Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 11

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 11
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, but not all, of these risks. Please read the information in the section titled “Risk Factors” for a more thorough description of these and other risks.

| • |     | The issuance and sale of shares of Common Stock hereunder may cause substantial dilution and the price of our 
 Common Stock to decline.                                                                                      |

| • |     | Our need for future financing may result in the issuance of additional securities, which will cause investors to 
 experience dilution.                                                                                             |

| • |     | We have incurred significant financial losses since our inception, and we expect to incur losses for the              
 foreseeable future. We have no products approved for commercial sale and may never achieve or maintain profitability. |

| • |     | The Company implemented remediation of material weaknesses identified in previous reporting periods. If we fail                                                                                                                                         
 to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which may cause 
 investors to lose confidence in our reported financial information and may lead to a decline in the market price of our Common Stock.                                                                                                                   |

| • |     | We and our Chief Executive Officer were involved in legal proceedings with Altor BioScience, LLC and NantCell                                                                                                                                        
 (collectively, “Altor/NantCell”). In July 2024, the parties entered a Settlement Agreement which removed some of the uncertainties as to the outcome and cost of these proceedings. However, the Company has significant obligations that            
 remain as a result of legal fees incurred but not paid for the defense of the Company, as well as our Chief Executive Officer. If we cannot negotiate acceptable payment plans to satisfy these obligations, an adverse result could have a negative 
 material impact on our business and operations.                                                                                                                                                                                                      |

| • |     | As a result of the Settlement Agreement, the Company is unable to progress into Phase 2 clinical trials for                                                                                                                                               
 HW9218, our lead product candidate for cancer indications. The Company is prepared to progress HCW9218 in Phase 2 clinical trials for nononcology indications; however, we must secure supply of clinical materials to do so. As a condition of the       
 Settlement Agreement, the Company transferred the master cell line for HCW9218 to ImmunityBio, who in turn agreed to enter a supply agreement with the Company by January 2025. As of the date of this prospectus, there is no supply agreement in place. 
 As a result of the delay