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Werewolf Therapeutics (HOWL) Financials

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$0.36 0.00 (-1.09%)
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Annual Income Statements for Werewolf Therapeutics

Annual Income Statements for Werewolf Therapeutics

This table shows Werewolf Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -28 -202 -54 -37 -71 -61
Consolidated Net Income / (Loss)		 -15 -50 -54 -37 -71 -61
Net Income / (Loss) Continuing Operations		 -15 -50 -54 -37 -71 -61
Total Pre-Tax Income 		-15 -50 -54 -37 -71 -61
Total Operating Income		 -22 -50 -56 -41 -74 -61
Total Gross Profit		 0.00 0.00 16 20 1.89 0.00
Total Revenue		 0.00 0.00 16 20 1.89 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 22 50 72 60 75 61
Selling, General & Admin Expense		 5.76 15 19 19 19 16
Research & Development Expense		 17 35 54 42 56 45
Total Other Income / (Expense), net		 7.36 0.00 2.25 3.14 3.08 -0.15
Interest Expense		 - - 0.00 3.14 5.21 5.27
Interest & Investment Income		 0.06 - 1.91 7.42 6.67 3.11
Other Income / (Expense), net		 7.30 - 0.34 -1.14 1.62 2.02
Basic Earnings per Share		 ($28.08) ($10.94) ($1.86) ($1.05) ($1.63) ($1.32)
Weighted Average Basic Shares Outstanding		 1.01M 18.46M 28.86M 35.65M 43.33M 46.02M
Diluted Earnings per Share		 ($28.08) ($10.94) ($1.86) ($1.05) ($1.63) ($1.33)
Weighted Average Diluted Shares Outstanding		 1.01M 18.46M 28.86M 35.65M 43.86M 46.81M
Weighted Average Basic & Diluted Shares Outstanding		 - 27.65M 35.28M 42.74M 44.83M 48.60M

Quarterly Income Statements for Werewolf Therapeutics

This table shows Werewolf Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.38 -14
Consolidated Net Income / (Loss)		 -8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.38 -14
Net Income / (Loss) Continuing Operations		 -8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.28 -14
Total Pre-Tax Income 		-8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.38 -14
Total Operating Income		 -9.25 -13 -17 -19 -17 -20 -18 -18 -16 -9.42 -13
Total Gross Profit		 5.90 1.50 0.74 1.14 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 5.90 1.50 0.74 1.14 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 15 14 18 20 17 20 18 18 16 9.42 13
Selling, General & Admin Expense		 4.31 4.81 5.00 4.83 4.60 4.62 4.87 4.40 4.09 2.49 5.09
Research & Development Expense		 11 9.65 13 15 13 16 13 13 12 6.93 8.18
Total Other Income / (Expense), net		 0.97 0.96 0.97 1.71 0.45 -0.05 -0.10 -0.44 -0.64 1.04 -0.26
Interest Expense		 1.00 1.01 1.00 1.70 1.24 1.27 1.26 1.30 1.34 1.37 1.37
Interest & Investment Income		 1.97 1.98 1.97 1.79 1.60 1.31 1.00 0.85 0.70 0.56 0.43
Other Income / (Expense), net		 -0.01 -0.01 -0.00 1.61 0.10 -0.09 0.17 0.01 0.00 1.84 0.67
Basic Earnings per Share		 ($0.23) ($0.34) ($0.39) ($0.40) ($0.38) ($0.46) ($0.40) ($0.40) ($0.36) ($0.16) ($0.28)
Weighted Average Basic Shares Outstanding		 35.65M 35.65M 41.61M 43.52M 43.70M 43.33M 44.83M 44.98M 45.80M 46.02M 48.60M
Diluted Earnings per Share		 ($0.23) ($0.34) ($0.39) ($0.43) ($0.38) ($0.43) ($0.40) ($0.40) ($0.36) ($0.17) ($0.28)
Weighted Average Diluted Shares Outstanding		 35.65M 35.65M 41.61M 44.04M 43.70M 43.86M 44.83M 44.98M 45.80M 46.81M 49.39M
Weighted Average Basic & Diluted Shares Outstanding		 - 42.74M 43.46M 43.70M 44.56M 44.83M 44.87M 45.73M 48.54M 48.60M 48.60M

