Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 4

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 4
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 Consisting of 
 Pre-Funded    
 Warrant       
 Stock and     
 Warrants      |     | Total(2) |
| Public offering price           |     |               |     |               |     |          |
| Placement agent fees(1)         |     |               |     |               |     |          |
| Proceeds to us, before expenses |     |               |     |               |     |          |

| (1) | The placement agent fees shall equal 7% of the gross proceeds of the securities sold by us in this offering.                                                                                        
 The placement agent will receive compensation in addition to the placement agent fees described above. See “Plan of Distribution” for a description of compensation payable to the placement agent. |

| (2) | The foregoing assumes that no Pre-funded Warrants are issued as part of the Units. |

There is no established trading market for the Pre-Funded Warrants or the Common Stock Warrants and we do not expect an active trading market to develop. We do not intend to list the Pre-Funded Warrants or the Common Stock Warrants on any securities exchange or other trading market. Without an active trading market, the liquidity of these securities will be limited. We are an “emerging growth company,” as defined under the federal securities laws, and, as such, may elect to comply with certain reduced public company reporting requirements for future filings. Investing in our securities is speculative and involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading “ Risk Factors” beginning on page 11 of this prospectus before investing in our securities. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We anticipate that delivery of the securities against payment will be made on or about [ ], 2025. Sole Placement Agent Maxim Group LLC The date of this prospectus is [● ], 2025

TABLE OF CONTENTS

| ABOUT THIS PROSPECTUS                                     |     |  1 |
| PROSPECTUS SUMMARY                                        |     |  2 |
| OFFERING SUMMARY                                          |     |  7 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS |     |  9 |
| RISK FACTORS                                              |     | 11 |
| USE OF PROCEEDS                                           |     | 52 |
| CAPITALIZATION                                            |     | 53 |
|