Company: HCWB
Filing Date: 2025-03-19
Form Type: 8-K
Source: 0000950170-25-042129
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Company: HCW Biologics Inc.
Filing Date: 2025-03-19
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On March 18, 2025, HCW Biologics Inc. (the “ Company”) and WY Biotech Co., Ltd. (“ WY Biotech”) agreed to amend their License, Research and Co-Development Agreement (“ Agreement”) dated November 17, 2024, due to a delay in WY Biotech coming to a definitive agreement with their designated contract development and manufacturing organization (“ CDMO”). Specifically, in order to accommodate that delay, the parties agreed to restructure the payment schedule for the $7.0 million upfront license fees, including delaying the initial $4.0 million portion thereof that was originally due on or about March 17, 2025, to reduce the performance milestones that the Company must complete in order to earn the full $7.0 million nonrefundable upfront payments in June 2025, and to provide that either party may terminate the Agreement if WY Biotech is not able to definitively engage its CDMO by June 2025. There were no other material changes to the Agreement, which involves the grant to WY Biotech of an exclusive, world-wide license to use and apply HCW11-006 for in vivo applications. In particular, the Company will retain the Opt-In Right thereunder, which gives the Company the option to assume all control and responsibility for the development, manufacture and commercialization of HCW11-006 for in vivo applications in the North America, South America, and Central America. The foregoing summary of certain terms of the Agreement and the referenced amendment does not purport to be complete.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                          HCW BIOLOGICS INC.                                 
  Date:      March 19, 2025      By:      /s/ Hing C. Wong                                   
                                          Hing C. Wong, Founder and Chief Executive Officer