HCW Biologics Inc. (HCWB) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 21, 2026

Risk Assessment Details

Potential Dilution: 101.39% of current shares
Recent Dilution: 267.67% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
6.7M
Potential Supply
6.8M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

HCWB currently has 6.73M outstanding shares. with significant dilution risk as 6.83M authorized shares could dilute existing holders by 101.4%. The company has significantly diluted shareholders by 267.67% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 21, 2026

8-K filing: HCW Biologics Inc. issued and sold 427,046 shares of common stock, 2,419,929 pre-funded warrants, and 2,846,975 common warrants for aggregate gross proceeds of approximately $4 million. ($4.0M proceeds)

6.7M 6.8M
May 14, 2026

10-Q filing | 6.7M shares outstanding

6.7M 6.8M
May 13, 2026

POS AM filing: The company is offering up to $5.6 million of common stock or pre-funded warrants on a reasonable best efforts basis.

6.7M 6.8M
Apr 24, 2026

S-1/A filing: HCW Biologics Inc. is offering up to 13,625,304 shares of common stock or pre-funded warrants to purchase up to 13,625,304 shares of common stock, for gross proceeds of approximately $5.6 million.

6.7M 20M
Apr 23, 2026

S-1 filing: This S-1 filing, dated April 23, 2026, relates to a proposed offering of up to $5,600,000 of common stock or pre-funded warrants.

6.7M 20M
Mar 31, 2026

10-K filing | 6.7M shares outstanding

6.7M 6.8M
Jan 09, 2026

S-1 filing: This prospectus relates to the proposed resale by the respective selling stockholders identified below of up to 3,400,033 shares of our Common Stock, which are issuable upon exercise of the Conversion Shares, Conversion Warrants and New Warrants.

3.3M 6.8M
Nov 20, 2025

8-K filing: HCW Biologics Inc. entered into an inducement offer agreement with an institutional investor, resulting in the exercise of existing warrants and the issuance of new warrants, with gross proceeds of approximately $4.0 million. ($4.0M proceeds)

2.7M 3.4M
Nov 14, 2025

10-Q filing | 2.7M shares outstanding

2.7M 3.4M
Jul 01, 2025

8-K filing: Armistice Capital Master Fund Ltd. exercised pre-funded warrants to purchase 54,000 shares of HCW Biologics Inc. common stock on June 18, 2025, completing the full exercise of the pre-funded warrants.

1.4M 3.4M
Jun 13, 2025

8-K filing: HCW Biologics Inc. reports that Armistice Capital Master Fund Ltd. exercised pre-funded warrants to purchase 85,000 shares of the Company's common stock on June 12, 2025, and continues to hold pre-funded warrants that may be exercised for 54,000 shares of common stock.

1.4M 3.4M
May 30, 2025

8-K filing: HCW Biologics Inc. issued 71,000 shares of common stock to Armistice Capital Master Fund Ltd. on May 29, 2025, as a result of the exercise of pre-funded warrants, with Armistice retaining pre-funded warrants to purchase up to 139,000 additional shares.

1.4M 3.4M
May 23, 2025

8-K filing: HCW Biologics Inc. issued 126,000 shares of registered Common Stock to Armistice Capital Master Fund Ltd. on May 22, 2025, following the exercise of some of its Pre-Funded Warrants.

1.4M 3.4M
May 20, 2025

8-K filing: HCW Biologics Inc. issued 177,140 shares of common stock to Armistice Capital Master Fund Ltd. upon exercise of pre-funded warrants, and issued 8,054 shares to Hing C. Wong, 13,423 shares to Scott T. Garrett, and 1,342 shares to Gary M. Winer upon conversion of Convertible Bridge Notes.

1.4M 3.4M
May 15, 2025

8-K filing: HCW Biologics Inc. completed a follow-on public offering of 158,000 shares of common stock, pre-funded warrants to purchase up to 513,140 shares, and warrants to purchase up to 1,342,280 shares for gross proceeds of approximately $5.0 million. ($15.0M proceeds)

1.4M 3.4M
May 15, 2025

10-Q filing | 1.4M shares outstanding

1.4M 3.4M
May 13, 2025

S-1/A filing: HCW Biologics Inc. files an S-1/A registration statement relating to the offering and sale of up to $5,000,000 of Units each consisting of (a)(i) one share of Common Stock or (ii) one Pre-Funded Warrant to purchase one share of Common Stock; and (b) two common stock purchase warrants to purchase up to an aggregate of $10,000,000 of shares of Common Stock.

