HCW9302

May 14, 2026 — HCW Biologics Inc. (NASDAQ: HCWB) reported Q1 2026 business highlights and financial results for the three months ended March 31, 2026. The company said it remains on track to provide a preliminary clinical data readout from the first two dose levels of its Phase 1 study of HCW9302 (an injectable IL-2 fusion protein complex designed to expand regulatory T cells) in alopecia areata in 1H 2026; two sites are enrolling on schedule, and no dose-limiting toxicities have been reported to date. Full Phase 1 data are expected in Q4 2026.

Business updates included closing an exclusive worldwide license with Beijing Trimmune Biotech for in vivo rights to HCW11-006 (recognized $6.5M revenue in Q1; $3.5M cash upfront gross plus $3.5M in-kind equity interest; $470K deferred revenue) and a Science Advances publication highlighting HCW9206 as a potential CAR-T manufacturing reagent; HCW is seeking a partner to commercialize the reagent program. The company also completed a $1.5M equity financing (pre-funded and common stock warrants, subject to stockholder approval).

Financially, Q1 2026 revenue was $6.5M (vs. $5K in Q1 2025), R&D expense fell to $1.3M, G&A to $1.8M, and net income was $3.5M (vs. $(2.2)M loss). HCW disclosed substantial doubt about its ability to continue as a going concern without additional funding and noted a Nasdaq delisting appeal hearing (minimum bid price non-compliance).