HCW Biologics regains Nasdaq listing compliance
HCW Biologics Inc. reports that a Nasdaq Hearings Panel determined on February 26, 2026 that the company has regained compliance with all continued listing rules of The Nasdaq Capital Market.
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Rhea-AI Filing Summary
HCW Biologics Inc. reports that a Nasdaq Hearings Panel determined on February 26, 2026 that the company has regained compliance with all continued listing rules of The Nasdaq Capital Market. This follows an earlier Panel decision that gave HCW Biologics until December 31, 2025 to meet the Equity Rule 5550(b)(1) and until February 16, 2026 to satisfy all other listing standards.
The company will remain under a one-year Mandatory Panel Monitor starting January 7, 2026. If it again falls out of compliance with the Equity Rule during this period, Nasdaq staff must issue a delist determination without providing any cure or additional compliance period, though the company could request a new hearing. Management highlighted that maintaining compliance supports ongoing access to public capital markets to fund its clinical-stage immunotherapy programs.
Positive
- Regained full Nasdaq listing compliance: The Nasdaq Hearings Panel determined on February 26, 2026 that HCW Biologics now satisfies all continued listing rules, removing near-term delisting risk.
- Ongoing access to public capital markets: Management states that maintaining Nasdaq compliance allows the company to continue accessing public equity capital to advance its clinical-stage immunotherapy pipeline.
Negative
- One-year Mandatory Panel Monitor: For one year from January 7, 2026, any new Equity Rule deficiency will trigger an automatic delist determination with no cure or compliance period.
- Heightened delisting consequence on repeat breach: If HCW Biologics again falls out of compliance with the Equity Rule during monitoring, Nasdaq staff cannot grant additional time, and the company’s securities may be delisted after a new hearing.
Insights
Nasdaq compliance restored, but HCW Biologics remains on a one-year watch.
HCW Biologics has regained full compliance with all Nasdaq Capital Market continued listing rules, including the Equity Rule 5550(b)(1), following a favorable Nasdaq Hearings Panel decision on February 26, 2026. This removes the immediate delisting risk that previously overhung the stock.
However, the company is under a Mandatory Panel Monitor for one year from January 7, 2026. If it again breaches the Equity Rule during this period, Nasdaq staff must issue a delist determination without allowing a standard cure or additional compliance period.
Any future deficiency would force HCW Biologics to seek another hearing before a Panel, and its securities may then be delisted from Nasdaq. Investors will have to rely on future periodic filings and Nasdaq communications to see whether the company maintains compliance through the end of this monitoring period.
8-K Event Classification
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 26, 2026, the HCW Biologics Inc. (the “Company”) received written notice form the Listing Qualifications Staff (the “Staff”) of the Nasdaq Capital Market Nasdaq Stock Market LLC (“Nasdaq”) that the Nasdaq Hearings Panel (the “Panel”) found that the Company regained compliance with all continued listing rules of the Nasdaq Capital Market (the “Exchange”), according to the terms of the Panel’s decision letter dated October 13, 2025.
On October 13, 2025, the Panel had granted the Company an extension in which to regain compliance with all continued listing rules of the Exchange, subject to, among other things, the Company demonstrating compliance with Listing Rule 5550(b)(1), the “Equity Rule,” by December 31, 2025, and with all other Exchange continued listing rules by February 16, 2026.
