HCW Biologics closed a Notes Purchase Agreement with Streeterville Capital on November 4, 2026, securing up to $10.0 million in total funding. The transaction consists of two secured promissory notes: an A-1 Note with a principal amount of $3.2 million and a B Note for $7.0 million. The company received net proceeds of approximately $3.0 million at closing, while the remaining $7.0 million is held in a deposit account controlled by the lender and accessible under specific conditions. The A-1 Note carries an 8% annual interest rate with a 24-month maturity, while the B Note accrues interest at 5%. Proceeds will support clinical development programs for HCW9302, specifically to complete the Phase 1 study in alopecia areata and establish a Recommended Phase 2 Dose expected in early 2027. HCW Biologics is a clinical-stage biopharmaceutical company developing fusion immunotherapeutics for autoimmune diseases, cancer, and senescence-associated dysplasia.
