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).
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
The reported loss improved to
Financial Health Signals
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.
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).
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.
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
Earnings & Revenue
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Werewolf Therapeutics, Inc. recorded an outflow of $60.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 6.8% from the prior year.
Werewolf Therapeutics, Inc. held $57.0M in cash against $32.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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. reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
HOWL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| 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 |
| 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 (Diluted) | — | -$1.33+18.4% | -$1.63-55.2% | -$1.05+43.5% | -$1.86 | -$10.94 | -$28.08 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HOWL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
| 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 |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
HOWL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HOWL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| 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 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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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.
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 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.