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HCW Biologics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.0M in Q2 2026 · −$12.1M over twelve months

Operating cash flow−$4.0M
Free cash flow−$4.0M
Cash conversion cycle-4410 days

Analysis

In Q2 2026, HCW Biologics generated −$4.0M of operating cash flow. That is $684K less than in Q2 2025 (−$3.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$12.1M; the largest uses were operating cash flow ($12.1M), net borrowing (+) / repaid (−) ($356K); besides operations, cash came from other financing ($6.2M), shares issued ($4.6M); the cash balance fell by $1.7M.

Operating cash flow was −$4.0M against net income of −$5.2M. The largest differences: payables −$780K, depreciation & amortization +$127K, deferred revenue −$122K.

Its cash conversion cycle was -4410 days (receivables 31 + inventory 0 − payables 4441): suppliers fund its working capital.

Free cash flow

HCW Biologics: free cash flow by quarterHCW Biologics: free cash flow by quarter−$3.0MQ3 2024−$2.9MQ4 2024−$3.5MQ1 2025−$3.3MQ2 2025−$3.2MQ3 2025−$3.4MQ4 2025−$1.6MQ1 2026−$4.0MQ2 2026
Operating cash flow less capital spending.
HCW Biologics: operating cash flow against capital spendingHCW Biologics: operating cash flow against capital spendingOperating cash flowCapital spending−$2.9M$37KQ3 2024−$2.8M$113KQ4 2024−$3.5M$0Q1 2025−$3.3M$0Q2 2025−$3.2M$0Q3 2025−$3.4M$0Q4 2025−$1.6M$0Q1 2026−$4.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$4.0M, Capital spending $0.

Capital allocation, year by year

HCW Biologics: where the cash came from (up) and went (down), by fiscal yearHCW Biologics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$11.0MFY2021: Shares issued $30KFY2021: Capital spending −$47K$30KFY2021FY2022: Operating cash flow −$10.4MFY2022: Net borrowing $6.4MFY2022: Shares issued $16KFY2022: Capital spending −$10.3M$6.5MFY2022FY2023: Operating cash flow −$22.5MFY2023: Net borrowing −$38KFY2023: Shares issued $24KFY2023: Capital spending −$6.2M$24KFY2023FY2024: Operating cash flow −$14.2MFY2024: Net borrowing −$119KFY2024: Shares issued $6.5MFY2024: Capital spending −$262K$6.5MFY2024FY2025: Operating cash flow −$13.4MFY2025: Net borrowing −$128KFY2025: Shares issued $5.5M$5.5MFY2025
Over these 5 years operating cash flow totalled −$71.5M; the largest uses were operating cash flow ($71.5M) and capital spending ($16.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$741K
Debt$6.6M
Net debt$5.8M
Cash runway1 month

HCW Biologics is burning cash: its operations consume cash, a free cash flow of −$12.1M a year at the current rate against $741K of cash and investments: a runway of about 1 month before any new financing.

Where the cash came from and went

HCW Biologics: sources (+) and uses (−) of cash, Q2 2026HCW Biologics: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$4.0MOther financing$3.5MCash drawn (+) / kept (−)$488KNet borrowing (+) / repaid (−)−$33K
HCW Biologics: sources (+) and uses (−) of cash, TTM to Q2 2026HCW Biologics: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$12.1MOther financing$6.2MShares issued$4.6MCash drawn (+) / kept (−)$1.7MNet borrowing (+) / repaid (−)−$356K

From profit to cash

HCW Biologics: net income to operating cash flow, Q2 2026HCW Biologics: net income to operating cash flow, Q2 2026Net income−$5.2MDepreciation & amortization$127KStock-based pay$1KReceivables$56KPayables−$780KDeferred revenue−$122KPrepaid and other assets$10KOperating cash flow−$4.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202631—4441-4410
Q1 20261—101330-101329
Q4 2025107—68357-68250
Q3 2025154—141197-141043
Q2 2025758—339414-338656
Q1 20255950—467173-461223
Q4 2024144—6554-6410
Q3 2024141—5332-5191

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.0M—−$33K—$488K−$4.0M
Q1 2026−$1.6M———$724K−$1.6M
Q4 2025−$3.4M—−$33K$4.0M−$856K−$3.4M
Q3 2025−$3.2M—−$31K—$1.3M−$3.2M
Q2 2025−$3.3M—−$31K$1.5M−$1.3M−$3.3M
Q1 2025−$3.5M—−$32K$2K$3.6M−$3.5M
Q4 2024−$2.8M−$113K−$31K$4.0M−$3.7M−$2.9M
Q3 2024−$2.9M−$37K$2.8M—$163K−$3.0M

HCW Biologics: income statement and cash flow

HCW Biologics, Q2 2026: revenue $136K (21× year over year). The chart follows the revenue to costs, profit and cash.

HCW Biologics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.