Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 11

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 11
---
 LLC and NantCell                                                                                                                                        
 (collectively, “Altor/NantCell”). In July 2024, the parties entered a Settlement Agreement which removed some of the uncertainties as to the outcome and cost of these proceedings. However, the Company has significant obligations that            
 remain as a result of legal fees incurred but not paid for the defense of the Company, as well as our Chief Executive Officer. If we cannot negotiate acceptable payment plans to satisfy these obligations, an adverse result could have a negative 
 material impact on our business and operations.                                                                                                                                                                                                      |

| • |     | As a result of the Settlement Agreement, the Company is unable to progress into Phase 2 clinical trials for                                                                                                                                               
 HW9218, our lead product candidate for cancer indications. The Company is prepared to progress HCW9218 in Phase 2 clinical trials for nononcology indications; however, we must secure supply of clinical materials to do so. As a condition of the       
 Settlement Agreement, the Company transferred the master cell line for HCW9218 to ImmunityBio, who in turn agreed to enter a supply agreement with the Company by January 2025. As of the date of this prospectus, there is no supply agreement in place. 
 As a result of the delay in securing supply, there is no assurance that the Company will be able to continue the clinical development of HCW9218 in nononcology indications.                                                                              |

| • |     | The Company has been out of compliance with three applicable rules with respect to its continued listing on The                                                                                                                                
 Nasdaq Stock Market LLC (“Nasdaq”), namely, Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Rule”) and Nasdaq Listing Rule 5450(b)(2&3)(C) (the “MVPHS                                     
 Rule”). As a result, the Listing Staff of Nasdaq delivered notices of its determination that the Company’s Common Stock was subject to delisting from The Nasdaq Global Market tier of Nasdaq. Nasdaq granted the Company a hearing before the 
 Nasdaq Hearings                                                                                                                                                                                                                                |

4

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

| • |     | 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