Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 85

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 85
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 a condition to closing, the actual offering amount, placement agent fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover page of this prospectus, and we may not sell all or any of the securities we are offering. As a result, we may receive significantly less in net proceeds. Based on the assumed offering price set forth above, we estimate that our net proceeds from the sale of 75%, 50% or 25% of the Units offered in this offering would be approximately $3.3 million, $2.1 million and $1.0 million, respectively, after deducting placement agent fees and estimated offering expenses payable by us. A $1.00 increase (decrease) in the assumed public offering price of $7.63 per Unit, would increase (decrease) the net proceeds to us from this offering by approximately $610,960, assuming the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting placement agent fees. We currently intend to use the net proceeds of this offering as follows:

| • |     | Expenses associated with preclinical clinical development to prepare for submission of IND applications for 
 molecules created with the TRBC drug discovery and development platform;                                    |

| • |     | Costs for clinical trials, including initiation of clinical trials to evaluate HCW9302 in patients with alopecia 
 areata, and research to identify potential expanded indications;                                                 |

| • |     | Funding for research and development, in particular continued development of TRBC Class II molecules known as 
 second generation immune checkpoint inhibitors;                                                               |

| • |     | Preparing for business development transactions, including the identification of appropriate compounds for     
 out-licensing, especially the TRBC Class III molecules known as immune cell engagers, such as T-cell engagers; |

| • |     | Expansion of patent portfolio for HCW9302 and other new compounds created with the TRBC drug discovery and 
 development platform;                                                                                      |

| • |     | Costs for studies required for pivotal scientific publications; and |

| • |     | The remainder for general corporate purposes. General corporate purposes may include, among other things, working 
 capital, capital expenditures and other general corporate purposes.                                               |

The actual allocation of proceeds realized from this offering will depend upon our operating expenses, operating revenue, cash position, working capital requirements and other factors. We cannot currently allocate specific percentages of the