Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 19, 2026
Hcw Biologics Inc. (HCWB)
A forensic read on Hcw Biologics Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-22.9
Distress distance
Watch
Earnings quality
3
Forensic signals
-287.9%
ROE
-97.9%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Hcw Biologics Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -22.9, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+108.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +108.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 41% against -97% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 110% of net operating assets, against an accruals ratio of 108.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
2067d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 151 to 2067 days FY2024→FY2025 (receivables -94% vs revenue -98%). Receivables are creeping up relative to sales. Across FY2022–FY2025 the day count ran 15 → 125 → 151 → 2067 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -94% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -61.2%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$54,232.00
Revenue Growth YoY-97.9%
Revenue CAGR (3yr)-79.9%
Net Margin-14677.1%
Free Cash Flow-$13.4M
Return on Equity-287.9%
Debt / Equity2.46x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hcw Biologics Inc.'s actual 10-K/10-Q/8-K filings?