HCW Biologics Nets $7M from Trimmune JV with $3.5M License Fee
HCW Biologics secured a $3.5M upfront license fee and a $3.5M equity stake (total $7M) in Trimmune, receiving $1.75M to date. Phase 1 trial for HCW11-006 is slated for H1 2027, with HCW holding a royalty-free Americas reclamation option plus double-digit future royalties.
1. Joint Venture Formation
HCW Biologics and WY Biotech formed Beijing Trimmune Biotech Co., Ltd. to develop and commercialize HCW11-006 and explore licensing of HCW9302 in Greater China. Trimmune is backed by CITIC Medical Fund and TigerYeah Capital, combining biopharma expertise and CRO resources for immunotherapy programs.
2. Financing and Equity Stake
Under the exclusive worldwide license, HCW Biologics received a $3.5M upfront cash license fee—half paid as of February 2026—and secured a minority co-founder equity position valued at $3.5M, totaling $7M in initial consideration. HCW is eligible for further development milestones and double-digit royalties on future product sales.
3. Development Timeline and Rights
Trimmune plans to initiate a Phase 1 clinical trial of HCW11-006 in solid tumors in China during the first half of 2027. HCW Biologics retains a royalty-free, milestone-free option to reclaim rights for in-vivo applications in the Americas following Phase 1 completion and will co-develop the molecule under a shared-cost arrangement.