Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 86

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 86
---
 net proceeds to us from this offering that we may use for the foregoing purposes. Therefore, as of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. Accordingly, we will have discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the proceeds of this offering. Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including deposit accounts, short-term, investment-grade, interest-bearing instruments and U.S. government securities. 52

CAPITALIZATION The following table sets forth our capitalization as of December 31, 2024, both (1) on an actual basis, (2) on a pro forma basis giving effect to the Reverse Stock Split, and (3) on an as adjusted basis to reflect the conversion of the Convertible Senior Secured Notes, and the issuance and sale by us of 655,308 Units in this offering at the assumed public offering price of $7.63 per Unit (assuming no issuance of Pre-Funded Warrants), after deducting placement agent fees and estimated offering expenses payable by us and the receipt by us of the proceeds of such sale and assuming no exercise of any outstanding warrants to purchase shares of Common Stock. The information below is illustrative only. Our capitalization following the closing of this offering will change based on the actual public offering price and other terms of this offering determined at the time of pricing. You should read this table in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed pursuant to the Exchange Act. The following sets forth our cash and capitalization as of December 31, 2024 on:

| • |     | an actual basis; |

| • |     | a pro forma to give retroactive effect to the Reverse Stock Split; and |

| • |     | a pro forma as adjusted basis, to give effect to (1) conversion of Convertible Senior Secured Notes,                                                                                                                                      
 (2) issuance of Commitment Shares to Square Gate Capital Master Fund, LLC – Series 4 in connection with a $20.0 million equity line of credit and (3) the sale of shares of common stock in this offering at the public offering price of