HCW Biologics (HCWB) Operating Expenses (2020 - 2025)
HCW Biologics' (HCWB) quarterly Operating Expenses came in at $4.5 million in Q4 2025, up 38.46% YoY from $3.2 million in Q4 2024, and up 35.57% on a QoQ basis from $3.3 million in Q3 2025.
HCW Biologics (HCWB) Operating Expenses (2020 - 2025) Analysis & Trends
HCW Biologics (HCWB) has 6 years of Operating Expenses data on file, last reported at $4.5 million in Q4 2025.
- Quarterly Operating Expenses rose 38.46% year-over-year to $4.5 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $13.2 million (down 56.63% YoY) and the FY2025 annual result came in at $13.2 million, down 56.69% from the prior year.
- Operating Expenses advanced to $4.5 million in Q4 2025, from $3.3 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $15.3 million in Q2 2024 to a low of $2.0 million in Q1 2025.
- A 5-year average of $5.0 million and a median of $3.9 million in 2021 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2024 — Operating Expenses soared 230.74% — and 2025, when it plunged 77.37%.
- Tracing HCWB's Operating Expenses over 5 years: stood at $3.1 million in 2021, then jumped by 90.7% to $5.9 million in 2022, then soared by 85.68% to $11.0 million in 2023, then sank by 70.72% to $3.2 million in 2024, then jumped by 38.46% to $4.5 million in 2025.
- The last three Operating Expenses figures came in at $4.5 million (Q4 2025), $3.3 million (Q3 2025), and $3.5 million (Q2 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 137.11 Bn | 129.26 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 84.98 Bn | 76.99 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 64.52 Bn | 59.33 Bn | 1.37 Bn | 2.89 Bn |
| 4 | Moderna | 53.23 Bn | 48.09 Bn | 52.00 Mn | 960.00 Mn |
| 5 | BeOne Medicines | 41.23 Bn | 36.14 Bn | 1.53 Bn | 1.21 Bn |
| 6 | Alnylam Pharmaceuticals | 30.65 Bn | 27.34 Bn | 992.69 Mn | 1.06 Bn |
| 7 | Insmed | 27.15 Bn | 25.99 Bn | 358.27 Mn | 427.03 Mn |
| 8 | Royalty Pharma | 26.98 Bn | 26.14 Bn | - | 541.02 Mn |
| 9 | BioNTech SE | 26.78 Bn | 8.39 Bn | 668.28 Mn | -784.57 Mn |
| 10 | HCW Biologics | 2.93 Mn | 2.19 Mn | -93,887.00 | 3.07 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 4.47 Mn |
| Sep 30, 2025 | 3.30 Mn |
| Jun 30, 2025 | 3.47 Mn |
| Mar 31, 2025 | 1.97 Mn |
| Dec 31, 2024 | 3.23 Mn |
| Sep 30, 2024 | 3.77 Mn |
| Jun 30, 2024 | 15.32 Mn |
| Mar 31, 2024 | 8.11 Mn |
| Dec 31, 2023 | 11.02 Mn |
| Sep 30, 2023 | 5.25 Mn |
| Jun 30, 2023 | 4.63 Mn |
| Mar 31, 2023 | 5.37 Mn |
| Dec 31, 2022 | 5.94 Mn |
| Sep 30, 2022 | 4.38 Mn |
| Jun 30, 2022 | 3.68 Mn |
| Mar 31, 2022 | 3.67 Mn |
| Dec 31, 2021 | 3.11 Mn |
| Sep 30, 2021 | 4.09 Mn |
| Jun 30, 2021 | 2.75 Mn |
| Mar 31, 2021 | 3.41 Mn |