Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 81

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 81
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 be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ Crowe LLP

We have served as the Company's auditor since September 2024.

Indianapolis, Indiana

March 28, 2025

98

HCW Biologics Inc. 

Balance Sheets 

    December 31,

    December 31,

    2023

    2024

    ASSETS

    Current assets:

    Cash and cash equivalents
     
    $
    3,595,101

    $
    4,674,572

    Accounts receivable, net

    1,535,757

    582,201

    Prepaid expenses

    1,042,413

    328,181

    Other current assets

    230,916

    113,528

    Total current assets

    6,404,187

    5,698,482

    Investments

    1,599,751

    1,599,751

    Property, plant and equipment, net

    20,453,184

    22,909,869

    Other assets

    56,538

    28,476

    Total assets
     
    $
    28,513,660

    $
    30