Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 4

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 4
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 of the Units offered hereby, which may significantly reduce the amount of proceeds received by us. Because there is no escrow account and no minimum number of securities or amount of proceeds, investors could be in a position where they have invested in us, but we have not raised sufficient proceeds in this offering to adequately fund the intended uses of the proceeds as described in this prospectus. See “Risk Factors” for more information regarding risks related to this offering. We will bear all costs associated with the offering. See “Plan of Distribution” for more information regarding these arrangements.

|                                 |     | Per Unit |     | Total |
|:--------------------------------|:----|:---------|:----|:------|
| Public offering price(1)(2)     |     | $        |     | $     |
| Placement agent fees(1)(2)      |     |          |     |       |
| Proceeds to us, before expenses |     | $        |     | $     |

| (1) | The placement agent fees shall equal   % 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