Annual Cash Flow Statements for Werewolf Therapeutics

This table details how cash moves in and out of Werewolf Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 75 66 -28 25 -43 -54
Net Cash From Operating Activities		 -19 -43 -41 -33 -56 -60
Net Cash From Continuing Operating Activities		 -19 -43 -41 -33 -56 -60
Net Income / (Loss) Continuing Operations		 -15 -50 -54 -37 -71 -61
Consolidated Net Income / (Loss)		 -15 -50 -54 -37 -71 -61
Depreciation Expense		 0.15 0.22 1.10 1.76 1.81 1.63
Non-Cash Adjustments To Reconcile Net Income		 -6.57 4.37 9.37 9.86 9.99 7.10
Changes in Operating Assets and Liabilities, net		 2.84 2.52 2.54 -6.92 2.53 -8.21
Net Cash From Investing Activities		 -0.56 -0.50 -3.61 -0.77 -0.25 0.00
Net Cash From Continuing Investing Activities		 -0.56 -0.50 -3.61 -0.77 -0.25 0.00
Purchase of Property, Plant & Equipment		 -0.56 -0.50 -3.61 -0.77 -0.25 0.00
Net Cash From Financing Activities		 94 109 16 58 13 6.03
Net Cash From Continuing Financing Activities		 94 109 16 58 13 6.03
Repayment of Debt		 -0.16 0.00 -0.09 0.00 -41 0.00
Issuance of Debt		 - - 0.00 40 30 0.00
Issuance of Common Equity		 0.00 112 16 18 24 6.03
Other Financing Activities, net		 0.03 0.21 0.25 0.01 0.04 0.00
Cash Interest Paid		 - - 0.00 2.56 3.36 3.13

Quarterly Cash Flow Statements for Werewolf Therapeutics

This table details how cash moves in and out of Werewolf Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -7.39 4.29 4.85 -24 -12 -12 -19 -15 -12 -8.66 -11
Net Cash From Operating Activities		 -7.21 -4.59 -15 -14 -12 -14 -19 -15 -15 -11 -11
Net Cash From Continuing Operating Activities		 -7.21 -4.59 -15 -14 -12 -14 -19 -15 -15 -11 -11
Net Income / (Loss) Continuing Operations		 -8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.38 -14
Consolidated Net Income / (Loss)		 -8.29 -12 -16 -17 -17 -20 -18 -18 -16 -8.38 -14
Depreciation Expense		 0.45 0.46 0.46 0.45 0.45 0.44 0.43 0.41 0.40 0.40 0.40
Amortization Expense		 - - 0.38 - - - 0.19 - - - 0.22
Non-Cash Adjustments To Reconcile Net Income		 2.72 3.36 2.40 2.41 2.53 2.66 2.33 2.68 1.96 0.14 0.85
Changes in Operating Assets and Liabilities, net		 -2.09 3.60 -2.34 0.59 1.23 3.05 -3.80 -0.08 -1.15 -3.19 1.47
Net Cash From Investing Activities		 -0.22 -0.20 -0.11 -0.02 -0.00 -0.12 0.00 - - - 0.00
Net Cash From Continuing Investing Activities		 -0.22 -0.20 -0.11 -0.02 -0.00 -0.12 0.00 - - - 0.00
Net Cash From Financing Activities		 0.04 9.07 20 -9.72 -0.01 2.55 0.00 0.39 3.27 2.37 0.00
Net Cash From Continuing Financing Activities		 0.04 9.07 20 -9.72 -0.01 2.55 0.00 0.39 3.27 2.37 0.00
Cash Interest Paid		 0.90 0.91 0.91 0.88 0.79 0.78 0.77 0.79 0.79 0.78 0.77

