HCW Biologics Inc. (HCWB), a clinical-stage biopharmaceutical company, on Thursday announced its first quarter financial results, and provided various business updates.
Shares rose by over 25% on Monday.
Q1 2026:
Allarity recorded a net income of $3.5 million, or $0.17 per share in the first quarter, while in the same period of 2025 it reported a net loss of $2.2 million, or $0.25 per share.
Revenues reached $6.5 million, a significant rise from the $5,065 from a year ago. The company earned a sizeable amount of revenue from various licensing deals, including a deal with Wugen and with Trimmune for the licensing of HCW11-006.
Research and development expenses (R&D) were $1.3 million, 15% lesser than the $1.5 million reported in the previous year.
Cash and cash equivalents on March 31, 2026, amounted to $29.81 million.
A licensing agreement was signed with Trimmune Biotech Co. Ltd., resulting in gains of $6.5 million, with up to $47,000 in deferred payments.
The company completed an equity offering with an existing investor in the first quarter, yielding $1.5 million in gross proceeds.
Business Updates:
The company is advancing HCW9302, an IL-2Ra binding antibody, in the treatment of alopecia areata. Topline results from two dosed cohorts are expected in the first half of 2026, with full Phase 1 data anticipated for the fourth quarter.
The company is developing HCW9206, a CAR T-cell therapy, and modified the manufacturing process. It is estimated that the technique can potentially improve the CAR T-cell therapy manufacturing for the treatment of cancers and HIV.
The company stated uncertainty in continuing operations over the next twelve months.
HCWB is currently trading at $1.54, up 26.18%.
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