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HCW Biologics Inc. balance sheet

At the end of fiscal 2025, HCW Biologics Inc. had total assets of $24.5m, total liabilities of $21.8m and shareholders' equity of $2.8m. It held $2.0m in cash against $6.8m of debt: net debt of $4.9m.

Balance sheet

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

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents812224521
Receivables3002100
Total current assets1240346621
Total assets15544729302527
Accounts payable0016221311
Deferred revenue (current)——00000
Total current liabilities1239302119
Short-term debt——380677
Long-term debt—06670—
Total debt00761477
Total liabilities—2915372219
Shareholders' equity−17513713−737
Net debt (negative = net cash)−8−12−163956

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from HCW Biologics Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HCW Biologics Inc.