0000950170-23-063359 | 10-Q | XBRL Viewer

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Debt, Net - Additional Information (Details) - USD ($)	9 Months Ended
Debt, Net - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Aug. 15, 2022
Line of Credit Facility [Line Items]
Current portion of long term debt	$ 117,680
Debt, Net	$ 6,332,736	$ 6,409,893
Cogent Bank[Member]
Line of Credit Facility [Line Items]
Gross Proceeds			$ 6,500,000
Line Of Credit Facility Frequency Of Payments	interest-only period is one year followed by 48 months of equal payments of principal and interest
Debt Instrument, Maturity Date	Aug. 15, 2027
Credit Facility Interest Rate During Period	5.75%
Debt, Net		$ 6,500,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

. Commitments and Contingencies

Operating Leases

The Company has operating leases for approximately 12,250 square feet of space located in Miramar, Florida. The leases have a two-year term which commenced on March 1, 2022 and will terminate on February 29, 2024. Upon the commencement of the leases, the Company used its incremental borrowing rate of 6.0% to determine the amounts to recognize for a ROU asset and a lease liability. There are no obligations under finance leases.

The components of the lease expense for the three and nine months ended September 30, 2023 were as follows:


	For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Operating lease cost	$	42,413	$	127,238

Supplemental cash flow information related to lease for the nine months ended September 30, 2023 was as follows:


	For the Nine Months Ended September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	127,229
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$	120,973

As of September 30, 2023, the supplemental balance sheet information related to leases was as follows:


	As of September 30, 2023
Operating lease right-of-use assets	$	69,624
Operating lease liabilities, current	$	70,669

As of September 30, 2023, the remaining lease payments were as follows:


2023	$	42,831
2024		28,693
Total future minimum lease payments	$	71,524

For the three months ended September 30, 2022 and 2023, rent expense recognized by the Company was $43,700 and $42,400, respectively, of which $22,200 and $22,200, respectively, is included in research and development in the accompanying condensed statements of operations.

For the nine months ended September 30, 2022 and 2023, rent expense recognized by the Company was $130,300 and $127,200, respectively, of which $57,800 and $66,600, respectively, is included in research and development in the accompanying condensed statements of operations.

Contractual Commitments

The Company entered into an agreement with a third-party global contract development and manufacturer of biologics for the manufacture of the Company’s proprietary molecules for use in clinical trials. At December 31, 2022 and September 30, 2023, future payment obligations under such agreements were $406,000 and $1.8 million, respectively. In addition, as of December 31, 2022, the Company committed to purchase upstream processing and fluid management equipment for $1.6 million, and it advanced $495,000 for this purchase as of September 30, 2023.

Project Financing

On April 21, 2023, the Company entered into a secured Development Line of Credit Agreement (such agreement as amended from time to time, the "2023 Loan Agreement") with Prime Capital Ventures, LLC ("Prime"), pursuant to which Prime will advance loans to the Company in a principal amount not to exceed $26.3 million with a scheduled maturity of April 20, 2028 (the "Prime Maturity Date"). The Company has the option to prepay the balance of the loan prior to the Prime Maturity date without penalty. The note issued pursuant to the 2023 Loan Agreement bears interest at a fixed rate equal to 7.00% per annum, due monthly in arrears on the first day of each month. The primary purpose of the loan is to provide the funding required to complete the buildout of the Company's new headquarters, including improved research laboratories and a vivarium to support the Company's preclinical research efforts, and a manufacturing facility to produce GMP material to support the Company's clinical development as well as produce material to support the clinical development of its licensee, Wugen.

Under the 2023 Loan Agreement, the Company was required to fund an interest reserve bank account controlled by Prime in the amount of $5.3 million to fund the interest payments due thereunder. The balance of the reserve account is presented in Deposit for interest reserve in noncurrent assets on the accompanying condensed balance sheet. As of September 30, 2023, the Company had no outstanding borrowings under the 2023 Loan Agreement. On August 10, 2023, the Company obtained construction permits required to begin the buildout of its new headquarters. This satisfied the final condition precedent to accessing the $26.3 million line of credit. The Company will incur $1.8 million in debt issuance costs in connection to the Prime loan, which will be earned and payable upon the first draw down. In November 2023, the Company expects to begin to draw down funds available under the 2023 Loan Agreement.

Legal

From time to time, the Company is a party to or otherwise involved in legal proceedings, including suits, assessments, regulatory actions and investigations generally arising out of the normal course of business. In addition, the Company enters into agreements that may include indemnification provisions, pursuant to which the Company agrees to indemnify, hold harmless and defend the indemnified parties for losses suffered or incurred by the indemnified party. When the Company believes that the outcome of such a matter will result in a liability that is probable to be incurred and result in a potential loss, or range of loss, that can be reasonably estimated, the Company will accrue a liability and make the appropriate disclosure in the footnotes to the financial statements.

On December 23, 2022, Altor BioScience, LLC and NantCell, Inc. (“Altor/NantCell”) initiated an arbitration against Dr. Hing C. Wong, the Company’s Founder and Chief Executive Officer, in California alleging breach of contract and fiduciary duty, among other claims. On that same date, Altor/NantCell filed a lawsuit against the Company in federal court alleging misappropriation of trade secrets, inducement of breach of contract and breach of fiduciary duty, among other claims against the Company. On January 31, 2023, the Company filed a motion to compel arbitration, a motion for the stay of the litigation, and a motion to dismiss the complaint (“motion to compel”). On April 18, 2023, the U.S. District Court for the Southern District of Florida (the “Court”) heard oral argument on the Company’s motion to compel and ordered the parties to provide supplemental briefing by April 28, 2023. Before the Court ruled on the Company’s motion to compel, on April 26, 2023, the parties stipulated that Altor/NantCell’s action against the Company would be consolidated with the Altor/NantCell arbitration demand against Dr. Wong. On April 27, 2023, the Court approved the parties’ stipulation and ordered the parties to arbitration. On May 1, 2023, Altor/NantCell filed a demand against the Company before JAMS. On May 3, 2023, Altor/NantCell dismissed the federal court action without prejudice and the Court ordered the case dismissed without prejudice and closed the case. Altor/NantCell’s proceeding against the Company is now proceeding in arbitration before JAMS.

