Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 144

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 144
---
 activities, such as press releases.  

General and Administrative Expenses

The following table summarizes our general and administrative expense for the years ended December 31, 2023 and 2024:

    Years EndedDecember 31,

    2023

    2024

    $ Change

    % Change

    Salaries, benefits and related expenses
     
    $
    3,216,860

    2,563,936

    $
    (652,924
    )

    (20
    )%

    Professional services

    1,257,879

    1,171,885

    (85,994
    )

    (7
    )%

    Facilities and office expenses

    634,080

    654,996

    20,916

    3
    %

    Accretion of fixed bonus upon maturity of Senior Notes

    —

    527,304

    527,304

    0
    %

    Depreciation

    266,763

    277,554

    10,791

    4
    %

    Rent and occupancy expense

    156,807

    205,511

    48,704

    31
    %

    Other expenses

    1,247,126

    1,438,410

    191,284

    15
    %

    Total general and administrative expenses
     
    $
    6,779,515

    $
    6,839,596

    $
    60,081

    1
    %

General and administrative expenses increased by $60,081, or 1%, from $6.8 million for the year ended December 31, 2023 to $6.8 million for the year ended December 31, 2024. The increase is mainly attributable to an accretion expense of $527,304 for the accretion of the fixed bonus payment that holders of Secured Notes will receive if the Secured Notes are repaid on their Maturity Date of August 31, 2026 and an increase in other expenses, primarily insurance costs, partially offset by a decrease in salaries and benefits.  

86 

Salaries, benefits and related expenses decreased by $652,924, or 20%, from $3.2 million for the year ended December 31, 2023 to $2.6 million