Data from Pacific Northwest National Laboratory’s conversion hydrothermal liquefaction (HTL) program for wet waste was used to update the pathway techno-economic analysis (TEA) for the fiscal year 2020 State of Technology (2020 SOT). The modeled fuel blendstock MFSP for the 2020 SOT is estimated at $4.50/GGE (with ammonia stripping of the AP), a reduction of $0.61/GGE, or 12%, relative to the 2019 SOT (Snowden-Swan et al. 2020). Progress in the HTL area includes increased reactor LHSV from 3.6 to 4.0 and a newly designed staged approach for the sludge pumping and heating, resulting in a 1 cent and 26 cent reduction in modeled MFSP, respectively. The newly designed heat exchanger configuration is less material and capital intensive than the previous SOT, and provides a system design that is more scalable with regard to practical fabrication limitations. Further improvements may be possible with the use of core inserts to enhance tube velocity and heat transfer rates. Biocrude hydrotreating research progress improved weight hourly space velocity (WHSV) from 0.67 to 0.72 hr-1 in the guard bed and from 0.39 to 1.02 hr-1 in the main hydrotreating bed, a 7% and 162% improvement, respectively. Hydrotreating performance was not sacrificed at the higher throughput rates and catalyst activity remained stable over the run. The demonstrated increase in WHSVs reduced the modeled MFSP by $0.34/GGE.