HCW Biologics Enters into $4.0 Million Warrant Inducement Priced At-the-Market Under Nasdaq Rules

MIRAMAR, Fla., Nov. 19, 2025 (GLOBE NEWSWIRE) -- HCW Biologics Inc. (“HCWB” or the “Company”) (NASDAQ: HCWB), a U.S.-based clinical-stage biopharmaceutical company focused on discovering and developing innovative immunotherapies to extend health span by targeting the link between chronic inflammation and disease, today announced it has entered into a warrant inducement agreement with an investor (“Investor”) for the immediate exercise of certain outstanding warrants that the Company issued on November 20, 2024 (the “November 2024 Warrants”) and May 15, 2025 (the “May 2025 Warrants”), respectively. Pursuant to a warrant inducement agreement, the Investor has agreed to a reduced exercise price of the outstanding November 2024 Warrants and May 2025 Warrants to an amended exercise price of $2.66, and to exercise the outstanding November 2024 Warrants to purchase an aggregate of 167,925 shares of the Company’s common stock and the outstanding May 2025 Warrants to purchase an aggregate of 1,342,280 shares of the Company’s common stock, at the amended exercise price of $2.66. The gross proceeds from the exercise of the warrants are expected to be approximately $4.0 million, prior to deducting financial advisory fees and estimated offering expenses.

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