Annual Balance Sheets for Werewolf Therapeutics

This table presents Werewolf Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 96 179 160 175 127 69
Total Current Assets		 93 161 140 138 113 59
Cash & Equivalents		 93 158 129 134 111 57
Prepaid Expenses		 0.34 3.54 3.96 2.68 2.07 1.54
Plant, Property, & Equipment, net		 0.65 2.91 8.99 7.96 6.32 4.69
Total Noncurrent Assets		 2.83 15 11 29 7.54 6.12
Other Noncurrent Operating Assets		 2.83 15 11 29 7.54 6.12
Total Liabilities & Shareholders' Equity		 96 179 160 175 127 69
Total Liabilities		 7.18 26 38 63 54 45
Total Current Liabilities		 5.28 12 24 19 15 36
Short-Term Debt		 - - 0.00 6.67 0.00 28
Accounts Payable		 1.02 2.04 1.22 1.34 3.04 0.75
Accrued Expenses		 3.59 8.77 14 8.86 11 5.41
Other Current Liabilities		 0.68 1.07 2.08 1.61 1.56 1.75
Total Noncurrent Liabilities		 1.90 15 14 44 38 8.44
Other Noncurrent Operating Liabilities		 1.90 15 13 11 12 8.44
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -52 153 122 111 73 25
Total Preferred & Common Equity		 -52 153 122 111 73 25
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -52 153 122 111 73 25
Common Stock		 0.00 406 429 455 488 500
Retained Earnings		 -52 -253 -307 -344 -415 -475

Quarterly Balance Sheets for Werewolf Therapeutics

This table presents Werewolf Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 178 154 140 107 93 80 58
Total Current Assets		 142 139 126 94 80 68 49
Cash & Equivalents		 139 135 123 92 78 66 46
Prepaid Expenses		 2.32 2.94 2.54 2.42 2.84 2.46 2.28
Plant, Property, & Equipment, net		 7.53 7.09 6.77 5.90 5.49 5.09 4.29
Total Noncurrent Assets		 28 7.82 7.44 6.88 6.64 6.37 5.00
Other Noncurrent Operating Assets		 28 7.82 7.44 6.88 6.64 6.37 5.00
Total Liabilities & Shareholders' Equity		 178 154 140 107 93 80 58
Total Liabilities		 60 50 51 50 51 50 46
Total Current Liabilities		 21 11 12 12 15 18 39
Short-Term Debt		 12 0.00 0.00 - 2.40 6.00 29
Accounts Payable		 1.59 1.47 1.24 0.99 2.77 1.08 3.57
Accrued Expenses		 6.22 8.70 9.90 9.27 8.54 9.02 4.52
Other Current Liabilities		 1.24 1.27 1.32 1.41 1.45 1.50 1.60
Total Noncurrent Liabilities		 39 38 38 38 36 32 7.30
Other Noncurrent Operating Liabilities		 11 13 13 12 11 11 7.30
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 118 104 89 57 41 30 12
Total Preferred & Common Equity		 118 104 89 57 41 30 12
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 118 104 89 57 41 30 12
Common Stock		 478 482 484 490 492 497 501
Retained Earnings		 -360 -378 -394 -433 -451 -467 -489

