Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 90

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 90
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|:-----------------------------------------------------------------------------------------------|:----|:--|:--|:----|:---|:----|:--|
| Decrease in net tangible book value per share of our common stock attributable to this         
 offering                                                                                       |     | [ | ] |     |    |     |   |
| As adjusted net tangible book value per share of our Common Stock as of December 31, 2024,     
 after giving effect to this offering                                                           |     |   |   |     | [$ |     | ] |
| Increase in net tangible book value per share to new investors purchasing shares of our common 
 stock in this offering                                                                         |     |   |   |     | [$ |     | ] |

| (1) | The above discussion and table are based on 1,113,533 shares of our Common Stock outstanding as of                                                                                                             
 December 31, 2024 and gives effect to the Reverse Stock Split. The number of shares outstanding as of December 31, 2024 excludes, as of such date the following shares (giving effect to Reverse Stock Split): |

| • |     | [   ] shares issuable upon the conversion of Convertible Senior Secured Notes; |

| • |     | [   ] shares issuable in payment of the Commitment Fee to Square Gate Capital Master Fund, 
 LLC – Series 4;                                                                            |

| • |     | [   ] shares issuable upon the exercise stock options of vested employee equity awards under   
 the 2019 Equity Incentive Plan (“2019 Plan”) and the 2021 Equity Incentive Plan (“2021 Plan”); |

| • |     | [   ] shares for stock options underlying unvested employee equity awards under the 2019 Plan 
 and 2021 Plan;                                                                                |

| • |     | [   ] shares reserved for issuance under our 2021 Plan; |

54

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83

| • |     | [   ] shares reserved for draws on our equity line of credit; and |

| • |     | [   ] shares issuable upon the exercise of Armistice common stock warrants. |

The information discussed above is illustrative only and will adjust