HCW Biologics Inc. (HCWB)

Nasdaq: HCWB · Pharmaceutical Preparations · Miramar, FL · filing with the SEC since 2020

Full chart Alerts Compare

Grade2.3

◀ Past 1.8● Present 2.6▶ Future 2.4

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of HCW Biologics Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.3/10

◀ Past1.825% of the headline

● Present2.635% of the headline

▶ Future2.440% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.8/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.1/10

Has it survived what it has been through?

14 warning events since 2020; the latest 2026-08-14.

weight 22% of this tense · 2nd percentile among 497 sector filers · read for itself

From the record

HCW Biologics Inc.'s filings since 2020 show 14 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 10 times, the latest 2026-06-30); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2026-08-14); an auditor change (8-K item 4.01, the latest 2024-09-20); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2025-08-15) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.1/10

What has it actually done, year after year?

-57.9% a year over 6 filed years; profitable in 0 of 6.

weight 45% of this tense · 11th percentile among 323 sector filers · read for its customers

From the record

HCW Biologics Inc.'s 6 filed years say what it did: revenue went from $4 million in fiscal 2020 to $54 thousand in fiscal 2025, down 57.9% a year; it rose in 0 of 4 years; the deepest fall was 100% from fiscal 2020 to fiscal 2021; net income was positive in 0 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span-57.9%bottom 1% of its family
the share of years revenue rosebottom 4% of its family
the share of filed years with a profitbottom 27% of its family
the deepest fall from a revenue peak100.0%bottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

4.0/10

How has it treated the people who own it?

SI estimate 4.0/10, confidence 35 of 100 (one part).

weight 33% of this tense · 40th percentile among 464 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 40% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 464 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: HCW Biologics Inc.'s shareholder treatment is put at 4.0 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 40% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.6/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

1.3/10

Is it financially healthy right now?

ROE -288%: lost 288¢ per shareholder dollar. Leverage 89%: owes 89¢ per asset dollar.

weight 45% of this tense · 13th percentile among 473 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, HCW Biologics Inc. lost about 288 cents for every dollar of shareholders' money, and gross profitability: its products earned about 0 cents per dollar of everything the company owns. Leverage: it owed about 89 cents per dollar of assets, and net share issuance: its share count grew 116.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 14% of its family
return on equitybottom 10% of its family
gross profit against assetsbottom 6% of its family
the share count against the year beforebottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

0.6/10

How strong is its position in its industry?

bottom 6% of 315 in its family; net margin -14677.1%.

weight 22% of this tense · 6th percentile among 315 sector filers · read for its customers

From the record

HCW Biologics Inc.'s standing among 315 graded names in its industry family: revenue of $54 thousand in fiscal 2025 ranks in the bottom 5% by size; a net margin of -14677.1% ranks in the bottom 9%; revenue growth of -79.9% a year over the last 3 filed years ranks in the bottom 3% (its annual reports).

What it rests on

revenue against the family$54,232bottom 5% of its family
net margin-14677.1%bottom 9% of its family
three-year revenue growth-79.9%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

5.7/10

What are the people in charge doing?

top 43% of 315 in its family for leadership; chief executive since 2021.

weight 33% of this tense · 57th percentile among 315 sector filers · read for its shareholders

From the record

HCW Biologics Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Wong, Hing C (Chief Executive Officer, as filed), filing under that title since 2021-07-19, 5.3 years (top 48% of its family); the 4 officers and directors filing in the last fifteen months have been on the record a median of 5.3 years (bottom 41%); 1 officer or director change was reported on Form 8-K since 2023-11-13, against the 4 people in charge now (top 23%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge1 in three years among 4 peopletop 23% of its family
the median years the people in charge have filed5.3 yearsbottom 41% of its family
the chief executive's years on the record5.3 yearstop 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

2.4/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.3/10

How much room does it have to grow?

bottom 33% of 273 in its family for room to expand.

weight 33% of this tense · 33rd percentile among 273 sector filers · read for itself

From the record

HCW Biologics Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $2 million against debt of $0 thousand leaves 8% of its assets as net cash, bottom 22% of its family; cash from operations less capital spending is -24693.2% of revenue (bottom 5%); a gross margin of 20% (bottom 11%); research spending of 10036.3% of revenue (top 6%) (its annual report).

What it rests on

cash less debt against assets8.0%bottom 22% of its family
cash from operations less capital spending against revenue-24693.2%bottom 5% of its family
gross margin20.0%bottom 11% of its family
research spending against revenue10036.3%top 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.6/10

What could actually drive growth from here?

bottom 16% of 306 in its family for growth drivers.

weight 45% of this tense · 16th percentile among 306 sector filers · read for its customers

From the record

HCW Biologics Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -79.9% a year over the last three filed years against -57.9% over all 6, slowing (bottom 24% of its family); the newest year grew -97.9% (bottom 2%); research spending grew -16.5% a year (bottom 21%) (its annual reports). HCW Biologics Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-22.0 points a yearbottom 24% of its family
the newest year's revenue growth-97.9%bottom 2% of its family
three-year growth of research spending-16.5%bottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.8/10

Did its newest year beat what its own record pointed to?

bottom 27% of 233 in its family for expectations against reality.

weight 22% of this tense · 27th percentile among 233 sector filers · read for its shareholders

From the record

HCW Biologics Inc.'s newest year against its own record: revenue of $54 thousand in fiscal 2025 came in 96.6% below the $2 million its prior three years' pace pointed to (bottom 3% of its family); net income of $8 million against a prior three-year average of $23 million (top 26%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 5%) (its annual reports).

What it rests on

revenue against the prior three years' pace-96.6%bottom 3% of its family
net income against the prior three years' average+66%top 26% of its family
net margin against its prior averagedown more than 100 pointsbottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton HCWB · research, not advice