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. Financials

HOWL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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 2026-05-07

Repeated operating losses are shrinking equity faster than debt, turning a once cash-rich balance sheet into a tighter funding profile.

Across the last three filings, debt-to-equity climbed from 0.4x to 1.3x. Long-term debt stayed near $32.1M, so the shift came mainly from equity shrinking to $24.8M rather than from new borrowing. The balance sheet is therefore being weakened by repeated losses, not by a fresh borrowing cycle.

This is still a capital-light burn model: R&D consumed $44.8M, while capital spending was $0. With equipment investment essentially absent, free cash flow is telling you about operating burn, not expansion spending. Most cash use is funding ongoing research work rather than building assets that remain on the balance sheet.

The reported loss improved to -$60.8M from -$70.5M, but cash conversion did not improve with it. Operating cash flow was -$60.3M, and year-end cash was only $57.1M. So a narrower accounting loss did not translate into more liquidity cushion.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Werewolf Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Werewolf Therapeutics, Inc. carries a low D/E ratio of 1.29, meaning only $1.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Werewolf Therapeutics, Inc.'s current ratio of 1.62 is below the typical benchmark, resulting in a score of 28/100. However, the company holds substantial cash reserves (158% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

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.

Piotroski F-Score Weak

1/9

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).

Earnings Quality Low Quality

0.99x

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.

Interest Coverage At Risk

-11.5x

Werewolf Therapeutics, Inc. earns $-11.5 in operating income for every $1 of interest expense (-$60.7M vs $5.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$59.0M

YoY+17.7%

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.

Net Income

-$60.8M

YoY+13.7%

Werewolf Therapeutics, Inc. reported -$60.8M in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.

EPS (Diluted)

$-1.33

YoY+18.4%

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

Free Cash Flow

-$60.3M

YoY-6.8%

Werewolf Therapeutics, Inc. generated -$60.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.8% from the prior year.

Cash & Debt

$57.0M

YoY-48.6%

5Y CAGR-9.2%

Werewolf Therapeutics, Inc. held $57.0M in cash against $32.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

49M

YoY+8.4%

Werewolf Therapeutics, Inc. had 49M shares outstanding in fiscal year 2025. This represents an increase of 8.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-245.2%

YoY-149.1pp

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

R&D Spending

$44.8M

YoY-20.6%

5Y CAGR+21.9%

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.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Werewolf Therapeutics, Inc. invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

HOWL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	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
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$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	$15.8M-16.8%	$19.0M+2.0%	$18.7M-0.1%	$18.7M+26.2%	$14.8M+157.1%	$5.8M
Operating Income	-$60.7M+17.6%	-$73.6M-81.7%	-$40.5M+27.7%	-$56.1M-11.9%	-$50.1M-123.6%	-$22.4M
Interest Expense	$5.3M+59.3%	$3.3M+5.5%	$3.1M	$0	N/A	N/A
Income Tax	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$60.8M+13.7%	-$70.5M-88.7%	-$37.4M+30.6%	-$53.8M-7.7%	-$50.0M-232.3%	-$15.0M
EPS (Diluted)	$-1.33+18.4%	$-1.63-55.2%	$-1.05+43.5%	$-1.86+83.0%	$-10.94	$-28.08

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$8.2M	N/A	$11.6M-11.5%	$13.1M+0.2%	$13.1M	N/A	$12.5M-18.0%	$15.3M
SG&A Expenses	$5.1M	N/A	$4.1M-7.0%	$4.4M-9.7%	$4.9M	N/A	$4.6M-4.9%	$4.8M
Operating Income	-$13.3M	N/A	-$15.7M+10.4%	-$17.5M+2.5%	-$18.0M	N/A	-$17.1M+9.7%	-$19.0M
Interest Expense	$1.4M	N/A	$1.3M+3.1%	$1.3M+3.0%	$1.3M	N/A	$1.2M+55.5%	$800K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$13.5M	N/A	-$16.4M+9.0%	-$18.0M+0.6%	-$18.1M	N/A	-$16.7M+3.3%	-$17.2M
EPS (Diluted)	$-0.28	N/A	$-0.36+10.0%	$-0.400.0%	$-0.40	N/A	$-0.38+11.6%	$-0.43

