HCW Biologics Inc. (NASDAQ: HCWB) completed a $4.0 million private placement with E.F. Hutton & Co. serving as the sole placement agent, according to a company statement.

The offering closed on May 21, 2026. HCW Biologics, a clinical-stage biopharmaceutical company, develops fusion immunotherapeutics for diseases driven by chronic inflammation, including autoimmune disorders, cancer, and senescence-associated conditions.

The company plans to use the net proceeds to continue clinical trials for HCW9302, advance IND-enabling studies for its T-Cell Engager HCW11-018b, and its second-generation immune checkpoint inhibitor HCW11-040. Funds will also support general corporate purposes, including debt repayment and settlements.

"We are pleased to have partnered with HCW Biologics on this important financing transaction," said Joseph T. Rallo, Chief Executive Officer of E.F. Hutton & Co. "HCW Biologics continues to advance a differentiated pipeline of immunotherapeutic candidates targeting significant unmet medical needs."

E.F. Hutton & Co. is an investment banking and financial advisory firm headquartered in New York City that provides advisory and financing solutions to corporate clients, sponsors, and public-private partnerships.