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Werewolf Therapeutics, Inc.

HOWL

Werewolf Therapeutics, Inc. • NASDAQ
$1.00 ▲ 2.35% (+0.02)
Market Cap $48.53 M
52w High $2.38
52w Low $0.59
Dividend Yield 0%
P/E -0.62
Volume 126.35K
Outstanding Shares 48.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $15.726M ▼ $-16.37M ▲ 0% $-0.36 ▲ $-15.324M ▲
Q2-2025 $0 $17.136M ▼ $-17.982M ▲ 0% $-0.4 $-16.275M ▲
Q1-2025 $0 $17.565M ▼ $-18.089M ▲ 0% $-0.4 ▲ $-16.4M ▲
Q4-2024 $0 $20.348M ▲ $-20.4M ▼ 0% $-0.46 ▼ $-18.691M ▼
Q3-2024 $0 $17.124M $-16.673M 0% $-0.38 $-14.975M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $65.711M ▼ $79.627M ▼ $50.013M ▼ $29.614M ▼
Q2-2025 $77.596M ▼ $92.566M ▼ $51.102M ▲ $41.464M ▼
Q1-2025 $92.042M ▼ $107.236M ▼ $49.929M ▼ $57.307M ▼
Q4-2024 $110.995M ▼ $126.929M ▼ $53.539M ▲ $73.39M ▼
Q3-2024 $122.827M $140.036M $50.657M $89.379M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.37M ▲ $-15.156M ▲ $0 $3.274M ▲ $-11.882M ▲ $-15.156M ▲
Q2-2025 $-17.982M ▲ $-15.164M ▲ $0 $388K ▲ $-14.776M ▲ $-15.164M ▲
Q1-2025 $-18.089M ▲ $-18.948M ▼ $0 ▲ $0 ▼ $-18.948M ▼ $-18.948M ▼
Q4-2024 $-20.4M ▼ $-14.252M ▼ $-123K ▼ $2.547M ▲ $-11.828M ▲ $-14.375M ▼
Q3-2024 $-16.673M $-12.462M $-3K $-6K $-12.471M $-12.465M

Five-Year Company Overview

Income Statement

Income Statement Werewolf is still essentially a pre‑revenue biotech. It has only brought in a token amount of collaboration or other income, so the business today is funded, not earned. Expenses are driven mainly by research and development and general corporate costs, which produce steady operating and net losses each year. Those losses have been meaningful but have not exploded; they’ve moved within a relatively tight band as the company advances its programs. Overall, the income statement looks like a typical early‑stage drug developer: no commercial products yet, ongoing investment in trials, and a clear reliance on future scientific and partnership milestones rather than current sales.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash, which makes up most of the company’s assets. That cash position has generally stayed solid over the last few years, giving Werewolf a cushion to run clinical trials and fund its pipeline. Debt exists but remains modest relative to total assets, so leverage is not the main concern. Shareholders’ equity is positive and improved after the IPO, which cleaned up the earlier deficit. In plain terms, the company appears reasonably well‑capitalized for a small clinical‑stage biotech, but its resources are not unlimited and will need to be matched carefully to its development plans.

Cash Flow

Cash Flow Cash flow follows the usual biotech pattern: money consistently flows out to fund operations, with no offsetting inflows from product sales. Operating and free cash flows have been steadily negative, reflecting spending on trials, staff, and platform development. Capital spending on equipment or facilities is minimal, so nearly all cash usage is tied directly to running the science and the business. This means Werewolf’s future depends on continued access to capital markets and partnership funding; disciplined cash management and timing of milestones will be critical as the current cash runway is worked down.

Competitive Edge

Competitive Edge Werewolf competes in the very crowded and fast‑moving immuno‑oncology field, but it is focused on a clear niche: conditionally activated cytokines and T‑cell engagers designed to be powerful only inside tumors. Its PREDATOR platform, patent coverage on masked cytokines, and branded INDUKINE and INDUCER approaches provide some differentiation versus standard cytokine or antibody therapies. Strategic collaborations with Jazz Pharmaceuticals and a clinical combination with Merck’s KEYTRUDA add external validation and broaden its reach. That said, it still faces intense competition from large pharma and other next‑generation cytokine players, and its true competitive strength will only be proven if clinical data show clearly better safety and efficacy than alternatives.

Innovation and R&D

Innovation and R&D Innovation is the core of Werewolf’s story. The PREDATOR platform is designed to “mask” potent immune‑stimulating drugs so they switch on mainly in the tumor microenvironment, aiming to keep efficacy high while limiting side effects. The company has built a multi‑asset pipeline around this idea: IL‑2 and IL‑12 INDUKINE drugs in cancer, a preclinical IL‑10 program in inflammatory disease, and a newer INDUCER platform for masked T‑cell engagers, starting with a prostate cancer target. R&D spending is substantial relative to the size of the company, as expected for this stage, with upcoming trial readouts, dose‑finding work, and regulatory interactions set to test whether the science translates into real clinical benefit. Execution, safety signals, and reproducible responses in patients remain the key uncertainties.

Summary

Werewolf Therapeutics is a classic early‑stage biotech: very little revenue today, consistent losses, and a business model built around scientific validation and future partnering or commercialization opportunities. Its balance sheet is cash‑heavy with manageable debt, providing a time‑limited but meaningful runway to pursue development. Cash burn is steady and almost entirely driven by R&D, reinforcing how dependent the company is on external funding sources and successful milestones. Competitively, Werewolf’s conditional activation technology and oncology focus give it a clear scientific angle, reinforced by patents and notable partners, but the broader field is crowded and highly competitive. The main opportunity lies in proving that its platform can deliver safer, more targeted immune therapies; the main risks lie in clinical outcomes, capital access, and the pace of rival innovations.

NEWS

November 7, 2025 · 9:00 AM UTC

Werewolf Therapeutics Presents Data Expanding Its PREDATOR® Platform at the Society for Immunotherapy of Cancer's (SITC) 40th Annual Meeting

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November 4, 2025 · 7:00 AM UTC

Werewolf Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Update

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October 8, 2025 · 8:00 AM UTC

Werewolf Therapeutics Receives Fast Track Designation from the U.S. FDA for WTX-124, an Investigational Therapy for the Treatment of Cancer

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October 3, 2025 · 9:00 AM UTC

Werewolf Therapeutics to Present Posters at the Society for Immunotherapy of Cancer's (SITC) 40th Annual Meeting

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September 2, 2025 · 8:00 AM UTC

Werewolf Therapeutics to Participate in the Upcoming H.C. Wainwright 27th Annual Global Investment Conference

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