Wed, May 15, 8:41 PM (220 days ago)
HCW Biologics Inc. filed an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, to restate its financial statements due to a criminal scheme involving the impersonation of a purchaser, resulting in a $1.3 million loss. The company is pursuing remedies to recover this loss and seeking additional investors for $10 million under a Note Purchase Agreement. The re-evaluation of the company's going concern assessment led to the conclusion of substantial doubt about its ability to continue as a going concern. Key financial highlights include: - Restated financial statements reflecting substantial doubt about the company's ability to continue as a going concern. - Identification of material weaknesses in internal control over financial reporting related to financing proposal reviews and unusual transactions. - The company is implementing a remediation plan to address these weaknesses, expected by June 30, 2024. No changes were made to the company's financial position, results of operations, or cash flow as of and for the year ended December 31, 2023. The amendment should be read in conjunction with subsequent SEC filings.