Werewolf Therapeutics (HOWL) Q4 2025 earnings summary

Executive summary

• Initiated a process to explore strategic alternatives, including sale, merger, asset sale, or partnerships, to maximize shareholder value.

• Engaged Piper Sandler & Co. as exclusive financial advisor for the strategic review.

• Focused on advancing conditionally activated therapeutics for cancer and immune-mediated conditions.

Financial highlights

• Cash and cash equivalents were $57.1 million as of December 31, 2025, down from $65.7 million at September 30, 2025.

• Research and development expenses were $6.9 million for Q4 2025 (down from $15.7 million in Q4 2024) and $44.8 million for FY 2025 (down from $56.4 million in FY 2024).

• General and administrative expenses were $2.5 million for Q4 2025 (down from $4.6 million in Q4 2024) and $15.8 million for FY 2025 (down from $19.0 million in FY 2024).

• Net loss was $8.4 million for Q4 2025 (improved from $20.4 million in Q4 2024) and $60.8 million for FY 2025 (improved from $70.5 million in FY 2024).

• Cash runway expected to fund operations into Q4 2026.

Outlook and guidance

• No defined timeline for the strategic review process; outcomes and timing remain uncertain.

• Cash position projected to support operations into the fourth quarter of 2026.