Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 89

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 89
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 up 
 to a whole share.                                                                                                                                                                                                                                  |

53

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 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 $[*], or approximately $[*] 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 $[*] 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 $[*] million, or $[*] per share of our Common Stock. This represents an immediate increase in net tangible book value of $[*] per share of our Common Stock to existing stockholders and an immediate dilution in net tangible book value of $[*] per share of our Common Stock to investors in the offering, as illustrated in the following table, based on shares outstanding as of December 31, 2024. The information below is illustrative only. The dilution caused by this offering will change based on the actual public offering price and other terms of this offering determined at the time of pricing. You should read this table in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2024 and subsequent Exchange Act reports.

| Public offering price per share of our Common Stock                                            
 Net tangible book value per share as of December 31, 2024                                      |     | [ | ] |     | [$ |     | ]