HCW Biologics licenses HCW11-006 to Trimmune; $7M upfront (half cash, half equity)

HCW Biologics Inc.

Amended License, Research & Co-Development Agreement with Beijing Trimmune for HCW11-006 in vivo applications.
$7.0M upfront fee: $3.5M cash at closing, $3.5M in Trimmune equity.
Company retains payment-free option to recapture rights for US, Canada, Central & South America after Phase 1.
Trimmune responsible for all R&D, manufacturing, clinical, regulatory, commercialization costs in its territory.
If closing not completed by Jan 16, 2026, all IP and rights to HCW11-006 return to HCW.

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