Werewolf Therapeutics, Inc.
HOWLHealthcare|Biotechnology|US
$1.01
-0.01 (-0.98%)
DCF Value
$1.02
Tangible Book / Share
$0.34
Cash / Share
$0.45
Financials
Financial Snapshot
Market Cap
$49.1M
Enterprise Value
$27.1M
Revenue (TTM)
$21.0M
Net Income (TTM)
-$34.6M
Cash & Investments
$22.0M
Net Cash
$22.0M
Free Cash Flow (TTM)
-$30.1M
Operating CF (TTM)
-$30.1M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$22.0M
Quarterly Burn
$7.5M
Monthly Burn
$2.5M
Est. Runway
~2.9 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $17.9M | $92.6M | $157.5M | $129.3M | $134.3M | $111.0M | $58.0M | $22.0M | |
| Operating Cash Flow | -$9.5M | -$18.6M | -$42.9M | -$40.6M | -$32.6M | -$56.2M | -$60.3M | -$30.1M | |
| Free Cash Flow | -$9.8M | -$19.2M | -$43.4M | -$44.2M | -$33.4M | -$56.4M | -$60.3M | -$30.1M | |
| Capital Expenditure | -$266.0K | -$560.0K | -$498.0K | -$3.6M | -$769.0K | -$254.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $21.9M | $93.9M | $109.4M | $15.9M | $58.4M | $13.1M | $6.0M | -$26.8M |
R&D Spending
R&D (TTM)
$32.9M
R&D Intensity
156.7%
R&D Growth vs Prior
-26.6%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $16.4M | $19.9M | $1.9M | $0.00 | $21.0M | |
| R&D Expense | $6.3M | $16.6M | $35.3M | $53.8M | $41.8M | $56.4M | $44.8M | $32.9M | |
| R&D % of Revenue | — | — | — | 327.8% | 209.5% | 2993.8% | — | 156.7% | |
| SG&A | $3.6M | $5.8M | $14.8M | $21.5M | $18.7M | $19.0M | $15.8M | $19.3M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $16.4M | $19.9M | $1.9M | $0.00 | $21.0M | |
| Cost of Revenue | $463.0K | $777.0K | $0.00 | $2.5M | $1.8M | $1.8M | $1.6M | $2.9M | |
| Gross Profit | -$463.0K | -$777.0K | $0.00 | $13.9M | $18.2M | $71.0K | -$1.6M | $18.1M | |
| R&D | $6.3M | $16.6M | $35.3M | $53.8M | $41.8M | $56.4M | $44.8M | $32.9M | |
| SG&A | $3.6M | $5.8M | $14.8M | $21.5M | $18.7M | $19.0M | $15.8M | $19.3M | |
| Operating Income | -$9.9M | -$22.4M | -$50.1M | -$56.1M | -$40.5M | -$73.6M | -$60.7M | -$25.6M | |
| Interest Expense | $372.0K | $0.00 | $0.00 | $0.00 | $3.1M | $4.7M | $5.3M | $4.6M | |
| Pretax Income | -$10.2M | -$15.0M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M | -$34.6M | |
| Net Income | -$11.0M | -$14.9M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M | -$34.6M | |
| EPS (Diluted) | -0.38 | -0.98 | -10.94 | -1.86 | -1.05 | -1.63 | -1.33 | -0.73 | |
| EBITDA | -$9.9M | -$14.9M | -$49.8M | -$52.7M | -$32.5M | -$64.0M | -$53.9M | -$22.0M | |
| Shares Out. (M) | 28.66 | 28.66 | 18.45 | 28.86 | 35.65 | 43.86 | 46.81 | 48.60 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.9M | $92.6M | $157.5M | $129.3M | $134.3M | $111.0M | $58.0M | $22.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $18.1M | $92.9M | $161.1M | $140.2M | $138.4M | $113.1M | $58.6M | $22.9M | |
| Total Assets | $21.7M | $96.4M | $179.3M | $160.2M | $174.8M | $126.9M | $69.4M | $24.2M | |
| Total Current Liabilities | $2.0M | $5.3M | $11.9M | $24.0M | $19.4M | $15.2M | $36.1M | $7.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $32.7M | $26.1M | $0.00 | $0.00 | |
| Total Liabilities | $11.9M | $7.2M | $26.5M | $37.9M | $63.5M | $53.5M | $44.6M | $7.9M | |
| Stockholders' Equity | $9.8M | $89.2M | $152.8M | $122.3M | $111.4M | $73.4M | $24.8M | $16.3M | |
| Retained Earnings | -$24.4M | -$51.9M | -$252.9M | -$306.7M | -$344.1M | -$414.6M | -$475.4M | -$485.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.5M | -$18.6M | -$42.9M | -$40.6M | -$32.6M | -$56.2M | -$60.3M | -$30.1M | |
| Capital Expenditure | -$266.0K | -$560.0K | -$498.0K | -$3.6M | -$769.0K | -$254.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$9.8M | -$19.2M | -$43.4M | -$44.2M | -$33.4M | -$56.4M | -$60.3M | -$30.1M | |
| Investing Cash Flow | -$266.0K | -$560.0K | -$498.0K | -$3.6M | -$769.0K | -$254.0K | $0.00 | $416.0K | |
