Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

As previously reported on Form 8-K filed on July 18, 2025, HCW Biologics Inc. (the "Company") and WY Biotech Co., Ltd. ("WY Biotech") agreed to extend the date for payment of the $7.0 million upfront license fee under the worldwide exclusive license agreement between the Company and WY Biotech (the "Agreement") to on or before September 30, 2025. As previously reported on Form 10-Q filed on August 18, 2025 in regard to the Agreement, the Company delayed recognition of the upfront payment while WY Biotech finalizes agreements with its contract development and manufacturing organization ("CDMO") and investors. WY Biotech has informed the Company it has not yet finalized such agreements and will likely not meet the amended payment date. The Company and WY Biotech are currently negotiating the terms for potential further revisions of and additions to the Agreement. The foregoing summary of certain terms of the Agreement, the amendment thereto and the referenced terms under negotiation does not purport to be complete.