Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 88

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 88
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 Equity Incentive Plan (“2021 Plan”);                                |

| • |     | 11,179 shares for stock options underlying unvested employee equity awards under the 2019 Plan and 2021 Plan; |

| • |     | 80,956 shares reserved for issuance under our 2021 Plan; |

54

| • |     | 1,000,000 shares reserved for draws on our equity line of credit; and |

| • |     | 167,925 shares issuable upon the exercise of Armistice common stock warrants. |

The information discussed above is illustrative only and will adjust based on the actual public offering price, the actual number of Units that we offer in this offering, and other terms of this offering determined at the time of pricing. The foregoing discussion and table assume no issuance of Pre-Funded Warrants, which if sold, would reduce the number of Units that we are offering on a one-for-one basis. In addition, we may choose to raise additional capital due to market conditions or strategic considerations. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. 55

SELECTED FINANCIAL INFORMATION, MARKET PRICE OF OUR COMMON STOCK Reverse Stock Split On April 11, 2025, we effected the 1-for-40 Reverse Stock Split. Our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 that are incorporated by reference into this prospectus are presented without giving effect to the Reverse Stock Split. Except where the context otherwise requires, share numbers in this prospectus reflect the 1-for-40 Reverse Stock Split of our Common Stock. The following selected financial data has been derived from our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as adjusted to reflect the Reverse Stock Split. Our historical results are not indicative of the results that may be expected in the future. AS REPORTED:

| Numerator:                                 |     | Years Ended December31, 
 2023                    |             |   |     | 2024 |             |   |
|:-------------------------------------------|:----|:------------------------|------------:|:--|:----|:-----|------------:|:--|
| Net loss                                   |     | $                       | (24,994,277 | ) |