HCW Biologics Inc. reported its financial results for the second quarter ended June 30, 2025. Revenues for the quarter were $6,550, a significant decrease from $618,854 in the prior year, primarily due to a one-year suspension of the Wugen License Agreement.
The net loss for the second quarter improved to $1.9 million, compared to a $15.3 million loss in Q2 2024. Research and development expenses decreased by 40% to $1.2 million, while general and administrative expenses increased by 31% to $2.1 million, driven by professional services fees and accretion expense.
The company noted $12.3 million in unpaid legal fees from a prior arbitration, for which it is negotiating payment plans, partially offset by a $2.0 million insurance reimbursement received in January 2025. As of June 30, 2025, substantial doubt about the company's ability to continue as a going concern persists, despite having regained full compliance with Nasdaq Capital Market listing requirements by June 24, 2025.
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