HCW Biologics Changes Independent Auditor

TL;DR

HCW Biologics swapped auditors from PwC to WithumSmith+Brown, effective Sept 20, 2024.

AI Summary

HCW Biologics Inc. announced on September 20, 2024, a change in its certifying accountant. The company has dismissed PricewaterhouseCoopers LLP and engaged WithumSmith+Brown, PC as its new independent registered public accounting firm. This change is effective immediately.

Why It Matters

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.

Risk Assessment

Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial reporting issues or strategic shifts, warranting closer investor scrutiny.

Key Players & Entities

• HCW Biologics Inc. (company) — Registrant
• PricewaterhouseCoopers LLP (company) — Former Certifying Accountant
• WithumSmith+Brown, PC (company) — New Certifying Accountant
• September 20, 2024 (date) — Effective Date of Change

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share HCWB The Nasdaq Stock Mar
• $8.0 million — legally binding commitment to purchase $8.0 million of secured notes from the Company (the
• $1.3 million — ed in the misdirection of approximately $1.3 million held in Company accounts to a fraudulen

Filing Documents

• hcwb-20240920.htm (8-K) — 46KB
• hcwb-ex16_1.htm (EX-16.1) — 7KB
• 0000950170-24-108493.txt ( ) — 167KB
• hcwb-20240920.xsd (EX-101.SCH) — 24KB
• hcwb-20240920_htm.xml (XML) — 5KB

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant. On September 19, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of HCW Biologics Inc. (the "Company") dismissed Grant Thornton LLP ("Grant Thornton") as the Company's auditing firm, effective immediately. This decision was not related to any disagreements with Grant Thornton on any matter of accounting principles, financial statements disclosures, auditing scope or auditing procedure. The reports of Grant Thornton on the financial statements of the Company as of and for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or disclaimer of an opinion and were not qualified or modified as to uncertainty, audit scope or audit principles, except that there was an explanatory paragraph describing conditions that raised substantial doubt about the Company's ability to continue as a going concern as of December 31, 2023. During the fiscal years ended December 31, 2022 and 2023 and the subsequent interim period through September 19, 2024, a period during which Grant Thornton was engaged as the Company's auditing firm (the "Engagement Period"), there were no disagreements, within the meaning of Item 304(a)(1)(iv) of Regulation S-K, between the Company and Grant Thornton on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedure, any of which, if not resolved to Grant Thornton's satisfaction, would have caused Grant Thornton to make a reference thereto in their reports. For the Engagement Period, there were no "reportable events" (as described in Item 304(a)(1)(v)(A) of Regulation S-K), except as follows: As reported in the Company's Form 8-K filed on May 1, 2024 with the SEC, the Company was a victim of a criminal scheme involving the impersonation of an investor who defaulted on its legally binding commitment to purchase $8.0 million of secured notes from the Company (the "Defa

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 16.1 Letter from Grant Thornton dated September 20, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HCW Biologics Inc. Date: September 20, 2024 By: /s/ Hing C. Wong Hing C. Wong, Ph.D., Founder and CEO

View Full Filing

View this 8-K filing on SEC EDGAR