HCW Biologics Inc. (NASDAQ:HCWB) surged on Friday after reporting stronger quarterly results and highlighting progress across its autoimmune pipeline.
Investor sentiment also improved after the biotech company advanced a licensing deal and reaffirmed upcoming clinical data milestones, sending the share price up 230% at last check.
According to its first-quarter results, HCW reported earnings per share of 37 cents and quarterly sales of $6.54 million, which increased from just $5,065 a year ago.
Under the Wugen License and supply agreements, HCW has recognized over $16 million in aggregate revenue since the license’s inception in 2020.
A year ago, Wugen was winding down its clinical programs in NK-Cell therapies to focus exclusively on its breakthrough CAR-T program that is in its pivotal clinical trial.
In the quarter under review, the company said that it has completed …
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