Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 88

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 88
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] million, 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 net proceeds to us from this offering that we may use for the foregoing purposes. Therefore, as of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. Accordingly, we will have discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the proceeds of this offering. Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including deposit accounts, short-term, investment-grade, interest-bearing instruments and U.S. government securities. 52

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 CAPITALIZATION The following table sets forth our capitalization as of December 31, 2024, both (1) on an actual basis