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HCW Biologics (HCWB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
HCW Biologics (HCWB) reported revenue of $6.5M for the first quarter 2026 (Q1 2026), up 1,292-fold from a year earlier and up 242-fold from the quarter before. Operating margin was 49.5%, net earnings $3.5M (53.1% of revenue).
HCW Biologics, Q1 2026: revenue $6.5M (1,292× year over year), operating margin 49.5%, net earnings $3.5M, operating cash flow −$1.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.5M | 242× | 1,292× |
| Gross profit | $6.5M | 1,209× | 6,448× |
| Operating profit | $3.2M | — | — |
| Net earnings | $3.5M | +383% | — |
| Operating cash flow | −$1.6M | — | — |
What changed
Revenue was $6.5M in Q1 2026, up 129081% year over year and up 24124% from the previous quarter. Licensed IP was the largest line at 96% of revenue.
Gross margin was 99.8%, up 79.8 points from Q1 2025. Operating profit was $3.2M, a 49.5% margin (up 38860.9 points year over year). Operating expenses grew 68% against revenue growth of 129081%. Net earnings were $3.5M. The effective tax rate was 8.7%.
Operating cash flow was −$1.6M. Non-cash charges added back $142K of depreciation and amortization and $10K of share-based compensation. Working capital and other items used $5.2M.
Questions
What was HCW Biologics' revenue in the first quarter 2026?
HCW Biologics (HCWB) reported revenue of $6.5M for the first quarter 2026 (Q1 2026), up 1,292-fold from a year earlier and up 242-fold from the quarter before.
Was HCW Biologics profitable in the first quarter 2026?
Operating profit was $3.2M (49.5% of revenue) and net earnings $3.5M.
Source: HCW Biologics 10-Q on SEC EDGAR.