Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 15

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 15
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 reason after the date of this prospectus to conform these statements to actual results or to changes in our expectations, except as required by law. 9

You should read this prospectus, the documents incorporated by reference into this
prospectus, any free writing prospectus and the documents that we reference in this prospectus and have filed with the SEC, as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future
results, levels of activity, performance and events and circumstances may be materially different from what we expect.

10

RISK FACTORS

An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or part of your investment. Certain statements in “Risk Factors” are forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

Risks Related to this Offering

Issuances of our Common Stock to Square Gate and Armistice has caused and will continue to cause substantial dilution to our existing stockholders and could cause the price of our Common Stock to decline.

We are registering for resale (1) up to an aggregate of $40,000,000 of
shares of our Common Stock that may be issued to Square Gate from time to time under the ELOC Purchase Agreement, (2) 384,615 shares of our Common Stock issued to Square Gate as its Commitment Fee, and (3) up to 6,717,000 shares of our Common
Stock that may be issued to Armistice from time to time under the Purchase Warrant.

We anticipate that shares issued under the ELOC
Purchase Agreement will be issued and sold over a period of as long as the approximately 35 months remaining under the ELOC Purchase Agreement and that shares issued under the Purchase Warrant may be issued at any time but may be sold into the
public market between the date of this prospectus and November 20, 2029. The number of shares ultimately sold by Square Gate and Armistice under this prospectus is dependent upon the number of shares we elect to sell to Square Gate under the
ELOC Purchase Agreement and the number of shares Armist