---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-024989"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2025-02-21T23:59:59+00:00"
generated_at: "2026-05-26T07:08:42.655065+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# HCW Biologics secures $20M equity purchase agreement, expandable to $40M

## Summary
- Equity Purchase Agreement with Square Gate Capital Master Fund for up to $20M initial, up to $40M total.
- Company may sell shares at 98% of lowest daily VWAP over 3-day valuation period; no obligation to sell.
- 36-month commitment period; Investor prohibited from short sales or hedging.
- $150,000 commitment fee paid in common shares; Registration Rights Agreement filed.
- Proceeds to fund clinical development programs and expand R&D activities.

## SEC filing metadata
- accession: 0000950170-25-024989
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2025-02-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000095017025024989/0000950170-25-024989-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000095017025024989/hcwb-20250220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-024989
- JSON: https://secwatch.observer/filing/0000950170-25-024989.json
- Plain text: https://secwatch.observer/filing/0000950170-25-024989.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.