HOWL Stock — Werewolf Therapeutics Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.01

Market cap

$49.1M

Cash

$22.0M

Enterprise value

$59.2M

Balance sheet

Cash	$22.0M
Debt	$32.1M
Net cash	-$10.1M
Enterprise value	$59.2M
Basic shares	48.6M shares
Fully diluted shares	57.9M shares
Fully diluted market cap	$58.4M
Cash per share	$0.45
Quarterly burn	+$6.6M generated

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

48.6M

Pre-funded warrants

0.0M

Options

8.2M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.0M

FDSO

57.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

WTX-330 · Sep 12 - Oct 24 in 22 mo · Phase 2 · Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24 in 22 mo	WTX-330	Phase 2	Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

WTX-124

Phase 1 · Active Modality: systemically delivered, conditionally activated INDUKINE (PREDATOR platform)

Target Interleukin-2 (IL-2)

Indications

Multiple cancers (Phase 1)

Catalysts

— Q4 2026

Status note Phase 1/1b trial expected to complete Q4 2026. Additional funding required to initiate further development; seeking a strategic partnership.

WTX-330

Phase 2 · Active Modality: systemically delivered, conditionally activated INDUKINE (PREDATOR platform)

Target Interleukin-12 (IL-12)

Indications

Multiple tumor types (Phase 2)

Catalysts

— Q4 2026

Status note Phase 1b/2 trial (Part A dose- and regimen-determining) expected to complete Q4 2026. Additional funding required for further development; seeking a strategic partnership.

JZP898

Stage not disclosed · Active Modality: conditionally activated INDUKINE (PREDATOR platform)

Aliases 898 Program

Target Interferon alpha (IFNα)

Partnerships Jazz Pharmaceuticals Ireland Limited: exclusive global collaboration and license agreement (Apr 2022) for JZP898 (the 898 Program); asset purchase agreement (May 6, 2026) under which Jazz acquired the program for $21M upfront plus $2M on license-assignment consent; collaboration agreement terminated

Status note IFNα INDUKINE program sold to Jazz; collaboration terminated.

Per-asset detail extracted from the 10-Q filed 2026-07-31. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	WTX-330
Lead indication	Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06939283	Phase 2	Active, not recruiting	Sponsor	HOWL	—	Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Werewolf Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	2,387,744	-4,293,563	0.01%	2026-08-14
Sphera Biotech	626,810	no change	0.03%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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HOWL — Werewolf Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

HOWL — Werewolf Therapeutics Inc.