As previously reported on Form 8-K filed on June 5, 2025 in regard to the exclusive license agreement (the "Agreement") between HCW Biologics Inc. (the "Company") and WY Biotech Co., Ltd. ("WY Biotech"), on May 29, 2025, WY Biotech notified the Company that it completed its due diligence to study the technical report delivered by the Company and elected to continue with the Agreement (Press release, HCW Biologics, JUL 18, 2025, View Source [SID1234654442]). As a result, WY Biotech is financially obligated to the Company, as detailed in the Agreement, as amended, including the obligation to pay a $7.0 million in upfront license fee. In order to accommodate WY Biotech’s timing in finalizing agreements with its CDMO and investors, as of July 13, 2025, the Company and WY Biotech agreed to extend the date for payment such that WY Biotech will provide confirmation of wiring of the $7.0 million license fee on or before September 30, 2025. The foregoing summary of certain terms of the Agreement and the referenced amendment does not purport to be complete.

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