Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 275

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 275
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 Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements. 

We may remain classified as an EGC until the December 31, 2026, although if the market value of our common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time or if we have annual gross revenues of $1.235 billion or more in any fiscal year, we would cease to be an emerging growth company as of December 31 of the applicable year. We also would cease to be an EGC if we issue more than $1 billion of non-convertible debt over a three-year period. 

We are also a “smaller reporting company,” as defined in Rule 12b-2 under the Exchange Act. Similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations, such as an ability to provide simplified executive compensation information and only two years of audited financial statements in an annual report on Form 10-K, with correspondingly reduced “Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosure. 

94 

Item 7A Quantitative and Qualitative Disclosures About Market Risk. 

We are a smaller reporting company, as defined by Rule 12b-2 under the Exchange Act and are not required to provide the information under this item.

95 

Item 8 Financial Statements and Supplementary Data.

 HCW Biologics Inc.

Index to Financial Statements

Years ended December 31, 2023 and 2024

    Audited Financial Statements
     
    Page

    Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
     
    97

    Report of Independent Registered Public Accounting Firm (PCAOB ID Number 173)
     
    98

    Balance Sheets
     
    99

    Statements of Operations
     
    100

    Statements of Changes in Stockholders’ Equity (Deficit)
     
    101

    Statements of Cash Flows
     
    102

96

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

HCW Biologics Inc.

Opinion on the financial statements 

We have audited the accompanying balance sheet of HCW Biologics Inc. (the “Company”) as of December 31, 2023, the related statements of operations, changes in stockholders’ equity, and cash flows for the year