Inflationary Cost Environment, Geopolitical Risks and Other Macroeconomic Factors

The operations have been affected by many headwinds, including inflationary pressures, rising interest rates, ongoing global supply chain disruptions resulting from increased geopolitical tensions such as the war in the Middle East, the conflict between Russia and Ukraine, Chinese aggression towards Taiwan, financial market volatility and currency movements. The Company has been impacted by inflation, and may continue to be so, when procuring materials required for the buildout of our new headquarters, the costs for recruiting and retaining employees and other employee-related costs. Management employs a number of strategies to effectively navigate these issues, including product redesign, alternate sourcing, and establishing contingencies in budgeting and timelines. Future developments in these and other areas present material uncertainty and risk with respect to the Company's clinical trials, IND-enabling activities, buildout of the new headquarters, as well as the Company's financial condition and results of operations. The extent and duration of such events and conditions, and resulting disruptions to our operations, are highly unpredictable.

Income Taxes	9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company computes its quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjusts for any discrete items arising during the quarter. The Company did not have a provision for income taxes (current or deferred tax expense) as of December 31, 2022 and September 30, 2023. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax asset will not be realized. As a result, the Company’s effective tax rate will remain at 0.00% because no items either estimated or discrete items would impact the tax provision.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company computes its quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjusts for any discrete items arising during the quarter. The Company did not have a provision for income taxes (current or deferred tax expense) as of December 31, 2022 and September 30, 2023. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax asset will not be realized. As a result, the Company’s effective tax rate will remain at 0.00% because no items either estimated or discrete items would impact the tax provision.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies	9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Organization HCW Biologics Inc. (the “Company”) is a clinical stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between chronic, low-grade inflammation and age-related diseases. The Company believes age-related low-grade chronic inflammation, or “inflammaging,” is a significant contributing factor to several chronic diseases and conditions, such as cancer, cardiovascular disease, diabetes, neurodegenerative diseases, and autoimmune diseases. The Company is located in Miramar, Florida and was incorporated in the state of Delaware in April 2018. Liquidity As of September 30, 2023, the Company had not generated any revenue from commercial product sales of its internally-developed immunotherapeutic products for the treatment of cancer and other age-related diseases. In the course of its development activities, the Company has sustained operating losses and expects to continue to incur operating losses for the foreseeable future. Since inception, substantially all the Company’s activities have consisted of research, development, establishing large-scale cGMP production for clinical trials, and raising capital. The Company's total revenues to date have been generated solely from the Wugen License and its manufacturing and supply arrangement with Wugen. In the three and nine months ended September 30, 2023, the Company recognized revenues from manufacturing and supply of materials for Wugen of $853,102 and $1.5 million, respectively. As of September 30, 2023, the Company had cash and cash equivalents of $11.2 million and a deposit for interest reserve of $5.3 million. Since inception to September 30, 2023, the Company incurred cumulative net losses of $57.1 million. Management expects to incur additional losses in the future to conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. In November 2023, the Company expects to begin to draw down on its $26.3 million Development Line of Credit Agreement, the proceeds of which will be primarily used for the buildout of the Company's headquarters, including upgraded research laboratories and a new manufacturing facility. See Note 8. Commitments and Contingencies - Project Financing herein. The Company intends to raise capital through additional debt or equity financings. In addition, the Company intends to continue its efforts to enter into business development transactions. Business development efforts are focused on out-licensing rights to non-core assets or regional markets, third-party collaboration funding, cooperative agreements for clinical trials, and other transactions. However, if the Company is not able to obtain financing at adequate levels, it will need to reevaluate its operating plan and may be required to delay the development of some of its products. Summary of Significant Accounting Policies Basis of Presentation Unaudited Interim Financial Information The accompanying unaudited condensed interim financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2022 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed interim financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed interim financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 which appear in the Company’s Annual Report on Form 10-K (No. 001-40591) filed for the year ended December 31, 2022 with the Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in other filings with the SEC. Deposit for Interest Reserve The Company has established an interest reserve account for the purpose of paying interest on outstanding debt under the Development Line of Credit Agreement which is further described in Note 8. Commitments and Contingencies - Project Financing herein. As of September 30, 2023, there was a balance of $5.3 million included in Deposit for interest reserve in noncurrent assets on the accompanying condensed balance sheet. Revenue Recognition The Company accounts for revenues in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”). To determine revenue recognition for arrangements that fall within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, the Company's revenues have been generated solely from transactions with Wugen. The Wugen License includes licenses of intellectual property, cost reimbursements, upfront signing fees, milestone payments and royalties on future licensee’s product sales. In addition, the Company and Wugen have an agreement for supply of materials, from which the Company also recognizes revenues. License Grants: For out-licensing arrangements that include a grant of a license to the Company’s intellectual property, the Company considers whether the license grant is distinct from the other performance obligations included in the arrangement. For licenses that are distinct, the Company recognizes revenues from nonrefundable, upfront payments and other consideration allocated to the license when the license term has begun and the Company has provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. Milestone and Contingent Payments: At the inception of the arrangement and at each reporting date thereafter, the Company assesses whether it should include any milestone and contingent payments or other forms of variable consideration in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur upon resolution of the uncertainty, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of each such milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Since milestone and contingent payments may become payable to the Company upon the initiation of a clinical study or filing for or receipt of regulatory approval, the Company reviews the relevant facts and circumstances to determine when the Company should update the transaction price, which may occur before the triggering event. When the Company updates the transaction price for milestone and contingent payments, the Company allocates the changes in the total transaction price to each performance obligation in the agreement on the same basis as the initial allocation. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment, which may result in recognizing revenue for previously satisfied performance obligations in such period. The Company’s licensees will generally pay milestones payments subsequent to achievement of the triggering event. Materials Supply: The Company provides clinical and research grade materials so that licensees may develop products based on the licensed molecules. The Company plans to enter into commercialization supply agreements when licensees enter the commercial stage of their company. The amounts billed are recognized as revenue as the performance obligations are satisfied by the Company, once the Company determines that a contract exists. On June 18, 2021, the Company entered into a master services agreement (“MSA”) for the supply of materials for clinical development of licensed products. Under the MSA, the Company enters into statements-of-work (“SOWs”) for transactions for the purchase of clinical and research grade materials which meet all requirements necessary to qualify as a contract under Topic 606. The sale of clinical and research material supplied by the Company each represents a single performance obligation that is satisfied over time. The Company recognizes revenue using an input method based on the costs incurred relative to the total expected cost, which determines the extent of the Company's progress toward completion. As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgement to determine the progress towards completion. The Company reviews its estimate of the progress toward completion based on the best information available to recognize the cumulative progress toward completion as of the end of each reporting period, and makes revisions to such estimates, if facts and circumstances change during each reporting period. The Company recognized revenue related to sale of development supply materials to its licensee, Wugen, of $1.8 million and $5.4 million, respectively, for the three and nine months ended September 30, 2022; and $853,102 and $1.5 million, respectively, for three and nine months ended September 30, 2023. Investments The Company holds a minority interest in Wugen which is accounted for using the measurement alternative whereby the investment is recorded at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same investee. No impairment has been recognized on the minority interest in Wugen as of September 30, 2023. As of December 31, 2022 and September 30, 2023, the Company included $1.6 million for the investment in Wugen in Investments in the accompanying condensed balance sheets. From time to time, the Company invests in bills and notes issued by the U.S. Treasury which are classified as trading securities. The Company reported a fair value of $9.7 million and nil for the fair value of investments in U.S. Treasury bills as of December 31, 2022 and September 30, 2023, respectively, included in Short-term investments in the accompanying condensed balance sheets. Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities and other current liabilities, and Other liabilities on the accompanying condensed balance sheets. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has a lease agreement with lease and non-lease components, which are accounted for separately. Net Loss Per Share Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise of stock options and unvested shares of restricted stock, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive.

Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

HCW Biologics Inc. (the “Company”) is a clinical stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between chronic, low-grade inflammation and age-related diseases. The Company believes age-related low-grade chronic inflammation, or “inflammaging,” is a significant contributing factor to several chronic diseases and conditions, such as cancer, cardiovascular disease, diabetes, neurodegenerative diseases, and autoimmune diseases. The Company is located in Miramar, Florida and was incorporated in the state of Delaware in April 2018.

Liquidity

As of September 30, 2023, the Company had not generated any revenue from commercial product sales of its internally-developed immunotherapeutic products for the treatment of cancer and other age-related diseases. In the course of its development activities, the Company has sustained operating losses and expects to continue to incur operating losses for the foreseeable future. Since inception, substantially all the Company’s activities have consisted of research, development, establishing large-scale cGMP production for clinical trials, and raising capital. The Company's total revenues to date have been generated solely from the Wugen License and its manufacturing and supply arrangement with Wugen. In the three and nine months ended September 30, 2023, the Company recognized revenues from manufacturing and supply of materials for Wugen of $853,102 and $1.5 million, respectively.

As of September 30, 2023, the Company had cash and cash equivalents of $11.2 million and a deposit for interest reserve of $5.3 million. Since inception to September 30, 2023, the Company incurred cumulative net losses of $57.1 million. Management expects to incur additional losses in the future to conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. In November 2023, the Company expects to begin to draw down on its $26.3 million Development Line of Credit Agreement, the proceeds of which will be primarily used for the buildout of the Company's headquarters, including upgraded research laboratories and a new manufacturing facility. See Note 8. Commitments and Contingencies - Project Financing herein. The Company intends to raise capital through additional debt or equity financings. In addition, the Company intends to continue its efforts to enter into business development transactions. Business development efforts are focused on out-licensing rights to non-core assets or regional markets, third-party collaboration funding, cooperative agreements for clinical trials, and other transactions. However, if the Company is not able to obtain financing at adequate levels, it will need to reevaluate its operating plan and may be required to delay the development of some of its products.

Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Interim Financial Information

The accompanying unaudited condensed interim financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2022 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed interim financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed interim financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 which appear in the Company’s Annual Report on Form 10-K (No. 001-40591) filed for the year ended December 31, 2022 with the Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in other filings with the SEC.

Deposit for Interest Reserve

The Company has established an interest reserve account for the purpose of paying interest on outstanding debt under the Development Line of Credit Agreement which is further described in Note 8. Commitments and Contingencies - Project Financing herein. As of September 30, 2023, there was a balance of $5.3 million included in Deposit for interest reserve in noncurrent assets on the accompanying condensed balance sheet.

Revenue Recognition

The Company accounts for revenues in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”). To determine revenue recognition for arrangements that fall within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services transferred to the customer.

