Filing Flows › HCW Biologics (HCWB) › Q3 2025
HCW Biologics (HCWB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
HCW Biologics (HCWB) reported revenue of $16K for the third quarter 2025 (Q3 2025), -96% from a year earlier and +138% from the quarter before.
HCW Biologics, Q3 2025: revenue $16K (-96% year over year), net loss $4.6M, operating cash flow −$3.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16K | +138% | -96% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$4.6M | — | — |
| Operating cash flow | −$3.2M | — | — |
What changed
Revenue was $16K in Q3 2025, down 96% year over year and up 138% from the previous quarter.
Gross margin was 20.0%, unchanged from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -21095.3%. Operating expenses fell 13% while revenue fell 96%. The fastest-growing cost line was Research & development (+18%). The quarter ended with a net loss of $4.6M, wider than the previous quarter's $1.9M loss.
Operating cash flow was −$3.2M. Non-cash charges added back $174K of depreciation and amortization and $205K of share-based compensation. Working capital and other items added $935K.
Questions
What was HCW Biologics' revenue in the third quarter 2025?
HCW Biologics (HCWB) reported revenue of $16K for the third quarter 2025 (Q3 2025), -96% from a year earlier and +138% from the quarter before.
Source: HCW Biologics 10-Q on SEC EDGAR.