Werewolf Therapeutics (NASDAQ: HOWL) cuts 2025 loss and launches strategic review
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Werewolf Therapeutics reported fourth quarter and full-year 2025 results and launched a formal review of strategic alternatives that could include a sale, merger, asset sale, licensing deals or other transactions. The company hired Piper Sandler as exclusive financial advisor and emphasized there is no set timeline or assurance any deal will occur.
For the quarter ended December 31, 2025, net loss narrowed to $8.4M from $20.4M a year earlier, driven by lower research and development expenses of $6.9M versus $15.7M, and general and administrative expenses of $2.5M versus $4.6M. Full-year 2025 net loss improved to $60.8M from $70.5M, with R&D at $44.8M and G&A at $15.8M.
As of December 31, 2025, cash and cash equivalents were $57.1M, down from $111.0M a year earlier. The company expects this cash to fund operations into the fourth quarter of 2026, while it continues advancing its INDUKINE and INDUCER immune-oncology platforms and clinical candidates WTX-124 and WTX-330.
Positive
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Negative
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Insights
Werewolf cuts expenses, extends cash runway, and opens the door to a potential strategic transaction.
Werewolf Therapeutics significantly reduced operating expenses in 2025, with research and development down to $44.8M from $56.4M and general and administrative costs down to $15.8M from $19.0M. This narrowed the annual net loss to $60.8M from $70.5M.
Cash and cash equivalents declined to $57.1M as of December 31, 2025, but management believes this provides runway into the fourth quarter of 2026. That estimate underpins ongoing preclinical and clinical work on the PREDATOR, INDUKINE, and INDUCER programs.
The decision to initiate a strategic review, with Piper Sandler as exclusive advisor, introduces potential corporate change ranging from partnerships to a sale or merger. Outcomes, timing, and impact remain uncertain, and the company has stated there is no guarantee the process will result in a transaction.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 27, 2026
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(Exact name of registrant as specified in its charter)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
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Item 2.02. Results of Operations and Financial Condition.
On March 27, 2026, Werewolf Therapeutics, Inc., a Delaware corporation (the “Company”), issued a press release announcing financial results for the quarter ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
99.1 | Press release issued by the Company on March 27, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
Cautionary Note Regarding Forward-Looking Statements
Any statements in this Current Report on Form 8-K about the Company’s future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to substantial risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include statements regarding the Company’s strategy, future operations, prospects, plans, objectives of management, including potential strategic partnerships, the Company’s exploration and evaluation of strategic alternatives and the ability of any such strategic alternative to provide stockholder value, the projection of the cash runway, the expected timeline for the preclinical and clinical development of product candidates and the availability of data from such preclinical and clinical development, the potential activity and efficacy of product candidates in preclinical studies and clinical trials, and the anticipated safety profile of product candidates. The words “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “continue,” “could,” “design,” “designed to,” “engineered,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “promise,” “should,” “target,” “will,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and the Company’s ability to submit and obtain regulatory approval for investigational new drug applications; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials; whether preliminary or interim data from a clinical trial will be predictive of the future results of the trial and future clinical trials; the Company’s ability to manage cash resources and obtain additional cash resources to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; the Company’s ability to continue as a going concern; as well as the risks and uncertainties identified in the “Risk Factors” section of the Company’s most recent Form 10-Q filed with the Securities and Exchange Commission (“SEC”), and in subsequent filings the Company may make with the SEC. In addition, the forward-looking statements included in this Current Report on Form 8-K represent the Company’s views as of the date of this Current Report on Form 8-K. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WEREWOLF THERAPEUTICS, INC. | ||||||||
Date: March 27, 2026 | By: | /s/ Michael Urban | ||||||
| Michael Urban | ||||||||
| Vice President of Finance and Corporate Controller | ||||||||
Exhibit 99.1
Werewolf Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Corporate Updates
–Company continues to evaluate strategic options to maximize shareholder value -
Watertown, Mass., March 27, 2026 (GLOBE NEWSWIRE) – Werewolf Therapeutics, Inc. (the “Company” or “Werewolf”) (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions, today provided a business update and reported financial results for the fourth quarter and year ended December 31, 2025.
“We have initiated a process to explore a range of alternatives available to the Company to maximize stockholder value,” said Daniel J. Hicklin, Ph.D., President and Chief Executive Officer of Werewolf. “Such measures may include, among other options, a sale of the Company, a business combination or merger, a sale of assets, licensing or collaboration arrangements, or other strategic transactions. In addition to our clinical-stage candidates and our named earlier- stage candidates, our INDUKINE and INDUCER platforms provide exciting opportunities to apply our differentiated masking and protease linker technology in multiple additional modalities.”
