HOWL

MKT CAP:$41M

Werewolf Therapeutics, Inc.

Market Cap

$41M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.86+$0.22 (+33.39%)

Apr 23, 2026

Company Details

Werewolf Therapeutics, Inc., a biopharmaceutical company, develops therapeutics engineered to stimulate the body's immune system for the treatment of cancer. The company, through its proprietary PREDATOR platform, designs conditionally acti...

CEO

Michael Urban

IPO Date

Apr 30, 2021

Website

werewolftx.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$61M

EPS (Diluted)

-$1.33

Free Cash Flow

-$60M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 27, 2026

$0-100.0%EPS -$1.33

Q4 2025

Mar 27, 2026

$0EPS -$0.17

Q3 2025

Nov 4, 2025

$0EPS -$0.36

Q2 2025

Aug 14, 2025

$0-100.0%EPS -$0.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$15M
Q2 22	$4M	-$10M	-$15M
Q3 22	$5M	$4M	-$13M
Q4 22	$7M	-$6M	-$13M
Q1 23	$4M	$4M	-$12M
Q2 23	$8M	$8M	-$6M
Q3 23	$6M	$5M	-$9M
Q4 23	$2M	$1M	-$13M
Q1 24	$742.0K	$278.0K	-$17M
Q2 24	$1M	$689.0K	-$19M
Q3 24	$0	$0	-$17M
Q4 24	$0	$0	-$20M
Q1 25	$0	-$426.0K	-$18M
Q2 25	$0	-$406.0K	-$18M
Q3 25	$0	$0	-$16M
Q4 25	$0	-$400.0K	-$9M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	29.1x	—
Q3 22	15.9x	—
Q4 22	4.4x	—
Q1 23	4.4x	—
Q2 23	4.3x	—
Q3 23	2.9x	—
Q4 23	10.6x	—
Q1 24	17.1x	—
Q2 24	11.1x	—
Q3 24	27.8x	—
Q4 24	34.9x	—
Q1 25	37.8x	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$14M
Q2 22	-$303.0K	-$1M
Q3 22	-$14M	-$16M
Q4 22	-$12M	-$12M
Q1 23	-$10M	-$10M
Q2 23	-$11M	-$11M
Q3 23	-$7M	-$7M
Q4 23	-$5M	-$5M
Q1 24	-$15M	-$15M
Q2 24	-$14M	-$14M
Q3 24	-$12M	-$12M
Q4 24	-$14M	-$14M
Q1 25	-$19M	-$19M
Q2 25	-$15M	-$15M
Q3 25	-$15M	-$15M
Q4 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$28.0K
Q2 22	$1M
Q3 22	$2M
Q4 22	$518.0K
Q1 23	$168.0K
Q2 23	$182.0K
Q3 23	$221.0K
Q4 23	$198.0K
Q1 24	$111.0K
Q2 24	$17.0K
Q3 24	$3.0K
Q4 24	$123.0K
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+106.2%
Q2 22	—	+74.5%
Q3 22	—	+26.9%
Q4 22	—	+14.4%
Q1 23	—	+8.6%
Q2 23	+94.8%	-26.0%
Q3 23	+18.7%	-13.5%
Q4 23	-79.4%	-29.3%
Q1 24	-83.4%	+7.3%
Q2 24	-85.9%	+42.1%
Q3 24	-100.0%	+13.0%
Q4 24	-100.0%	+40.7%
Q1 25	-100.0%	+0.5%
Q2 25	-100.0%	-12.7%
Q3 25	—	-8.2%
Q4 25	—	-53.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	—
Q2 22	$2M	42.8%
Q3 22	$2M	39.0%
Q4 22	$2M	26.7%
Q1 23	$2M	47.2%
Q2 23	$2M	23.9%
Q3 23	$2M	35.6%
Q4 23	$2M	124.8%
Q1 24	$2M	310.6%
Q2 24	$3M	227.6%
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$2M	—
Q2 25	$2M	—
Q3 25	$0	—
Q4 25	$1M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$11M	$4M	—	—
Q2 22	$14M	$5M	—	—
Q3 22	$13M	—	—	$4M
Q4 22	$16M	$3M	$4M	—
Q1 23	$12M	$5M	—	—
Q2 23	$10M	$5M	—	—
Q3 23	$11M	$4M	—	—
Q4 23	$10M	$5M	—	—
Q1 24	$13M	$5M	—	—
Q2 24	$15M	$5M	—	—
Q3 24	$13M	$5M	—	—
Q4 24	$16M	$5M	—	—
Q1 25	$13M	$5M	—	—
Q2 25	$13M	$4M	—	—
Q3 25	$12M	$4M	—	—
Q4 25	$7M	$2M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$144M	$0	$144M
Q2 22	$146M	$0	$146M
Q3 22	$140M	$0	$140M
Q4 22	$129M	$0	$129M
Q1 23	$148M	$0	$148M
Q2 23	$137M	$0	$137M
Q3 23	$130M	$0	$130M
Q4 23	$134M	$0	$134M
Q1 24	$139M	$0	$139M
Q2 24	$135M	$0	$135M
Q3 24	$123M	$0	$123M
Q4 24	$111M	$0	$111M
Q1 25	$92M	$0	$92M
Q2 25	$78M	$0	$78M
Q3 25	$66M	$0	$66M
Q4 25	$57M	$0	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	27M	+0.5%	+4.2%
Q2 22	28M	+0.5%	+55.0%
Q3 22	30M	+8.2%	+9.5%
Q4 22	31M	+3.3%	+12.7%
Q1 23	35M	+13.2%	+27.0%
Q2 23	36M	+2.2%	+29.2%
Q3 23	36M	+0.3%	+19.8%
Q4 23	37M	+2.6%	+19.0%
Q1 24	42M	+13.8%	+19.6%
Q2 24	44M	+4.6%	+22.4%
Q3 24	44M	+0.4%	+22.6%
Q4 24	44M	+1.8%	+21.6%
Q1 25	45M	+0.8%	+7.7%
Q2 25	45M	+0.3%	+3.4%
Q3 25	46M	+1.8%	+4.8%
Q4 25	47M	+2.2%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	39
Q2 22	$106.4K	39
Q3 22	$127.4K	39
Q4 22	$158.3K	46
Q1 23	$97.0K	46
Q2 23	$175.7K	46
Q3 23	$128.2K	46
Q4 23	$31.9K	47
Q1 24	$15.8K	47
Q2 24	$24.3K	47
Q3 24	$0	47
Q4 24	$0	46
Q1 25	$0	46
Q2 25	$0	46
Q3 25	$0	46
Q4 25	$0	200K

Revenue / Employee