HCWB
HCW Biologics Inc.
NasdaqCMUSDEQUITY
Healthcare
DELAYED
Last price
2.22
▲ 0.10 (4.72%)
MARKET · —
Price
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
2.12
Prev close
2.12
Day high
2.23
Day low
2.05
Volume
55.48K
Market cap
$4.00M
P/E (TTM)
—
52W range
1.50 – 44.10
Trailing performance
Returnvs SPY
1W
-18.66%
-17.3%
1M
-24.31%
-28.0%
3M
-85.92%
-89.0%
6M
-37.25%
-48.3%
YTD
-62.58%
-74.9%
1Y
-89.31%
-109.3%
3Y
-99.57%
-173.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on HCWB open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
120.03K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 29, 26 | GARRETT SCOTT T Director |
BUY | 7.74K | $20.00K | Indirect |
| Jul 29, 26 | WONG HING C Chief Executive Officer |
BUY | 23.21K | $60.00K | Direct |
| Jul 29, 26 | FLOWERS LEE Officer |
BUY | 7.74K | $20.00K | Direct |
| May 22, 26 | GARRETT SCOTT T Director |
BUY | 177.94K | $514.24K | Indirect |
| May 22, 26 | WONG HING C Chief Executive Officer |
BUY | 113.88K | $329.11K | Direct |
| May 22, 26 | BYAM REBECCA Chief Financial Officer |
BUY | 14.23K | $41.14K | Direct |
| May 16, 25 | GARRETT SCOTT T Director |
BUY | 13.42K | $100.00K | Direct |
| May 16, 25 | WINER GARY M Director |
BUY | 1.34K | $10.00K | Direct |
| May 16, 25 | WONG HING C Chief Executive Officer |
BUY | 8.05K | $60.00K | Direct |
| May 8, 25 | GARRETT SCOTT T Director |
BUY | 5.38K | $38.50K | Direct |
| May 8, 25 | GREENE RICK SCOTT Director |
BUY | 962 | $6.88K | Direct |
| May 8, 25 | WINER GARY M Director |
BUY | 2.31K | $16.50K | Direct |
| May 8, 25 | WONG HING C Chief Executive Officer |
BUY | 92.50K | $661.38K | Direct |
| May 8, 25 | BYAM REBECCA Chief Financial Officer |
BUY | 8.46K | $60.50K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BYAM REBECCA |
Chief Financial Officer | 57.24K | Purchase |
FLOWERS LEE |
Officer | 8.69K | Purchase |
GARRETT SCOTT T |
Director | — | Purchase |
GREENE RICK SCOTT |
Director | 2.07K | Purchase |
WINER GARY M |
Director | 4.08K | Purchase |
WONG HING C |
Chief Executive Officer | 125.84K | Purchase |
Fundamentals
Market cap$4.00M
Enterprise value$8.36M
Revenue (TTM)$6.59M
Gross profit$6.54M
EBITDA$-5.70M
Net income$-18.12M
EPS (TTM)$-16.62
Free cash flow$-10.44M
Total cash$1.23M
Total debt$6.58M
Book value / share$5.06
Shares outstanding1.84M
Float946.94K
Short % of float1.40%
Dividend yield—
Beta (5Y)2.36
Valuation & profitability ratios
Trailing P/E—
Forward P/E-3.96
PEG ratio—
Price / sales—
Price / book0.43
EV / revenue1.27
EV / EBITDA-1.47
Gross margin99.23%
Operating margin49.45%
Profit margin-34.74%
Return on equity—
Return on assets-15.06%
Debt / equity114.14
Current ratio0.09
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $54.23K | $2.57M | $2.84M | $6.72M | -97.9% |
| Operating revenue | $54.23K | $2.57M | $2.84M | $6.72M | -97.9% |
| Cost of revenue | $43.39K | $1.61M | $2.28M | $4.14M | -97.3% |
| Gross profit | $10.85K | $959.40K | $560.36K | $2.59M | -98.9% |
| Research & development | $5.44M | $6.39M | $7.68M | $9.34M | -14.8% |
| Selling, general & admin | $5.59M | $21.95M | $13.08M | $7.99M | -74.5% |
| Total operating expense | $11.27M | $28.59M | $26.28M | $17.67M | -60.6% |
| Operating income | -$11.26M | -$27.63M | -$25.72M | -$15.08M | +59.3% |
| Net interest income | -$1.25M | -$1.18M | -$283.04K | -$126.66K | -5.8% |
