Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
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Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
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Filed pursuant to Rule 424(b)(3)
Registration No. 333-286409

| PROSPECTUS |

Resale of up to $40,000,000 in Shares of Common Stock, and up to a total of 7,101,615 Shares of Common Stock This prospectus relates to the proposed resale by the respective selling stockholders identified below of up to the following respective amounts of shares of our common stock, par value $0.0001 per share (our “Common Stock”): (1) The proposed resale by Square Gate Capital Master Fund, LLC – Series 4 (“Square Gate”) or its permitted assigns of up to an aggregate of $20,000,000 of shares of our Common Stock, plus, at HCWB’s option upon utilizing the initial $20,000,000, an additional amount equal to the lesser of 100% of the Company’s market capitalization at the time of exercise of such option or $20,000,000, over the 36-monthterm of the ELOC Purchase Agreement, which may be issued pursuant to an equity purchase agreement dated as of February 20, 2025 (the “ELOC Purchase Agreement”) and 384,615 shares of our Common Stock issued to Square Gate on March 12, 2025 as its Commitment Fee under the ELOC Purchase Agreement (the “Commitment Shares”). Shares of our Common Stock issuable under the ELOC Purchase Agreement (other than the Commitment Shares), if and when they are sold to Square Gate pursuant to the terms of the ELOC Purchase Agreement, will be sold at a per share price equal to 98% of the lowest daily volume-weighted average price (“VWAP”) during the three trading days following the date of the Company’s Put Notice requiring such purchase. See the sections of this prospectus entitled “Prospectus Summary-TheOffering” and “The ELOC Transaction” for more detail regarding the sale of shares under the ELOC Purchase Agreement. (2) The proposed resale by Armistice Capital Master Fund Ltd. (“Armistice”) or its permitted assigns of up to an aggregate of 6,717,000 shares of our Common Stock (the “Warrant Shares”), which may be issued pursuant to a Common Stock Purchase Warrant dated as of November 20, 2025 (the “Purchase Warrant”). Shares of our Common Stock issuable under the Purchase Warrant, if and when they are sold to Armistice pursuant to the terms of