What is Werewolf Therapeutics, Inc.'s earnings per share (EPS)?

Werewolf Therapeutics, Inc. (HOWL) reported diluted earnings per share of -$1.33 for fiscal year 2025. This represents a 18.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Werewolf Therapeutics, Inc. (HOWL) Financials

HOWL

FY2025 annual

Net Income -$60.8M +13.7% YoY

EPS (Diluted) -$1.33 +18.4% YoY

Free Cash Flow -$60.3M -6.8% YoY

Operating Cash Flow -$60.3M -7.3% YoY

Market Cap $45.1M as of Oct 3, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 2.8x on $16.3M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Sep 22, 2026 Currency USD FYE December

Newest figures come from the S-4 for Q2 FY2026, filed Sep 22, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HOWL SEC filings page.

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).

Rhea AI HOWL FY2025 2026-10-03

The latest numbers show a research-led business whose losses remain cash losses while its balance-sheet cushion has narrowed sharply.

R&D spending was reduced in FY2025, and the operating loss improved from $73.6M to $60.7M. Operating cash outflow nevertheless worsened from -$56.2M to -$60.3M, showing that the accounting improvement did not carry through to cash.

The balance sheet now holds $69.4M of assets against $44.6M of liabilities, leaving less asset support behind each dollar owed. Short-term liquidity is also much tighter, with a current ratio of 1.6x in FY2025.

With capital expenditures at $0, reported free cash flow was -$60.3M, equal to operating cash flow; the cash need therefore came almost entirely from ongoing operations rather than reinvestment. The reported liquidity measure equaled 11.4 months of the latest annual operating outflow at year-end, a balance-sheet comparison rather than a forecast.

Financial Health Signals

Financial health score pending refresh

We are recalculating Werewolf Therapeutics, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

1/7

Werewolf Therapeutics, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Werewolf Therapeutics, Inc. reported a net loss of $60.8M while operations used $60.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Werewolf Therapeutics, Inc. reported an operating loss of $60.7M against $5.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

EBITDA

$9.6M

YoY+156.1%

QoQ+174.7%

Werewolf Therapeutics, Inc.'s EBITDA was $9.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 156.1% from the same quarter a year earlier. Against the prior quarter it is up 174.7%.

Net Income

$3.7M

YoY+120.4%

QoQ+127.1%

Werewolf Therapeutics, Inc. reported $3.7M in net income in Q2 2026. This represents an increase of 120.4% from the same quarter a year earlier. Against the prior quarter it is up 127.1%.

EPS (Diluted)

$0.08

YoY+120.0%

QoQ+128.6%

Werewolf Therapeutics, Inc. earned $0.08 per diluted share (EPS) in Q2 2026. This represents an increase of 120.0% from the same quarter a year earlier. Against the prior quarter it is up 128.6%.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$22.0M

YoY-71.7%

QoQ-52.7%

5Y CAGR-34.6%

Werewolf Therapeutics, Inc. held $22.0M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

49M

YoY+6.3%

QoQ0.0%

5Y CAGR+12.0%

Werewolf Therapeutics, Inc. had 49M shares outstanding in Q2 2026. This represents an increase of 6.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

22.5%

YoY+65.9pp

QoQ+133.4pp

Werewolf Therapeutics, Inc.'s ROE was 22.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 65.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 133.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$6.2M

YoY-53.1%

QoQ-24.7%

Werewolf Therapeutics, Inc. invested $6.2M in research and development in Q2 2026. This represents a decrease of 53.1% from the same quarter a year earlier. Against the prior quarter it is down 24.7%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

HOWL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HOWL quarterly income statement

Metric	TTM	FY25S-4	FY24S-4	FY2310-K	FY2210-K	FY2110-K	FY2010-K
R&D Expenses	N/A	$44.8M-20.6%	$56.4M+35.1%	$41.8M-22.3%	$53.8M+52.4%	$35.3M+111.9%	$16.6M
SG&A Expenses	N/A	$15.8M-16.8%	$19.0M+2.0%	$18.7M-0.1%	$18.7M+26.2%	$14.8M+157.1%	$5.8M
Operating Income	N/A	-$60.7M+17.6%	-$73.6M-81.7%	-$40.5M+27.7%	-$56.1M-11.9%	-$50.1M-123.6%	-$22.4M
EBITDA	N/A	-$59.0M+17.7%	-$71.8M-85.3%	-$38.7M+29.5%	-$55.0M-10.2%	-$49.9M-124.1%	-$22.3M
Interest Expense	N/A	$5.3M+59.3%	$3.3M+5.5%	$3.1M	$0	N/A	N/A
Income Tax	N/A	$0	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$60.8M+13.7%	-$70.5M-88.7%	-$37.4M+30.6%	-$53.8M-7.7%	-$50.0M-232.3%	-$15.0M
EPS (Basic)	N/A	-$1.32+19.0%	-$1.63-55.2%	-$1.05+43.5%	-$1.86+83.0%	-$10.94+61.0%	-$28.08
EPS (Diluted)	-$0.73	-$1.33+18.4%	-$1.63-55.2%	-$1.05+43.5%	-$1.86	-$10.94	-$28.08
Diluted Shares (Avg)	N/A	47M+6.7%	44M+23.0%	36M+23.5%	29M	18M	1M