| Financing Cash Flow | $21.9M | $93.9M | $109.4M | $15.9M | $58.4M | $13.1M | $6.0M | -$26.8M | |
| Issuance of Stock | $2.0K | $0.00 | $111.6M | $15.7M | $18.3M | $23.6M | $6.0M | $5.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $40.0M | -$10.0M | $0.00 | -$32.4M | |
| Stock Based Comp. | $559.0K | $632.0K | $4.1M | $7.4M | $8.0M | $8.8M | $6.2M | $3.8M | |
| Net Change in Cash | $12.1M | $74.7M | $66.1M | -$28.3M | $25.0M | -$43.4M | -$54.3M | -$55.6M |
Dilution Tracker
Shares outstanding grew 63.3% over 5 years — significant dilution
Shares Outstanding
49M
5-Year Share Growth
+63.3%
Stock Issuance (TTM)
$5.6M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 28.66 | 28.66 | 18.45 | 28.86 | 35.65 | 43.86 | 46.81 | 48.60 | |
| Change vs Prior % | — | 0.0% | -35.6% | 56.4% | 23.5% | 23.0% | 6.7% | 3.8% | |
| Stock Issuance | $2.0K | $0.00 | $111.6M | $15.7M | $18.3M | $23.6M | $6.0M | $5.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $559.0K | $632.0K | $4.1M | $7.4M | $8.0M | $8.8M | $6.2M | $3.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 84.7% | 91.2% | 3.8% | — | 86.4% | |
| Operating Margin % | — | — | — | -341.8% | -203.1% | -3904.2% | — | -121.8% | |
| Net Margin % | — | — | — | -328.1% | -187.4% | -3740.8% | — | -164.8% | |
| EBITDA Margin % | — | — | — | -321.4% | -162.8% | -3397.6% | — | -104.8% | |
| FCF Margin % | — | — | — | -269.5% | -167.4% | -2994.3% | — | -143.6% | |
| ROE % | -112.5% | -16.7% | -32.7% | -44.0% | -33.6% | -96.1% | -245.2% | -167.0% | |
| ROA % | -50.7% | -15.5% | -27.9% | -33.6% | -21.4% | -55.6% | -87.6% | -143.3% | |
| ROIC % | -49.1% | -24.4% | -29.7% | -40.5% | -24.7% | -65.0% | -173.4% | -157.0% | |
| R&D / Revenue % | — | — | — | 327.8% | 209.5% | 2993.8% | — | 156.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 21.6% | -90.5% | -100.0% | |
| Gross Profit | 0.0% | -67.8% | 100.0% | 0.0% | 30.9% | -99.6% | -2401.4% | |
| Operating Income | 0.0% | -125.5% | -123.6% | -11.9% | 27.7% | -81.7% | 17.6% | |
| Net Income | 0.0% | -35.9% | -234.6% | -7.7% | 30.6% | -88.7% | 13.7% | |
| EPS (Diluted) | 0.0% | -157.9% | -1016.3% | 83.0% | 43.5% | -55.2% | 18.4% | |
| Operating Cash Flow | 0.0% | -95.2% | -130.2% | 5.3% | 19.7% | -72.3% | -7.3% | |
| Free Cash Flow | 0.0% | -95.6% | -126.1% | -1.9% | 24.5% | -69.1% | -6.8% | |
| R&D Expense | 0.0% | 162.5% | 111.9% | 52.4% | -22.3% | 35.1% | -20.6% | |
| SG&A Expense | 0.0% | 60.3% | 157.1% | 45.1% | -13.2% | 2.0% | -16.8% | |
| Total Assets | 0.0% | 344.7% | 85.9% | -10.6% | 9.1% | -27.4% | -45.3% | |
| Book Value / Share | 0.0% | 813.3% | 166.0% | -48.8% | -26.3% | -45.8% | -68.2% | |
| Debt | 0.0% | -19.0% | 516.3% | -6.2% | 253.6% | -28.6% | -74.6% | |
| Diluted Shares | 0.0% | 0.0% | -35.6% | 56.4% | 23.5% | 23.0% | 6.7% |
Valuation
P/E (TTM)At Loss
P/S2.34
10Y Low / Med / High3.61 / 6.90 / 34.02
P/B3.01
10Y Low / Med / High0.48 / 1.24 / 47.24
EV/EBITDAAt Loss
10Y Low / Med / High0.15 / 0.36 / 1.05
EV/Revenue1.29
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.02
Tangible Book / Share
$0.34
Net Current Assets / Share
$0.31
Graham Net-Net
$0.29
Cash / Share
$0.45
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -42.37 | -16.43 | -1.09 | -1.10 | -3.68 | -0.91 | -0.48 | -1.38 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 3.61 | 6.90 | 34.02 | 0.00 | 2.34 | |
| P/B Ratio | 47.24 | 5.17 | 1.44 | 0.48 | 1.24 | 0.87 | 1.18 | 3.01 | |
| EV/EBITDA | -45.35 | -24.95 | -1.57 | 1.05 | -1.70 | 0.15 | 0.36 | -1.23 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | -3.38 | 2.77 | -5.19 | 0.00 | 1.29 |
Analyst Estimates & Quality
Altman Z-Score
-26.27
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $8.3M | $3.1M | $50.0K |
| Net Income | -$41.7M | -$27.6M | -$68.8M |
| EPS | $-0.89 | $-0.59 | $-1.47 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2024 |
|---|---|
| Reportable Segment | $1.9M |