1.4M 3.4M
May 09, 2025

S-1 filing: HCW Biologics Inc. is offering up to 655,308 units, each consisting of one share of common stock and two common stock warrants, as well as pre-funded warrants for certain investors, for gross proceeds of approximately $5,000,000, with the intention of using the proceeds for clinical development, research and development costs, business development, patent portfolio expansion, studies for publications, and general corporate purposes.

1.4M 3.4M
Apr 11, 2025
Stock Split

8-K filing: Stock split 1-for-40 | Outstanding: 44,934,120 → 1,123,353

1.1M 37K
Apr 07, 2025

S-1 filing: This prospectus relates to the proposed resale by the respective selling stockholders identified below of up to the following respective amounts of shares of our common stock, par value $0.0001 per share.

45M 58M
Mar 28, 2025

10-K filing | 44.9M shares outstanding

45M 51M
Nov 22, 2024

8-K filing: HCW Biologics Inc. issued 2,557,000 shares of registered common stock to Armistice Capital Master Fund Ltd. on November 21, 2024, following the exercise of pre-funded warrants.

36M 51M
Nov 20, 2024

8-K filing: HCW Biologics Inc. completed a registered direct offering and concurrent private placement on November 20, 2024, selling 4,160,000 shares of common stock and pre-funded warrants to purchase 2,557,000 shares, along with unregistered warrants to purchase 6,717,000 shares of common stock, for gross proceeds of approximately $6.9 million.

36M 51M
Nov 14, 2024

10-Q filing | 35.9M shares outstanding

36M 51M
Aug 14, 2024

10-Q filing | 35.9M shares outstanding

36M 51M
May 15, 2024

10-Q filing | 35.9M shares outstanding

36M 51M
Apr 01, 2024

10-K filing | 35.8M shares outstanding

36M 51M
Feb 22, 2024

8-K filing: HCW Biologics Inc. sold 1,785,718 shares of its common stock to certain officers and directors at a purchase price of $1.40 per share for an aggregate purchase price of $2.5 million. ($2.5M proceeds)

36M 51M
Nov 14, 2023

10-Q filing | 35.8M shares outstanding

36M 51M
Aug 11, 2023

10-Q filing | 35.8M shares outstanding

36M 51M
May 09, 2023

10-Q filing | 35.8M shares outstanding

36M 51M
Mar 28, 2023

10-K filing | 35.9M shares outstanding

36M 51M
Nov 07, 2022

10-Q filing | 35.9M shares outstanding

36M 51M
Aug 19, 2022

S-3 filing: HCW Biologics Inc. may offer up to $100 million aggregate dollar amount of common stock or preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, subscription rights to purchase common stock, preferred stock or debt securities and/or units consisting of some or all of these securities.

36M 51M
Aug 12, 2022

10-Q filing | 35.8M shares outstanding

36M 5.6M
May 13, 2022

10-Q filing | 35.8M shares outstanding

36M 5.6M
Mar 29, 2022

10-K filing | 35.8M shares outstanding

36M 5.6M
Nov 12, 2021

10-Q filing | 35.7M shares outstanding

36M 5.6M
Aug 13, 2021

10-Q filing | 35.7M shares outstanding

36M 5.6M
Jul 09, 2021

S-1/A filing: This S-1/A filing details an offering of common stock underwritten by EF Hutton, with an over-allotment option, including discounts and commissions information.

N/A 5.6M
Jul 07, 2021

S-1/A filing: This is an S-1/A filing for an offering of common stock underwritten by EF Hutton, with an over-allotment option.

N/A 5.6M
Jun 15, 2021

S-1/A filing: This is an S-1/A filing for an initial public offering of common stock with an over-allotment option.

N/A 0
Weekly Research

Get Weekly Super Stonk Alerts

Never miss a squeeze opportunity. Get our weekly analysis of high short interest stocks, AI-discovered gems, and dilution warnings delivered to your inbox.

No spam Unsubscribe anytime