undamentalytics Newsletter
Sign in

HCW Biologics Inc. (HCWB) stock

Add to watchlist

Add holding +

NASDAQ: HCWB Nasdaq Biotechnology Next results ~November 13, 2026

A Fundamentals grade

HCW Biologics Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: every model's value for HCW Biologics Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

HCW Biologics Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling6 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds11 adding, 0 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter HCW Biologics files

Where HCW Biologics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7m, up 700.2% on a year earlier, faster than the 353.2% growth a quarter earlier. Free-cash-flow margin rose to -182.1% from -1525.9% a year earlier. Operating margin widened to -115.3% from -1472.3%. It passes 1 of our 3 financial-health checks.

Our model value for HCW Biologics is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 13, 2026 (estimated)

HCW Biologics Inc.'s trailing-twelve-month revenue grew 700.2% year on year, with a free-cash-flow margin of -182.1%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 78 biotechnology companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 700.2% (+347.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 700.2% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 347.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 1357.0 points on a year ago.
  • Shrinking share count. Diluted shares fell 47.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 13 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -115.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -182.1% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 331% and a beta of 1.0 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
-$11.58 against an average estimate of -$1.98: missed by 484.9%
Revenue
$0m, up 1758.5% on a year earlier
Share reaction
-13.8% in the first session after the results on August 14, 2026, against -0.7% for the S&P 500

HCW Biologics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+1.8%
  • 1 month-33.3%
  • This year-80.8%
  • 1 year-95.2%
  • 5 years-99.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.7M
Operating margin
-115.3%
Net margin
-83.8%

Growth

Revenue growth
+700.2%
Change in growth rate
+347.0 pts

Cash

Free cash flow (TTM)
-$12.1M
FCF margin
-182.1%
Stock pay % of revenue
3.4%

Earnings

Last results
August 14, 2026
Next results (est.)
November 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Agreement
  4. Results
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

HCW Biologics Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value HCW Biologics Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$6.3 ~$14–$47 Left out: out of range vs price (5.67x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare HCW Biologics Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025
Share price$556.80$459.60$294.00$107.04$5.83
Market value$523m$412m$264m$104m$12m
+ Net debt (− = net cash)−$12m−$16m$3m$9m$5m
Enterprise value$511m$396m$267m$113m$17m
Multiples
Price / sales —61.2x92.9x40.4xn/m
Price / earnings —————
Price / free cash flow —————
EV / EBITDA —————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard HCW Biologics's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -43.4% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -432.7%; its worst year was -1472.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -571.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$28.32 +56% $7m +12216%
Next −$6.30 +78% — −100%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +883.3% on 90 days ago. In the last 30 days, 0 analysts raised HCW Biologics Inc.'s forecast and 1 cut it.

Consensus EPS forecast HCW Biologics Inc., last 90 days
−$30.00 −$20.00 −$10.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.88 Current fiscal year, 60 days ago: −$2.88 Current fiscal year, 30 days ago: −$2.88 Current fiscal year, 7 days ago: −$2.88 Current fiscal year, Now: −$28.32 −$28.32 Next fiscal year, 90 days ago: −$2.64 Next fiscal year, 60 days ago: −$2.64 Next fiscal year, 30 days ago: −$2.64 Next fiscal year, 7 days ago: −$2.64 Next fiscal year, Now: −$6.30 −$6.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.88−$2.64
60 days ago −$2.88−$2.64
30 days ago −$2.88−$2.64
7 days ago −$2.88−$2.64
Now −$28.32−$6.30

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.98 −$11.58 −484.9%
Mar 2026 −$2.64 $2.22 +184.1%
Dec 2025 −$5.04 −$6.12 −21.4%
Sept 2025 $9.48 −$12.12 −227.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 14, 2026

