HCW Biologics Inc., a clinical-stage biopharmaceutical company, reported its financial results for the second quarter ended June 30, 2025. The company experienced a significant decline in revenues, reporting $6,550 for the second quarter of 2025, down from $618,854 in the same period of 2024. For the six months ended June 30, revenues were $11,615 million in 2025, compared to $1.7 million in 2024. This decrease is attributed to the suspension of the Wugen License Agreement, with plans to identify a new corporate partner for their HCW9206 molecule. The net loss for the second quarter of 2025 was reported at $1.9 million, a notable improvement from the $15.3 million loss in the same quarter of the previous year. For the six-month period, the net loss was $4.1 million in 2025, compared to $22.7 million in 2024. On the business front, the company successfully closed a $5.0 million equity offering on May 15, 2025, with proceeds intended to support the opening of clinical sites for a Phase 1 trial of HCW9302 in an autoimmune disorder. The funding is also intended to support studies aimed at finding a licensing partner for commercializing their Immune-Cell Engagers, including T-Cell Engagers.