2 Disclaimer This presentation and the accompanying slides and oral
commentary (this “Presentation”) have been prepared by Ambros Therapeutics, Inc. (“Ambros,” “we,” “us” or the “Company”) for informational purposes only. This Presentation has been prepared based on information the Company considers
reliable, but no representation or warranty, express or implied, is given by the Company, its affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the contents hereof. The
information contained herein is subject to change. Forward-Looking Statements This Presentation contains forward-looking statements. Such statements include, but are not limited to, statements about the Company, the proposed merger between
Ambros and Werewolf Therapeutics, Inc. (“Werewolf”) and the concurrent private placement financing (the “Concurrent PIPE Financing” and, together with the proposed merger, the “Transactions”); expectations regarding the completion, timing and
anticipated effects, benefits and opportunities of the Transactions; Ambros’ expectations regarding the use of proceeds from the Concurrent PIPE Financing; estimated cash at closing of the proposed merger and cash runway expectations,
including expectations regarding the Company’s ability to fund operations through key clinical milestones; research and clinical development activities; plans and projected timelines for neridronate; plans regarding regulatory filings;
expectations regarding the relative benefits of neridronate compared with competitive therapies; and expectations regarding the therapeutic and commercial potential of neridronate. The words “believe,” “may,” “will,” “estimate,” “plan,”
“continue,” “anticipate,” “expect,” “potential” and similar expressions (including the negative thereof) are intended to identify forward-looking statements. Because such statements are subject to risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include, among others: the inability to consummate the Transactions,
including due to a failure to obtain the requisite stockholder approvals or satisfy other closing conditions; costs related to the proposed Transactions; potential litigation or disruption to the Company’s operations related to the
Transactions; clinical trials may not be successful; the results of the interim analysis of CRPS-RISE may not meet the prespecified statistical threshold required to stop the trial early for efficacy, and CRPS-RISE may be required to continue
through its planned enrollment, treatment and follow-up period to a final analysis; the U.S. Food and Drug Administration (“FDA”) may not agree with interpretations of data from clinical trials of neridronate or may require additional
clinical or other data; delays in the commencement, enrollment, completion or analysis of clinical testing for neridronate, or in the reporting of data from such clinical testing; significant issues regarding the adequacy of clinical trial
designs or the execution of clinical trials may arise, which could result in increased costs and delays or limit the ability to obtain regulatory approval; neridronate may not receive regulatory approval or be successfully commercialized;
unexpected adverse side effects or inadequate therapeutic efficacy of neridronate could delay or prevent regulatory approval or commercialization; and the Company may not be able to obtain additional financing. For a further discussion of
these and other risks and uncertainties, see the registration statement on Form S-4 filed by Werewolf with the U.S. Securities and Exchange Commission (the “SEC”), as amended, including the section entitled “Risk Factors,” and other documents
filed by Werewolf with the SEC. All forward-looking statements contained in this Presentation speak only as of the date on which they were made, and the Company undertakes no obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were made, except as required by applicable law. Important Additional Information and Where to Find It In connection with the proposed transaction between Werewolf and Ambros,
Werewolf has filed with the SEC a registration statement on Form S-4, which includes a preliminary proxy statement relating to the proposed transaction and a prospectus of Werewolf (the “Proxy Statement/Prospectus”). Werewolf may also file
other relevant documents with the SEC regarding the proposed transaction. This Presentation is not a substitute for the Proxy Statement/Prospectus or any other document that Werewolf has filed or may file with the SEC or send to stockholders
of Werewolf or Ambros in connection with the proposed transaction. After the registration statement is declared effective, the definitive Proxy Statement/Prospectus will be mailed to stockholders of Werewolf. INVESTORS AND SECURITYHOLDERS OF
WEREWOLF ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT WEREWOLF, AMBROS AND THE PROPOSED TRANSACTION. Investors and securityholders may obtain free copies of the registration statement, the Proxy Statement/Prospectus and other documents filed with the SEC by Werewolf through
the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Werewolf are also available free of charge on Werewolf’s website at https://investors.werewolftx.com/financial-information/sec-filings. No Offer or
Solicitation This Presentation is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to
subscribe for, buy or sell, any securities of Werewolf or Ambros, or the solicitation of a proxy, consent, vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any
sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as
amended, or pursuant to an applicable exemption from the registration requirements thereof, and otherwise in accordance with applicable law. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR
DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Participants in the Solicitation This Presentation is not a solicitation of a proxy from any securityholder of Werewolf or Ambros. However, Werewolf and Ambros and certain of their
respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding Werewolf’s directors and executive officers is contained in
Werewolf’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 27, 2026, and in subsequent documents filed with the SEC. Information regarding persons who may be deemed participants in the
solicitation of proxies in connection with the proposed transaction, including a description of their direct and indirect interests, by security holdings or otherwise, is contained in the Proxy Statement/Prospectus included in Werewolf’s
registration statement on Form S-4, as amended, including under the sections entitled “The Merger—Interests of Werewolf’s Directors and Executive Officers in the Merger” and “The Merger—Interests of Ambros’ Directors and Executive Officers in
the Merger.” Such documents may be obtained free of charge from the sources indicated above. Third-Party Trademarks This Presentation may contain trademarks, service marks, trade names and copyrights of third parties, which are the property
of their respective owners. Solely for convenience, trademarks and trade names referred to in this Presentation may appear without the ™, SM, © or ® symbols, but such references are not intended to indicate, in any way, that the applicable
owner will not assert, to the fullest extent under applicable law, its rights thereto. Disclaimers
