Financial Performance - Revenues for Q4 2024 were $394,804, a decrease of 70.5% compared to $1.3 million in Q4 2023; total revenues for the fiscal year 2024 were $2.6 million, down from $2.8 million in 2023[11] - Net loss for Q4 2024 was $3.4 million, compared to a net loss of $10.7 million in Q4 2023; total net loss for 2024 was $30.0 million, up from $25.0 million in 2023[11] - Revenues for the three months ended December 31, 2023, were $1,324,003, compared to $394,804 for the same period in 2024, representing a significant increase[18] - Net loss for the three months ended December 31, 2023, was $(10,680,530), compared to $(3,373,273) for the same period in 2024, indicating a worsening financial position[18] - Total operating expenses for the three months ended December 31, 2023, were $11,020,836, up from $3,238,720 in 2024, reflecting increased costs[18] - The accumulated deficit as of December 31, 2023, was $(70,532,323), which increased to $(100,556,137) in 2024, highlighting ongoing financial challenges[20] - The company reported a net loss per share of $(0.30) for the three months ended December 31, 2023, compared to $(0.08) for the same period in 2024[18] - Weighted average shares outstanding increased from 35,996,415 in 2023 to 42,301,694 in 2024, reflecting potential dilution of shares[18] Research and Development - R&D expenses for Q4 2024 were $1.0 million, a decrease of 51% from $2.1 million in Q4 2023; total R&D expenses for 2024 were $6.4 million, down 17% from $7.7 million in 2023[11] - Research and development expenses for the year ended December 31, 2023, were $7,676,316, compared to $6,388,994 in 2024, showing a year-over-year increase[18] - The company constructed 50 proprietary compounds using the TRBC platform for treating hematologic and solid tumors, virally infected cells, and age-related diseases[3] - The company is focusing on developing Immune-Cell Engagers, including T-Cell Engagers, through corporate partnerships and out-licensing arrangements[6] - The company received clearance from the FDA to initiate a Phase 1 clinical trial for HCW9302 in patients with moderate-to-severe alopecia areata[9] Financial Position and Funding - The company raised $16.3 million in 2024 through various financing transactions, including a $6.9 million securities purchase agreement with an institutional investor[6] - The company expects to receive $7.0 million from WY Biotech in June 2025 under an exclusive licensing agreement for the preclinical drug HCW11-006[6] - Legal expenses for 2024 increased by 142% to $15.9 million, primarily due to costs associated with arbitration proceedings[11] - The company has substantial doubt regarding its ability to continue as a going concern for at least 12 months without additional funding[12] Assets and Liabilities - Cash and cash equivalents as of December 31, 2023, were $3,595,101, compared to $4,674,572 in 2024, indicating a decrease in liquidity[20] - Total assets as of December 31, 2023, were $28,513,660, compared to $30,236,578 in 2024, showing a growth in total assets[20] - Total liabilities increased significantly from $15,051,943 in 2023 to $37,006,750 in 2024, indicating a rise in financial obligations[20]
HCW Biologics(HCWB) - 2024 Q4 - Annual Results