Metric	Q2'26S-4	Q1'26S-4	Q4'25S-4	Q3'2510-Q	Q2'25S-4	Q1'25S-4	Q4'24S-4	Q3'2410-Q
R&D Expenses	$6.2M-53.1%	$8.2M-37.6%	N/A	$11.6M-7.1%	$13.1M-13.9%	$13.1M+1.6%	N/A	$12.5M+15.6%
SG&A Expenses	$7.7M+74.6%	$5.1M+4.5%	N/A	$4.1M-11.0%	$4.4M-9.0%	$4.9M-2.5%	N/A	$4.6M+6.6%
Operating Income	$7.2M+140.8%	-$13.3M+26.2%	N/A	-$15.7M+8.2%	-$17.5M+7.5%	-$18.0M-4.8%	N/A	-$17.1M-85.1%
EBITDA	$9.6M+156.1%	-$12.9M+26.7%	N/A	-$15.3M+8.1%	-$17.1M+7.4%	-$17.6M-5.2%	N/A	-$16.7M-89.3%
Interest Expense	$475K-63.5%	$1.4M+8.3%	N/A	$1.3M+7.8%	$1.3M+62.6%	$1.3M+25.9%	N/A	$1.2M+24.2%
Net Income	$3.7M+120.4%	-$13.5M+25.2%	N/A	-$16.4M+1.8%	-$18.0M-4.2%	-$18.1M-11.7%	N/A	-$16.7M-101.2%
EPS (Basic)	$0.08+120.0%	-$0.28+30.0%	-$0.16+65.2%	-$0.36+5.3%	-$0.400.0%	-$0.40-2.6%	-$0.46-39.4%	-$0.38-65.2%
EPS (Diluted)	$0.08+120.0%	-$0.28+30.0%	-$0.17+61.4%	-$0.36+5.3%	-$0.40+7.0%	-$0.40-2.6%	-$0.44-33.3%	-$0.38-65.2%
Diluted Shares (Avg)	49M+8.0%	49M+10.2%	N/A	46M+4.8%	45M+2.1%	45M+7.7%	N/A	44M+22.6%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.

HOWL Balance Sheet

HOWL quarterly balance sheet

Metric	FY25S-4	FY24S-4	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Total Assets	$69.4M-45.3%	$126.9M-27.4%	$174.8M+9.1%	$160.2M-10.6%	$179.3M+85.9%	$96.4M
Current Assets	$58.6M-48.2%	$113.1M-18.3%	$138.4M-1.3%	$140.2M-13.0%	$161.1M+73.4%	$92.9M
Cash & Equivalents	$57.0M-48.6%	$111.0M-17.4%	$134.3M+3.9%	$129.3M-17.9%	$157.5M+70.2%	$92.6M
Short-Term Investments	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0
Total Liabilities	$44.6M-16.7%	$53.5M-15.6%	$63.5M+67.4%	$37.9M+43.2%	$26.5M-82.2%	$148.3M
Current Liabilities	$36.1M+138.1%	$15.2M-21.7%	$19.4M-19.2%	$24.0M+102.0%	$11.9M+124.7%	$5.3M
Non-Current Liabilities	$8.4M-78.0%	$38.4M-13.0%	$44.1M+216.7%	$13.9M-4.6%	$14.6M-89.8%	$143.0M
Long-Term Debt	$32.1M0.0%	$32.1M-19.8%	$40.0M	N/A	N/A	N/A
Total Equity	$24.8M-66.2%	$73.4M-34.1%	$111.4M-9.0%	$122.3M-19.9%	$152.8M+394.6%	-$51.9M
Retained Earnings	-$475.4M-14.7%	-$414.6M-20.5%	-$344.1M-12.2%	-$306.7M-21.3%	-$252.9M-387.6%	-$51.9M

