Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 15

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 15
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 Stock is listed on Nasdaq under the symbol “HCWB”. There is no established trading market for the Common Stock Warrants or the Pre-Funded Warrants, and we do not expect a trading market to develop. We do not                           
 intend to list the Common Stock Warrants or the Pre-Funded Warrants on any securities exchange or other trading market. Without a trading market, the liquidity of the Common Stock Warrants or the Pre-Funded Warrants will be extremely            
 limited.                                                                                                                                                                                                                                             |

8

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This prospectus and the information incorporated herein by reference contain forward-looking. Forward- looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. This includes, without limitation, statements regarding the financial position and the plans and objectives of management for our future operations. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this prospectus, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus and in any document incorporated by reference in this prospectus, including the Annual Report filed on Form 10-K on March 28, 2025 (the “Annual Report”), may include, for example, statements about:

| • |     | management’s going concern assessment; |

| • |     | the occurrence of any event, change or other circumstances, including the outcome of any legal proceedings that 
 may be instituted against us;                                                                                   |

| • |     | financial performance and the ability to maintain the listing of our securities on Nasdaq, and the potential 
 liquidity and trading of our securities;                                                                     |

| • |     | the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital 
 expenditure requirements and the risk of disruption