Filing Flows › HCW Biologics (HCWB) › Q4 2025
HCW Biologics (HCWB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
HCW Biologics (HCWB) reported revenue of $27K for the fourth quarter 2025 (Q4 2025), -93% from a year earlier and +73% from the quarter before.
HCW Biologics, Q4 2025: revenue $27K (-93% year over year), net earnings $719K, operating cash flow −$3.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $27K | +73% | -93% |
| Operating profit | −$4.5M | — | — |
| Net earnings | $719K | — | — |
| Operating cash flow | −$3.4M | — | — |
What changed
Revenue was $27K in Q4 2025, down 93% year over year and up 73% from the previous quarter.
Gross margin was 20.0%, unchanged from Q4 2024. Operating costs exceeded revenue by $4.5M, an operating margin of -16519.1%. Operating expenses grew 38% against a revenue fall of 93%. The fastest-growing cost line was Other operating costs (+988%). Net earnings were $719K. The effective tax rate was 0.0%. Non-operating items added $5.2M, 720% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.4M. Non-cash charges added back $157K of depreciation and amortization and $9K of share-based compensation. Working capital and other items used $4.2M.
Questions
What was HCW Biologics' revenue in the fourth quarter 2025?
HCW Biologics (HCWB) reported revenue of $27K for the fourth quarter 2025 (Q4 2025), -93% from a year earlier and +73% from the quarter before.
Source: HCW Biologics 10-K on SEC EDGAR.