At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, the Company's revenues have been generated solely from transactions with Wugen. The Wugen License includes licenses of intellectual property, cost reimbursements, upfront signing fees, milestone payments and royalties on future licensee’s product sales. In addition, the Company and Wugen have an agreement for supply of materials, from which the Company also recognizes revenues.

License Grants:

For out-licensing arrangements that include a grant of a license to the Company’s intellectual property, the Company considers whether the license grant is distinct from the other performance obligations included in the arrangement. For licenses that are distinct, the Company recognizes revenues from nonrefundable, upfront payments and other consideration allocated to the license when the license term has begun and the Company has provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement.

Milestone and Contingent Payments:

At the inception of the arrangement and at each reporting date thereafter, the Company assesses whether it should include any milestone and contingent payments or other forms of variable consideration in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur upon resolution of the uncertainty, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of each such milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Since milestone and contingent payments may become payable to the Company upon the initiation of a clinical study or filing for or receipt of regulatory approval, the Company reviews the relevant facts and circumstances to determine when the Company should update the transaction price, which may occur before the triggering event. When the Company updates the transaction price for milestone and contingent payments, the Company allocates the changes in the total transaction price to each performance obligation in the agreement on the same basis as the initial allocation. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment, which may result in recognizing revenue for previously satisfied performance obligations in such period. The Company’s licensees will generally pay milestones payments subsequent to achievement of the triggering event.

Materials Supply:

The Company provides clinical and research grade materials so that licensees may develop products based on the licensed molecules. The Company plans to enter into commercialization supply agreements when licensees enter the commercial stage of their company. The amounts billed are recognized as revenue as the performance obligations are satisfied by the Company, once the Company determines that a contract exists.

On June 18, 2021, the Company entered into a master services agreement (“MSA”) for the supply of materials for clinical development of licensed products. Under the MSA, the Company enters into statements-of-work (“SOWs”) for transactions for the purchase of clinical and research grade materials which meet all requirements necessary to qualify as a contract under Topic 606. The

sale of clinical and research material supplied by the Company each represents a single performance obligation that is satisfied over time. The Company recognizes revenue using an input method based on the costs incurred relative to the total expected cost, which determines the extent of the Company's progress toward completion. As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgement to determine the progress towards completion. The Company reviews its estimate of the progress toward completion based on the best information available to recognize the cumulative progress toward completion as of the end of each reporting period, and makes revisions to such estimates, if facts and circumstances change during each reporting period.

The Company recognized revenue related to sale of development supply materials to its licensee, Wugen, of $1.8 million and $5.4 million, respectively, for the three and nine months ended September 30, 2022; and $853,102 and $1.5 million, respectively, for three and nine months ended September 30, 2023.

Investments

The Company holds a minority interest in Wugen which is accounted for using the measurement alternative whereby the investment is recorded at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same investee. No impairment has been recognized on the minority interest in Wugen as of September 30, 2023. As of December 31, 2022 and September 30, 2023, the Company included $1.6 million for the investment in Wugen in Investments in the accompanying condensed balance sheets.

From time to time, the Company invests in bills and notes issued by the U.S. Treasury which are classified as trading securities. The Company reported a fair value of $9.7 million and nil for the fair value of investments in U.S. Treasury bills as of December 31, 2022 and September 30, 2023, respectively, included in Short-term investments in the accompanying condensed balance sheets.

Operating Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities and other current liabilities, and Other liabilities on the accompanying condensed balance sheets. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has a lease agreement with lease and non-lease components, which are accounted for separately.

Net Loss Per Share

Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise of stock options and unvested shares of restricted stock, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Income (Loss) Per Common Share

The following table summarizes the computation of the basic and diluted net loss per share:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2023			2022			2023
Numerator:
Net loss	$	(3,914,194	)	$	(4,938,641	)	$	(9,481,962	)	$	(14,313,746	)
Denominator:
Weighted-average common shares outstanding		35,835,135			35,926,921			35,809,216			35,907,123
Net loss per share, basic and diluted	$	(0.11	)	$	(0.14	)	$	(0.26	)	$	(0.40	)

Summary of Outstanding Potentially Dilutive Securities

The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	At September 30,
	2022		2023
Common stock options		1,907,991		1,869,492
Potentially diluted securities		1,907,991		1,869,492

Commitments and Contingencies - Summary of the Future Minimum Payments for the Lease and Sublease Agreements (Detail)	Sep. 30, 2023 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2023	$ 42,831
2024	28,693
Total future minimum lease payments	$ 71,524

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

5. Net Loss Per Share

The following table summarizes the computation of the basic and diluted net loss per share:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2023			2022			2023
Numerator:
Net loss	$	(3,914,194	)	$	(4,938,641	)	$	(9,481,962	)	$	(14,313,746	)
Denominator:
Weighted-average common shares outstanding		35,835,135			35,926,921			35,809,216			35,907,123
Net loss per share, basic and diluted	$	(0.11	)	$	(0.14	)	$	(0.26	)	$	(0.40	)

The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	At September 30,
	2022		2023
Common stock options		1,907,991		1,869,492
Potentially diluted securities		1,907,991		1,869,492