Metric	Q2'26S-4	Q1'26S-4	Q4'25S-4	Q3'2510-Q	Q2'25S-4	Q1'25S-4	Q4'24S-4	Q3'2410-Q
Total Assets	$24.2M-73.9%	$58.0M-45.9%	$69.4M-45.3%	$79.6M-43.1%	$92.6M-39.8%	$107.2M-39.6%	$126.9M-27.4%	$140.0M-20.6%
Current Assets	$22.9M-71.5%	$48.7M-48.4%	$58.6M-48.2%	$68.2M-45.8%	$80.4M-42.0%	$94.5M-33.6%	$113.1M-18.3%	$125.8M-9.6%
Cash & Equivalents	$22.0M-71.7%	$46.5M-49.5%	$57.0M-48.6%	$65.7M-46.5%	$77.6M-42.7%	$92.0M-33.9%	$111.0M-17.4%	$122.8M-5.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$7.9M-84.6%	$45.8M-8.2%	$44.6M-16.7%	$50.0M-1.3%	$51.1M+2.9%	$49.9M-16.8%	$53.5M-15.6%	$50.7M-20.8%
Current Liabilities	$7.9M-48.2%	$38.5M+230.1%	$36.1M+138.1%	$17.6M+41.2%	$15.2M+32.6%	$11.7M-45.0%	$15.2M-21.7%	$12.5M-13.7%
Non-Current Liabilities	$0-100.0%	$7.3M-80.9%	$8.4M-78.0%	$32.4M-15.1%	$35.9M-6.0%	$38.3M-1.4%	$38.4M-13.0%	$38.2M-22.8%
Long-Term Debt	N/A	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M-19.8%	$32.1M-19.8%	$32.1M
Total Equity	$16.3M-60.7%	$12.2M-78.7%	$24.8M-66.2%	$29.6M-66.9%	$41.5M-60.1%	$57.3M-51.3%	$73.4M-34.1%	$89.4M-20.5%
Retained Earnings	-$485.3M-7.7%	-$488.9M-13.0%	-$475.4M-14.7%	-$467.0M-18.5%	-$450.7M-19.4%	-$432.7M-20.1%	-$414.6M-20.5%	-$394.2M-18.7%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

HOWL Cash Flow Statement

HOWL quarterly cash flow statement

Metric	TTM	FY25S-4	FY24S-4	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Operating Cash Flow	-$30.1M	-$60.3M-7.3%	-$56.2M-72.3%	-$32.6M+19.7%	-$40.6M+5.3%	-$42.9M-130.2%	-$18.6M
Depreciation & Amortization	N/A	$1.6M-9.9%	$1.8M+2.8%	$1.8M+59.8%	$1.1M+411.1%	$216K+44.0%	$150K
Stock-Based Compensation	N/A	$6.2M-29.2%	$8.8M+10.2%	$8.0M+8.2%	$7.4M+80.7%	$4.1M+547.9%	$632K
Capital Expenditures	N/A	$0-100.0%	$254K-67.0%	$769K-78.7%	$3.6M+625.1%	$498K-11.1%	$560K
Free Cash Flow	N/A	-$60.3M-6.8%	-$56.4M-69.1%	-$33.4M+24.5%	-$44.2M-1.9%	-$43.4M-126.1%	-$19.2M
Investing Cash Flow	N/A	$0+100.0%	-$254K+67.0%	-$769K+78.7%	-$3.6M-625.1%	-$498K+11.1%	-$560K
Financing Cash Flow	N/A	$6.0M-53.9%	$13.1M-77.6%	$58.4M+267.3%	$15.9M-85.5%	$109.4M+16.6%	$93.9M

Metric	Q2'26S-4	Q1'26S-4	Q4'25S-4	Q3'2510-Q	Q2'25S-4	Q1'25S-4	Q4'24S-4	Q3'2410-Q
Operating Cash Flow	$6.6M+143.7%	-$10.6M+44.1%	-$11.0M+22.6%	-$15.2M-21.6%	-$15.2M-7.0%	-$18.9M-23.9%	-$14.3M-210.8%	-$12.5M-72.9%
Depreciation & Amortization	$2.5M+503.9%	$398K-6.6%	$400K-9.5%	$402K-11.5%	$406K-10.6%	$426K-8.2%	$442K-3.9%	$454K+2.0%
Stock-Based Compensation	$419K-76.6%	$929K-53.7%	N/A	$1.2M-38.7%	$1.8M-31.1%	$2.0M-13.0%	N/A	$2.0M-4.1%
Capital Expenditures	N/A	N/A	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$123K-37.9%	$3K-98.6%
Free Cash Flow	N/A	N/A	-$11.0M+23.3%	-$15.2M-21.6%	-$15.2M-6.8%	-$18.9M-23.0%	-$14.4M-200.5%	-$12.5M-67.8%
Investing Cash Flow	N/A	N/A	$0+100.0%	$0+100.0%	$0+100.0%	$0+100.0%	-$123K+37.9%	-$3K+98.6%
Financing Cash Flow	N/A	N/A	$2.4M-7.1%	$3.3M+54666.7%	$388K+104.0%	$0-100.0%	$2.5M-71.9%	-$6K-114.6%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

