Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 15

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 15
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) up to 6,717,000 shares of our Common
Stock that may be issued to Armistice from time to time under the Purchase Warrant.

We anticipate that shares issued under the ELOC
Purchase Agreement will be issued and sold over a period of as long as the approximately 35 months remaining under the ELOC Purchase Agreement and that shares issued under the Purchase Warrant may be issued at any time but may be sold into the
public market between the date of this prospectus and November 20, 2029. The number of shares ultimately sold by Square Gate and Armistice under this prospectus is dependent upon the number of shares we elect to sell to Square Gate under the
ELOC Purchase Agreement and the number of shares Armistice elects to purchase under the Purchase Warrant. Depending on a variety of factors, including market liquidity of our Common Stock, the issuance and sale of shares under the ELOC Purchase
Agreement and Purchase Warrant may cause the trading price of our Common Stock to decline.

We may ultimately issue and sell to the
selling stockholders all, some or none of the shares of Common Stock available under the ELOC Purchase Agreement and under the Purchase Warrant that we are registering. The selling stockholders may sell all, some or none of our shares that they hold
or come to hold pursuant to sales under the ELOC Purchase Agreement and exercises under the Purchase Warrant. The issuance and sale of shares by us to Square Gate pursuant to the ELOC Purchase Agreement will result in dilution to the interests of
other holders of our Common Stock. The sale of a substantial number of shares of our Common Stock by the selling stockholders in this offering, or anticipation of such sales, could cause the trading price of our Common Stock to decline or make it
more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise desire.

The sale of a substantial number of ELOC Shares in the public market could adversely affect the prevailing market price of our shares.

We are registering for resale an aggregate of up to $40,000,000 of ELOC Shares, together with 384,615 Commitment Shares. Sales of a
substantial number of our shares in the public market, or the perception that such sales might occur, could adversely affect the market price of our shares. We cannot predict if and when the selling stockholder may sell such shares in the public
markets. Furthermore, in the future, we may