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (14,313,746)	$ (9,481,962)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	860,634	456,696
Stock-based compensation	742,477	834,003
Unrealized loss (gain) on investments, net	(248,445)	253,550
Realized (gain) on investments	(15,625)	0
Reduction in the carrying amount of right-of-use asset	(1,045)	1,463
Changes in operating assets and liabilities:
Accounts receivable	(292,383)	(222,555)
Deposit for interest reserve	(5,250,000)	0
Prepaid expenses and other assets	(251,008)	1,854,155
Accounts payable and other liabilities	392,802	(202,979)
Operating lease liability	(242,990)	(89,110)
Net cash used in operating activities	(18,619,329)	(6,596,739)
Cash flows from investing activities:
Purchases of property and equipment	(2,486,950)	(10,206,441)
Proceeds for sale or maturities of short-term investments	10,000,000	24,983,520
Net cash provided by investing activities	7,513,050	14,777,079
Cash flows from financing activities:
Proceeds from issuance of common stock	9,697	9,947
Proceeds from issuance of debt, net	0	6,448,166
Offering costs	0	(144,870)
Debt repayment	(8,981)	0
Net cash (used in) provided by financing activities	716	6,313,243
Net increase (decrease) in cash and cash equivalents	(11,105,563)	14,493,583
Cash and cash equivalents at the beginning of the period	22,326,356	11,730,677
Cash and cash equivalents at the end of the period	11,220,793	26,224,260
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	284,465	0
Non-cash operating, investing and financing activities:
Operating lease liabilities arising from obtaining right-of -use assets	0	231,196
Capital expenditures accrued, but not yet paid	$ 2,095,724	$ 0

Net Loss Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (4,938,641)	$ (4,304,420)	$ (5,070,686)	$ (3,914,194)	$ (3,510,561)	$ (2,057,207)	$ (14,313,746)	$ (9,481,962)
Denominator:
Weighted-average common shares outstanding, basic	35,926,921			35,835,135			35,907,123	35,809,216
Weighted-average common shares outstanding, diluted	35,926,921			35,835,135			35,907,123	35,809,216
Net loss per share, basic	$ (0.14)			$ (0.11)			$ (0.4)	$ (0.26)
Net loss per share, diluted	$ (0.14)			$ (0.11)			$ (0.4)	$ (0.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued Liabilities and Other Current Liabilities

2. Accrued Liabilities and Other Current Liabilities

As of December 31, 2022, the Company had a balance of $1.7 million included in Accrued liabilities and other current liabilities in the accompanying condensed balance sheet, consisting primarily of $416,000 for legal expenses, $277,500 for clinical expenses, $524,000 for bonus expenses, $134,000 for salary and benefits, and $178,000 for a lease liability.

As of September 30, 2023, the Company had a balance of $2.3 million in Accrued liabilities and other current liabilities in the accompanying condensed balance sheet, consisting primarily of the following: $208,000 for retainage related to renovation of the Company's headquarters; $892,000 related to legal matters further described in Note 8. Commitments and Contingencies - Legal herein; $246,000 for clinical expenses; $365,000 related to performance-based bonuses; $81,000 for salary and benefits; $71,000 for a lease liability; $117,680 for the current portion of long-term debt; and $40,000 for legal fees related to patent prosecution as well as other legal expenses incurred in the ordinary course of business.

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unaudited Interim Financial Information The accompanying unaudited condensed interim financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2022 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed interim financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed interim financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 which appear in the Company’s Annual Report on Form 10-K (No. 001-40591) filed for the year ended December 31, 2022 with the Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in other filings with the SEC.
Deposit for Interest Reserve	Deposit for Interest Reserve The Company has established an interest reserve account for the purpose of paying interest on outstanding debt under the Development Line of Credit Agreement which is further described in Note 8. Commitments and Contingencies - Project Financing herein. As of September 30, 2023, there was a balance of $5.3 million included in Deposit for interest reserve in noncurrent assets on the accompanying condensed balance sheet.
Revenue Recognition	Revenue Recognition The Company accounts for revenues in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”). To determine revenue recognition for arrangements that fall within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, the Company's revenues have been generated solely from transactions with Wugen. The Wugen License includes licenses of intellectual property, cost reimbursements, upfront signing fees, milestone payments and royalties on future licensee’s product sales. In addition, the Company and Wugen have an agreement for supply of materials, from which the Company also recognizes revenues. License Grants: For out-licensing arrangements that include a grant of a license to the Company’s intellectual property, the Company considers whether the license grant is distinct from the other performance obligations included in the arrangement. For licenses that are distinct, the Company recognizes revenues from nonrefundable, upfront payments and other consideration allocated to the license when the license term has begun and the Company has provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. Milestone and Contingent Payments: At the inception of the arrangement and at each reporting date thereafter, the Company assesses whether it should include any milestone and contingent payments or other forms of variable consideration in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur upon resolution of the uncertainty, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of each such milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Since milestone and contingent payments may become payable to the Company upon the initiation of a clinical study or filing for or receipt of regulatory approval, the Company reviews the relevant facts and circumstances to determine when the Company should update the transaction price, which may occur before the triggering event. When the Company updates the transaction price for milestone and contingent payments, the Company allocates the changes in the total transaction price to each performance obligation in the agreement on the same basis as the initial allocation. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment, which may result in recognizing revenue for previously satisfied performance obligations in such period. The Company’s licensees will generally pay milestones payments subsequent to achievement of the triggering event. Materials Supply: The Company provides clinical and research grade materials so that licensees may develop products based on the licensed molecules. The Company plans to enter into commercialization supply agreements when licensees enter the commercial stage of their company. The amounts billed are recognized as revenue as the performance obligations are satisfied by the Company, once the Company determines that a contract exists. On June 18, 2021, the Company entered into a master services agreement (“MSA”) for the supply of materials for clinical development of licensed products. Under the MSA, the Company enters into statements-of-work (“SOWs”) for transactions for the purchase of clinical and research grade materials which meet all requirements necessary to qualify as a contract under Topic 606. The sale of clinical and research material supplied by the Company each represents a single performance obligation that is satisfied over time. The Company recognizes revenue using an input method based on the costs incurred relative to the total expected cost, which determines the extent of the Company's progress toward completion. As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgement to determine the progress towards completion. The Company reviews its estimate of the progress toward completion based on the best information available to recognize the cumulative progress toward completion as of the end of each reporting period, and makes revisions to such estimates, if facts and circumstances change during each reporting period. The Company recognized revenue related to sale of development supply materials to its licensee, Wugen, of $1.8 million and $5.4 million, respectively, for the three and nine months ended September 30, 2022; and $853,102 and $1.5 million, respectively, for three and nine months ended September 30, 2023.
Investment	Investments The Company holds a minority interest in Wugen which is accounted for using the measurement alternative whereby the investment is recorded at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same investee. No impairment has been recognized on the minority interest in Wugen as of September 30, 2023. As of December 31, 2022 and September 30, 2023, the Company included $1.6 million for the investment in Wugen in Investments in the accompanying condensed balance sheets. From time to time, the Company invests in bills and notes issued by the U.S. Treasury which are classified as trading securities. The Company reported a fair value of $9.7 million and nil for the fair value of investments in U.S. Treasury bills as of December 31, 2022 and September 30, 2023, respectively, included in Short-term investments in the accompanying condensed balance sheets.
Operating Leases	Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities and other current liabilities, and Other liabilities on the accompanying condensed balance sheets. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has a lease agreement with lease and non-lease components, which are accounted for separately.
Net Loss Per Share	Net Loss Per Share Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise of stock options and unvested shares of restricted stock, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Commitments and Contingencies - Additional Information (Detail)			3 Months Ended		9 Months Ended
	Nov. 14, 2023 USD ($)	Apr. 21, 2023 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 01, 2022
Operating Leased Assets [Line Items]
Area of land \| ft²			12,250		12,250
Lease term								2 years
Lease termination date					Feb. 29, 2024
Operating Lease, Weighted Average Discount Rate, Percent			6.00%		6.00%
Operating Leases, Rent Expense			$ 42,400	$ 43,700	$ 127,200	$ 130,300
Future payment obligations			1,800,000		1,800,000		$ 406,000
Purchase commitment made			495,000		495,000		1,600,000
Line of Credit Agreement	$ 26,300,000
Deposit for interest reserve			5,250,000		5,250,000		$ 0
Prime Loan[Member]
Operating Leased Assets [Line Items]
Deposit for interest reserve		$ 5,300,000
Debt Issuance Costs			1,800,000		1,800,000
Prime Capital VenturesLLC [Member]
Operating Leased Assets [Line Items]
Gross Principal Outstanding		$ 26,300,000			26,300,000
Maturity Date		Apr. 20, 2028
Credit Facility Interest Rate During Period		7.00%
Research and Development Expense [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense			$ 22,200	$ 22,200	$ 66,600	$ 57,800