| Pre-tax income | -$7.96M | -$30.02M | -$24.99M | -$14.90M | +73.5% |
| Net income | -$7.96M | -$30.02M | -$24.99M | -$14.90M | +73.5% |
| Net income to common | -$22.30M | -$30.02M | -$24.99M | -$14.90M | +25.7% |
| Basic EPS | -63.78 | -184.80 | -168.00 | -100.80 | +65.5% |
| Diluted EPS | -63.78 | -184.80 | -168.00 | -100.80 | +65.5% |
| EBIT | -$6.71M | -$28.84M | -$24.71M | -$14.77M | +76.7% |
| EBITDA | -$5.67M | -$27.66M | -$23.58M | -$14.06M | +79.5% |
| Basic shares | 349.62K | 161.64K | 149.71K | 149.26K | +116.3% |
| Diluted shares | 349.62K | 161.64K | 149.71K | 149.26K | +116.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $1.95M | $4.67M | $3.60M | $22.33M | -58.2% |
| Cash & short-term investments | $1.95M | $4.67M | $3.60M | $32.06M | -58.2% |
| Accounts receivable | $32.17K | $582.20K | $1.54M | $417.69K | -94.5% |
| Total current assets | $2.28M | $5.70M | $6.40M | $34.07M | -59.9% |
| Property, plant & equipment | $20.88M | $22.91M | $20.45M | $10.80M | -8.9% |
| Total assets | $24.52M | $30.24M | $28.51M | $46.81M | -18.9% |
| Total current liabilities | $21.06M | $29.63M | $8.75M | $2.96M | -28.9% |
| Current debt | $6.81M | $6.31M | — | — | +7.8% |
| Long-term debt | — | $7.38M | $6.30M | $6.41M | — |
| Total debt | $6.81M | $13.69M | $6.30M | $6.41M | -50.3% |
| Total liabilities | $21.76M | $37.01M | $15.05M | $9.38M | -41.2% |
| Retained earnings | -$108.52M | -$100.56M | -$70.53M | -$45.54M | -7.9% |
| Shareholder equity | $2.76M | -$6.77M | $13.46M | $37.43M | +140.8% |
| Working capital | -$18.78M | -$23.93M | -$2.34M | $31.11M | +21.5% |
| Net tangible assets | $2.76M | -$6.77M | $13.46M | $37.43M | +140.8% |
| Shares issued | 546.63K | 185.59K | 150.10K | 149.49K | +194.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$7.96M | -$30.02M | -$24.99M | -$14.90M | — | +73.5% |
| Depreciation & amortisation | $1.04M | $1.18M | $1.14M | $717.85K | — | -12.0% |
| Stock-based compensation | $768.62K | $1.01M | $1.00M | $1.12M | — | -23.8% |
| Change in working capital | -$2.78M | $13.60M | -$4.64M | $2.49M | — | -120.4% |
| Operating cash flow | -$13.39M | -$14.23M | -$22.51M | -$10.39M | — | +5.9% |
| Capital expenditure | — | -$261.62K | -$6.20M | -$10.28M | -$47.26K | — |
| Investing cash flow | $0 | -$261.62K | $3.80M | $14.71M | — | +100.0% |
| Financing cash flow | $10.67M | $15.57M | -$14.53K | $6.27M | — | -31.5% |
| Free cash flow | -$13.39M | -$14.49M | -$28.72M | -$20.66M | — | +7.6% |
| End cash position | $1.95M | $4.67M | $3.60M | $22.33M | — | -58.2% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $6.54M | $27.01K | $15.61K | $6.55K | $5.07K | +24,124.4% |
| Operating revenue | $6.54M | $27.01K | $15.61K | $6.55K | $5.07K | +24,124.4% |
| Cost of revenue | $11.07K | $21.61K | $12.48K | $5.24K | $4.05K | -48.8% |
| Gross profit | $6.53M | $5.40K | $3.12K | $1.31K | $1.01K | +120,839.3% |
| Research & development | $1.26M | $1.33M | $1.40M | $1.23M | $1.48M | -5.6% |
| Selling, general & admin | $1.77M | $1.56M | $1.82M | $2.08M | $153.81K | +13.5% |
| Total operating expense | $3.28M | $2.95M | $3.28M | $3.36M | $1.69M | +11.1% |
| Operating income | $3.25M | -$2.95M | -$3.28M | -$3.36M | -$1.69M | +210.3% |
| Net interest income | -$123.69K | -$226.54K | -$142.57K | -$330.96K | -$528.88K | +45.4% |
