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Werewolf Therapeutics (HOWL) investor relations material

Werewolf Therapeutics Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Focused on developing conditionally activated immunotherapies for cancer using the proprietary PREDATOR platform, with lead candidates WTX-124 and WTX-330 in clinical trials; WTX-124 received FDA Fast Track Designation for advanced melanoma.

  • WTX-124 is in Phase 1/1b trials as monotherapy and in combination with pembrolizumab; all expansion arms are enrolling or fully enrolled, with enrollment completion expected by Q1 2026.

  • WTX-330 is in Phase 1b/2 for advanced solid tumors, with updates expected in Q4 2025.

  • IND-enabling studies for WTX-1011, a T-cell engager targeting STEAP1, are ongoing, with candidate nomination anticipated by year-end 2025.

  • No products approved for sale; all revenue to date from a collaboration with Jazz Pharmaceuticals, which has now concluded all material performance obligations.

Financial highlights

  • Cash and cash equivalents were $65.7 million as of September 30, 2025, down from $111.0 million at December 31, 2024, and $77.6 million at June 30, 2025.

  • No revenue recognized in the nine months ended September 30, 2025, compared to $1.9 million in the same period in 2024; collaboration revenue for Q3 2025 was $1.9 million.

  • Net loss of $16.4 million for Q3 2025 and $52.4 million for the nine months ended September 30, 2025, compared to $16.7 million and $50.1 million in the prior year periods.

  • Research and development expenses were $11.6 million for Q3 2025 and $37.9 million for the nine months, both down from prior year periods.

  • General and administrative expenses were $4.1 million for Q3 2025 and $13.4 million for the nine months, both lower year-over-year.

Outlook and guidance

  • Cash and cash equivalents are insufficient to fund operations for at least twelve months according to one source, but another projects the cash runway into Q4 2026.

  • Interim data and regulatory feedback for WTX-124 and WTX-330 expected in Q4 2025, guiding future registrational pathways.

  • Nomination of a differentiated WTX-1011 candidate anticipated by year-end 2025.

  • Evaluating options for additional public equity financing, collaborations, or licensing to secure funding.

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Frequently asked questions

Werewolf Therapeutics Inc. is a biopharmaceutical company focused on developing immunotherapies for cancer. The company specializes in engineered cytokine therapies designed to activate the immune system selectively within the tumor microenvironment. Its research and development efforts aim to enhance the efficacy and safety of immuno-oncology treatments through protein engineering and targeted delivery mechanisms. The company is headquartered in Watertown, Massachusetts, and its shares are listed on the NASDAQ.

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