HCW Biologics is a clinical-stage biopharmaceutical company developing fusion immunotherapeutics — engineered protein molecules designed to modulate the immune system in diseases driven by chronic inflammation. The company's core thesis is that persistent immune cell activation and accumulation of senescent cells drive most chronic inflammatory disease, and its drugs are designed to interrupt these processes. HCW Biologics operates two proprietary drug design platforms — TOBI and TRBC — which have generated over 50 novel molecules. The lead clinical asset is HCW9302, an IL-2 fusion protein that selectively expands regulatory T cells to suppress unwanted immune activity, currently in a Phase 1 trial for alopecia areata, with potential expansion into atopic dermatitis, organ transplant rejection, and neurodegenerative diseases. Two preclinical programs are also in development: HCW11-018b, a T-cell engager targeting solid tumors like pancreatic and ovarian cancer, and HCW11-040, a fusion molecule combining cytokines with a generic form of pembrolizumab, initially targeting bronchopulmonary dysplasia in premature infants. The company also has two commercial-ready reagent molecules used in CAR-T and NK cell manufacturing. HCW Biologics has no approved products and generates limited revenue from licensing deals and reagent sales. Long-term, the company intends to either commercialize drugs internally or out-license to larger pharma partners in exchange for royalties and milestones.