HCW Biologics Inc.

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

HCWB$1.02-1.9%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Statements of changes in stockholders’ equity (deficit)

Condensed Statements of Changes in Stockholders’ Equity (Deficit)

For the Nine Months Ended September 30, 2024 and 2025

	Stockholders’ Equity (Deficit)
Common Stock · AdditionalPaid-In · Accumulated · TotalStockholders’
	Shares	Amount	Capital	Deficit	Equity (Deficit)
Balance, January 1, 2024	900,628	$90	$83,993,950	$(70,532,323)	$13,461,717
Issuance of Common Stock upon exercise of stock options	314	1	2,254	—	2,255
Issuance of Common Stock upon equity subscription	44,643	4	2,500,001	—	2,500,005
Stock-based compensation	—	—	244,685	—	244,685
Net loss	—	—	—	(7,468,061)	(7,468,061)
Balance, March 31, 2024	945,585	$95	$86,740,890	$(78,000,384)	$8,740,601
Issuance of Common Stock upon exercise of stock options	—	—	—	—	—
Stock-based compensation	—	—	239,821	—	239,821
Net loss	—	—	—	(15,280,191)	(15,280,191)
Balance, June 30, 2024	945,585	$95	$86,980,711	$(93,280,575)	$(6,299,769)
Issuance of Common Stock upon exercise of stock options	—	—	—	—	—
Stock-based compensation	—	—	232,433	—	232,433
Net loss	—	—	—	(3,902,288)	(3,902,288)
Balance, September 30, 2024	945,585	$95	$87,213,144	$(97,182,863)	$(9,969,624)

	Stockholders’ Deficit
Common Stock · AdditionalPaid-In · Accumulated · TotalStockholders’
	Shares	Amount	Capital	Deficit	Deficit
Balance, January 1, 2025	1,113,532	$111	$93,785,854	$(100,556,137)	$(6,770,172)
Issuance of Common Stock upon exercise of stock options	205	—	1,654	—	1,654
Issuance of Common Stock to Square Gate	9,616	1	149,999	—	150,000
Issuance cost of Common Stock	—	—	(22,297)	—	(22,297)
Stock-based compensation	—	—	275,642	—	275,642
Net loss	—	—	—	(2,196,875)	(2,196,875)
Balance, March 31, 2025	1,123,353	$112	$94,190,852	$(102,753,012)	$(8,562,048)
Issuance of Common Stock	194,242	20	1,592,784	—	1,592,804
Issuance of pre-funded warrants	—	—	4,207,718	—	4,207,718
Issuance of common stock warrants	—	—	9,650,404	—	9,650,404
Exercise of pre-funded warrants	513,140	51	-	—	51
Issuance cost of Common Stock	—	—	(70,094)	—	(70,094)
Issuance cost of pre-funded warrants	—	—	(504,862)	—	(504,862)
Issuance cost of common stock warrants	—	—	(227,646)	—	(227,646)
Equity dividend to investor	—	—	(10,153,799)	—	(10,153,799)
Issuance of Common Stock to extinguish restructured debt	253,083	25	1,774,087	—	1,774,112
Issuance of common stock warrants to extinguish restructured debt	—	—	544,249	—	544,249
Gain on conversion of debt with related parties, net	—	—	3,346,562	—	3,346,562
Stock-based compensation	—	—	278,307	—	278,307
Adjustment for reverse stock split	62,783	7	(7)	—	—
Net loss	—	—	-	(1,927,730)	(1,927,730)
Balance, June 30, 2025	2,146,601	$215	$104,628,555	$(104,680,742)	$(51,972)
Issuance of common stock under Standby Equity Purchase Agreement (SEPA)	475,000	47	2,357,073	—	2,357,120
Issuance cost of Common Stock	—	—	(63,501)	—	(63,501)
Stock-based compensation	—	—	205,492	—	205,492
Adjustment for reverse stock split	6	—	—	—	—
Net loss	—	—	—	(4,554,336)	(4,554,336)
Balance, September 30, 2025	2,621,607	$262	$107,127,619	$(109,235,078)	$(2,107,197)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.