• HCW Biologics posted net income of USD 3.47 million, swinging from a net loss of USD 2.2 million a year earlier, as revenue rose to USD 6.54 million from USD 5,065.
• Operating results turned to income of USD 3.24 million from a loss of USD 1.97 million, while research and development expense fell 15% to USD 1.26 million.
• General and administrative expense dropped 18% to USD 1.83 million, while interest expense narrowed to USD 109,274 from USD 255,822.
• HCW Biologics recorded USD 667,343 in change in fair value of warrant liability, while net income attributable to common stockholders was USD 1.98 million, swinging from a loss of USD 2.2 million.
• Trimmune paid a nonrefundable upfront license fee on March 16, driving USD 6.5 million of recognized revenue, while HCW9302 Phase 1 data in alopecia areata is expected in Q4 2026 and HCW11-018b IND-enabling work is expected to finish in first half of 2027.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HCW Biologics Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001493152-26-023131), on May 14, 2026, and is solely responsible for the information contained therein.