Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 8

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 8
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daq, subject to our demonstrating compliance with the Bid Price Rule on or before April 25, 2025, which date has been extended to              
 April 28, 2025, and to our demonstrating compliance with all other Nasdaq Listing Rules on or before June 15, 2025. While the Company is exercising diligent efforts to maintain the listing of our Common Stock on Nasdaq, there can be   
 no assurance that the Company will be able to regain or maintain compliance with the applicable Nasdaq Listing Rules. If the Company’s Common Stock were to be delisted from Nasdaq, it could have a material adverse effect on us and our 
 stockholders.                                                                                                                                                                                                                              |

| • |     | Our clinical trials may fail to demonstrate the safety and efficacy of our product candidates or any future     
 product candidates, which would prevent, delay or limit the scope of regulatory approval and commercialization. |

4

| • |     | Preliminary, topline or interim data from our clinical trials that we announce or publish from time to time may                                             
 change as more patient data becomes available and are subject to audit and verification procedures that could result in material changes in the final data. |

| • |     | The development and commercialization of biopharmaceutical products is subject to extensive regulation, and the                                                                                                                                           
 regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time-consuming, and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our product candidates on a timely basis, if at all, 
 our business will be substantially harmed.                                                                                                                                                                                                                |

| • |     | Clinical drug development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If                                                                                                                                  
 clinical trials of our product candidates are prolonged or delayed, we or any collaborators may be unable to obtain required regulatory approvals, and, therefore, be unable to commercialize our product candidates on a timely basis or at all. |

| • |     | Even if our product candidates obtain regulatory approval, we will be subject to ongoing obligations and                                                                                                                                               
 continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we 
 fail to comply with regulatory requirements or experience unanticipated problems with our products.                                                                                                                                                    |

| • |     | We expect to rely on patents and other intellectual property rights to protect our technology, including product                                                                                                                                  
 candidates and our immunotherapy platform technology, the prosecution, enforcement