Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 85

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 85
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Armistice’s potential exercise of the Purchase Warrant, which is within Armistice’s sole discretion, we agreed to register the Warrant Shares for resale by Armistice in the event of such exercise. Armistice will control the timing and
amount of any exercise of the Purchase Warrant, and HCWB has no right to require Armistice to exercise any portion of the Purchase Warrant.

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USE OF PROCEEDS

All of the securities offered by this prospectus are being registered for the account of the selling stockholders. We will not receive any of
the proceeds from the sale of these securities. We have agreed to pay all costs, expenses and fees relating to the registration of the securities covered by this prospectus. The selling stockholders of the Warrant Shares will bear all commissions
and discounts, if any, attributable to their sale of shares of our Common Stock. We will bear certain commissions and discounts, if any, attributable to the sale of the Commitment Shares and the shares of our Common Stock sold to Square Gate under
the ELOC Purchase Agreement. See the section entitled “Plan of Distribution” of this prospectus for additional information. The prices at which the shares of Common Stock covered by this prospectus may actually be sold will be
determined by the prevailing public market price for shares of our Common Stock, by negotiations between the selling stockholder and buyers of our Common Stock in private transactions or as otherwise described in “Plan of Distribution.”

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MARKET PRICE OF OUR COMMON STOCK AND DIVIDEND INFORMATION

Market Price of Our Common Stock

Our Common Stock is currently listed on Nasdaq, under the symbol “HCWB”.

On April 2, 2025, the closing sale price of our Common Stock was $0.2817 per share.

As of April 1, 2025, there were approximately 4,329 holders of record of our Common Stock. Such numbers do not include beneficial owners
holding our securities through nominee names.

Dividend Policy

HCWB does not anticipate paying any cash dividends in the foreseeable future. If HCWB incurs indebtedness in the future to fund its future
growth, its ability to pay dividends may be further restricted by the terms of such indebtedness.

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BENEFICIAL OWNERSHIP OF SECURITIES The following table sets forth certain information with respect to the beneficial ownership of our Common Stock as of April 2, 2025, by:

| • |     | each stockholder, or group