Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 142

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 142
---
    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

    1,607,601

    859,701

    (747,900
    )

    (47
    )%

    Clinical trials

    1,059,731

    558,215

    (501,516
    )

    (47
    )%

    Other expenses

    787,654

    747,974

    (39,680
    )

    (5
    )%

    Total research and development expenses
     
    $
    7,676,316

    $
    6,388,994

    $
    (1,287,322
    )

    (17
    )%

85 

Research and development expenses decreased by $1.3 million, or 17%, from $7.7 million for the year ended December 31, 2023 to $6.4 million for the year ended December 31, 2024.  This decrease was primarily attributable to decreased expenses from preclinical and clinical activities.  

Salaries, benefits and related expenses decreased by $143,609, or 5%, from $2.9 million for the year ended December 31, 2023 to $2.8 million for the year ended December 31, 2024.  This decrease was primarily attributable to decreases of $43,850 in salaries and related taxes, $52,383 in the cost of benefits and $42,621 in performance-based bonuses. The Company had a staff reduction in May 2024, and continues to operate with the reduced headcount.  

Manufacturing and materials expenses increased by $145,383, or 11%, from $1.3 million for the year ended December 31, 2023 to $1.4 million for the year ended December 31, 2024. For the year ended December 31, 2023, the costs we incurred were primarily for production activities associated with the master cell bank characterization for the high-expressing version of HCW9101, which is used in the manufacturing process for all TO