Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 21

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 21
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 of the Common Stock Warrants or Pre-Funded Warrants, the holders will have no rights with respect to shares of our Common Stock issuable upon exercise of the Common Stock Warrants or Pre-Funded Warrants. Upon exercise of
the Common Stock Warrants or Pre-Funded Warrants, the holder will be entitled to exercise the rights of a holder of Common Stock as to the security exercised only as to matters for which the record date occurs after the exercise.

Provisions of the Common Stock Warrants could discourage an acquisition of us by a third party.

Certain provisions of the Common Stock Warrants could make it more difficult or expensive for a third party to acquire us. The Common Stock
Warrants prohibit us from engaging in certain transactions constituting “fundamental transactions” unless, among other things, the surviving entity assumes our obligations under the Common Stock Warrants. These and other provisions of the
warrants offered by this prospectus could prevent or deter a third party from acquiring us even where the acquisition could be beneficial to you.

12

Risks Related to HCWB’s Business and Industry

There is substantial doubt about our ability to continue as a going concern. We will need to raise additional funding, even after this offering, whether or not the maximum offering amount is raised, which may not be available on acceptable terms, if at all to continue as a going concern and advance our product candidates. Failure to obtain capital when needed may force us to delay, limit or terminate our product development efforts or other operations. Raising additional capital may dilute our existing shareholders, restrict our operations or cause us to relinquish valuable rights.

There is substantial doubt regarding our ability to continue as a going concern based only on the cash and cash equivalents as of
December 31, 2024. We continuously evaluate whether there are conditions and events, considered in the aggregate, which raise substantial doubt about our ability to continue as a going concern within one year after the date that financial
statements are issued. When substantial doubt exists based on this analysis, management evaluates whether the mitigating effect of our plans to raise capital or reduce costs sufficiently alleviates substantial doubt about our ability to continue as
a going concern.

We are at the clinical development stage of our Company with no commercial revenues from the products we are developing,
and it is possible we will never generate revenue or profit from product sales. As of December 31, 2024, we had cash and cash equivalents of $4.7 million and there was substantial doubt about our ability to continue as