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		35,768,264
Beginning balance , Value at Dec. 31, 2021	$ 51,193,240	$ 3,577	$ 81,827,006	$ (30,637,343)
Issuance of Class A Common Stock upon exercise of stock options , Shares		11,225
Issuance of Class A Common Stock upon exercise of stock options , Value	2,273	$ 1	2,272
Stock-based compensation , Value	260,348		260,348
Net loss	(2,057,207)			(2,057,207)
Ending balance (in shares) at Mar. 31, 2022		35,779,489
Ending balance , Value at Mar. 31, 2022	49,398,654	$ 3,578	82,089,626	(32,694,550)
Beginning balance (in shares) at Dec. 31, 2021		35,768,264
Beginning balance , Value at Dec. 31, 2021	51,193,240	$ 3,577	81,827,006	(30,637,343)
Net loss	(9,481,962)
Ending balance (in shares) at Sep. 30, 2022		35,836,135
Ending balance , Value at Sep. 30, 2022	42,555,228	$ 3,584	82,670,949	(40,119,305)
Beginning balance (in shares) at Mar. 31, 2022		35,779,489
Beginning balance , Value at Mar. 31, 2022	49,398,654	$ 3,578	82,089,626	(32,694,550)
Issuance of Class A Common Stock upon exercise of stock options , Shares		44,434
Issuance of Class A Common Stock upon exercise of stock options , Value	6,000	$ 4	5,996
Stock-based compensation , Value	271,335		271,335
Net loss	(3,510,561)			(3,510,561)
Ending balance (in shares) at Jun. 30, 2022		35,823,923
Ending balance , Value at Jun. 30, 2022	46,165,428	$ 3,582	82,366,957	(36,205,111)
Issuance of Class A Common Stock upon exercise of stock options , Shares		12,212
Issuance of Class A Common Stock upon exercise of stock options , Value	1,674	$ 2	1,672
Stock-based compensation , Value	302,320		302,320
Net loss	(3,914,194)			(3,914,194)
Ending balance (in shares) at Sep. 30, 2022		35,836,135
Ending balance , Value at Sep. 30, 2022	42,555,228	$ 3,584	82,670,949	(40,119,305)
Beginning balance (in shares) at Dec. 31, 2022		35,876,440
Beginning balance , Value at Dec. 31, 2022	37,428,506	$ 3,588	82,962,964	(45,538,046)
Issuance of Class A Common Stock upon exercise of stock options , Shares		10,195
Issuance of Class A Common Stock upon exercise of stock options , Value	1,901	$ 1	1,900
Stock-based compensation , Value	259,206		259,206
Net loss	(5,070,686)			(5,070,686)
Ending balance (in shares) at Mar. 31, 2023		35,886,635
Ending balance , Value at Mar. 31, 2023	32,618,927	$ 3,589	83,224,070	(50,608,732)
Beginning balance (in shares) at Dec. 31, 2022		35,876,440
Beginning balance , Value at Dec. 31, 2022	37,428,506	$ 3,588	82,962,964	(45,538,046)
Net loss	(14,313,746)
Ending balance (in shares) at Sep. 30, 2023		35,927,321
Ending balance , Value at Sep. 30, 2023	23,866,933	$ 3,593	83,715,133	(59,851,793)
Beginning balance (in shares) at Mar. 31, 2023		35,886,635
Beginning balance , Value at Mar. 31, 2023	32,618,927	$ 3,589	83,224,070	(50,608,732)
Issuance of Class A Common Stock upon exercise of stock options , Shares		40,086
Issuance of Class A Common Stock upon exercise of stock options , Value	7,712	$ 4	7,708
Stock-based compensation , Value	263,423		263,423
Net loss	(4,304,420)			(4,304,420)
Ending balance (in shares) at Jun. 30, 2023		35,926,721
Ending balance , Value at Jun. 30, 2023	28,585,642	$ 3,593	83,495,201	(54,913,152)
Issuance of Class A Common Stock upon exercise of stock options , Shares		600
Issuance of Class A Common Stock upon exercise of stock options , Value	84		84
Stock-based compensation , Value	219,848		219,848
Net loss	(4,938,641)			(4,938,641)
Ending balance (in shares) at Sep. 30, 2023		35,927,321
Ending balance , Value at Sep. 30, 2023	$ 23,866,933	$ 3,593	$ 83,715,133	$ (59,851,793)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Condensed Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,220,793	$ 22,326,356
Short-term investments	0	9,735,930
Accounts receivable, net	710,078	417,695
Prepaid expenses	1,742,341	1,394,923
Other current assets	174,881	196,015
Total current assets	13,848,093	34,070,919
Investments	1,599,751	1,599,751
Property and equipment, net	14,780,872	10,804,610
Deposit for interest reserve	5,250,000	0
Other assets	137,626	333,875
Total assets	35,616,342	46,809,155
Current liabilities:
Accounts payable	3,153,834	1,226,156
Accrued liabilities and other current liabilities	2,262,839	1,730,325
Total current liabilities	5,416,673	2,956,481
Debt, Net	6,332,736	6,409,893
Other Liabilities	0	14,275
Total Liabilities	11,749,409	9,380,649
Commitments and contingencies (Note 8)
Stockholders' equity:
Common Stock, Value, Issued	3,593	3,588
Additional paid-in capital	83,715,133	82,962,964
Accumulated deficit	(59,851,793)	(45,538,046)
Total stockholders' equity	23,866,933	37,428,506
Total liabilities and stockholders' equity	$ 35,616,342	$ 46,809,155

