HCW Biologics Reports Fourth Quarter and Fiscal Year 2024 Business Highlights and Financial Results

Core Insights - HCW Biologics Inc. is focused on developing novel immunotherapies to address age-related diseases and has reported its financial results for the fourth quarter and fiscal year ended December 31, 2024 [1] Business Highlights - The company has received clearance to begin clinical trials for HCW9302, targeting alopecia areata, and has developed a new drug discovery platform utilizing T-cell Receptor β Chain constant region (TRBC) [2] - HCW Biologics has constructed 50 proprietary compounds using the TRBC platform aimed at treating various cancers and age-related diseases [2] - The company entered an exclusive licensing agreement with WY Biotech, expecting to receive $7 million in June 2025, and has opt-in rights for the Americas market after a Phase 1 clinical trial [5] Financial Results - Revenues for Q4 2024 were$394,000, down from $1.3 million in Q4 2023, while total revenues for the year decreased from$2.8 million in 2023 to $2.6 million in 2024 [9] - Research and development expenses decreased by 51$1 million, and for the year, R&D expenses fell by 17% to $6.4 million [9] - General and administrative expenses increased by 22$2 million, while remaining stable at $6.8 million for the year [9][10] Legal and Compliance - The company faced three deficiency notices from Nasdaq regarding stock price and market value but received an extension to regain compliance [9] - A special meeting of stockholders is scheduled for March 31, 2025, to approve critical proposals for compliance, including a reverse stock split [9] Future Outlook - The company has launched a multi-step financing plan and plans additional capital-raising activities in the first half of 2025 [11] - There is substantial doubt regarding the company's ability to continue as a going concern without additional funding [11]