Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 86

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 86
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 The selling stockholders of the Warrant Shares will bear all commissions
and discounts, if any, attributable to their sale of shares of our Common Stock. We will bear certain commissions and discounts, if any, attributable to the sale of the Commitment Shares and the shares of our Common Stock sold to Square Gate under
the ELOC Purchase Agreement. See the section entitled “Plan of Distribution” of this prospectus for additional information. The prices at which the shares of Common Stock covered by this prospectus may actually be sold will be
determined by the prevailing public market price for shares of our Common Stock, by negotiations between the selling stockholder and buyers of our Common Stock in private transactions or as otherwise described in “Plan of Distribution.”

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MARKET PRICE OF OUR COMMON STOCK AND DIVIDEND INFORMATION

Market Price of Our Common Stock

Our Common Stock is currently listed on Nasdaq, under the symbol “HCWB”.

On April 2, 2025, the closing sale price of our Common Stock was $0.2817 per share.

As of [●], 2025, there were approximately [●] holders of record of our Common Stock. Such numbers do not include beneficial owners
holding our securities through nominee names.

Dividend Policy

HCWB does not anticipate paying any cash dividends in the foreseeable future. If HCWB incurs indebtedness in the future to fund its future
growth, its ability to pay dividends may be further restricted by the terms of such indebtedness.

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BENEFICIAL OWNERSHIP OF SECURITIES The following table sets forth certain information with respect to the beneficial ownership of our Common Stock as of April 2, 2025, by:

| • |     | each stockholder, or group of affiliated persons, known by us to be the beneficial owner of more than 5% of our 
 Common Stock;                                                                                                   |

| • |     | each of our directors; |

| • |     | each of our named executive officers; and |

| • |     | all of our directors and executive officers as a group. |

Beneficial ownership is determined in accordance with the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting or investment power. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares beneficially owned by them, subject to community property laws where applicable. Shares of our Common Stock subject to stock options that are currently