HOWL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$58.0M-16.4%	$69.4M-12.8%	$79.6M-14.0%	$92.6M-13.7%	$107.2M-15.5%	$126.9M-9.4%	$140.0M-8.9%	$153.7M
Current Assets	$48.7M-16.8%	$58.6M-14.1%	$68.2M-15.2%	$80.4M-14.8%	$94.5M-16.5%	$113.1M-10.1%	$125.8M-9.3%	$138.8M
Cash & Equivalents	$46.5M-18.6%	$57.0M-13.2%	$65.7M-15.3%	$77.6M-15.7%	$92.0M-17.1%	$111.0M-9.6%	$122.8M-9.2%	$135.3M
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	$45.8M+2.8%	$44.6M-10.8%	$50.0M-2.1%	$51.1M+2.3%	$49.9M-6.7%	$53.5M+5.7%	$50.7M+2.0%	$49.7M
Current Liabilities	$38.5M+6.6%	$36.1M+105.4%	$17.6M+16.0%	$15.2M+30.0%	$11.7M-23.1%	$15.2M+21.8%	$12.5M+8.9%	$11.4M
Long-Term Debt	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M0.0%	$32.1M
Total Equity	$12.2M-50.8%	$24.8M-16.2%	$29.6M-28.6%	$41.5M-27.6%	$57.3M-21.9%	$73.4M-17.9%	$89.4M-14.1%	$104.0M
Retained Earnings	-$488.9M-2.8%	-$475.4M-1.8%	-$467.0M-3.6%	-$450.7M-4.2%	-$432.7M-4.4%	-$414.6M-5.2%	-$394.2M-4.4%	-$377.5M

HOWL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$60.3M-7.3%	-$56.2M-72.3%	-$32.6M+19.7%	-$40.6M+5.3%	-$42.9M-130.2%	-$18.6M
Capital Expenditures	$0-100.0%	$254K-67.0%	$769K-78.7%	$3.6M+625.1%	$498K-11.1%	$560K
Free Cash Flow	-$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	$0+100.0%	-$254K+67.0%	-$769K+78.7%	-$3.6M-625.1%	-$498K+11.1%	-$560K
Financing Cash Flow	$6.0M-53.9%	$13.1M-77.6%	$58.4M+267.3%	$15.9M-85.5%	$109.4M+16.6%	$93.9M
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$10.6M+3.9%	-$11.0M+27.3%	-$15.2M+0.1%	-$15.2M+20.0%	-$18.9M-32.9%	-$14.3M-14.4%	-$12.5M+12.1%	-$14.2M
Capital Expenditures	N/A	$0	$0	$0	$0-100.0%	$123K+4000.0%	$3K-82.4%	$17K
Free Cash Flow	N/A	-$11.0M+27.3%	-$15.2M+0.1%	-$15.2M+20.0%	-$18.9M-31.8%	-$14.4M-15.3%	-$12.5M+12.2%	-$14.2M
Investing Cash Flow	N/A	$0	$0	$0	$0+100.0%	-$123K-4000.0%	-$3K+82.4%	-$17K
Financing Cash Flow	N/A	$2.4M-27.7%	$3.3M+743.8%	$388K	$0-100.0%	$2.5M+42550.0%	-$6K+99.9%	-$9.7M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
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	1.62-5.8	7.45+0.3	7.14+1.3	5.84-7.7	13.56-4.0	17.58
Debt-to-Equity	1.29+0.9	0.44+0.1	0.36+0.0	0.31+0.1	0.17+3.0	-2.86
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-110.9%	N/A	-55.3%-11.9pp	-43.4%-11.8pp	-31.6%	N/A	-18.6%-2.1pp	-16.6%
Return on Assets	-23.3%	N/A	-20.6%-1.1pp	-19.4%-2.6pp	-16.9%	N/A	-11.9%-0.7pp	-11.2%
Current Ratio	1.27-0.4	1.62-2.3	3.87-1.4	5.30-2.8	8.09+0.6	7.45-2.6	10.10-2.0	12.13
Debt-to-Equity	2.63+1.3	1.29+0.2	1.08+0.3	0.77+0.2	0.56+0.1	0.44+0.1	0.36+0.1	0.31
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

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) generated -$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) 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 $0 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.

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 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 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) 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 -11.5x, 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 17 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.