HCWB Stock — HCW Biologics Inc.: Cash, EV, Pipeline

Share price

$1.87

Market cap

$3.4M

Cash

$0.7M

Enterprise value

$9.2M

Balance sheet

Cash	$0.7M
Debt	$6.6M
Net cash	-$5.8M
Enterprise value	$9.2M
Basic shares	1.3M shares
Fully diluted shares	3.3M shares
Fully diluted market cap	$6.1M
Cash per share	$0.57

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Aug 27 - Oct 8	HCW9302, an IL-2 fusion protein	Phase 1	Alopecia Areata(AA)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

HCW9302

Phase 1 · Active Modality: fusion protein

Target IL-2 receptor

Partnerships Trimmune (Beijing): license + option to license HCW9302 in China/Asia (upfront fee paid Mar 2026); AlloTera license agreement terminated May 2026

Indications

Alopecia areata (Phase 1)
Autoimmune / inflammatory conditions (Preclinical)

Catalysts

— fourth quarter of 2026

Status note IL-2 fusion protein complex (TOBI platform). Company-sponsored first-in-human Phase 1 in alopecia areata (first patient dosed Nov 2025); preliminary readout Jun 2026.

HCW11-018b

Preclinical · Active Modality: T-cell engager

Target Tissue factor, CD3

Indications

Solid tumors (Preclinical)

Catalysts

— first half of 2027

Status note Tetravalent T-cell engager (TRBC platform) targeting tissue factor-expressing cancer cells via CD3. Type B pre-IND meeting requested; trial in cancer (e.g. gynecologic, pancreatic) on track to initiate 1H 2027.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	HCW9302, an IL-2 fusion protein
Lead indication	Alopecia Areata(AA)
Lead phase	Phase 1
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07049328	Phase 1	Recruiting	Sponsor	HCW Biologics	—	Alopecia Areata(AA)	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for HCW Biologics on ClinicalTrials.gov

No specialist-fund holders in 13F data for this company.

HCWB — HCW Biologics Inc.