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HCW Biologics Inc. (HCWB-9.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $30,023,814 for the year, compared to a net loss of $24,994,277 in the previous year. The increase in net loss is attributed to higher legal expenses related to arbitration proceedings and a loss from a criminal scheme involving misdirected funds.
Revenues for the year were $2,566,792, primarily derived from a license agreement with Wugen Inc. for the development of cell-based therapies. This represents a decrease from the $2,841,794 reported in 2023.
Research and development expenses decreased to $6,388,994 from $7,676,316, reflecting reduced costs in preclinical and clinical activities. The company continues to focus on the development of its lead product candidates, HCW9302 and HCW9218.
General and administrative expenses were $6,839,596, slightly up from $6,779,515 in the previous year. This includes an accretion expense related to senior notes issued during the year.
The company reported cash and cash equivalents of $4,674,572 as of December 31, 2024, with substantial doubt about its ability to continue as a going concern without additional funding.
HCW Biologics entered into a settlement agreement resolving legal proceedings with ImmunityBio, which impacted its financial results and operations. The company retains rights to develop certain non-oncology indications.
The filing also details a $6.9 million financing agreement and a $7.0 million license agreement with WY Biotech Co., Ltd., expected to provide future revenue streams.
HCW Biologics continues to focus on its clinical development pipeline, with plans to initiate a Phase 1 clinical trial for HCW9302 in alopecia areata patients.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.