NEW YORK - HCW Biologics Inc. (NASDAQ:HCWB) completed a $4 million private placement on Wednesday. This represents a significant capital injection for the company, which has a market cap of just $7.14 million.
The stock has surged 112% over the past week and is up 166% year-to-date.
E.F. Hutton & Co. served as the sole placement agent. The New York-based investment bank announced its role on Friday.
HCW Biologics is a clinical-stage biopharmaceutical company focusing on fusion immunotherapeutics for chronic inflammation, autoimmune disorders, cancer, and senescence-associated conditions.
The company plans to use proceeds to continue clinical trials for HCW9302 and advance IND-enabling studies for two drug candidates: HCW11-018b, a T-Cell Engager, and HCW11-040, a second-generation immune checkpoint inhibitor. Funds will also support general corporate purposes, including debt repayment. The debt repayment component appears critical, as the company's short-term obligations exceed its liquid assets.
Joseph T. Rallo, CEO of E.F. Hutton & Co., said, "We are pleased to have partnered with HCW Biologics on this important financing transaction."
The offering closed on May 21, 2026.
In other news, HCW Biologics reported receiving a $7 million upfront license fee from Beijing Trimmune Biotech Co., Ltd., including $3.5 million in cash and a $3.5 million minority equity position. The company also plans to file an Investigational New Drug application in H1 2027 for HCW11-018b. Research in Science Advances showed HCW9206 can generate CAR-T cells with enhanced functionality. HCW Biologics adjourned its Special Meeting of Stockholders due to lack of quorum; matters will be addressed at the Annual Meeting on June 15, 2026.