No numeric guidance in HCW Biologics Inc.'s latest earnings release (filed August 14, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering HCW Biologics Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
0.05
at average volume
Short interest, 1 month
+307%
to October 15, 2026
Held by institutions
7%
of shares
Held by insiders
8.0%
of shares
Employees
35
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 20222023202420252026 to date
Return
HCWB−18%−36%−64%−95%−81%
Industry peers (median)−57%−17%−28%−5%−26%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
HCWB42%50%33%33%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
HCWB−42%−60%−83%−96%−94%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 20, 2021: 100% from July 20, 2021 to October 26, 2026. Getting back needed a 137355% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.10 – $21.60
From 52-week high
−94.8%
vs 50-day average
−41.1%
vs 200-day average
−72.6%
Volatility (1 year)
331%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±32.3%
After a week
2 up, 10 down
typical move ±78.1%
After a month
4 up, 8 down
typical move ±40.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 14, 2026 −13.8% −0.7% −25.5% −29.9%
May 14, 2026 +249.6% −0.4% +639.3% +249.6%
March 31, 2026 −16.9% +3.7% −9.1% +30.5%
November 14, 2025 +22.9% −0.9% −12.9% −28.5%
August 14, 2025 −8.9% −0.2% −26.3% +9.1%
May 15, 2025 +1.6% +1.1% −5.7% −39.3%
March 28, 2025 −6.9% −1.4% −25.1% −38.0%
November 14, 2024 −4.8% −1.9% +129.0% +14.8%
August 14, 2024 −18.0% +2.0% −29.8% −0.2%
May 15, 2024 −4.3% +1.0% −3.5% −2.6%
April 1, 2024 −5.1% −0.8% −8.5% −20.0%
November 14, 2023 −34.8% +2.2% −22.7% −19.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

