Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 14

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 14
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, estimates, forecasts and projections about our business and the industry in which we operate, and management’s beliefs and assumptions are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control, including those described in the section titled “Risk Factors” and elsewhere in this prospectus and the documents incorporated by reference into this prospectus. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Accordingly, you should not place undue reliance on forward-looking statements as predictions of future events. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual results or to changes in our expectations, except as required by law. 9

You should read this prospectus, the documents incorporated by reference into this
prospectus, any free writing prospectus and the documents that we reference in this prospectus and have filed with the SEC, as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future
results, levels of activity, performance and events and circumstances may be materially different from what we expect.

10

RISK FACTORS

An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or part of your investment. Certain statements in “Risk Factors” are forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

Risks Related to this Offering

Issuances of our Common Stock to Square Gate and Armistice has caused and will continue to cause substantial dilution to our existing stockholders and could cause the price of our Common Stock to decline.

We are registering for resale (1) up to an aggregate of $40,000,000 of
shares of our Common Stock that may be issued to Square Gate from time to time under the ELOC Purchase Agreement, (2) 384,615 shares of our Common Stock issued to Square Gate as its Commitment Fee, and (3