HCW Biologics Inc. (NASDAQ: HCWB), a clinical-stage biopharmaceutical company, priced a follow-on offering of approximately 2.48 million units at $0.6055 per unit, generating $1.5 million in gross proceeds. The at-the-market offering was conducted in accordance with NASDAQ regulations and represents the company's latest capital raise to fund ongoing development initiatives.
The company intends to allocate net proceeds toward preclinical and clinical development activities for HCW9302, its lead therapeutic candidate, as well as for general corporate purposes. This funding effort underscores the company's commitment to advancing its clinical pipeline while maintaining operational flexibility.
In conjunction with the offering, HCW Biologics has negotiated an amendment to existing warrant agreements that would reduce the exercise price from $2.41 to $0.6055 per share, aligning the warrant terms with the current offering price. The warrant exercise price reduction is subject to approval by the company's shareholders and remains pending final authorization.