HCW Biologics Inc. (HCWB), a clinical-stage biopharmaceutical company developing fusion immunotherapeutics for autoimmune disease, cancer and senescence-associated conditions, reported first-quarter 2026 results and outlined progress across its pipeline programs.
For the quarter ended March 31, 2026, HCW Biologics recorded revenues of $6.5 million compared with $5,065 in the same period of 2025, driven by licensing agreements including a $6.5 million upfront payment from Beijing Trimmune Biotech for HCW11-006 rights.
Net income was $3.5 million versus a net loss of $2.2 million in the prior-year quarter.
Research and development expenses decreased 15% year-over-year to $1.3 million from $1.5 million prior-year quarter, while general and administrative costs fell 18% to $1.8 million from $2.2 million in the prior-year quarter.
Pipeline Updates
-HCW9302: The company's lead autoimmune candidate, an IL-2 fusion protein designed to expand regulatory T cells and suppress auto-reactive immune activity in alopecia areata, is under Phase 1 evaluation. Two clinical sites are actively enrolling patients, with preliminary data from the first two dose levels expected in the first half of 2026. No dose-limiting toxicities have been reported to date, and full Phase 1 readout is anticipated in Q4 2026.
-HCW9206: A proprietary compound highlighted in Science Advances, for its potential to improve CAR-T cell manufacturing and efficacy in cancer and HIV. HCW Biologics is seeking a corporate partner to commercialize this reagent program.
-HCW11-006: Licensed exclusively worldwide to Trimmune Biotech in March 2026, generating $6.5 million upfront, split between $3.5 million in cash and a $3.5 million equity interest.
Business and Financing
The company completed a $1.5 million equity financing in February 2026, issuing pre-funded and common stock warrants at $0.6055 per share. HCW Biologics ended the quarter with $1.23 million in cash and cash equivalents and $4.83 million in investments, supporting total assets of $27.34 million.
The company implemented a 1-for-40 reverse stock split on April 7, 2025.
HCWB stock closed Thursday's trading at $0.33, down 3.55%. During overnight trading, the stock is at $0.88, up 163.65%.
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