Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 6

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 6
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 securities being offered hereby. You should read this prospectus as well as the additional information
described under the headings “Information Incorporated by Reference” and “Where You Can Find More Information” before making an investment decision.

This document may only be used where it is legal to sell these securities. The information contained in this prospectus (and in any supplement or amendment to
this prospectus) is accurate only as of the date on the front of the document, and any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of
this prospectus or any sale of our securities. Our business, financial condition, results of operations and prospects may have changed since those dates.

Unless otherwise indicated, information contained in or incorporated by reference into this prospectus concerning our business and the industry and markets in
which we operate, including with respect to our business prospects, our market position and opportunity, and the competitive landscape, is based on information from our management’s estimates, as well as from industry publications, surveys, and
studies conducted by third parties. Our management’s estimates are derived from publicly available information, their knowledge of our business and industry, and assumptions based on such information and knowledge, which they believe to be
reasonable. In addition, while we believe that information contained in the industry publications, surveys, and studies has been obtained from reliable sources, we have not independently verified any of the data contained in these third-party
sources, and the accuracy and completeness of the information contained in these sources is not guaranteed.

Although we are not aware of any
misstatements regarding the market and industry data presented in this prospectus and the documents incorporated herein by reference, these estimates involve risks and uncertainties and are subject to change based on various factors, including those
discussed under the heading “Risk Factors” in this prospectus and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus, including in our Annual
Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2025. Accordingly, you should not place undue reliance on this information.

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Confidential Treatment Requested by HCW Biologics Inc.

Pursuant to 17 C.F.R. Section 200.83

PROSPECTUS SUMMARY

The SEC allows us to “incorporate by reference