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HCW Biologics Inc. income statement

In fiscal 2025, HCW Biologics Inc. reported revenue of $54,232, down 97.9% on the year before, operating income of −$13.2m (a -24270.7% margin) and net income of −$8.0m, or −$10.63 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Revenue4073307
Cost of revenue—042200
Gross profit—031106
Research and development7898655
General and administrative3587787
Operating income−6−13−15−26−29−13−8
Interest expense—000111
Income before tax−6−13−15−25−30−8—
Income tax000000—
Net income−6−13−15−25−30−8−6
Diluted EPS−$7.45−$13.80−$0.42−$0.70−$30.96−$10.63—
Diluted shares (average)—————2m—
EBITDA−5−13−14−25−28−12−7

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.