HCW Biologics Inc. in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) HCW Biologics Inc.
$0 $2M $4M $6M $8M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.9M Revenue (TTM), FY23 Q4: $2.8M Revenue (TTM), FY24 Q1: $3.9M Revenue (TTM), FY24 Q2: $3.9M Revenue (TTM), FY24 Q3: $3.5M Revenue (TTM), FY24 Q4: $2.6M Revenue (TTM), FY25 Q1: $1.4M Revenue (TTM), FY25 Q2: $832.8K Revenue (TTM), FY25 Q3: $422K Revenue (TTM), FY25 Q4: $54.2K Revenue (TTM), FY26 Q1: $6.5M Revenue (TTM), FY26 Q2: $6.7M $6.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.9M
FY23 Q4 $2.8M
FY24 Q1 $3.9M
FY24 Q2 $3.9M
FY24 Q3 $3.5M
FY24 Q4 $2.6M
FY25 Q1 $1.4M
FY25 Q2 $832.8K
FY25 Q3 $422K
FY25 Q4 $54.2K
FY26 Q1 $6.5M
FY26 Q2 $6.7M
Revenue growth, TTM YoY HCW Biologics Inc.
-200% 0% 200% 400% 600% 800% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -46.9% Revenue growth, TTM YoY, FY23 Q4: -57.7% Revenue growth, TTM YoY, FY24 Q1: 7.7% Revenue growth, TTM YoY, FY24 Q2: 2.8% Revenue growth, TTM YoY, FY24 Q3: 22.3% Revenue growth, TTM YoY, FY24 Q4: -9.7% Revenue growth, TTM YoY, FY25 Q1: -63.2% Revenue growth, TTM YoY, FY25 Q2: -78.8% Revenue growth, TTM YoY, FY25 Q3: -87.9% Revenue growth, TTM YoY, FY25 Q4: -97.9% Revenue growth, TTM YoY, FY26 Q1: 353.2% Revenue growth, TTM YoY, FY26 Q2: 700.2% 700.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -46.9%
FY23 Q4 -57.7%
FY24 Q1 7.7%
FY24 Q2 2.8%
FY24 Q3 22.3%
FY24 Q4 -9.7%
FY25 Q1 -63.2%
FY25 Q2 -78.8%
FY25 Q3 -87.9%
FY25 Q4 -97.9%
FY26 Q1 353.2%
FY26 Q2 700.2%
Operating margin (TTM) HCW Biologics Inc.
-30000% -20000% -10000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -721.0% Operating margin (TTM), FY23 Q4: -905.0% Operating margin (TTM), FY24 Q1: -709.3% Operating margin (TTM), FY24 Q2: -980.9% Operating margin (TTM), FY24 Q3: -1060.7% Operating margin (TTM), FY24 Q4: -1147.8% Operating margin (TTM), FY25 Q1: -1656.2% Operating margin (TTM), FY25 Q2: -1472.3% Operating margin (TTM), FY25 Q3: -2812.5% Operating margin (TTM), FY25 Q4: -24310.5% Operating margin (TTM), FY26 Q1: -121.9% Operating margin (TTM), FY26 Q2: -115.3% -115.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -721.0%
FY23 Q4 -905.0%
FY24 Q1 -709.3%
FY24 Q2 -980.9%
FY24 Q3 -1060.7%
FY24 Q4 -1147.8%
FY25 Q1 -1656.2%
FY25 Q2 -1472.3%
FY25 Q3 -2812.5%
FY25 Q4 -24310.5%
FY26 Q1 -121.9%
FY26 Q2 -115.3%
FCF margin (TTM) HCW Biologics Inc.
-30000% -20000% -10000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -873.1% FCF margin (TTM), FY23 Q4: -1010.5% FCF margin (TTM), FY24 Q1: -726.1% FCF margin (TTM), FY24 Q2: -571.2% FCF margin (TTM), FY24 Q3: -547.8% FCF margin (TTM), FY24 Q4: -564.5% FCF margin (TTM), FY25 Q1: -987.4% FCF margin (TTM), FY25 Q2: -1525.9% FCF margin (TTM), FY25 Q3: -3076.7% FCF margin (TTM), FY25 Q4: -24693.7% FCF margin (TTM), FY26 Q1: -174.9% FCF margin (TTM), FY26 Q2: -182.1% -182.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -873.1%
FY23 Q4 -1010.5%
FY24 Q1 -726.1%
FY24 Q2 -571.2%
FY24 Q3 -547.8%
FY24 Q4 -564.5%
FY25 Q1 -987.4%
FY25 Q2 -1525.9%
FY25 Q3 -3076.7%
FY25 Q4 -24693.7%
FY26 Q1 -174.9%
FY26 Q2 -182.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4 0 7 3 3 0 7
Gross profit — 0 3 1 1 0 6
EBITDA −5 −13 −14 −25 −28 −12 −7
Operating income −6 −13 −15 −26 −29 −13 −8
Net income −6 −13 −15 −25 −30 −8 −6
Diluted EPS −$7.45 −$13.80 −$0.42 −$0.70 −$30.96 −$10.63 —
Growth (year on year)
Revenue — −100.0% — −57.7% −9.7% −97.9% +700.2%
Margins
Gross margin — — 38.5% 19.7% 37.4% 20.0% 96.7%
EBITDA margin −128.1% — −213.6% −865.0% <−999% <−999% −106.3%
Operating margin −142.1% — −224.3% −905.0% <−999% <−999% −115.3%
Net margin −141.5% — −221.7% −879.5% <−999% <−999% −83.8%
Free-cash-flow margin −259.0% — −307.4% <−999% −564.5% <−999% −182.1%
Cash flow
Cash from operations −10 −11 −10 −23 −14 −13 −12
Capital spending 0 0 10 6 0 0 0
Free cash flow −11 −11 −21 −29 −14 −13 −12
Stock-based pay 0 0 1 1 1 1 0
Free cash flow after stock pay −11 −11 −22 −30 −15 −14 −12
Balance sheet
Cash 8 12 22 4 5 2 1
Total debt 0 0 7 6 14 7 7
Net debt (negative = net cash) −8 −12 −16 3 9 5 6
Diluted shares — — — — — 2m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · June 30, 2026
What it owns · $27m
Short-term assets $1mLonger-term assets $26m
What it owes, and who funded it · $27m
Short-term liabilities $19mLonger-term liabilities $1mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $1m of assets due within a year against $19m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1m short-term assets against $692,531 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$8m against $549,013 of interest.

