Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 18

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 18
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during the sales period. Because the price per share of each share sold and issued to Square Gate will fluctuate during the sales period, it is not currently possible to predict the number of shares that will be sold and issued or the actual gross
proceeds to be raised in connection with those sales and issuances.

Investors who buy ELOC Shares from Square Gate at different times will likely pay different prices.

Pursuant to the ELOC Purchase Agreement, we will have discretion to vary the timing, price and number of
shares sold to Square Gate. If and when we elect to sell the ELOC Shares to Square Gate pursuant to the ELOC Purchase Agreement, after Square Gate has acquired such ELOC Shares, Square Gate may resell all, some or none of such shares at any time or
from time to time in its sole discretion and at different prices. As a result, investors who purchase shares from Square Gate in this offering at different times may pay different prices for those shares, and so may experience different levels of
dilution and in some cases substantial dilution and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from Square Gate in this offering as a result of future sales made by us
to Square Gate at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to Square Gate under the ELOC Purchase Agreement, or if investors expect that we will do so,
the actual

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sales of shares or the mere existence of our arrangement with Square Gate may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price
that we might otherwise wish to effect such sales.

Risks Related to HCWB’s Business and Industry

If we or any collaborators we work with in the future are unable to successfully develop and commercialize our product candidates, or experience significant delays in doing so, our business, financial condition, and results of operations will be materially adversely affected.

Our ability to generate product and royalty revenues, which we do not expect will occur for at least the next several years, if ever, will
depend heavily on the successful development and eventual commercialization of our product candidates, which may never occur. We currently generate no revenue from sales of any products, and we may never be able to develop or commercialize a
marketable product. Each of our product candidates and any future product candidates we develop will require significant clinical development