HCW Biologics Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-5.2M | $3.5M | $719.2K | $-4.6M | $-1.9M | $-2.2M | $-3.4M | $-3.9M |
| Depreciation & Amortization | $127.1K | $142.0K | $156.9K | $173.9K | $291.9K | $419.0K | $682.5K | $128.4K |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $1.2K | $10.0K | $9.2K | $205.5K | $278.3K | $275.6K | $292.1K | $232.4K |
| Net Cash from Operating Activities | $-4.0M | $-1.6M | $-3.4M | $-3.2M | $-3.3M | $-3.5M | $-2.8M | $-2.9M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | $0 | $0 | $0 | $0 | $113.4K | $37.1K |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | — | — | $0 | $0 | $0 | $0 | $-113.4K | $-37.1K |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $3.5M | $851.6K | $4.2M | $1.9M | $4.6M | $-53.1K | $6.6M | $2.8M |
| Net Change in Cash | $-487.6K | $-723.6K | $855.6K | $-1.3M | $1.3M | $-3.6M | $3.7M | $-163.1K |
| Free Cash Flow | — | — | $-3.4M | $-3.2M | $-3.3M | $-3.5M | $-2.9M | $-3.0M |