HCW Biologics - Public Comps and Valuation Multiples

HCW Biologics Overview

About HCW Biologics

HCW Biologics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen the health span by disrupting the link between chronic, low-grade inflammation and age-related diseases. The company has developed TOBI discovery platform, or Tissue factor-based fusion discovery platform, for the design of category-defining immunotherapeutic drugs. It has selected two molecules as its product candidate; HCW9218 and HCW9302. HCW9218 is a bifunctional immunotherapeutic designed with the capabilities to neutralize transforming growth and stimulate immune cells. HCW9302 is designed to activate and expand regulatory T cells, which deactivate inflammasomes.

Founded

2018

HQ

Employees

Website

hcwbiologics.com

Sectors

Drug Development & Therapeutics
Vaccines & Immunotherapies
BioTech

Financials

LTM Revenue $2.6M

Last FY EBITDA -$27.7M

EV

$12.4M

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HCW Biologics Financials

As of September 2025, HCW Biologics reported last 12-month revenue of $2.6M.

In the same period, HCW Biologics generated $2.2M in LTM gross profit and -$10.8M in net income.

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HCW Biologics P&L

In the most recent fiscal year, HCW Biologics reported revenue of $2.6M and EBITDA of -$27.7M.

HCW Biologics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.6M	XXX	$2.6M	XXX	XXX	XXX
Gross Profit	$2.2M	XXX	$1.0M	XXX	XXX	XXX
Gross Margin	84%	XXX	37%	XXX	XXX	XXX
EBITDA	n/a	XXX	-$27.7M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1078%	XXX	XXX	XXX
EBIT	-$11.6M	XXX	-$29.0M	XXX	XXX	XXX
EBIT Margin	-452%	XXX	-1128%	XXX	XXX	XXX
Net Profit	-$10.8M	XXX	-$30.0M	XXX	XXX	XXX
Net Margin	-419%	XXX	-1170%	XXX	XXX	XXX
Net Debt	XXX	XXX	$9.0M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for HCW Biologics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.6M. In the most recent fiscal year, HCW Biologics achieved $2.6M in revenue and -$27.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.6M	Analyst estimates available to subscribers	$2.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.2M	Analyst estimates available to subscribers	$1.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	84.5% gross margin	Analyst estimates available to subscribers	37.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	-$27.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	-1078.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$11.6M	Analyst estimates available to subscribers	-$29.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-452.1% EBIT margin	Analyst estimates available to subscribers	-1128.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$10.8M	Analyst estimates available to subscribers	-$30.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-418.8% net profit margin	Analyst estimates available to subscribers	-1169.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$9.0M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for HCW Biologics

This financial data table provides comprehensive performance metrics for HCW Biologics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

HCW Biologics generated $2.6M in revenue over the last twelve months.
Gross profit for the last twelve months was $2.2M.
Net income over the last twelve months reached -$10.8M.

Fiscal Year Performance

In the most recent fiscal year, HCW Biologics reported $2.6M in total revenue.
Fiscal year EBITDA was -$27.7M.
The company maintained a gross profit margin of 37.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1078.4%.
Net profit margin reached -1169.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for HCW Biologics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

HCW Biologics Stock Performance

HCW Biologics has current market cap of $8.0M, and EV of $12.4M.

Market Cap Evolution

HCW Biologics Stock Data

As of October 3, 2025, HCW Biologics's stock price is $4.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.4M	$8.0M	XXX	XXX	XXX	XXX	$-9.42

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HCW Biologics Valuation Multiples

HCW Biologics's trades at 4.8x EV/Revenue multiple, and -0.4x EV/EBITDA.

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HCW Biologics Financial Valuation Multiples

As of October 3, 2025, HCW Biologics has market cap of $8.0M and EV of $12.4M.

Equity research analysts estimate HCW Biologics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

HCW Biologics has a P/E ratio of -0.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$8.0M	XXX	$8.0M	XXX	XXX	XXX
EV (current)	$12.4M	XXX	$12.4M	XXX	XXX	XXX
EV/Revenue	4.8x	XXX	4.8x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-0.4x	XXX	XXX	XXX
EV/EBIT	-1.1x	XXX	-0.4x	XXX	XXX	XXX
EV/Gross Profit	5.7x	XXX	n/a	XXX	XXX	XXX
P/E	-0.7x	XXX	-0.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-0.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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HCW Biologics Margins & Growth Rates

HCW Biologics's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.8M for the same period.

HCW Biologics's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

HCW Biologics's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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HCW Biologics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1078%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	249%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	1165%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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