Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 109

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 109
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 The following table shows the public offering price, placement agent fees and proceeds, before expenses, to us, assuming the sale of all Units in this offering and no sale of any Pre-Funded Warrants in this offering.

|                                 |     | Per Unit |   |    |     | Total |   |    |
|:--------------------------------|:----|:---------|:--|:---|:----|:------|:--|:---|
| Public offering price           |     | $        | [ | ●] |     | $     | [ | ●] |
| Placement agent fees            |     | $        | [ | ●] |     | $     | [ | ●] |
| Proceeds to us, before expenses |     | $        | [ | ●] |     | $     | [ | ●] |

We estimate that the total expenses of the offering, including registration and filing fees, printing fees and legal and accounting expenses, but excluding the placement agent fees, will be approximately $[●], all of which are payable by us. This figure includes, among other things, the placement agent’s expenses (including the legal fees, costs and expenses for the placement agent’s legal counsel) that we have agreed to reimburse. 67

Confidential Treatment Requested by HCW Biologics Inc.

Pursuant to 17 C.F.R. Section 200.83

Lock-Up Agreements

We have agreed to use our best efforts to cause each of our officers, directors and holders of five percent (5.0%) or more of our
outstanding shares of common stock have agreed for a period of six (6) months after this offering is complete, subject to certain exceptions not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise
dispose of any shares of our common stock or other securities convertible into or exercisable or exchangeable for our common stock for a period without the prior written consent of the placement agent, subject to certain exceptions.

The placement agent may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements
prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the placement agent will consider, among other factors, the security holder’s reasons for requesting the release, the
number of shares for which the release is being requested and market conditions at the time.

Tail

Upon the closing