Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 79

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 79
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 expansion of its business and does not anticipate declaring or paying any cash dividends for the foreseeable future. As a result, capital appreciation, if any, of the Company’s shares of Common Stock would be your sole source of gain on an investment in such shares for the foreseeable future. The Company’s share price has fluctuated historically and may continue to fluctuate. The Company’s share price can be volatile. Among the factors that may affect the volatility of the Company’s stock price are the following:

| • |     | Speculation in the investment community or the press about, or actual changes in, the Company’s competitive 
 position, organizational structure, executive team, operations, financial condition, financial              |

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| reporting and results, expense discipline, strategic transactions, or progress on achieving expected benefits; |

| • |     | The announcement of new products, services, acquisitions, or dispositions by the Company or its competitors; |

| • |     | Increases or decreases in revenue or earnings, changes in earnings estimates by the investment community, and 
 variations between estimated financial results and actual financial results; and                              |

| • |     | Sales of a substantial number of shares of the Company’s shares of Common Stock by large shareholders. |

Future offerings of debt, which would be senior to our Common Stock upon liquidation, and/or preferred equity securities, which may be senior to our Common Stock for purposes of distributions or upon liquidation, could adversely affect the market price of our Common Stock. In the future, we may attempt to increase our capital resources by making additional offerings of debt or preferred equity securities, including convertible or non-convertiblesenior or subordinated notes, convertible or non-convertiblepreferred stock, medium-term notes and trust preferred securities. Upon liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive distributions of our available assets prior to the holders of our Common Stock. In addition, any preferred stock we may issue could have a preference on liquidating distributions or a preference on distribution payments that could limit our ability to make a distribution to the holders of our Common Stock. Since our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk of our future offerings reducing the market price of our Common Stock. Anti-takeover provisions contained in our charter and bylaws, as well as provisions of Delaware law,