HCW-9218 is a fusion protein commercialized by HCW Biologics, with a leading Phase II program in Metastatic Pancreatic Cancer. According to Globaldata, it is involved in 2 clinical trials, which are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of HCW-9218’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for HCW-9218 is expected to reach an annual total of $24 mn by 2039 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

HCW-9218 Overview

HCW-9218 is under development for the treatment of metastatic pancreatic cancer, other solid tumors including refractory breast cancer, ovarian cancer, colorectal cancer, prostate cancer, melanoma, type 2 diabetes and idiopathic pulmonary fibrosis, liver cancer, and non-alcoholic fatty liver disease (NAFLD). It is administered through subcutaneous route. The drug candidate is a heterodimeric, bifunctional fusion protein complex TGF-beta combined with IL-15 and is developed based on TOBI (Tissue factor based fusion) platform which acts by targeting transforming growth factor beta (TGF-beta).

HCW Biologics Overview

HCW Biologics is a developer of immunotherapy platforms to activate the immune system in order to disrupt the links between aging and disease. HCW Biologics is headquartered in Miramar, Florida, the US.

The company reported revenues of (US Dollars) US$6.7 million for the fiscal year ended December 2022 (FY2022). The operating loss of the company was US$15.1 million in FY2022, compared to an operating loss of US$12.8 million in FY2021. The net loss of the company was US$14.9 million in FY2022, compared to a net loss of US$12.9 million in FY2021.

For a complete picture of HCW-9218’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.

This content was updated on 2 September 2023

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.