HCWBNasdaqPharmaceutical PreparationsFiscal year ends December 31
HCW Biologics Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 14, 2026
$1.23−0.01 (-0.81%)
Close on Oct 19, 2026
- Market cap
- $1.63M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
20.0%
Operating margin
-24270.7%−24128.7 pts over 5 years
Net margin
-14677.1%−14535.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -97.9% | -79.9% | -57.9% | – | |
| Gross profit | -98.9% | -83.9% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 44.0% | 397.4% | |
| Return on assets | – | – | -29.1% | |
| Current ratio | – | 12.14 | 0.11 | |
| Interest coverage | – | – | -15.6× | |
| Capex to revenue | – | 4.6% | 0.0% | |
| Diluted shares | – | 0M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
HCW Biologics generated $71.49M from operations and spent $16.79M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$71.49M
Used
$16.79M
Capital expenditure$16.79M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-14677.1%
×Asset turnover0.00×
×Equity multiplier-13.67×
=Return on equity, FY2025397.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -14677.1% | 0.00× | -13.67× | 397.4% |
| FY2024 | -1169.7% | 0.09× | 8.78× | -897.4% |
| FY2023 | -879.5% | 0.08× | 1.48× | -98.2% |
| FY2022 | -221.7% | 0.13× | 1.13× | -33.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$7.96M
- Cash generatingOperating cash flow above zero-$13.39M
- Return on assets improvedROA up on the prior year-105.3% → -26.3%
- Earnings backed by cashOperating cash flow above net income-$13.39M vs -$7.96M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.19 → 0.11
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year37.38% → 20.00%
- More efficientAsset turnover rose0.09 → 0.00