Commissioner here. The characters are unrelated to Lady Wolf, and from an entirely different setting. The demon is Jeda; the older woman is Queen Victoria, and the younger woman is her daughter, Isabella. They're all from an old D&D 3.5/4E game that concluded several years ago. TL;DR it's a revenge story, with Jeda capturing Victoria first and using her as a host,and then later capturing Isabella and doing the same to her. The semen is actually poison, used to paralyze her victims and nauseate them.
I find it kind of... 'strange' how they're being pumped with eggs, but there isn't even a slight bulging in their stomach areas... Good artwork nonetheless.