Annual Metrics And Ratios for Werewolf Therapeutics

This table displays calculated financial ratios and metrics derived from Werewolf Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 27,579,463.00 30,744,648.00 35,658,050.00 44,563,153.00 48,540,200.00
DEI Adjusted Shares Outstanding		 0.00 27,579,463.00 30,744,648.00 35,658,050.00 44,563,153.00 48,540,200.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -7.32 -1.75 -1.05 -1.58 -1.25
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 21.60% -90.55% -100.00%
EBITDA Growth		 0.00% -233.52% -9.10% 26.81% -76.20% 18.73%
EBIT Growth		 0.00% -231.64% -11.24% 25.26% -72.84% 18.51%
NOPAT Growth		 0.00% -123.56% -11.92% 27.75% -81.70% 17.55%
Net Income Growth		 0.00% -232.33% -7.66% 30.56% -88.70% 13.75%
EPS Growth		 0.00% 61.04% 83.00% 43.55% -55.24% 18.40%
Operating Cash Flow Growth		 0.00% -130.22% 5.32% 19.67% -72.29% -7.30%
Free Cash Flow Firm Growth		 0.00% 0.00% -9.91% -39.67% 54.24% -111.29%
Invested Capital Growth		 0.00% -41.57% -47.09% 334.37% -170.38% 65.17%
Revenue Q/Q Growth		 0.00% 0.00% 79.88% -22.48% -44.33% 0.00%
EBITDA Q/Q Growth		 0.00% -26.63% 9.35% -2.11% -11.95% 18.36%
EBIT Q/Q Growth		 0.00% -26.50% 8.30% -2.27% -11.59% 17.99%
NOPAT Q/Q Growth		 0.00% -26.50% 7.74% 0.53% -11.16% 15.26%
Net Income Q/Q Growth		 0.00% -26.49% 9.94% -0.20% -13.52% 16.50%
EPS Q/Q Growth		 0.00% 89.56% -102.47% 2.78% -5.84% 16.35%
Operating Cash Flow Q/Q Growth		 0.00% -18.40% 1.94% 18.26% -20.78% 5.08%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -8.31% -35.99% 38.59% -0.93%
Invested Capital Q/Q Growth		 0.00% -317.97% 26.57% 0.00% -46.98% 52.51%
Profitability Metrics		 - - - - - -
Gross Margin		 0.00% 0.00% 100.00% 100.00% 100.00% 0.00%
EBITDA Margin		 0.00% 0.00% -331.75% -199.67% -3,722.28% 0.00%
Operating Margin		 0.00% 0.00% -341.78% -203.09% -3,904.19% 0.00%
EBIT Margin		 0.00% 0.00% -339.72% -208.82% -3,818.51% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% -328.09% -187.37% -3,740.85% 0.00%
Tax Burden Percent		 100.00% 99.79% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 99.58% 100.00% 96.58% 89.73% 97.97% 103.69%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -604.78% -2,126.99% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -596.74% -2,105.87% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 572.80% 2,050.66% 0.00%
Return on Equity (ROE)		 -16.86% -41.31% -39.12% -31.98% -76.33% -123.88%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -316.03% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% -32.82% -24.86% -47.71% 0.00%
Return on Assets (ROA)		 0.00% 0.00% -31.70% -22.30% -46.74% 0.00%
Return on Common Equity (ROCE)		 9.80% -17.23% -39.12% -31.98% -76.33% -123.88%
Return on Equity Simple (ROE_SIMPLE)		 29.00% -32.71% -43.99% -33.55% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -16 -35 -39 -28 -52 -42
NOPAT Margin		 0.00% 0.00% -239.25% -142.17% -2,732.93% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.69% -11.93% -10.16% -8.04% -21.12% -32.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -18.81% -51.78% -80.08%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 113.99% 93.62% 1,010.34% 0.00%
R&D to Revenue		 0.00% 0.00% 327.79% 209.48% 2,993.85% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 441.78% 303.09% 4,004.19% 0.00%
Earnings before Interest and Taxes (EBIT)		 -15 -50 -56 -42 -72 -59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -50 -54 -40 -70 -57
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 2.15 0.52 1.24 0.90 1.24
Price to Tangible Book Value (P/TBV)		 0.00 2.15 0.52 1.24 0.90 1.24
Price to Revenue (P/Rev)		 0.00 0.00 3.84 6.90 34.99 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 2.61 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 2.14 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.35 0.36 1.14
Long-Term Debt to Equity		 0.00 0.00 0.00 0.29 0.36 0.00
Financial Leverage		 -1.04 -1.03 -1.04 -0.96 -0.97 -1.16
Leverage Ratio		 1.08 1.14 1.23 1.43 1.63 2.00
