HCW Biologics Inc. (the "Company" or "HCW Biologics") (NASDAQ:HCWB), a U.S.-based clinical-stage biopharmaceutical company and leading developer in novel multi-functional fusion immunotherapeutics, for treatments of autoimmune diseases, cancer, and senescence-associated dysplasia, today announced that the Company secured up to $10.0 million in cash to fund the clinical and operating activities necessary to complete the dose-escalating Phase 1 study evaluating HCW9302 as a monotherapy for the treatment of alopecia areata and establishing the Recommended Phase 2 Dose which is expected in the first quarter of 2027. On November 4, 2026, the Company closed on a debt financing, which provided $3.0 million upon closing and access to $7.0 million in additional funds, subject to certain conditions.

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