)
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.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.
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage
)
)