Werewolf Therapeutics, Inc.

Listed Company

HOWLCIK 0001785530NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-60.82M

Total Assets

$69.40M

Equity

$24.80M

Shares Out

48.60M

Op. Cash Flow

$-60.29M

Business

Werewolf Therapeutics, Inc. develops therapeutics that stimulate the immune system to treat cancer and other immune-mediated conditions. It engineers conditionally activated INDUKINE molecules using its PREDATOR protein engineering platform, with clinical-stage IL-2 (WTX-124) and IL-12 (WTX-330) candidates, preclinical candidates (WTX-712, WTX-518, WTX-921) and a licensed IFNα program (JZP898). Its business comprises platform discovery and engineering, preclinical development, clinical development and partnered programs. It advances systemically delivered candidates through clinical trials, leverages third-party manufacturers and partnerships, and targets the U.S. and other major pharmaceutical markets.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	0	2	20	16	0
Research and development	45	56	42	54	35
General and administrative	16	19	19	19	15
Total operating expenses	61	75	60	72	50
Operating loss	−61	−74	−41	−56	−50
Interest income	3	7	7	2	—
Interest expense	−5	−5	−3	—	—
Loss on extinguishment of debt	0	−553,000	0	—	—
Other income, net	2	2	−1	338,000	—
Total other (expense) income	−145,000	3	3	2	104,000
Net loss	−61	−71	−37	−54	−50
Net loss per common share, basic (in usd per share)	−1.32	−1.63	−1.05	−1.86	−10.94
Net loss per common share, diluted (in usd per share)	−1.33	−1.63	−1.05	−1.86	−10.94
Weighted average common shares outstanding, basic (in shares)	46	43	36	29	18
Weighted average common shares outstanding, diluted (in shares)	47	44	36	29	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	57	111	134	129	158
Prepaid expenses and other current assets	2	2	3	4	4
Total current assets	59	113	138	140	161
Property and equipment, net	5	6	8	9	3
Restricted cash and cash equivalents	901,000	1	21	1	1
Operating lease right of use asset	5	6	7	8	13
Other assets	5,000	320,000	594,000	1	649,000
Total assets	69	127	175	160	179
Accounts payable	754,000	3	1	1	2
Accrued expenses and other current liabilities	5	11	9	14	9
Operating lease liability, current	2	2	2	2	1
Note payable, current, net of discount and issuance costs	28	0	7	0	—
Total current liabilities	36	15	19	24	12
Operating lease liability, net of current portion	8	9	11	13	15
Note payable, net of discount, issuance costs, and current portion	0	26	33	0	—
Derivative liability	759,000	3	0	—	—
Total liabilities	45	54	63	38	26
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and 2024; no shares issued or outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized as of December 31, 2025 and 2024; 48,596,817 and 44,827,159 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5,000	5,000	4,000	3,000	2,000
Additional paid-in capital	500	488	455	429	406
Accumulated deficit	−475	−415	−344	−307	−253
Total stockholders equity	25	73	111	122	153
Total liabilities and stockholders equity	69	127	175	160	179
Common stock outstanding (in shares)	49	45	39	31	27

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	6	9	8	7	4
Depreciation expense	2	2	2	1	200,000
Non-cash interest expense	2	1	273,000	0	—
Non-cash lease expense	785,000	887,000	2	1	519,000
Change in fair value of derivative liability	−2	−2	0	—	—
Prepaid expenses and other assets	850,000	669,000	1	−262,000	−3
Other receivables	0	1	6	−7	0
Accounts payable, accrued expenses and other liabilities	−7	3	−4	3	—
Deferred revenue	0	−1	−6	8	0
Operating lease liability	−2	−2	−2	−977,000	—
Net cash used in operating activities	−60	−56	−33	−41	−43
Purchases of property and equipment	0	−254,000	−769,000	−4	−498,000
Net cash used in investing activities	0	−254,000	−769,000	−4	−498,000
Proceeds from at the market offering of common stock, net of issuance costs	6	24	18	16	0
Proceeds from drawdown of term loans	0	30	40	0	—
Payment of debt issuance costs	0	−673,000	0	—	—
Repayment of term loan	0	−40	0	—	—
Proceeds from issuances under Employee Stock Purchase Plan	89,000	142,000	93,000	0	—
Proceeds from stock option exercises	0	35,000	7,000	254,000	205,000
Net cash provided by financing activities	6	13	58	16	109
Net decrease in cash, cash equivalents and restricted cash and cash equivalents	−54	−43	25	−28	66
Cash paid for interest	3	3	3	0	—
Issuance costs in accounts payable and accrued expenses	120,000	84,000	36,000	4,000	0
Fair value of derivative liability issued with term loan	0	4	0	—	—

Filings

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