Announcement • Jun 02
HCW Biologics Inc. Receives Notice from Listing Qualifications Staff of the Nasdaq As previously disclosed, on March 26, 2026, HCW Biologics Inc. received written notice from the Listing Qualifications Staff (the Staff) of the Nasdaq Stock Market LLC (Nasdaq) that for 30 consecutive business days, the Company's listed securities did not maintain a minimum bid price of $1 per share, in accordance with Nasdaq Listing Rule 5550(a)(2) (Bid Price Rule) for continued listing on The Nasdaq Capital Market (the Exchange). Due to the fact that the Company effected a 1-for-40 reverse stock split on April 11, 2025, the Company was not afforded a 180-calendar day period to demonstrate compliance. On May 29, 2026, the Nasdaq Hearings Panel (the Panel) granted the Company an extension in which to regain compliance with continued listing rules of the Exchange. The Panel's determination follows the Company's hearing on May 5, 2026, at which the Company presented, and the Panel considered, the Company's plan to regain compliance with the Bid Price Rule. The Panel granted the Company's request for continued listing on the Exchange, subject to, among other things, that on or before July 29, 2026, the Company must demonstrate compliance with the Bid Price Rule by exhibiting a bid price at or above $1 for twenty consecutive trading days. The Panel also noted that if the Company becomes deficient with the Bid Price Rule prior to September 22, 2026, the Company will be immediately delisted. Further, if the Company becomes non-compliant with any other listing rule prior to September 22, 2026, the Company will be allowed seven calendar days to advise the Panel on its plan to cure the listing deficiencies and the Panel will, at that time, determine whether to grant the Company an exception to cure the deficiency. The Panel also required that Company provide prompt notification of any significant events that occur during the exception period that may affect the Company's compliance with Nasdaq requirements. If the Company regains compliance and satisfies the terms of the exception, the Panel intends to impose a Discretionary Panel Monitor on the Company for an additional one-year period, pursuant to Listing Rule 5815(d)(4)(A). Reported Earnings • May 17
First quarter 2026 earnings released: EPS: US$0.37 (vs US$1.97 loss in 1Q 2025) First quarter 2026 results: EPS: US$0.37 (up from US$1.97 loss in 1Q 2025). Revenue: US$6.54m (up US$6.54m from 1Q 2025). Net income: US$1.98m (up US$4.18m from 1Q 2025). Profit margin: 30% (up from net loss in 1Q 2025). Revenue is expected to decline by 84% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 22%. Announcement • May 15
HCW Biologics Discovers that HCW11-040 Prevents Bronchopulmonary Dysplasia (BPD) During IND-Enabling Studies HCW Biologics Inc. announced that its scientists and academic collaborators at Queen’s University at Kingston, Ontario discover that HCW11-040, a second-generation, pembrolizumab-based fusion immunotherapeutic, prevents bronchopulmonary dysplasia during IND-Enabling studies. The Company expects to complete IND-Enabling studies in the second half of 2027 and intends to immediately file an IND application to evaluate HCW11-040 in patients at a high risk of developing BPD. HCW11-040 is a pembrolizumab-based fusion immunotherapeutic that activates immune cells and eliminates high-oxygen induced senescent cells. BPD causes abnormal lung development in premature infants that leads to long-term health problems that persist into adulthood as well as neurodevelopmental delays. BPD in neonates causes long-term health impacts primarily related to chronic lung disease, including reduced lung function, asthma-like symptoms, and higher susceptibility to infections, which can persist into adulthood. Survivors may also face neurodevelopmental delays, impaired exercise tolerance, and in severe cases, pulmonary hypertension, necessitating specialized, multidisciplinary care. There is no known cure for BPD, and it is a high-impact unmet medical need since the premature infants who have BPD have diminished life-long healthspan. In the United States, there are 10,000 – 15,000 cases annually. It is the most common serious complication of prematurity, characterized by lung damage from ventilation and oxygen therapy. Despite advancements in care, the incidence of BPD has remained relatively stable over the last few decades. On February 3, 2026, President Donald Trump reauthorized the Mikaela Naylon Give Kids a Chance Act and revived the rare pediatric disease priority review voucher program. The rare pediatric disease program will now be funded through September 2029. The United States Food and Drug Administration grants rare pediatric disease Designation for rare pediatric disorders to encourage development of treatments for diseases which are life-threatening conditions with no currently approved, specific drug treatments. HCW11-040 is a novel fusion immunotherapeutic that is designed to block the checkpoint receptors and engage the costimulatory receptors, analogous to taking the foot off the brake and simultaneously hitting the gas. It is designed to activate exhausted immune cells. While conducting IND-enabling studies with collaborators at Queen’s University at Kingston, Ontario, the Company discovered that a single-dose of HCW11-040 administered subcutaneously also effectively prevented the development of BPD in a clinically relevant and highly stringent animal model. KEYTRUDA is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co. Inc. and the company is not affiliated with HCWB. 
