Werewolf Therapeutics, Inc. Financials
This page shows Werewolf Therapeutics, Inc. (HOWL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Werewolf Therapeutics, Inc. has an operating margin of -3218.9%, meaning the company retains $-3219 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Werewolf Therapeutics, Inc. carries a low D/E ratio of 1.05, meaning only $1.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
Werewolf Therapeutics, Inc.'s current ratio of 1.62 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.
While Werewolf Therapeutics, Inc. generated -$60.3M in operating cash flow, capex of $254K consumed most of it, leaving -$60.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Werewolf Therapeutics, Inc. generates a -245.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -96.1% the prior year.
Werewolf Therapeutics, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Werewolf Therapeutics, Inc. generates $0.99 in operating cash flow (-$60.3M OCF vs -$60.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Werewolf Therapeutics, Inc. earns $-46.7 in operating income for every $1 of interest expense (-$60.7M vs $1.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Werewolf Therapeutics, Inc. generated $1.9M in revenue in fiscal year 2025.
Werewolf Therapeutics, Inc.'s EBITDA was -$59.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.7% from the prior year.
Werewolf Therapeutics, Inc. reported -$60.8M in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.
Werewolf Therapeutics, Inc. earned $-1.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.4% from the prior year.
Cash & Balance Sheet
Werewolf Therapeutics, Inc. generated -$60.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.3% from the prior year.
Werewolf Therapeutics, Inc. held $57.0M in cash against $26.1M in long-term debt as of fiscal year 2025.
Werewolf Therapeutics, Inc. had 49M shares outstanding in fiscal year 2025. This represents an increase of 8.4% from the prior year.
Margins & Returns
Werewolf Therapeutics, Inc.'s operating margin was -3218.9% in fiscal year 2025, reflecting core business profitability.
Werewolf Therapeutics, Inc.'s net profit margin was -3226.6% in fiscal year 2025, showing the share of revenue converted to profit.
Werewolf Therapeutics, Inc.'s ROE was -245.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 149.1 percentage points from the prior year.
Capital Allocation
Werewolf Therapeutics, Inc. invested $44.8M in research and development in fiscal year 2025. This represents a decrease of 20.6% from the prior year.
Werewolf Therapeutics, Inc. invested $254K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.0% from the prior year.
HOWL Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $11.6M-11.5% | $13.1M+0.2% | $13.1M | N/A | $12.5M-18.0% | $15.3M+18.3% | $12.9M | N/A |
| SG&A Expenses | $4.1M-7.0% | $4.4M-9.7% | $4.9M | N/A | $4.6M-4.9% | $4.8M-3.3% | $5.0M | N/A |
| Operating Income | -$15.7M+10.4% | -$17.5M+2.5% | -$18.0M | N/A | -$17.1M+9.7% | -$19.0M-10.5% | -$17.2M | N/A |
| Interest Expense | $1.3M+3.1% | $1.3M+3.0% | $1.3M | N/A | $1.2M+55.5% | $800K-20.2% | $1.0M | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$16.4M+9.0% | -$18.0M+0.6% | -$18.1M | N/A | -$16.7M+3.3% | -$17.2M-6.5% | -$16.2M | N/A |
| EPS (Diluted) | $-0.36+10.0% | $-0.400.0% | $-0.40 | N/A | $-0.38+11.6% | $-0.43-10.3% | $-0.39 | N/A |
HOWL Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $79.6M-14.0% | $92.6M-13.7% | $107.2M-15.5% | $126.9M-9.4% | $140.0M-8.9% | $153.7M-13.5% | $177.6M+1.6% | $174.8M |
| Current Assets | $68.2M-15.2% | $80.4M-14.8% | $94.5M-16.5% | $113.1M-10.1% | $125.8M-9.3% | $138.8M-2.5% | $142.3M+2.8% | $138.4M |
| Cash & Equivalents | $65.7M-15.3% | $77.6M-15.7% | $92.0M-17.1% | $111.0M-9.6% | $122.8M-9.2% | $135.3M-2.8% | $139.2M+3.6% | $134.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $50.0M-2.1% | $51.1M+2.3% | $49.9M-6.7% | $53.5M+5.7% | $50.7M+2.0% | $49.7M-17.2% | $60.0M-5.4% | $63.5M |
| Current Liabilities | $17.6M+16.0% | $15.2M+30.0% | $11.7M-23.1% | $15.2M+21.8% | $12.5M+8.9% | $11.4M-46.1% | $21.2M+9.5% | $19.4M |
| Long-Term Debt | $32.1M0.0% | $32.1M0.0% | $32.1M0.0% | $32.1M0.0% | $32.1M0.0% | $32.1M-19.8% | $40.0M0.0% | $40.0M |
| Total Equity | $29.6M-28.6% | $41.5M-27.6% | $57.3M-21.9% | $73.4M-17.9% | $89.4M-14.1% | $104.0M-11.5% | $117.6M+5.6% | $111.4M |
| Retained Earnings | -$467.0M-3.6% | -$450.7M-4.2% | -$432.7M-4.4% | -$414.6M-5.2% | -$394.2M-4.4% | -$377.5M-4.8% | -$360.3M-4.7% | -$344.1M |
