HCW Biologics Inc. (HCWB) AI Dilution Summary

Cash was $741,324 at 2026-06-30 against estimated monthly burn of $1,322,046. The most recent raise was a September 2026 private placement with Armistice of 903,614 units, closed 2026-09-24, for $1,500,000. Dilution here is driven primarily by the Square Gate Capital Master Fund equity line.