Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 16

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 16
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 to our current plans and operations;                    |

| • |     | our ability to obtain funding for our operations, including funding necessary to develop and commercialize our 
 drug candidates;                                                                                               |

| • |     | timing, costs and outcome of regulatory review, and impact on our ability to receive FDA clearance for clinical 
 trials;                                                                                                         |

| • |     | the ability to secure clinical sites, enroll patients, and initiate clinical trials; |

| • |     | number of trials needed to obtain clinical approval; |

| • |     | the ability of our clinical trials to demonstrate safety and efficacy of our drug candidates, and other positive 
 results;                                                                                                         |

| • |     | the success, cost and timing of our development activities, preclinical studies and clinical trials; |

| • |     | the timing and focus of our future clinical trials, and the reporting of data from those trials; |

| • |     | our plans relating to commercializing our drug candidates, if approved; |

| • |     | our plans and ability to establish sales, marketing and distribution infrastructure to commercialize any drug 
 candidates for which we obtain approval;                                                                      |

| • |     | our ability to attract and retain key scientific and clinical personnel; |

| • |     | our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; |

| • |     | our reliance on third parties to conduct clinical trials of our drug candidates, and for the manufacture of our 
 drug candidates for preclinical studies and clinical trials;                                                    |

| • |     | our ability to establish our own manufacturing facilities domestically; |

| • |     | our ability to expand our drug candidates into additional indications and patient populations; |

| • |     | the success of competing therapies that are or may become available; |

9

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83

| • |     | the beneficial characteristics, safety and efficacy of our drug candidates; |

| • |     | political and regulatory developments in the United States and other jurisdictions; |

| • |     | our ability to obtain and maintain regulatory approval of our drug candidates, and any related restrictions, 
 limitations and/or warnings in the label of any approved drug candidate;                                     |

| • |     | our plans relating to the further development and manufacturing of our drug candidates, including additional 
 indications for which we may pursue;                                                                         |

| • |     | cost of