Debt, Net

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt, Net

3. Debt, Net

On August 15, 2022, the Company entered into a loan and security agreement (the "2022 Loan Agreement") with Cogent Bank ("Cogent"), pursuant to which it received $6.5 million in gross proceeds to purchase a building that will become the Company's new headquarters. The Cogent loan is secured by a first priority lien on the building.

Under the terms of the 2022 Loan Agreement, the interest-only period is one year followed by 48 months of equal payments of principal and interest beginning on September 15, 2023 based on a 25-year amortization rate. The unamortized balance is due on August 15, 2027 (the “Cogent Maturity Date”), and bears interest at a fixed per annum rate equal to 5.75%. At the Cogent Maturity Date, a final payment of unamortized principal will be due. The Company has the option to prepay the outstanding balance of the loan prior to the Cogent Maturity Date without penalty. The Company is in compliance with all covenants under the 2022 Loan Agreement as of September 30, 2023.

As of December 31, 2022, the 2022 Loan Agreement consisted of $6.5 million which is included in Debt, net on the accompanying condensed balance sheet. As of September 30, 2023, it consisted of a current portion of $117,680 which is included in Accrued liabilities and other current liabilities and a noncurrent portion of $6.3 million which is included in Debt, net in the accompanying condensed balance sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, U.S. government-backed securities with maturity dates up to one year, accounts payable, accrued liabilities and other current liabilities, approximate fair value due to their short-term maturities. The balance of funds included in Deposit for interest reserve is held in a non-interest bearing account and its carrying value approximates its fair value.

Money market funds included in cash and cash equivalents and U.S. government-backed securities are measured at fair value based on quoted prices in active markets, which are considered Level 1 inputs. No transfers between levels occurred during the periods presented. The following table presents the Company’s assets which were measured at fair value at December 31, 2022 and September 30, 2023:


	At December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,458,020	$	—	$	—	$	19,458,020
Treasury notes		9,735,930		—		—		9,735,930
Total	$	29,193,950	$	—	$	—	$	29,193,950


	At September 30, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	9,999,421	$	—	$	—	$	9,999,421
Total	$	9,999,421	$	—	$	—	$	9,999,421

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies - Summary of supplemental cash flow information related to lease (Detail)	9 Months Ended
	Sep. 30, 2023 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$ 127,229
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$ 120,973

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of assets and liabilities that are measured at fair value on a recurring basis

The following table presents the Company’s assets which were measured at fair value at December 31, 2022 and September 30, 2023:


	At December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,458,020	$	—	$	—	$	19,458,020
Treasury notes		9,735,930		—		—		9,735,930
Total	$	29,193,950	$	—	$	—	$	29,193,950


	At September 30, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	9,999,421	$	—	$	—	$	9,999,421
Total	$	9,999,421	$	—	$	—	$	9,999,421

Commitments and Contingencies - Supplemental balance sheet information related to lease (Detail)	Sep. 30, 2023 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease right-of-use assets	$ 69,624
Other current liabilities	$ 70,669

