HCW BIOLOGICS INC

Ticker: HCWB CUSIP: 40423R204 Class: Common Stock

Tower Research Capital LLC (TRC)'s Holding History (CIK: 0001533421)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 4,504 Value ($000) $4 Avg Close $2.83 Range $0.95 - $4.88

Q3 2025

Shares 1,562 Value ($000) $6 Avg Close $4.35 Range $2.77 - $7.35

Q2 2025

Shares 250 Value ($000) $1 Avg Close $7.27 Range $3.55 - $17.80

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	4,504	$4	$2.83	$0.95 - $4.88
Q3 2025	1,562	$6	$4.35	$2.77 - $7.35
Q2 2025	250	$1	$7.27	$3.55 - $17.80