In accordance with the partial compliance letter dated January 7, 2026, the Company remains subject to the Mandatory Panel Monitor for a period of one year from the date of this letter. If, within that one-year monitoring period, the Staff finds the Company again out of compliance with the Equity Rule that was the subject of the exception, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency and the Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the Company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, the Staff will issue a Delist Determination Letter and the Company will have an opportunity to request a new hearing with the initial Panel or a newly convened Hearings Panel if the initial Panel is unavailable. The Company will have the opportunity to respond/present to the Hearings Panel as provided by Listing Rule 5815(d)(4)(C). The Company’s securities may be at that time delisted from Nasdaq.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Press release dated March 2, 2026. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HCW BIOLOGICS INC. |
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March 2, 2026 |
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/s/ Hing C. Wong |
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Hing C. Wong, Founder and Chief Executive Officer |
Exhibit 99.1
HCW Biologics Regains Compliance with All Continued Listing Rules for Nasdaq
Per Nasdaq Determination Letter
Miramar, FL – March 2, 2026 – HCW Biologics Inc. (the “Company” or “HCW Biologics”) (Nasdaq: HCWB), a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between inflammation and disease, today reported that, on February 26, 2026, the Nasdaq Hearings Panel (the “Panel”) of The Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”) found that the Company regained compliance with all continued listing rules of The Nasdaq Capital Market.
Dr. Hing C. Wong, the Company’s Founder and CEO, stated “We appreciate the discretion of the Nasdaq Panel to provide us with the time we needed to regain compliance with the Equity Rule. Regaining compliance allows us to continue to access the public markets for capital we need to advance our first-in-class immunotherapeutic drugs that we believe will transform the way we treat autoimmune diseases, cancer and other senescence-associated diseases.”
About HCW Biologics:
HCW Biologics Inc. (NASDAQ: HCWB) is a clinical-stage biopharmaceutical company developing proprietary immunotherapies to treat diseases promoted by chronic inflammation, especially age-related and senescence-associated diseases. The Company’s immunotherapeutics represent a new class of drug that it believes have the potential to fundamentally change the treatment of cancer and many other diseases and conditions that are promoted by chronic inflammation — and in doing so, improve patients’ quality of life and possibly extend longevity. Chronic inflammation, including inflammaging, is believed to be a significant contributing factor to the cause for senescence-associated diseases and conditions that diminish healthspan, including many types of cancer, autoimmune diseases, and neurodegenerative diseases, as well as indications that impact quality-of-life that are not life-threatening. The Company lead product candidate for its autoimmune program is HCW9302, subcutaneously injectable, first-in-kind interleukin-2 (“IL-2”) fusion molecule with a tissue-factor scaffold that was constructed using the Company’s TOBI™ platform technology. HCW9302 is currently being evaluated in a Phase 1 clinical study in patients with alopecia areata, which initiated in November 2025 (NCT07049328). The
Company has identified two preclinical lead product candidates for internal development constructed with its proprietary TRBC drug discovery and development platform, constructed with a protein-based scaffold. HCW11-018b (“Big BiTE”) is a tetra-valent T-cell engager designed to address shortfalls of bi-specific T-cell engagers (BiTE) related to manufacturability, safety profile, and ability to treat a wide spectrum of solid tumors. HCW11-040 is a pembrolizumab-based, tetra-valent immune checkpoint inhibitor. To improve efficacy, HCW11-040 is equipped with other moieties in addition to pembrolizumab which neutralizes the immunosuppressive cytokine, TGF-β, and activates effector immune cell responses. A key aspect of the Company’s clinical development and financing strategy is to focus on its business development programs. To date, the Company has entered two licensing agreements in which it has licensed exclusive, worldwide rights for some of its proprietary molecules. See the Company Pipeline at https://hcwbiologics.com/pipeline/
Forward-Looking Statements:
Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words and include, the Company’s ability to improve or extend healthspan; to extend longevity; to develop new immunotherapeutic treatments for chronic inflammation and age-related diseases; to develop treatments with its drug discovery platforms; the Company’s ability to execute its compliance plan and regain compliance with Nasdaq continued listing requirements; and the Company’s ability to raise additional funds. Similarly, statements that describe the Company’s objectives, plans or goals are, or may be, forward-looking statements. Forward-looking statements are based only on the Company’s current beliefs, expectations, and assumptions. Forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. The Company’s actual results may differ materially from those indicated in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties that are described in the section titled “Risk Factors” in the Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 28, 2025, the latest Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025, and in other filings filed from time to time with the SEC.
Company Contact:
Rebecca Byam
Chief Financial Officer
HCW Biologics Inc.
RebeccaByam@hcwbiologics.com