Compound Leverage Factor		 1.08 1.14 1.19 1.29 1.60 2.07
Debt to Total Capital		 0.00% 0.00% 0.00% 26.09% 26.23% 53.23%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 4.42% 0.00% 53.23%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 21.67% 26.23% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 158.13% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -58.13% 100.00% 100.00% 73.91% 73.77% 46.77%
Debt to EBITDA		 0.00 0.00 0.00 -0.99 -0.37 -0.50
Net Debt to EBITDA		 0.00 0.00 0.00 2.39 1.21 0.51
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.82 -0.37 0.00
Debt to NOPAT		 0.00 0.00 0.00 -1.39 -0.51 -0.66
Net Debt to NOPAT		 0.00 0.00 0.00 3.35 1.65 0.68
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -1.15 -0.51 0.00
Altman Z-Score		 9.85 5.55 -1.86 -1.31 -4.76 -11.58
Noncontrolling Interest Sharing Ratio		 158.13% 58.30% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 17.58 13.56 5.84 7.14 7.45 1.62
Quick Ratio		 17.52 13.27 5.68 7.00 7.31 1.58
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -34 -37 -52 -24 -50
Operating Cash Flow to CapEx		 -3,325.71% -8,609.64% -1,124.23% -4,240.83% -22,121.26% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -16.47 -4.54 -9.48
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 -10.39 -10.79 -11.43
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 -10.63 -10.84 -11.43
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.10 0.12 0.01 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 4.82 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 2.76 2.35 0.26 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 75.75 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 75.75 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -3.35 -4.74 -6.98 16 -12 -4.01
Invested Capital Turnover		 0.00 0.00 -2.80 4.25 0.78 0.00
Increase / (Decrease) in Invested Capital		 0.00 -1.39 -2.23 23 -28 7.50
Enterprise Value (EV)		 169 171 -66 43 -19 1.94
Market Capitalization		 120 328 63 138 66 31
Book Value per Share		 ($51.61) $5.54 $3.98 $3.12 $1.65 $0.51
Tangible Book Value per Share		 ($51.61) $5.54 $3.98 $3.12 $1.65 $0.51
Total Capital		 89 153 122 151 99 53
Total Debt		 0.00 0.00 0.00 39 26 28
Total Long-Term Debt		 0.00 0.00 0.00 33 26 0.00
Net Debt		 -93 -158 -129 -95 -85 -29
Capital Expenditures (CapEx)		 0.56 0.50 3.61 0.77 0.25 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.94 -8.34 -13 -8.68 -13 -6.38
Debt-free Net Working Capital (DFNWC)		 88 149 116 126 98 51
Net Working Capital (NWC)		 88 149 116 119 98 22
Net Nonoperating Expense (NNE)		 -0.64 15 15 9.02 19 18
Net Nonoperating Obligations (NNO)		 -93 -158 -129 -95 -85 -29
Total Depreciation and Amortization (D&A)		 0.15 0.22 1.31 1.82 1.81 1.63
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -79.90% -43.54% -695.44% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 708.56% 630.09% 5,192.89% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 708.56% 596.66% 5,192.89% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($10.94) ($1.86) ($1.05) ($1.63) ($1.32)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 18.46M 28.86M 35.65M 43.33M 46.02M
Adjusted Diluted Earnings per Share		 $0.00 ($10.94) ($1.86) ($1.05) ($1.63) ($1.33)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 18.46M 28.86M 35.65M 43.86M 46.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 27.65M 35.28M 42.74M 44.83M 48.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -16 -35 -39 -28 -52 -42
Normalized NOPAT Margin		 0.00% 0.00% -239.25% -142.17% -2,732.93% 0.00%
Pre Tax Income Margin		 0.00% 0.00% -328.09% -187.37% -3,740.85% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 -13.27 -13.82 -11.12
NOPAT to Interest Expense		 0.00 0.00 0.00 -9.03 -9.89 -8.05
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 -13.51 -13.87 -11.12
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 -9.28 -9.94 -8.05
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -1.22% -4.76% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Werewolf Therapeutics

