Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 256

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 256
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 Research and development

    7,676,316

    6,388,994

    General and administrative

    6,779,515

    6,839,596

    Legal expenses

    6,571,689

    15,910,480

    Reserve for credit losses and other expenses

    5,250,000

    1,300,000

    Total operating expenses

    26,277,520

    30,439,070

    Loss from operations

    (25,717,160
    )

    (29,479,667
    )

    Interest expense

    (283,042
    )

    (631,137
    )

    Other income, net

    1,005,925

    86,990

    Net loss
     
    $
    (24,994,277
    )
     
    $
    (30,023,814
    )

Revenue

In the year ended December 31, 2023, we recognized $2.8 million of revenue and cost of revenues of $2.3 million.  Revenues were derived exclusively from the sale of licensed molecules to Wugen.  There were no deferred revenues as of December 31, 2023. 

In the year ended December 31, 2024, we recognized $2.6 million of revenue and cost of revenues of $1.6 million.  Revenues were derived exclusively from the sale of licensed molecules to Wugen.  There is currently one ongoing Phase 1 clinical study evaluating WU-NK-101, the Wugen product candidate created using the licensed molecules, in solid tumors.  There were no deferred revenues as of December 31, 2024. 

Research and Development Expenses

The following table summarizes our research and development expenses for the years ended December 31, 2023 and 2024:  

    Years EndedDecember 31,

    2023

    2024

    $ Change

    % Change

    Salaries, benefits and related expenses
     
    $
    2,940,979

    2,797,370

    $
    (143,609
    )

    (5
    )%

    Manufacturing and materials

    1,280,351

    1,425,734

    145,383

    11
    %

    Preclinical expenses