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Delisting risk

HOWL · NASDAQ · Biotechnology

Werewolf Therapeutics

Develops conditionally activated cytokine and T-cell-engager therapies for cancer.

$0.9251

After-hours close−0.02 (−1.93%)

At close$0.9433(−2.83%)

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Profile

Werewolf Therapeutics, Inc.HOWLHealth Care

Develops conditionally activated cytokine and T-cell-engager therapies for cancer, built around a platform that activates drug candidates in diseased tissue. With no approved products or product-sale revenue, development and financing depend on clinical progress, partners, licensing, and strategic transactions.

Develops conditionally activated cancer therapeutics through the PREDATOR protein-engineering platform, which uses masks and protease-cleavable linkers to keep cytokines and T-cell engagers inactive in peripheral tissue and activate them in diseased tissue, principally the tumor microenvironment. The approach is intended to retain potency while reducing systemic toxicity.

Centers its retained clinical portfolio on WTX-124, an IL-2 candidate for advanced solid tumors, and WTX-330, an IL-12 candidate for advanced and metastatic solid tumors; earlier INDUCER candidates target prostate, ovarian, and kidney cancers. Operates without approved products or product-sale revenue and is evaluating a sale, merger, asset sale, licensing, collaboration, or another strategic transaction. Further development depends on funding and partners, third-party manufacturing, clinical outcomes, and regulatory review.

Company facts

CEODaniel J. Hicklin, Ph.D.

ListedApr 30, 2021

ExchangeNASDAQ

HeadquartersWatertown, MA

CountryUnited States

Employees39

CIK0001785530

ISINUS95075A1079

Key statistics

Market cap$45.8M

EPS (ttm)−$0.7345

P/E (ttm)−1.28

ROE-167.0%

P/B2.81

P/S2.18

Dividend yield—

Beta2.15vs XLV 0.00

Year to date +47.4% · Average volume (30d) 13.0M

Analysts

Price target, next 12 months$6.50+591.5%Median of 9 analysts · vs the Aug 28 close

ConsensusBuy8 of 9 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $0.9400

High$12.00+1,176.6%

Median$6.50+591.5%

Low$1.00+6.4%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Target
Dec 19, 2025	Wedbush	Downgrade	Outperform	Neutral	$1

Earnings

EPS

Estimate−$0.22

ReportedDue Nov 3, 2026

Revenue

Estimate$18.3M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 31, 2026Q2 FY26	−$0.28	$0.08	+128.6%	$21.0M	$21.0M	0.0%	−29.44%
May 7, 2026Q1 FY26	−$0.32	−$0.28	+12.5%	—	—	—	+9.68%
Mar 27, 2026Q4 FY25	−$0.34	−$0.20	+41.2%	$300.0K	—	—	+2.06%
Nov 4, 2025Q3 FY25	−$0.39	−$0.36	+7.7%	—	—	—	+0.83%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$0	$0	$0	$0	$0	$21.0M
Gross profit	−$426.0K	−$406.0K	$0	$0	−$398.0K	$18.5M
Operating income	−$18.0M	−$17.5M	−$15.7M	−$9.4M	−$9.0M	$8.5M
Net income	−$18.1M	−$18.0M	−$16.4M	−$8.4M	−$13.5M	$3.7M
Diluted EPS	−$0.40	−$0.40	−$0.36	−$0.17	−$0.28	$0.08
Gross margin	—	—	—	—	—	88.3%
Operating margin	—	—	—	—	—	40.7%

Fiscal years (4-quarter sums)FY21 $0 · FY22 $16.4M · FY23 $19.9M · FY24 $1.9M · FY25 $0

Revenue by product · Q2 FY26

Reportable Segment$21.0M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $22.0M · Total debt $0 · Total assets $24.2M · Shareholders' equity $16.3M

Dividends

No dividends on record.

Ownership

Institutions 28.81%14.00M sharesInsiders 0.01%5.3K sharesOther 71.18%34.59M shares

Shares outstanding 48.60M · Float 42.46M · 87.4% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Gadicke Ansbert · other: Former 10% Owner	4.78M	9.84%	Form 4	Dec 4, 2025
Vanguard Capital Management LLC	1.22M	2.51%	13F	May 15, 2026
Bioimpact Capital LLC	1.21M	2.49%	13F	May 15, 2026
LYNX1 Capital Management LP	657.8K	1.35%	13F	May 4, 2026
Sphera Funds Management Ltd.	626.8K	1.29%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jul 7, 2026	Luke Evnin	director	−107,429	$0.3100
Jul 6, 2026	Luke Evnin	director	−35,770	$0.3200
Jun 29, 2026	Luke Evnin	director	−157,084	$0.3000
Jun 17, 2026	Ra Capital Management, L.P.	10 percent owner	−416,911	$0.3500
Jun 16, 2026	Ra Capital Management, L.P.	10 percent owner	−149,625	$0.3700