From HCW Biologics Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
78.0%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated HCWB FATE TCRX CGON EVAX ROIV Median
Revenue, last 12 months $7m $6m $7m $6m $8m $8m $56m
Revenue growth, last 12 months 700.2% −23.4% 2.2% >999% 125.1% −67.6% 12.6%
Revenue growth, 3-year average 20.4% −62.1% −24.3% — — −46.4% 13.7%
Revenue growth, latest quarter >999% 9.2% −65.8% >999% — −33.5% 10.2%
Operating margin −115.3% <−999% <−999% <−999% −122.7% <−999% −189.4%
Operating margin, 3-year average −856.2% <−999% <−999% <−999% — −102.3% −363.5%
Net margin −83.8% <−999% <−999% <−999% −102.4% <−999% −169.8%
Cash from operations / revenue −182.1% <−999% <−999% <−999% −88.0% <−999% −168.0%
Free-cash-flow margin −182.1% <−999% <−999% <−999% −88.2% <−999% −162.4%
Free-cash-flow margin, 3-year average −759.7% <−999% <−999% — — <−999% −310.0%
Stock pay / revenue 3.4% 274.8% 138.4% 567.2% 4.1% >999% 20.0%
Change in share count −47.7% 1.2% 4.1% 14.1% 497.3% 0.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 700.2% 12.6% 14 of 172
Change in growth rate Growth +347.0pp -0.1pp 11 of 172
Gross margin Profitability 96.7% 82.4% 10 of 75
Operating margin Profitability -115.3% -189.4% 76 of 175
Net margin Profitability -83.8% -157.3% 77 of 180
Free-cash-flow margin Cash generation -182.1% -145.4% 95 of 176
Stock pay as % of revenue Cash generation 3.4% 19.2% 22 of 179
Long-term debt as % of assets Balance sheet 0.0% 20.6% 1 of 78

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$515,656
Institutions reporting
11
Positions opened / closed
11 / 0

Top buyers and sellers, Q2 2026: 11 institutions bought and 0 sold ; the biggest buyer was Jane Street Group, LLC (+52K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jane Street Group, LLC $260,168 52K 50.5% —
Citadel Advisors LLC $99,511 20K 19.3% —
HRT Financial LP $67,000 14K 13.0% —
Vanguard Fiduciary Trust Co $32,485 7K 6.3% —
Tower Research Capital LLC (TRC) $20,544 4K 4.0% —
Connective Capital Management, LLC $16,657 3K 3.2% —
Vanguard Capital Management LLC $9,995 2K 1.9% —
Golden State Wealth Management, LLC $8,318 2K 1.6% —
Barclays PLC $953 0K 0.2% —
Osaic Holdings, Inc. $20 0K 0.0% —
UBS Group AG $5 0K 0.0% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not HCW Biologics Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $531,717 6 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $531,717 net buying
Insider Date Trade Shares Price Value
Garrett Scott T Director July 29, 2026 Buy 7,736 $2.59 $20,036
Flowers Lee SVP of Business Development July 29, 2026 Buy 7,736 $2.59 $20,036
Wong Hing C Chief Executive Officer July 29, 2026 Buy 23,210 $2.59 $60,114
Byam Rebecca Chief Financial Officer May 22, 2026 Buy 14,235 $1.41 $20,071
Garrett Scott T Director May 22, 2026 Buy 177,936 $1.41 $250,890
Wong Hing C Chief Executive Officer May 22, 2026 Buy 113,879 $1.41 $160,569

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced

  • August 14, 2026
  • May 14, 2026
  • March 31, 2026
  • November 14, 2025
  • August 14, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on HCW Biologics Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

HCW Biologics Inc. in brief

What does HCW Biologics Inc. do?
HCW Biologics Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is HCW Biologics Inc.'s stock ticker?
HCW Biologics Inc. trades under the ticker HCWB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is HCW Biologics Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, HCW Biologics Inc. reported revenue of $6.7M, 700.2% higher than a year earlier, according to its SEC filings.
What is HCW Biologics Inc.'s free cash flow?
HCW Biologics Inc.'s free-cash-flow margin is -182.1% of revenue over the trailing twelve months, ranking 95 of the 176 biotechnology companies we cover.
Who are HCW Biologics Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jane Street Group, LLC, Citadel Advisors LLC and HRT Financial LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is HCW Biologics Inc.'s market cap?
On December 31, 2025, HCW Biologics Inc.'s market capitalisation was about $12.2M and net debt of $4.9M. Market figures come from third-party market data and may be delayed.
Who are HCW Biologics Inc.'s competitors?
In our Biotechnology peer group, the companies closest to HCW Biologics Inc. are Fate Therapeutics Inc, Tscan Therapeutics, Inc., CG Oncology, Inc., Evaxion A/s and Roivant Sciences Ltd. The side-by-side comparison below sets their revenue, margins and growth against HCW Biologics Inc.'s.
Are insiders buying or selling HCW Biologics Inc. stock?
Over the last 12 months, HCW Biologics Inc.'s directors and officers reported 6 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is HCW Biologics Inc.'s next earnings date?
Around November 13, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — HCW Biologics Inc. announces its own schedule.