HCW Biologics CEO Wong Hing C Buys 113,879 Shares

What Happened
Wong Hing C, CEO of HCW Biologics Inc. (HCWB), reported a purchase of 113,879 shares on May 22, 2026 at $1.41 per share for a total of $160,000. The Form 4 also shows a second, related entry for 113,879 shares at $0.00 (a derivative-type acquisition). Both entries are reported as purchases (transaction code P), which is a direct buy rather than a sale.

Key Details

• Transaction date: May 22, 2026. Form 4 filed: May 27, 2026 (appears to be 5 days after the transaction; Section 16 Form 4s are typically due within 2 business days, so this may be late).
• Purchase: 113,879 shares at $1.41 per share = $160,000.
• Related entry: 113,879 shares at $0.00 listed as a derivative acquisition of the same amount.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: The reporting person purchased these shares directly from the issuer in a private placement, which is claimed to be exempt from Section 16(b) under Rule 16b-3(d).

Context
This was a direct purchase from the company via a private placement (not an open-market buy). Private placement purchases by insiders can reflect a direct investment in the company but, as always, do not by themselves explain motivation. The derivative-style $0.00 entry reflects how the transaction was reported and is clarified by the footnote as part of the private placement; it does not necessarily indicate a sale or option exercise.