| Pre-tax income | $3.80M | $719.23K | -$4.55M | -$1.93M | -$2.20M | +428.7% |
| Tax provision | $330.19K | — | — | — | $0 | — |
| Net income | $3.47M | $719.23K | -$4.55M | -$1.93M | -$2.20M | +382.8% |
| Net income to common | $1.98M | -$3.47M | -$4.55M | -$12.08M | -$2.20M | +157.2% |
| Basic EPS | 2.22 | -6.12 | -12.12 | -5.39 | -11.82 | +136.3% |
| Diluted EPS | 2.22 | -6.12 | -12.12 | -5.39 | -11.82 | +136.3% |
| EBIT | $3.93M | $945.77K | -$4.41M | -$1.60M | -$1.67M | +315.1% |
| EBITDA | $4.07M | $1.10M | -$4.24M | -$1.30M | -$1.25M | +268.9% |
| Basic shares | 904.31K | 564.01K | 376.68K | 357.77K | 186.15K | +60.3% |
| Diluted shares | 904.31K | 564.01K | 376.68K | 357.77K | 186.15K | +60.3% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.23M | $1.95M | $1.10M | $2.44M | $1.11M | — | -37.1% |
| Cash & short-term investments | $1.23M | $1.95M | $1.10M | $2.44M | $1.11M | — | -37.1% |
| Accounts receivable | $74.84K | $32.17K | $30.67K | $21.61K | $87.49K | — | +132.6% |
| Total current assets | $1.72M | $2.28M | $1.59M | $2.90M | $1.89M | — | -24.6% |
| Property, plant & equipment | $20.77M | $20.88M | $22.50M | $22.64M | $22.76M | — | -0.5% |
| Total assets | $27.34M | $24.52M | $25.45M | $28.91M | $26.29M | — | +11.5% |
| Total current liabilities | $19.96M | $21.06M | $26.86M | $26.85M | $27.14M | — | -5.2% |
| Current debt | $6.58M | $6.81M | $6.81M | $6.42M | $6.23M | — | -3.4% |
| Long-term debt | — | — | — | $367.15K | $7.71M | $7.38M | — |
| Total debt | $6.58M | $6.81M | $6.81M | $6.79M | $13.94M | — | -3.4% |
| Total liabilities | $21.58M | $21.76M | $27.55M | $28.96M | $34.85M | — | -0.8% |
| Retained earnings | -$105.04M | -$108.52M | -$109.24M | -$104.68M | -$102.75M | — | +3.2% |
| Shareholder equity | $5.76M | $2.76M | -$2.11M | -$51.97K | -$8.56M | — | +108.4% |
| Working capital | -$18.24M | -$18.78M | -$25.27M | -$23.95M | -$25.25M | — | +2.9% |
| Net tangible assets | $5.76M | $2.76M | -$2.11M | -$51.97K | -$8.56M | — | +108.4% |
| Shares issued | 1.12M | 546.63K | 436.93K | 357.77K | 187.22K | — | +105.3% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $3.47M | $719.23K | -$4.55M | -$1.93M | -$2.20M | — | +382.8% |
| Depreciation & amortisation | $142.05K | $156.94K | $173.91K | $291.92K | $419.01K | — | -9.5% |
| Stock-based compensation | $10.02K | $9.18K | $205.49K | $278.31K | $275.64K | — | +9.1% |
| Change in working capital | -$1.03M | -$361.65K | -$213.43K | -$44.97K | -$2.16M | — | -185.5% |
| Operating cash flow | -$1.58M | -$3.36M | -$3.24M | -$3.28M | -$3.51M | — | +53.1% |
| Capital expenditure | — | — | — | — | — | -$113.41K | — |
| Investing cash flow | $0 | $0 | $0 | $0 | $0 | — | — |
| Financing cash flow | $851.64K | $4.21M | $1.90M | $4.61M | -$53.10K | — | -79.8% |
| Free cash flow | -$1.58M | -$3.36M | -$3.24M | -$3.28M | -$3.51M | — | +53.1% |
| End cash position | $1.23M | $1.95M | $1.10M | $2.44M | $1.11M | — | -37.1% |
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -1.98 | -11.58 | -484.9% |
| Mar 2026 | -2.64 | 2.22 | +184.1% |
| Dec 2025 | -5.04 | -6.12 | -21.4% |
| Sep 2025 | 9.48 | -12.12 | -227.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -1.08 | 1 | $0 | -100.0% |
| Next quarter | -1.08 | 1 | $0 | -100.0% |
| Current year | -2.88 | 1 | $0 | -100.0% |
| Next year | -2.64 | 1 | $0 | 0.0% |
