HCW Biologics Reports Q4 2025 and Fiscal Year 2025 Results

Biopharmaceutical company provides business highlights and financial update, including progress on lead autoimmune drug candidate HCW9302.

Mar. 31, 2026 at 10:34pm

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HCW Biologics, a clinical-stage biopharmaceutical company developing fusion immunotherapeutics for chronic inflammatory diseases, reported financial results and recent business highlights for the fourth quarter and fiscal year 2025. Key updates include initiating a Phase 1 trial for lead autoimmune drug candidate HCW9302, receiving an upfront license fee for HCW11-006, and launching commercial-ready reagent molecules.

Why it matters

As a clinical-stage biotech, HCW Biologics' progress on its pipeline of fusion immunotherapeutics is crucial for the company's future growth and ability to address unmet needs in autoimmune, cancer, and other inflammatory diseases. The financial update also sheds light on the company's cash position and financing plans as it works to advance its drug candidates.

The details

In Q4 2025, HCW Biologics initiated a Phase 1 clinical trial to evaluate HCW9302, its lead product candidate for autoimmune disorders, in patients with alopecia areata. The company believes HCW9302 can suppress autoimmune attacks on hair follicles by activating and expanding regulatory T cells. Additionally, HCW Biologics received an upfront license fee payment of $3.5 million for exclusively licensing its preclinical molecule HCW11-006 to Beijing Trimmune Biotech. The company also launched two proprietary fusion protein molecules as commercial-ready reagents to support cell-based immunotherapeutics.

  • On November 17, 2025, the company initiated its first-in-human clinical trial of HCW9302.
  • As of March 16, 2026, HCW Biologics received the full $3.5 million upfront license fee payment for HCW11-006.
  • During 2025, the company launched two proprietary fusion protein molecules as commercial-ready reagents.

The players

HCW Biologics Inc.

A clinical-stage biopharmaceutical company developing fusion immunotherapeutics to treat diseases promoted by chronic inflammation, including autoimmune disorders, cancer, and senescence-associated conditions.

Beijing Trimmune Biotech Co., Ltd.

The company that licensed the exclusive worldwide rights for HCW11-006, a preclinical molecule from HCW Biologics.

Dr. Hing C. Wong

The founder and CEO of HCW Biologics.

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What they’re saying

“We are excited to be the sponsor of this clinical study to evaluate this promising new treatment for alopecia areata. We will be conducting additional ancillary studies to provide further insights into disease responses and the effects of HCW9302 on proliferation and function of immune cells, particularly T reg cells.”

— Dr. Hing C. Wong, Founder and Chief Executive Officer, HCW Biologics

“Based the results of our preclinical studies including non-human primates, we believe the human data read out will show that HCW9302 has superior IL-2Rα affinity and will sustain serum exposure, which could potentially make it favorable for the expansion and in increasing the functionality of T reg for autoimmune disease treatments.”

— Dr. Hing C. Wong, Founder and Chief Executive Officer, HCW Biologics

What’s next

A preliminary human data readout for the Phase 1 trial of HCW9302 is expected in the first half of 2026.

The takeaway

HCW Biologics is making progress on its pipeline of fusion immunotherapeutics, with the initiation of a Phase 1 trial for its lead autoimmune drug candidate HCW9302 and the licensing of another preclinical molecule. The company's ability to advance these programs and manage its cash position will be critical to its future success in addressing unmet needs in chronic inflammatory diseases.