Home / Going-concern warnings / HCW Biologics Inc.
Filed 2025-05-15 路 Form 10-Q 路 Accession 0000950170-25-072833 micro
Price before filing: $52.86 (2025-05-14 close, split/dividend-adjusted)
Market cap at flag: $87.6M (2025-05-15) 路 Latest: $433,525 (2026-10-16)
| Window | HCWB | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -39.3% | +2.6% | -41.8% | 2025-06-16 |
| 90 days | -49.0% | +10.1% | -59.1% | 2025-08-13 |
| 180 days | -67.9% | +16.9% | -84.8% | 2025-11-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 6 insiders bought $2.9M (6 purchases)
30 days after: 3 insiders bought $170K (3 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-05-08 | Byam Rebecca Chief Financial Officer | Purchase | 8,462 | $26.00 | $220K | no | Form 4 |
| 2025-05-08 | Flowers Lee SVP of Business Development | Purchase | 962 | $26.00 | $25K | no | Form 4 |
| 2025-05-08 | GARRETT SCOTT T Director | Purchase | 5,385 | $26.00 | $140K | no | Form 4 |
| 2025-05-08 | Greene Rick S. Director | Purchase | 962 | $26.00 | $25K | no | Form 4 |
| 2025-05-08 | Winer Gary M Director | Purchase | 2,308 | $26.00 | $60K | no | Form 4 |
| 2025-05-08 | Wong Hing C Chief Executive Officer, Director, 10% owner | Purchase | 92,500 | $26.00 | $2.4M | no | Form 4 |
| 2025-05-15: red flag filed | |||||||
| 2025-05-16 | GARRETT SCOTT T Director | Purchase | 13,423 | $7.45 | $100K | no | Form 4 |
| 2025-05-16 | Winer Gary M Director | Purchase | 1,342 | $7.45 | $10K | no | Form 4 |
| 2025-05-16 | Wong Hing C Chief Executive Officer, Director, 10% owner | Purchase | 8,054 | $7.45 | $60K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-14 to 2025-06-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As of March 31, 2025, the conclusion of a going concern assessment, before consideration of our financing plans, was that there is substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
The week's most serious auditor changes, restatements, late filings and going-concern warnings, in plain English. Free. Unsubscribe anytime.
Subscribe to the newsletter →
The signup form didn't load here (often an ad or privacy blocker). This opens beehiiv's secure signup page.
Form not showing? Subscribe on beehiiv →
Newsletter delivered by beehiiv. See our privacy policy.