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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$15.0M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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