HCW Biologics says Q1 2026 financials cannot be relied on due to EPS misstatement
Reuters2026/08/14 19:01- HCW Biologics’ audit committee concluded its Q1 2026 Form 10-Q financial statements should no longer be relied upon.
- Planned Form 10-Q/A will restate earnings per share after an error in applying the two-class EPS method.
- Basic and diluted EPS was overstated by $0.8 to $2.19 per share due to misallocating undistributed earnings.
- Material weakness identified in technical accounting review controls tied to complex warrant instruments and financing transactions.
- Remediation underway via enhanced accounting review procedures and tighter coordination with legal counsel and external advisers.
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