Werewolf Therapeutics, Inc. HOWL
We are an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body's immune system for the treatment of cancer and other immune-mediated conditions. We are leveraging our proprietary PREDATOR platform to design conditionally activated molecules that stimulate both adaptive and innate immunity with the goal of addressing the limitations of conventional proinflammatory immune therapies. Our molecules, which we refer to as INDUKINE and INDUCER molecules, are intended to activate selectively in the tumor microenvironment, or TME. Our most advanced product candidates, WTX-124 and WTX-330, are systemically delivered, conditionally activated Interleukin-2 (IL-2) and Interleukin-12 (IL-12), respectively, INDUKINE molecules for the treatment of multiple tumor types.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $44.8M | $56.4M | $41.8M | $53.8M | $35.3M | $16.6M | — |
| SG&A | $15.8M | $19.0M | $18.7M | $18.7M | $14.8M | $5.8M | — |
| Total operating expenses | $60.7M | $75.5M | $60.4M | $72.5M | $50.1M | $22.4M | — |
| Operating income | -$60.7M | -$73.6M | -$40.5M | -$56.1M | -$50.1M | -$22.4M | — |
| Interest expense | $5.3M | $4.7M | $3.1M | $0 | — | — | — |
| Pre-tax income | -$60.8M | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — |
| Net income | -$60.8M | -$70.5M | -$37.4M | -$53.8M | -$50.0M | -$15.0M | — |
| EPS, basic | -1.32 | -1.63 | -1.05 | -1.86 | -10.94 | -28.08 | — |
| EPS, diluted | -1.33 | -1.63 | -1.05 | -1.86 | -10.94 | -28.08 | — |
| Shares, diluted (wtd. avg.) | $46.8M | $43.9M | $35.6M | $28.9M | $18.5M | $1.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $57.0M | $111.0M | $155.6M | $130.5M | $158.8M | $92.6M | $18.1M |
| Total current assets | $58.6M | $113.1M | $138.4M | $140.2M | $161.1M | $92.9M | — |
| Property, plant and equipment | $4.7M | $6.3M | $8.0M | $9.0M | $2.9M | $651.0K | — |
| Total assets | $69.4M | $126.9M | $174.8M | $160.2M | $179.2M | $96.4M | — |
| Accounts payable | $754.0K | $3.0M | $1.3M | $1.2M | $2.0M | $1.0M | — |
| Total current liabilities | $36.1M | $15.2M | $19.4M | $24.0M | $11.9M | $5.3M | — |
| Long-term debt | $32.1M | $32.1M | $40.0M | — | — | — | — |
| Total liabilities | $44.6M | $53.5M | $63.5M | $37.9M | $26.5M | $7.2M | — |
| Retained earnings | -$475.4M | -$414.6M | -$344.1M | -$306.7M | -$252.9M | -$51.9M | — |
| Total equity | $24.8M | $73.4M | $111.4M | $122.3M | $152.8M | -$51.9M | -$24.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$60.3M | -$56.2M | -$32.6M | -$40.6M | -$42.9M | -$18.6M | — |
| Depreciation and amortisation | $1.6M | $1.8M | $1.8M | $1.1M | $216.0K | $150.0K | — |
| Stock-based compensation | $6.2M | $8.8M | $8.0M | $7.4M | $4.1M | $632.0K | — |
| Capital expenditure | $0 | $254.0K | $769.0K | $3.6M | $498.0K | $560.0K | — |
| Investing cash flow | $0 | -$254.0K | -$769.0K | -$3.6M | -$498.0K | -$560.0K | — |
| Financing cash flow | $6.0M | $13.1M | $58.4M | $15.9M | $109.4M | $93.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001785530-26-000006.
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