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HCW Biologics (HCWB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 18, 2025
HCW Biologics (HCWB) reported revenue of $7K for the second quarter 2025 (Q2 2025), -99% from a year earlier and +29% from the quarter before.
HCW Biologics, Q2 2025: revenue $7K (-99% year over year), net loss $1.9M, operating cash flow −$3.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7K | +29% | -99% |
| Operating profit | −$3.5M | — | — |
| Net earnings | −$1.9M | — | — |
| Operating cash flow | −$3.3M | — | — |
What changed
Revenue was $7K in Q2 2025, down 99% year over year and up 29% from the previous quarter.
Gross margin was 20.0%, down 9.2 points from a year earlier. Operating costs exceeded revenue by $3.5M, an operating margin of -52886.7%. Operating expenses fell 77% while revenue fell 99%. The fastest-growing cost line was General & admin (+31%). The quarter ended with a net loss of $1.9M, narrower than the previous quarter's $2.2M loss. Non-operating items added $1.5M, -80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.3M. Non-cash charges added back $292K of depreciation and amortization and $278K of share-based compensation. Working capital and other items used $1.9M.
Questions
What was HCW Biologics' revenue in the second quarter 2025?
HCW Biologics (HCWB) reported revenue of $7K for the second quarter 2025 (Q2 2025), -99% from a year earlier and +29% from the quarter before.
Source: HCW Biologics 10-Q on SEC EDGAR.