY Change -27.33% 235.57%
Interest Expense $223.4K $159.7K
YoY Change 133.85% 67.17%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.300M
YoY Change -100.0% -531.01%
Pretax Income -$3.902M -$15.28M
YoY Change -20.98% 254.99%
Income Tax
% Of Pretax Income
Net Earnings -$3.902M -$15.28M
YoY Change -20.98% 254.99%
Net Earnings / Revenue -915.12% -2469.11%
Basic Earnings Per Share -$0.10 -$0.40
Diluted Earnings Per Share -$0.10 -$0.40
COMMON SHARES
Basic Shares Outstanding 37.82M 37.82M
Diluted Shares Outstanding 37.82M 37.82M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $998.2K $1.161M
YoY Change -91.1% -93.33%
Cash & Equivalents $1.000M $1.200M
Short-Term Investments
Other Short-Term Assets $88.13K $164.6K
YoY Change -49.61% -49.67%
Inventory
Prepaid Expenses $356.2K $404.9K
Receivables $651.8K $655.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.094M $2.386M
YoY Change -84.88% -87.95%
LONG-TERM ASSETS
Property, Plant & Equipment $22.83M $22.81M
YoY Change 54.48% 80.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.600M $1.600M
YoY Change 0.0% 0.0%
Other Assets $28.48K $28.48K
YoY Change -79.31% -86.51%
Total Long-Term Assets $24.46M $24.43M
YoY Change 12.38% 24.13%
TOTAL ASSETS
Total Short-Term Assets $2.094M $2.386M
Total Long-Term Assets $24.46M $24.43M
Total Assets $26.56M $26.82M
YoY Change -25.44% -32.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.67M $16.88M
YoY Change 618.68% 697.53%
Accrued Expenses $1.057M $6.342M
YoY Change -53.3% 161.87%
Deferred Revenue
YoY Change
Short-Term Debt $6.341M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.06M $23.22M
YoY Change 455.01% 411.67%
LONG-TERM LIABILITIES
Long-Term Debt $6.463M $9.901M
YoY Change 2.05% 55.68%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.463M $9.901M
YoY Change 2.05% 55.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.06M $23.22M
Total Long-Term Liabilities $6.463M $9.901M
Total Liabilities $36.53M $33.12M
YoY Change 210.88% 203.92%
SHAREHOLDERS EQUITY
Retained Earnings -$97.18M -$93.28M
YoY Change 62.37% 69.87%
Common Stock $3.782K $3.782K
YoY Change 5.26% 5.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.970M -$6.300M
YoY Change
Total Liabilities & Shareholders Equity $26.56M $26.82M
YoY Change -25.44% -32.07%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$3.902M -$15.28M
YoY Change -20.98% 254.99%
Depreciation, Depletion And Amortization $128.5K $129.9K
YoY Change -54.23% -54.3%
Cash From Operating Activities -$2.926M -$4.862M
YoY Change -47.64% -48.23%
INVESTING ACTIVITIES
Capital Expenditures $37.07K -$18.57K
YoY Change -94.09% -101.19%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$37.07K $18.57K
YoY Change -100.4% -101.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.800M 1.921M
YoY Change -30277.16% 24814.14%
NET CHANGE
Cash From Operating Activities -2.926M -4.862M
Cash From Investing Activities -37.07K 18.57K
Cash From Financing Activities 2.800M 1.921M
Net Change In Cash -163.1K -2.923M
YoY Change -104.32% -73.29%
FREE CASH FLOW
Cash From Operating Activities -$2.926M -$4.862M
Capital Expenditures $37.07K -$18.57K
Free Cash Flow -$2.964M -$4.844M
YoY Change -52.33% -55.76%

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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-size:10pt;margin-top:18pt;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;">Reclassification of Prior Period Presentation of Legal Expenses</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:18pt;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;">Certain prior period amounts have been reclassified to distinguish between General and administrative expenses in the ordinary course of business and legal expenses incurred in connection with the arbitration and Settlement Agreement described in Notes 1. Reclassification of legal expenses incurred in connection with legal proceedings impacts the consolidated interim statements of operations. There is no effect on reporting results of operations from prior periods.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
hcwb Investment Impairment Charges
InvestmentImpairmentCharges
0
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2600000
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6300000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-4304420
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-15280191
us-gaap Net Income Loss
NetIncomeLoss
-9375106
us-gaap Net Income Loss
NetIncomeLoss
-22748253
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35910669
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35910669
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37823394
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37823394
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35897224
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35897224
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37523491
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37523491
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.4
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.4
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1873806
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1796065
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1626129
CY2024Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
82723
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
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
CY2024Q2 us-gaap Area Of Land
AreaOfLand
12250
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P2Y
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2024-02-29
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06
us-gaap Short Term Lease Cost
ShortTermLeaseCost
183216
CY2023Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
40875
CY2024Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
49524
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
84825
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
96907
CY2023 hcwb Commitment Fund
CommitmentFund
4400000
hcwb Commitment Fund
CommitmentFund
2600000
CY2024Q1 hcwb Deposit Account For Interest Reserve
DepositAccountForInterestReserve
5300000
CY2023Q4 hcwb Deposit Account For Credit Loss Reserve
DepositAccountForCreditLossReserve
5300000
CY2024Q2 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
1300000
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
1300000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 hcwb Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 hcwb Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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