Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $4.10M | $0.00 | $6.72M | $2.84M | $2.57M | $54.2K |
| Revenue growth | — | -100.0% | — | -57.7% | -9.7% | -97.9% |
| Gross profit | — | $0.00 | $2.59M | $560K | $959K | $10.8K |
| Gross margin | — | — | 38.5% | 19.7% | 37.4% | 20.0% |
| Operating income | -$5.82M | -$13.4M | -$15.1M | -$25.7M | -$29.5M | -$13.2M |
| Operating margin | -142.1% | — | -224.3% | -905.0% | -1147.6% | -24270.7% |
| Net income | -$5.80M | -$12.9M | -$14.9M | -$25.0M | -$30.0M | -$7.96M |
| Net margin | -141.5% | — | -221.7% | -879.5% | -1169.7% | -14677.1% |
| EPS (diluted) | -$1.49 | -$0.69 | -$0.42 | -$0.70 | -$30.96 | -$10.63 |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$10.4M | -$11.0M | -$10.4M | -$22.5M | -$14.2M | -$13.4M |
| Capital expenditures | $187K | $47.3K | $10.3M | $6.20M | $262K | $0.00 |
| Free cash flow | -$10.6M | -$11.0M | -$20.7M | -$28.7M | -$14.5M | -$13.4M |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $8.46M | $11.7M | $22.3M | $3.60M | $4.67M | $1.95M |
| Total assets | $15.4M | $53.5M | $46.8M | $28.5M | $30.2M | $24.5M |
| Total liabilities | — | $2.32M | $9.38M | $15.1M | $37.0M | $21.8M |
| Long-term debt | — | $0.00 | $6.41M | $6.30M | $7.38M | $0.00 |
| Shareholders' equity | -$16.7M | $51.2M | $37.4M | $13.5M | -$6.77M | $2.76M |
| Retained earnings | -$16.7M | -$30.6M | -$45.5M | -$70.5M | -$101M | -$109M |
| Shares (wtd avg diluted) | — | 18.8M | 35.8M | 35.9M | 970K | 2.10M |
Every figure is extracted from HCW Biologics Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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