HCW Biologics Inc. (HCWB), a clinical-stage biopharmaceutical company, reported financial results for the fourth quarter and full year ended on December 31, 2025 and provided updates on its recent minimum bid price non-compliance notice from Nasdaq and financial guidance.
Following the news, HCWB is down 5.56%, at $0.34 in the overnight market.
Company Profile
HCW Biologics focuses on discovering and developing immunotherapies for chronic, low-grade inflammation and age-related diseases in the United States.
The company's lead products include HCW9302, which is in Phase 1 for autoimmune and proinflammatory diseases such as alopecia areata and HCW9218, which has completed Phase 1 trials to treat chemotherapy-refractory solid tumour cancers and Phase 1b/2 trials to treat pancreatic cancer.
The firm also develops HCW9201 and HCW9206 for memory-like natural killer cells, cancer, and pathogens, HCW11-002 and HCW11-0027 to treat oncology and other senescence-associated indications and HCW11-018 to treat cancer.
Notably, the company has a license agreement with Wugen Inc. to develop cell therapy-based treatments; and a license, research and co-development agreement with WY Biotech Co., Ltd. for its preclinical molecules.
Fourth Quarter Results
For the fourth quarter, the firm incurred a net loss of $3.4 million compared to a net gain of $2.2 million in the prior year.
Revenues for the fourth quarter increased to $0.39 million from $0.027 million in the prior year, primarily driven by the sale of licensed molecules to the company's licensee, Wugen.
Full year 2025 Results
Net loss for the full year expanded to $30.0 million from $6.5 million in the prior year.
Full-year revenue increased to $2.6 million from $0.054 million in the prior year.
Company Updates
On March 26, 2026, HCW Biologics received notice from Nasdaq that its stock price had been below $1.00 for 30 consecutive business days, in violation of the minimum bid price rule. But due to the 1-for-40 reverse stock split that happened earlier in April 2025, the company was not afforded a 180-calendar-day period to demonstrate compliance.
The firm plans to promptly request an appeal of this determination.
In addition, the company believes that, given current conditions, it is likely unable to meet its financial obligations over the next 12 months without additional funding.
A preliminary human data readout is expected in the first half of 2026 from the Phase 1 dose-escalation study of HCW9302 in patients with alopecia areata.
The Phase 1 multi-centre dose-escalation study of HCW9302 is designed to treat up to 30 patients, and the primary objectives are to evaluate the safety of subcutaneous administration and to determine the recommended dose level for advancement to later-phase clinical studies.
Dr Hing C. Wong, the Chief Executive Officer, said," HCW9302 was well tolerated in non-human primate studies. If this remains the case in human studies, this would be a significant improvement over conventional IL-2 therapies that have low tolerability profiles."
HCWB has traded between $0.34 and $17.8 in the last year. The stock closed Tuesday's trade at $0.36, down 0.25%.
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