Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 92

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 92
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       (0.77 | ) |

AS ADJUSTED FOR 1-FOR-40 REVERSE STOCK SPLIT:

| Numerator:                                 |     | Years Ended December31, 
 2023                    |             |   |     | 2024 |             |   |
|:-------------------------------------------|:----|:------------------------|------------:|:--|:----|:-----|------------:|:--|
| Net loss                                   |     | $                       | (24,994,277 | ) |     | $    | (30,023,814 | ) |
| Denominator (Adjusted for Reverse Split)   |     |                         |             |   |     |      |             |   |
| Weighted-average common shares outstanding |     |                         |     898,237 |   |     |      |     969,826 |   |
| Net loss per share, basic and diluted      |     | $                       |      (27.83 | ) |     | $    |      (30.96 | ) |

Market Price of Our Common Stock Our Common Stock is currently listed on Nasdaq, under the symbol “HCWB”. On April 25, 2025, the closing sale price of our Common Stock was $6.90 per share, reflecting a 1::40 reverse split of the Company’s Common Stock effective on April 11, 2025, exclusive of shares to be issued as a result of rounding up for fractional shares. As of April [1], 2025, there were approximately [4,329] holders of record of our Common Stock. Such numbers do not include beneficial owners holding our securities through nominee names. Dividend Policy HCWB does not anticipate paying any cash dividends in the foreseeable future. If HCWB incurs indebtedness in the future to fund its future growth, its ability to pay dividends may be further restricted by the terms of such indebtedness. 56

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 BENEFICIAL OWNERSHIP OF SECURITIES The following table sets forth certain information with respect to the beneficial ownership of our Common Stock as of April 16, 2025, by:

| • |     | each stockholder, or group of affiliated persons, known by us to be the beneficial owner of more than 5% of our 
 Common Stock;                                                                                                   |

| • |     | each of our directors;