HCWB (HCW Biologics Inc.) stock: $1.02, $2.3M market cap, $0.7M cash, $8.1M EV, $3.3M fully diluted market cap. Lead program: HCW9302, an IL-2 fusion protein (Alopecia Areata(AA)), Phase 1. Data from Fully Diluted's biotech stocks database.
What they do
HCW Biologics Inc. (“HCW Biologics” or the “Company”) is a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to support or treat diseases promoted by chronic inflammation. We have created novel compounds that represent a new class of drugs that we believe have the potential to fundamentally change the treatment of autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia.
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
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 · ActiveModality: 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.
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.