Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 10

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 10
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 Stock, and the Board approved a reverse stock split of the Common Stock at a final ratio of one-for-forty (1:40) (the “Reverse Stock Split”). The Reverse Stock Split was effective at 12:01 a.m. Eastern Time on April 11, 2025. The Common Stock commenced trading on a reverse split-adjusted basis when the markets opened on April 11, 2025, under the existing trading symbol “HCWB.” Our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 that are incorporated by reference into this prospectus are presented without giving effect to the Reverse Stock Split. Except where the context otherwise requires, share numbers and price per share amounts in this prospectus reflect the Reverse Stock Split, including share numbers and price per share amounts with respect to prior transactions, which reflect the reverse split retrospectively. Summary of Risk Factors Investing in our securities involves a high degree of risk. You should review carefully all the information contained in this prospectus before making an investment in our securities. The following list summarizes some, 3

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 but not all, of these risks. Please read the information in the section titled “Risk Factors” for a more thorough description of these and other risks.

| • |     | The issuance and sale of shares of Common Stock hereunder may cause substantial dilution and the price of our 
 Common Stock to decline.                                                                                      |

| • |     | Our need for future financing may result in the issuance of additional securities, which will cause investors to 
 experience dilution.                                                                                             |

| • |     | We have incurred significant financial losses since our inception, and we expect to incur losses for the              
 foreseeable future. We have no products approved for commercial sale and may never achieve or maintain profitability. |

| • |     | The Company implemented remediation of material weaknesses identified in previous reporting periods. If we fail                                                                                                                                         
 to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which may cause 
 investors to lose confidence in our reported financial information and may lead to a decline in the market price of our Common Stock.                                                                                                                   |

| • |     | We and our Chief Executive Officer were involved in legal proceedings with Altor BioScience,