HCW Biologics prices $1.6 million private placement offering

HCW Biologics Inc. announced on July 29, 2026 the pricing of a $1.6 million private placement offering with a group of investors, including officers, directors and an existing stockholder of the company.¹

Under the purchase agreement, the company agreed to sell an aggregate of 618,682 units, each consisting of one share of common stock or a pre-funded warrant in lieu thereof, plus the right to receive one common stock purchase warrant subject to stockholder approval.¹ Specifically, the company will issue 218,682 shares of common stock and 400,000 pre-funded warrants.¹

Hing C. Wong, the company's founder and chief executive officer, Scott Garrett, chairman of the board, and Lee Flowers, senior vice president of business development, participated in the offering on the same terms as other investors.¹ The closing was expected to occur on or about July 29, 2026, subject to customary closing conditions.¹

Pricing terms included a combined purchase price of $2.585 per unit for shares with warrant rights, and $2.5849 per unit for pre-funded warrants with warrant rights.¹ The pre-funded warrants carry a $0.0001 exercise price and do not expire until exercised, while the common warrants will have a $2.585 exercise price and expire five and one-half years after issuance.¹ Because Nasdaq Listing Rule 5635(d) requires stockholder approval before issuing the common warrants due to potential share thresholds¹, those warrants will be issued only after such approval, per the filing.

The company said it intends to use net proceeds to continue clinical trials for HCW9302, advance IND-enabling studies for its T-cell engager HCW11-018b, and its second-generation immune checkpoint inhibitor HCW11-040, along with general corporate purposes.¹

Separately, the company entered a registration rights agreement requiring it to file a Form S-1 within 15 trading days of closing and use commercially reasonable efforts to have it declared effective within 60 days of closing.¹