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HCW Biologics Inc. (HCWB+1.86%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash and cash equivalents to $998,221 from $3,595,101 as of December 31, 2023. The decrease is attributed to operating losses and legal expenses.
Revenues for the quarter were $426,423, down from $853,102 in the same quarter the previous year. Revenues were derived from the supply of materials to Wugen, Inc.
Research and development expenses decreased to $1,186,913 from $1,667,442, primarily due to reduced expenses for manufacturing and clinical activities.
General and administrative expenses increased to $1,639,152 from $1,509,936, driven by higher professional service fees.
Legal expenses were $949,455, down from $2,075,279, as the company reached a settlement agreement in a legal dispute.
The company reported a net loss of $3,902,288 for the quarter, compared to $4,938,641 in the previous year.
Cash used in operating activities was $11,392,547 for the nine months ended September 30, 2024, compared to $18,619,329 in the previous year.
HCW Biologics continues to face substantial doubt about its ability to continue as a going concern due to ongoing operating losses and legal expenses.
The company is actively pursuing additional financing, including secured notes and equity financing, to support its operations.
The filing details a settlement agreement with ImmunityBio (IBRX+0.86%) resolving previous legal disputes, with no monetary payments required between parties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HCW Biologics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.