HCW Biologics says Q1 2026 financials cannot be relied on due to EPS misstatement

• HCW Biologics’ audit committee concluded its Q1 2026 Form 10-Q financial statements should no longer be relied upon.
• Planned Form 10-Q/A will restate earnings per share after an error in applying the two-class EPS method.
• Basic and diluted EPS was overstated by $0.8 to $2.19 per share due to misallocating undistributed earnings.
• Material weakness identified in technical accounting review controls tied to complex warrant instruments and financing transactions.
• Remediation underway via enhanced accounting review procedures and tighter coordination with legal counsel and external advisers.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HCW Biologics Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001493152-26-038240), on August 14, 2026, and is solely responsible for the information contained therein.