HOWL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HOWL quarterly financial ratios

Metric	FY25S-4	FY24S-4	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Return on Equity	-245.2%-149.1pp	-96.1%-62.5pp	-33.6%+10.4pp	-44.0%-11.3pp	-32.7%	N/A
Return on Assets	-87.6%-32.1pp	-55.5%-34.2pp	-21.4%+12.2pp	-33.6%-5.7pp	-27.9%-12.3pp	-15.6%
Current Ratio	1.62-5.8x	7.45+0.3x	7.14+1.3x	5.84-7.7x	13.56-4.0x	17.58
Debt-to-Equity	1.29+0.9x	0.44+0.1x	0.360.0x	0.31+0.1x	0.17	N/A

Metric	Q2'26S-4	Q1'26S-4	Q4'25S-4	Q3'2510-Q	Q2'25S-4	Q1'25S-4	Q4'24S-4	Q3'2410-Q
Return on Equity	22.5%+65.9pp	-110.9%-79.3pp	N/A	-55.3%-36.6pp	-43.4%-26.8pp	-31.6%-17.8pp	N/A	-18.6%-11.3pp
Return on Assets	15.2%+34.6pp	-23.3%-6.5pp	N/A	-20.6%-8.7pp	-19.4%-8.2pp	-16.9%-7.7pp	N/A	-11.9%-7.2pp
Current Ratio	2.91-2.4x	1.27-6.8x	1.62-5.8x	3.87-6.2x	5.30-6.8x	8.09+1.4x	7.45+0.3x	10.10+0.5x
Debt-to-Equity	0.48-0.3x	2.63+2.1x	1.29+0.9x	1.08+0.7x	0.77+0.5x	0.56+0.2x	0.44+0.1x	0.36-0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Werewolf Therapeutics, Inc. HOWL	FY2025	N/A	-$60.8M	N/A	$45.1M	—
MiNK Therapeutics, Inc. INKT	FY2025	N/A	-$12.5M	N/A	$63.5M	—
ALX Oncology Holdings Inc. ALXO	FY2025	N/A	-$101.7M	N/A	$168.7M	—
Prelude Therapeutics Incorporated PRLD	FY2025	$12.1M	-$99.5M	N/A	$292.9M	70/100
PMV Pharmaceuticals, Inc PMVP	FY2025	N/A	-$77.7M	N/A	$95.7M	—
Applied Therapeutics, Inc. APLT	FY2024	$455K	-$105.6M	N/A	$14.9M	—

Where Werewolf Therapeutics, Inc. Ranks

Frequently Asked Questions

Is Werewolf Therapeutics, Inc. profitable?

No, Werewolf Therapeutics, Inc. (HOWL) reported a net income of -$60.8M in fiscal year 2025.

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 $32.1M in long-term debt.

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) recorded an outflow of $60.3M in free cash flow during fiscal year 2025. This represents a -6.8% 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) recorded an outflow of $60.3M in operating cash flow during fiscal year 2025, representing cash used by 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) reported no capital expenditure during fiscal year 2025.

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.

How many shares does Werewolf Therapeutics, Inc. have outstanding?

Werewolf Therapeutics, Inc. (HOWL) had 49M shares outstanding as of 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 1.29 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 P/E ratio?

Werewolf Therapeutics, Inc. (HOWL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $45.1M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Werewolf Therapeutics, Inc.'s price-to-sales ratio?

Werewolf Therapeutics, Inc. (HOWL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $45.1M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Werewolf Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Werewolf Therapeutics, Inc. (HOWL) held $57.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $60.3M over that year. Dividing the one by the other, the reported balance equals about 11 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Werewolf Therapeutics, Inc.'s Piotroski F-Score?

Werewolf Therapeutics, Inc. (HOWL) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $60.8M while operations used $60.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $60.7M against $5.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.