Analyst targets & ownership
Mean target$30.00
High target$30.00
Low target$30.00
Implied upside1251.35%
Analyst count1
ConsensusNONE
Strong buy / Buy1 / 0
Hold0
Sell / Strong sell0 / 0
Held by insiders10.70%
Held by institutions8.21%
Institutions holding14
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
2.64
-16.04% from price
SMA 20
2.89
-24.56% from price
SMA 50
4.26
-48.77% from price
SMA 100
4.80
-53.77% from price
SMA 200
6.50
-66.46% from price
EMA 12
2.63
-15.54% from price
EMA 26
3.18
-30.24% from price
EMA 50
3.97
-44.15% from price
RSI (14)
30.2
Neutral
MACD (12,26,9)
-0.55
Hist -0.01
ATR (14)
0.41
18.99% of price
Realised vol 30D
117.3%
Annualised
Bollinger upper
3.83
20, 2σ
Bollinger lower
1.95
20, 2σ
50 / 200 cross
Death
4.26 vs 6.50
Trend bias
Below 200
-66.46%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.83
Less volatile than market
Correlation to SPY
0.03
Largely independent
Realised vol 30D
117.3%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-95.5%
Peak to trough
Max drawdown 5Y
-99.9%
Peak to trough
ATR 14
0.41
18.99% of price
Beta (reported)
2.36
5Y monthly, from filing
Short interest
Shares short
20.98K
Prior 41.71K
Change vs prior
-49.7%
Shorts covering
% of float
1.40%
Normal
% of shares out
1.31%
Against total outstanding
Days to cover
0.3
Liquid
Float
946.94K
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| May 28, 26 | Maxim Group | MAINTAINED | Buy | Buy |
| May 29, 25 | Maxim Group | MAINTAINED | Buy | Buy |
| Apr 19, 23 | EF Hutton | MAINTAINED | — | Buy |
| Mar 30, 23 | EF Hutton | MAINTAINED | — | Buy |
| Mar 23, 23 | EF Hutton | MAINTAINED | — | Buy |
| Nov 8, 22 | JonesTrading | INITIATED | — | Buy |
| Mar 24, 22 | Maxim Group | INITIATED | — | Buy |
| Nov 19, 21 | EF Hutton | INITIATED | — | Buy |
Dividends & splits
Forward rate—
Forward yield—
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1:6
Split dateJun 30, 2026
SEC filings
Offering Registrations
S-1 · 2026-08-20
Corporate Changes & Voting Matters
8-K · 2026-08-14
Additional Forms
D · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-07-29
Post-effective amendment to a registration statement that is not immediately effective upon filing
POS AM · 2026-07-16
Corporate Changes & Voting Matters
8-K · 2026-07-01
Corporate Changes & Voting Matters
8-K · 2026-06-30
Corporate Changes & Voting Matters
8-K · 2026-06-26
Headlines
HCW Biologics Reports Second Quarter 2026 Business and Clinical Development Highlights and Financial Results
GlobeNewswire · 8d ago
HCW Biologics Prices $1.6 Million Private Placement Offering
MT Newswires · 25d ago
HCW Biologics Inc. Announces Pricing of $1.6 Million Private Placement Offering
GlobeNewswire · 25d ago
HCW Biologics Reaches Milestones for Its Proprietary Tetravalent Second-Generation T-Cell Engager Program On Track To Initiate Clinical Trials in First Half 2027
GlobeNewswire · 31d ago
HCW Biologics to Implement 1-for-6 Reverse Stock Split
MT Newswires · 53d ago
HCW Biologics Regained Compliance with Bid Price Rule Per Nasdaq Compliance Letter
GlobeNewswire · 54d ago
HCW Biologics Board Approves 1-for-6 Reverse Stock Split
MT Newswires · 58d ago
HCW Biologics Announces 1-for-6 Reverse Stock Split Effective on June 30, 2026
GlobeNewswire · 58d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.