Form 8-K

8-K — HCW Biologics Inc.

Accession: 0001493152-26-038240

Filed: 2026-08-14

Period: 2026-08-10

CIK: 0001828673

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): August

10, 2026

HCW

Biologics Inc.

(Exact

name of Registrant as Specified in Its Charter)

Delaware

001-40591

82-5024477

(State

or Other Jurisdiction

Incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

2929

N. Commerce Parkway

Miramar,

Florida

33025

(Address

of Principal Executive Offices)

(Zip

Code)

Registrant’s

Telephone Number, Including Area Code: 954

842-2024

(Former

Name or Former Address, if Changed Since Last Report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, par value $0.0001 per share

HCWB

The

Nasdaq Stock Market LLC

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging

growth company ☒

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item

4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

August 10, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of HCW Biologics Inc. (the “Company”),

in consultation with management and the Company’s independent registered public accounting firm, Crowe LLP, concluded that

the Company’s previously issued unaudited condensed financial statements as of and for the three months ended March 31,

2026, included in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”)

on May 14, 2026 (the “Original Form 10-Q”), should no longer be relied upon. The Company intends to file an amendment

to the Original Form 10-Q on Form 10-Q/A (the “Form 10-Q/A”) to restate the affected unaudited condensed financial statements

and related disclosures for the three months ended March 31, 2026. The Company also intends to amend or otherwise update, as appropriate,

its applicable registration statement filing that incorporates or includes the affected financial information prior to its effectiveness,

to reflect the restated financial statements and related disclosures.

The

non-reliance conclusion described above resulted from the identification of an error in the Company’s application

of the two-class method for calculating earnings per share (“EPS”). Specifically, the Company did not appropriately

allocate undistributed earnings between Common Stock and participating securities with non-forfeitable dividend rights. Management

determined that these errors constituted a material misstatement of EPS.

After

giving effect to the Company’s reverse stock split effective on June 30, 2026, the Company had 904,312 weighted-average

shares of Common Stock outstanding and had outstanding participating warrants which may be exercised for 524,501 shares of Common Stock

as of March 31, 2026. On a post-split basis, as a result of the misapplication of the two-class method, the Company reported basic and

diluted EPS of $2.19 per share, an overstatement of $0.80 per share, caused by applying a 100% allocation of undistributed

earnings to the weighted average shares outstanding; however, the Company should have allocated approximately 63.3% of the

applicable undistributed earnings to Common Stock and approximately 36.7% to the participating securities.

The

error affected EPS as presented on the face of the statement of operations and in the related EPS disclosures. Any previously furnished

reports, press releases, earnings releases and other communications describing the Company’s condensed financial statements as

of and for the three months ended March 31, 2026, should no longer be relied upon.

Management

evaluated the effect of the error and restatement on the Company’s disclosure controls and procedures and internal control over

financial reporting and concluded that a material weakness existed related to the ineffective operation of the Company’s

technical accounting review control over complex warrant instruments and financing transactions, including the evaluation of relevant

contractual provisions and related legal interpretations, at a sufficient level of precision. As a result, the Company

did not appropriately apply the two-class method in calculating EPS for the three months ended March 31, 2026. Management is implementing

remediation measures, including enhanced technical accounting review procedures, and improved coordination with legal

counsel and other advisors, as appropriate.

The

Audit Committee has discussed the matters disclosed in this Form 8-K with Crowe LLP, the Company’s independent registered public

accounting firm.

Forward-Looking Statements

This

Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995, including statements regarding the expected impact of the error and restatement; the timing, form, and scope of any amended or

future SEC filings; the expected conclusions regarding disclosure controls and procedures and internal control over financial reporting;

and the Company’s remediation plans. These forward-looking statements are based on current expectations and assumptions and are

subject to risks and uncertainties, including the discovery of additional information during the preparation of the restated financial

statements, as well as the risk factors described in the Company’s SEC filings. Actual results may differ materially from those

indicated by these forward-looking statements. The Company undertakes no obligation to update any forward-looking statements to reflect

events or circumstances after the date of this report, except as required by law.

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

HCW

BIOLOGICS INC.

Date:

August

14, 2026

By:

/s/

Hing C. Wong

Hing

C. Wong, Founder and Chief Executive Officer

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