---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-289873"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2025-11-20T23:59:59+00:00"
generated_at: "2026-05-16T18:10:10.207903+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# HCW Biologics completes $4.0M warrant inducement; lowers exercise price to $2.66

## Summary
- Inducement agreement lowers exercise price on 1.51M existing warrants from $7.45 to $2.66 per share.
- Gross proceeds of approximately $4.0M from immediate exercise of November 2024 and May 2025 warrants.
- Issues new warrants to purchase up to 3,020,410 shares at $2.41, exercisable for 5.5 years from Nov 20, 2025.
- Maxim Group LLC acted as financial advisor; company to file resale registration statement within 30 days.
- Dilution to existing shareholders: warrants exercisable for 3.02M new shares; HCWB stock symbol unchanged.

## SEC filing metadata
- accession: 0001193125-25-289873
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2025-11-20T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000119312525289873/0001193125-25-289873-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000119312525289873/hcwb-20251119.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-289873
- JSON: https://secwatch.observer/filing/0001193125-25-289873.json
- Plain text: https://secwatch.observer/filing/0001193125-25-289873.txt

## Key facts
- Equity Issuances
  HCW Biologics Inc. issued up to 3,020,410 shares of the Company's common stock of warrant to a single institutional investor for approximately $4.0 million.
  - Security: warrant
  - Shares: up to 3,020,410 shares of the Company's common stock
  - Purchaser: a single institutional investor
  - Consideration: approximately $4.0 million
  source text: 30 days of the closing date, covering the resale of the shares of common stock issuable upon exercise of the New Warrants. The gross proceeds from Inducement were approximately $4.0 million, prior to deducting financial advisory fees and estimated offering expenses payable by the Company. The Inducement closed on November 20, 2025. Maxim Group LLC acted as financial
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828673/000119312525289873/0001193125-25-289873-index.htm

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