The Company has engaged Piper Sandler & Co. (“Piper Sandler”) to serve as exclusive financial advisor to assist in the strategic evaluation process. The Company does not have a defined timeline for the exploration and evaluation of strategic alternatives and cannot confirm that the process will result in any strategic alternative being announced or consummated. The Company cannot provide any commitment regarding when or if this strategic evaluation process will result in any type of transaction, and there can be no assurance that such activities will result in any agreements or transactions that will enhance stockholder value. The Company does not intend to discuss or disclose further developments during this process unless and until its board of directors has approved a specific action or the Company has otherwise determined that further disclosure is appropriate.
Financial Results for the Fourth Quarter and Full Year 2025:
•Cash position: As of December 31, 2025, cash and cash equivalents were $57.1 million, compared to $65.7 million as of September 30, 2025. The Company believes its cash and cash equivalents as of December 31, 2025, will be sufficient to fund operational expenses and capital requirements into the fourth quarter of 2026.
•Research and development expenses: Research and development expenses were $6.9 million for the fourth quarter of 2025, compared to $15.7 million for the same period in 2024. Research and development expenses were $44.8 million for the full year 2025, compared to $56.4 million for the full year 2024.
•General and administrative expenses: General and administrative expenses were $2.5 million for the fourth quarter of 2025, compared to $4.6 million for the same period in 2024. General and administrative expenses were $15.8 million for the full year 2025, compared to $19.0 million for the full year 2024.
•Net loss: Net loss was $8.4 million for the fourth quarter of 2025, compared to $20.4 million for the same period in 2024. Net loss was $60.8 million for the full year 2025, compared to $70.5 million for the full year 2024.
About Werewolf Therapeutics:
Werewolf Therapeutics, Inc., is an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions. The Company is leveraging its proprietary PREDATOR® platform to design conditionally activated INDUKINETM and INDUCERTM molecules that stimulate both adaptive and innate immunity with the goal of addressing the limitations of conventional proinflammatory immune therapies. Werewolf’s INDUKINE molecules are intended to remain inactive in peripheral tissue yet activate selectively in the tumor microenvironment. The Company’s most advanced clinical stage product candidates, WTX-124 and WTX-330, are systemically delivered, conditionally activated Interleukin-2 (IL-2) and Interleukin-12 (IL-12) INDUKINE molecules, respectively, for the treatment of solid tumors. Werewolf’s first INDUCER development candidate,
WTX-1011, targets STEAP1 for prostate cancer, and its second INDUCER candidate, WTX-2022, targets CDH6 for ovarian and kidney cancer. To learn more visit www.werewolftx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Werewolf’s strategy, future operations, prospects, plans, and objectives of management, including potential strategic partnerships; Werewolf’s exploration and evaluation of strategic alternatives and the ability of any such strategic alternative to provide stockholder value; the projection of the cash runway; the expected timeline for the preclinical and clinical development of product candidates and the availability of data from such preclinical and clinical development; the potential activity and efficacy of product candidates in preclinical studies and clinical trials; and the anticipated safety profile of product candidates constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “continue,” “could,” “design,” “designed to,” “engineered,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “promise,” “should,” “target,” “will,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the development of product candidates, including the conduct of research activities, and the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and the Company’s ability to submit and obtain regulatory approval for investigational new drug applications; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials; whether preliminary or interim data from a clinical trial will be predictive of the future results of the trial and future clinical trials; the Company’s ability to manage cash resources and obtain additional cash resources to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; the Company’s ability to continue as a going concern; as well as the risks and uncertainties identified in the “Risk Factors” section of the Company’s most recent Form 10-Q filed with the Securities and Exchange Commission (SEC), and in subsequent filings the Company may make with the SEC. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
WEREWOLF®, the WEREWOLF logo, PREDATOR®, INDUKINETM, INDUCERTM, and other Werewolf trademarks, service marks, graphics and logos are trade names, trademarks or registered trademarks of Werewolf Therapeutics, Inc., in the United States or other countries. All rights reserved.