Income Taxes - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0
Deferred Tax Assets Valuation Allowance, Percent	100.00%
Effective Income Tax Rate Reconciliation, Percent	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Condensed Balance Sheets [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	35,927,321	35,876,440

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities (Detail) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially diluted securities	1,869,492	1,907,991
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially diluted securities	1,869,492	1,907,991

Accrued Liabilities and Other Current Liabilities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Payables And Accruals [Line Items]
Accounts Payable and Accrued Liabilities, Current	$ 1,700,000	$ 2,300,000
Retainage related to construction		208,000
short term lease liability		70,669
Current portion of long term debt		117,680
Accrued Expenses Current [Member]
Payables And Accruals [Line Items]
short term lease liability	178,000	71,000
Accounts Payable and Accrued Liabilities [Member]
Payables And Accruals [Line Items]
Legal expenses		892,000
Salaries and Employee Benefits	134,000	81,000
Legal Fees	416,000
Clinical Expenses	277,500	246,000
Performance-related bonus payable	$ 524,000	365,000
Patent prosecution strategy and other legal expenses		40,000
Current portion of long term debt		$ 117,680

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets:
Assets	$ 9,999,421	$ 29,193,950
Money Market Funds [Member]
Assets:
Assets	9,999,421	19,458,020
Treasury Notes [Member]
Assets:
Assets		9,735,930
Level 1 [Member]
Assets:
Assets	9,999,421	29,193,950
Level 1 [Member] \| Money Market Funds [Member]
Assets:
Assets	9,999,421	19,458,020
Level 1 [Member] \| Treasury Notes [Member]
Assets:
Assets		9,735,930
Level 2 [Member]
Assets:
Assets	0	0
Level 2 [Member] \| Money Market Funds [Member]
Assets:
Assets	0	0
Level 2 [Member] \| Treasury Notes [Member]
Assets:
Assets		0
Level 3 [Member]
Assets:
Assets	0	0
Level 3 [Member] \| Money Market Funds [Member]
Assets:
Assets	$ 0	0
Level 3 [Member] \| Treasury Notes [Member]
Assets:
Assets		$ 0

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no material subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein.

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Nov. 14, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue recognized		$ 853,102	$ 1,809,025	$ 1,517,792	$ 5,380,570
Investment impairment charges				0
Investments		1,599,751		1,599,751		$ 1,599,751
Short-term investments		0		0		9,735,930
Cash and cash equivalents		11,220,793		11,220,793		22,326,356
Interest reserve receivable		5,300,000		5,300,000
Line of Credit Agreement	$ 26,300,000
Research and development				57,100,000
U.S. Treasury bills [Member]
Fair value of investments		0		0		9,700,000
Wugen License [Member]
Revenue recognized		853,102	$ 1,800,000	1,500,000	$ 5,400,000
Investments		$ 1,600,000		$ 1,600,000		$ 1,600,000

Preferred Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Preferred Stock

4. Preferred Stock

At December 31, 2022 and September 30, 2023, the Company had 10,000,000 shares of preferred stock authorized and no shares issued.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	HCW Biologics Inc.
Entity Central Index Key	0001828673
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5024477
Entity Address, Address Line One	2929 N
Entity Address, Address Line Two	Commerce Parkway
Entity Address, City or Town	Miramar
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33025
City Area Code	954
Local Phone Number	842–2024
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	HCWB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		35,974,570
Securities Act File Number	001-40591

Commitments and Contingencies - Summary of components of the lease expense (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease cost	$ 42,413	$ 127,238

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]

Summary of components of the lease expense

The components of the lease expense for the three and nine months ended September 30, 2023 were as follows:


	For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Operating lease cost	$	42,413	$	127,238

Summary of supplemental cash flow information related to lease

Supplemental cash flow information related to lease for the nine months ended September 30, 2023 was as follows:


	For the Nine Months Ended September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	127,229
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$	120,973

Supplemental balance sheet information related to lease

As of September 30, 2023, the supplemental balance sheet information related to leases was as follows:


	As of September 30, 2023
Operating lease right-of-use assets	$	69,624
Operating lease liabilities, current	$	70,669

Schedule of remaining lease payments

As of September 30, 2023, the remaining lease payments were as follows:


2023	$	42,831
2024		28,693
Total future minimum lease payments	$	71,524

Preferred Stock - Additional Information (Detail) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues	$ 853,102	$ 1,809,025	$ 1,517,792	$ 5,380,570
Cost of Revenues	(678,325)	(1,447,220)	(1,210,077)	(3,062,496)
Net Revenues	174,777	361,805	307,715	2,318,074
Operating expenses:
Research and development	1,667,442	2,648,794	5,539,919	6,408,353
General and administrative	3,585,215	1,732,666	9,716,765	5,321,262
Total operating expenses	5,252,657	4,381,460	15,256,684	11,729,615
Loss from operations	(5,077,880)	(4,019,655)	(14,948,969)	(9,411,541)
Interest expense	(95,514)	(32,184)	(284,465)	(32,184)
Other (expense) income, net	234,753	137,645	919,688	(38,237)
Net loss	$ (4,938,641)	$ (3,914,194)	$ (14,313,746)	$ (9,481,962)
Net loss per share, basic	$ (0.14)	$ (0.11)	$ (0.4)	$ (0.26)
Net loss per share, diluted	$ (0.14)	$ (0.11)	$ (0.4)	$ (0.26)
Weighted-average common shares outstanding, basic	35,926,921	35,835,135	35,907,123	35,809,216
Weighted-average common shares outstanding, diluted	35,926,921	35,835,135	35,907,123	35,809,216