6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $54232 | -$8M | 20.0% | -24270.7% | -$13M | $7M | $2M |
| 2024 | $3M | -$30M | 37.4% | -1147.6% | -$14M | $14M | $5M |
| 2023 | $3M | -$25M | 19.7% | -905.0% | -$29M | $6M | $4M |
| 2022 | $7M | -$15M | 38.5% | -224.3% | -$21M | $6M | $22M |
| 2021 | $0 | -$13M | — | — | -$11M | $0 | $12M |
| 2020 | $4M | -$6M | 0.0% | -142.1% | -$11M | — | $8M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $7M | $3M | 100.5% | 49.8% | — | — | $1M |
| Dec '25 | — | $719232 | — | — | -$3M | $7M | $2M |
| Sep '25 | — | -$5M | — | — | -$3M | $7M | $1M |
| Jun '25 | — | -$2M | — | — | -$3M | $7M | $2M |
| Mar '25 | — | -$2M | — | — | -$4M | $14M | $1M |
| Dec '24 | — | -$3M | — | — | -$3M | $14M | $5M |
| Sep '24 | — | -$4M | — | — | -$3M | $13M | $998221 |
| Jun '24 | — | -$15M | — | — | -$5M | $10M | $1M |
| Mar '24 | — | -$7M | — | — | -$4M | $8M | $4M |
| Dec '23 | — | -$11M | — | — | -$8M | $6M | $4M |
| Sep '23 | — | -$5M | — | — | -$6M | $6M | $11M |
| Jun '23 | — | -$4M | — | — | -$11M | $6M | $7M |
| Mar '23 | — | -$5M | — | — | -$4M | $6M | $18M |
| Dec '22 | — | -$5M | — | — | -$4M | $6M | $22M |
| Sep '22 | — | -$4M | — | — | -$12M | $6M | $26M |
| Jun '22 | — | -$4M | — | — | -$3M | — | $15M |
| Mar '22 | — | -$2M | — | — | -$2M | — | $18M |
| Dec '21 | — | -$3M | — | — | -$3M | $0 | $12M |
| Sep '21 | — | -$4M | — | — | -$5M | — | $15M |
| Jun '21 | — | -$3M | — | — | -$990440 | — | $5M |
How the market has priced HCWB against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, HCW Biologics Inc.'s revenue has declined 57.9% per year. These are computed facts, not advice.
As of FY2025, HCW Biologics Inc. reported $7M of total debt against $2M of cash; operating income covered interest expense -15.6×.
In FY2025, gross margin was 20.0%, operating margin -24270.7%, and net margin -14677.1%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.