HCW Biologics prices $1.5 million private placement with existing investor

HCW Biologics Inc. (NASDAQ: HCWB) announced on September 24, 2026 that it priced a $1.5 million private placement with an existing stockholder. The offering was priced with an existing stockholder of the company, referred to as the Investor.¹

Under a securities purchase agreement dated September 23, 2026, the company agreed to sell an aggregate of 903,614 units, each consisting of one pre-funded warrant to purchase one share of common stock plus the right to receive one common stock purchase warrant, subject to stockholder approval.¹ The combined price per unit was $1.6599.¹ The pre-funded warrants carry a $0.0001 exercise price and are immediately exercisable with no expiration, while the common warrants will have a $1.66 exercise price and expire five and a half years after issuance.¹

Because the potential share issuance from the common warrants could exceed Nasdaq Listing Rule 5635(d) thresholds, stockholder approval is required before those warrants can be issued.¹ Maxim Group LLC arranged the placement, serving as the sole agent for the deal.

The company said it plans to use the proceeds to continue clinical trials of HCW9302, move forward with IND-enabling work on its T-cell engager program known as HCW11-018b, and advance a second-generation immune checkpoint inhibitor called HCW11-040, along with general corporate needs.¹

HCW Biologics also entered a registration rights agreement obligating it to file a Form S-1 with the SEC within 15 trading days of closing, covering resale of shares tied to the warrants, and to seek SEC effectiveness within 60 days of closing.¹ Total shares held by the Investor, including those from warrant exercises, cannot exceed 9.99% of outstanding common stock after the issuances.¹