Werewolf Therapeutics, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except share and per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Collaboration revenue | $ | — | $ | — | $ | — | $ | 1,885 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 6,933 | 15,727 | 44,830 | 56,434 | |||||||||||||||||||
General and administrative | 2,485 | 4,621 | 15,847 | 19,045 | |||||||||||||||||||
Total operating expenses | 9,418 | 20,348 | 60,677 | 75,479 | |||||||||||||||||||
Operating loss | (9,418) | (20,348) | (60,677) | (73,594) | |||||||||||||||||||
| Other income (expense) | 1,037 | (52) | (145) | 3,079 | |||||||||||||||||||
Net loss | $ | (8,381) | $ | (20,400) | $ | (60,822) | $ | (70,515) | |||||||||||||||
Net loss per common share, basic | $ | (0.17) | $ | (0.46) | $ | (1.32) | $ | (1.63) | |||||||||||||||
Net loss per common share, diluted | $ | (0.20) | $ | (0.46) | $ | (1.33) | $ | (1.63) | |||||||||||||||
Weighted-average common shares outstanding, basic | 48,425,423 | 44,478,140 | 46,018,888 | 43,332,088 | |||||||||||||||||||
| Weighted-average common shares outstanding, diluted | 49,216,787 | 44,478,140 | 46,810,252 | 43,859,664 | |||||||||||||||||||
Werewolf Therapeutics, Inc.
Selected Consolidated Balance Sheet Data (unaudited)
(amounts in thousands)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Cash and cash equivalents | $ | 57,050 | $ | 110,995 | |||||||
| Working capital | $ | 22,438 | $ | 97,886 | |||||||
| Total assets | $ | 69,396 | $ | 126,929 | |||||||
| Total notes payable, net of discount and issuance costs | $ | 28,236 | $ | 26,095 | |||||||
| Total stockholders’ equity | $ | 24,805 | $ | 73,390 | |||||||
Company Contact:
Steven Bloom
Chief Business Officer
Werewolf Therapeutics
sbloom@werewolftx.com
Piper Sandler Contacts:
Peter Day
Managing Director,
Piper Sandler & Co.
peter.day@psc.com
Michael Burton-Williams
Executive Director,
Piper Sandler & Co.
michael.burton-williams@psc.com
FAQ
What strategic alternatives is Werewolf Therapeutics (HOWL) currently exploring?
Werewolf Therapeutics has started a formal review of strategic alternatives. Options may include a sale of the company, a business combination or merger, asset sales, licensing or collaboration arrangements, or other strategic transactions, with Piper Sandler engaged as exclusive financial advisor for this process.
How much cash does Werewolf Therapeutics (HOWL) have and how long is its runway?
As of December 31, 2025, Werewolf Therapeutics held cash and cash equivalents of $57.1 million. Management believes this balance will fund operational expenses and capital requirements into the fourth quarter of 2026, supporting ongoing R&D and the strategic review process.
How did Werewolf Therapeutics’ 2025 net loss compare with 2024?
Werewolf Therapeutics reported a full-year 2025 net loss of $60.8 million, improving from a net loss of $70.5 million in 2024. The smaller loss primarily reflected lower research and development expenses and reduced general and administrative costs compared with the prior year.
What were Werewolf Therapeutics’ Q4 2025 operating expenses by category?
In the fourth quarter of 2025, Werewolf Therapeutics recorded research and development expenses of $6.9 million and general and administrative expenses of $2.5 million. Total operating expenses were $9.4 million, down substantially from $20.3 million in the fourth quarter of 2024.
Did Werewolf Therapeutics generate any revenue in 2025?
Werewolf Therapeutics reported no collaboration revenue in 2025, compared with $1.9 million in 2024. The 2025 results therefore reflect a pure expense and other-income profile, with operating loss driven entirely by research and development and general and administrative spending during the year.
What are Werewolf Therapeutics’ lead product candidates and platforms?
Werewolf Therapeutics is developing conditionally activated immune therapies using its proprietary PREDATOR platform. Lead INDUKINE candidates WTX-124 (IL-2) and WTX-330 (IL-12) target solid tumors, while INDUCER candidates WTX-1011 and WTX-2022 address prostate, ovarian, and kidney cancers through STEAP1 and CDH6 targets.
How did Werewolf Therapeutics’ balance sheet change between 2024 and 2025?
At December 31, 2025, cash and cash equivalents were $57.1 million versus $111.0 million a year earlier. Total assets declined to $69.4 million, working capital to $22.4 million, and stockholders’ equity to $24.8 million, while total notes payable rose modestly to $28.2 million.
Filing Exhibits & Attachments
4 documents
Werewolf Therapeutics, Inc.