HOWL Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.2M+0.1% | -$15.2M+20.0% | -$18.9M-32.9% | -$14.3M-14.4% | -$12.5M+12.1% | -$14.2M+7.3% | -$15.3M-233.6% | -$4.6M |
| Capital Expenditures | $0 | $0 | $0-100.0% | $123K+4000.0% | $3K-82.4% | $17K-84.7% | $111K-43.9% | $198K |
| Free Cash Flow | -$15.2M+0.1% | -$15.2M+20.0% | -$18.9M-31.8% | -$14.4M-15.3% | -$12.5M+12.2% | -$14.2M+7.9% | -$15.4M-222.1% | -$4.8M |
| Investing Cash Flow | $0 | $0 | $0+100.0% | -$123K-4000.0% | -$3K+82.4% | -$17K+84.7% | -$111K+43.9% | -$198K |
| Financing Cash Flow | $3.3M+743.8% | $388K | $0-100.0% | $2.5M+42550.0% | -$6K+99.9% | -$9.7M-148.0% | $20.3M+123.3% | $9.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HOWL Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -55.3%-11.9pp | -43.4%-11.8pp | -31.6% | N/A | -18.6%-2.1pp | -16.6%-2.8pp | -13.8% | N/A |
| Return on Assets | -20.6%-1.1pp | -19.4%-2.6pp | -16.9% | N/A | -11.9%-0.7pp | -11.2%-2.1pp | -9.1% | N/A |
| Current Ratio | 3.87-1.4 | 5.30-2.8 | 8.09+0.6 | 7.45-2.6 | 10.10-2.0 | 12.13+5.4 | 6.71-0.4 | 7.14 |
| Debt-to-Equity | 1.08+0.3 | 0.77+0.2 | 0.56+0.1 | 0.44+0.1 | 0.36+0.1 | 0.31-0.0 | 0.34-0.0 | 0.36 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Werewolf Therapeutics, Inc.'s annual revenue?
Werewolf Therapeutics, Inc. (HOWL) reported $1.9M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Werewolf Therapeutics, Inc. profitable?
No, Werewolf Therapeutics, Inc. (HOWL) reported a net income of -$60.8M in fiscal year 2025, with a net profit margin of -3226.6%.
What is Werewolf Therapeutics, Inc.'s EBITDA?
Werewolf Therapeutics, Inc. (HOWL) had EBITDA of -$59.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Werewolf Therapeutics, Inc. have?
As of fiscal year 2025, Werewolf Therapeutics, Inc. (HOWL) had $57.0M in cash and equivalents against $26.1M in long-term debt.
What is Werewolf Therapeutics, Inc.'s operating margin?
Werewolf Therapeutics, Inc. (HOWL) had an operating margin of -3218.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Werewolf Therapeutics, Inc.'s net profit margin?
Werewolf Therapeutics, Inc. (HOWL) had a net profit margin of -3226.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Werewolf Therapeutics, Inc.'s return on equity (ROE)?
Werewolf Therapeutics, Inc. (HOWL) has a return on equity of -245.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Werewolf Therapeutics, Inc.'s free cash flow?
Werewolf Therapeutics, Inc. (HOWL) generated -$60.5M in free cash flow during fiscal year 2025. This represents a -7.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Werewolf Therapeutics, Inc.'s operating cash flow?
Werewolf Therapeutics, Inc. (HOWL) generated -$60.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Werewolf Therapeutics, Inc.'s total assets?
Werewolf Therapeutics, Inc. (HOWL) had $69.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Werewolf Therapeutics, Inc.'s capital expenditures?
Werewolf Therapeutics, Inc. (HOWL) invested $254K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Werewolf Therapeutics, Inc. spend on research and development?
Werewolf Therapeutics, Inc. (HOWL) invested $44.8M in research and development during fiscal year 2025.
What is Werewolf Therapeutics, Inc.'s current ratio?
Werewolf Therapeutics, Inc. (HOWL) had a current ratio of 1.62 as of fiscal year 2025, which is generally considered healthy.
What is Werewolf Therapeutics, Inc.'s debt-to-equity ratio?
Werewolf Therapeutics, Inc. (HOWL) had a debt-to-equity ratio of 1.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Werewolf Therapeutics, Inc.'s return on assets (ROA)?
Werewolf Therapeutics, Inc. (HOWL) had a return on assets of -87.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Werewolf Therapeutics, Inc.'s cash runway?
Based on fiscal year 2025 data, Werewolf Therapeutics, Inc. (HOWL) had $57.0M in cash against an annual operating cash burn of $60.3M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Werewolf Therapeutics, Inc.'s Piotroski F-Score?
Werewolf Therapeutics, Inc. (HOWL) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Werewolf Therapeutics, Inc.'s earnings high quality?
Werewolf Therapeutics, Inc. (HOWL) has an earnings quality ratio of 0.99x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Werewolf Therapeutics, Inc. cover its interest payments?
Werewolf Therapeutics, Inc. (HOWL) has an interest coverage ratio of -46.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Werewolf Therapeutics, Inc.?
Werewolf Therapeutics, Inc. (HOWL) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.