New York, June 4, 2026, 16:03 EDT
- HCW Biologics traded last at $1.605, off 4.5%, in the last available trade ahead of the regular close.
- The Nasdaq-listed microcap now has a deadline of July 29 to get its bid price up to $1 or more for 20 sessions in a row.
- The action came even with biotech stocks trading better and after the company had made moves on financing and CAR-T reagent rights.
HCW Biologics Inc. shares dropped Thursday, moving closer to the Nasdaq’s compliance line. Investors looked at the latest extension from the exchange while the company faces pressure for more capital and reliable execution.
The stock last changed hands at $1.605, down 4.5%, after bouncing between $1.60 and $1.72. About 594,000 shares traded, putting its market cap around $8.7 million, according to the latest available data. The main Nasdaq session ends at 4 p.m. Eastern, and June 4 does not appear on the list of 2026 Nasdaq holidays.
HCW is hanging just above $1. In a June 1 SEC filing, the company said a Nasdaq Hearings Panel gave it until July 29, 2026, to bring its share price back into compliance and keep the bid at or above $1 for 20 days in a row. The panel also warned that if HCW falls below $1 again before Sept. 22, the stock will be delisted at once.
For a small biotech, the choice to list goes beyond simply picking a trading venue. Listing can impact visibility, liquidity—how easily investors can buy or sell the stock—and access to future financing.
HCW traded weaker even as biotech indexes moved up. The SPDR S&P Biotech ETF climbed roughly 3.1%. The iShares Nasdaq Biotechnology ETF added around 2.5%. Cell-therapy players Autolus Therapeutics and Caribou Biosciences also traded up.
HCW is making another move in CAR-T. The company said May 27 it used its option to take back all ex vivo rights to HCW9206 and HCW9201 from Wugen Inc. at no cost. That covers work on the therapies outside the human body, often in a lab. HCW also keeps its original license fee, which included 2.2 million Wugen shares. CEO Hing C. Wong called it a “great opportunity” to chase Tscm-based CAR-T with larger-company partners. GlobeNewswire
Cash remains key. HCW said May 21 it priced a private placement, selling 2,846,975 units at $1.405 each for gross proceeds of around $4.0 million. In a statement, the company said the money will go toward clinical trials for HCW9302, preclinical work on HCW11-018b and HCW11-040, corporate purposes, paying down debt and settlements.
HCW’s first-quarter numbers show why funding remains top of mind for investors. For the period ended March 31, the company posted $6.5 million in revenue and net income of $3.5 million, with a boost from a licensing agreement with Beijing Trimmune Biotech. Still, HCW flagged “substantial doubt” about its ability to operate as a going concern over the next 12 months unless it secures more funds or new financial backing. Cash and equivalents totaled $1.23 million at quarter’s end, while current liabilities were close to $20 million. GlobeNewswire
Maxim Group has increased its price target on HCW to $5, up from $2, and kept its Buy on the stock. The move comes after HCW got back rights to HCW9206, with upcoming Phase 1 data on HCW9302 in alopecia areata seen as a possible catalyst, The Fly said via TipRanks. Benzinga’s data showed Maxim’s latest call on May 28.
Low-priced biotechs like HCW can run out of time quickly. The company has to keep its shares above Nasdaq’s $1 minimum, turn its recent financing into more runway, and prove its early-stage drug and reagent work is enough to lure partners or generate new data. A bad update, slower partner talks, or another round of dilutive fundraising could push the stock down again.
