Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 87

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 87
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   (6,770,172 | ) |     |             |   (6,770,712 | ) |     |             |   3,417,362 |   |
| Total Capitalization                                                                |     | $                    |   (2,095,600 | ) |     | $           |   (2,095,600 | ) |     | $           |  12,339,637 |   |

| (1) | On April 11, 2025, the Reverse Stock Split was effective. There was no change to authorized shares or par                                                                                                                                        
 value. The Reverse Split was a 1-for-40 ratio. As a result, the adjusted number of issued and outstanding shares of our Common Stock as of December 31, 2024 is 1,113,533, excluding adjustment for each fractional share which was subsequently 
 rounded up to a whole share.                                                                                                                                                                                                                     |

53

DILUTION If you invest in our Units in this offering, your investment will be immediately and substantially diluted to the extent of the difference between the public offering price per share of our Common Stock that is part of the Unit and the as adjusted net tangible book value per share of our Common Stock after giving effect to the offering. Our net tangible book value (deficit) as of December 31, 2024 was ($6.8) million, or approximately $(6.08) per share. Net tangible book value per share represents our total tangible assets less total liabilities, divided by the number of shares of our Common Stock outstanding. As adjusted net tangible book value dilution per share of Common Stock to new investors represents the difference between the amount per share of our Common Stock that is part of the Unit paid by investors in the offering and the net tangible book value per share of our Common Stock immediately after completion of the offering. After giving effect to the offering and our sale of the Units in the offering at an assumed public offering price of $7.63 per Unit, and after deduction of placement agent fees from gross proceeds raised in the offering and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2024 would have been ($2.5) million, or ($1.42) per share of our Common Stock. This represents an immediate increase in net tangible book value of $4.66 per share of our Common Stock to existing stockholders and an immediate dilution in net tangible book value of $9.05 per share of our