HCW Biologics non-reliance on Q1 2026 financials; EPS overstated by $0.80

HCW Biologics Inc.

• Audit Committee concluded Aug 10, 2026 that Q1 2026 financials in Form 10-Q (filed May 14, 2026) should no longer be relied upon.
• EPS overstated by $0.80: reported $2.19 basic/diluted; correct two-class allocation is 63.3% to common, 36.7% to participating securities.
• As of Mar 31, 2026: 904,312 weighted-average common shares; 524,501 shares from participating warrants outstanding.
• Material weakness in internal control over financial reporting: ineffective technical accounting review of complex warrant instruments.
• Company will file Form 10-Q/A and amend registration statements; remediation measures include enhanced technical accounting review.