Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 84

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 84
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 to meet analyst estimates or one or more of the analysts who cover the Company downgrade its shares of
Common Stock or change their opinion, the Company’s share price would likely decline. If one or more of these analysts cease coverage of the Company or fail to regularly publish reports on the Company, it could lose visibility in the financial
markets, which could cause the Company’s share price or trading volume to decline.

Volatility in the price of our Common Stock may subject us to securities litigation.

As discussed above, the market for our Common Stock has been characterized recently by significant price
volatility when compared to seasoned issuers, and we expect that our share price will continue to be more volatile than a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation
against a company following periods of volatility in the market price of its securities. We may in the future be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert
management’s attention and resources.

Because the Company does not anticipate paying any cash dividends in the foreseeable future, capital appreciation, if any, would be your sole source of gain.

The Company currently anticipates that it will retain future earnings for
the development, operation and expansion of its business and does not anticipate declaring or paying any cash dividends for the foreseeable future. As a result, capital appreciation, if any, of the Company’s shares of Common Stock would be your
sole source of gain on an investment in such shares for the foreseeable future.

49

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 The Company’s share price has fluctuated historically and may continue to fluctuate. The Company’s share price can be volatile. Among the factors that may affect the volatility of the Company’s stock price are the following:

| • |     | Speculation in the investment community or the press about, or actual changes in, the Company’s competitive                                                                                                   
 position, organizational structure, executive team, operations, financial condition, financial reporting and results, expense discipline, strategic transactions, or progress on achieving expected benefits; |

| • |     | The announcement of new products, services, acquisitions, or dispositions by the Company or its competitors; |

| • |     | Increases or decreases in revenue or earnings, changes in earnings estimates by the investment community, and 
 variations between estimated financial results and actual financial results; and                              |

| • |     | Sales of a