This table displays calculated financial ratios and metrics derived from Werewolf Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 35,658,050.00 35,658,050.00 42,737,191.00 43,455,367.00 43,702,147.00 44,563,153.00 44,827,159.00 44,873,646.00 45,728,999.00 48,540,200.00 48,596,817.00
DEI Adjusted Shares Outstanding		 35,658,050.00 35,658,050.00 42,737,191.00 43,455,367.00 43,702,147.00 44,563,153.00 44,827,159.00 44,873,646.00 45,728,999.00 48,540,200.00 48,596,817.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.23 -0.34 -0.38 -0.40 -0.38 -0.46 -0.40 -0.40 -0.36 -0.17 -0.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.65% -79.39% -83.38% -85.86% -100.00% 0.00% -100.00% -100.00% 0.00% 0.00% 0.00%
EBITDA Growth		 27.37% 1.99% -27.09% -198.57% -88.09% -59.90% -5.43% -1.37% 7.54% 64.12% 30.38%
EBIT Growth		 26.16% 1.60% -28.76% -184.75% -83.96% -57.63% -3.85% -1.06% 7.64% 62.94% 29.32%
NOPAT Growth		 26.22% 1.65% -40.41% -212.51% -85.10% -56.98% -4.83% 7.48% 8.16% 53.72% 26.24%
Net Income Growth		 30.63% -0.61% -35.14% -238.35% -101.24% -69.96% -11.71% -4.25% 1.82% 58.92% 25.19%
EPS Growth		 42.50% 8.11% -14.71% -207.14% -65.22% -26.47% -2.56% 6.98% 5.26% 60.47% 30.00%
Operating Cash Flow Growth		 50.19% 61.37% -54.55% -29.81% -72.89% -210.84% -23.87% -6.96% -21.62% 22.65% 44.07%
Free Cash Flow Firm Growth		 -3,803.91% -363.51% 32.10% 132.52% 73.99% 142.03% 176.14% -171.35% -150.21% -203.47% -189.93%
Invested Capital Growth		 0.00% 334.37% 45.20% -130.17% 0.00% -170.38% -145.75% -47.45% -7.79% 65.17% 33.53%
Revenue Q/Q Growth		 -27.03% -74.55% -50.57% 54.04% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -55.73% -41.96% -30.50% -3.49% 1.89% -20.68% 13.96% 0.49% 10.52% 53.17% -66.96%
EBIT Q/Q Growth		 -51.94% -40.10% -32.35% -1.07% 1.84% -20.06% 12.81% 1.64% 10.30% 51.83% -66.28%
NOPAT Q/Q Growth		 -52.48% -40.11% -32.40% -10.48% 9.68% -18.83% 11.58% 2.50% 10.35% 40.11% -40.91%
Net Income Q/Q Growth		 -62.51% -44.88% -34.91% -6.52% 3.34% -22.35% 11.33% 0.59% 8.96% 48.80% -61.46%
EPS Q/Q Growth		 -64.29% -47.83% -14.71% -10.26% 11.63% -13.16% 6.98% 0.00% 10.00% 52.78% -64.71%
Operating Cash Flow Q/Q Growth		 34.00% 36.39% -233.63% 7.32% 12.10% -14.36% -32.95% 19.97% 0.05% 27.26% 3.87%
Free Cash Flow Firm Q/Q Growth		 60.46% -102.80% 45.82% 174.83% -131.63% 427.74% -1.84% -170.12% -10.92% -35.54% 14.69%
Invested Capital Q/Q Growth		 -100.00% 0.00% 8.92% -134.37% -27.92% -46.98% 29.19% -10.76% 6.49% 52.51% -35.12%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -149.42% -833.31% -2,199.87% -1,477.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -156.88% -863.56% -2,312.94% -1,658.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -156.96% -863.96% -2,313.07% -1,517.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -140.50% -799.67% -2,182.35% -1,509.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 89.51% 92.56% 94.35% 99.44% 97.92% 99.79% 101.49% 102.57% 104.10% 110.63% 107.42%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -2,571.53% -1,746.13% -1,521.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -2,568.92% -1,742.13% -1,517.89% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2,465.86% 1,522.55% 1,421.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -105.67% -223.59% -100.41% -69.50% 0.00% 0.00% -100.55% -122.43% -123.88% -161.89%
Cash Return on Invested Capital (CROIC)		 0.00% -316.03% -248.36% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -102.84% -201.36% -83.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% -95.19% -189.98% -82.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% -105.67% -223.59% -100.41% -69.50% 0.00% 0.00% -100.55% -122.43% -123.88% -161.89%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -35.36% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -6.48 -9.07 -12 -13 -12 -14 -13 -12 -11 -6.59 -9.29
NOPAT Margin		 -109.81% -604.49% -1,619.06% -1,161.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% -2.61% -4.01% -3.82% -9.64% -6.84% -6.65% -7.10% -7.93% -3.15% -10.21%
Return On Investment Capital (ROIC_SIMPLE)		 - -6.02% -7.65% -10.27% -10.42% -14.32% -15.01% -17.91% -19.22% -12.43% -22.64%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 73.09% 320.72% 673.32% 422.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 183.79% 642.84% 1,739.62% 1,336.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 256.88% 963.56% 2,412.94% 1,758.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -9.26 -13 -17 -17 -17 -20 -18 -18 -16 -7.58 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.81 -13 -16 -17 -17 -20 -17 -17 -15 -7.18 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.24 2.36 1.02 1.04 0.90 0.76 1.18 3.04 1.24 3.32
Price to Tangible Book Value (P/TBV)		 0.00 1.24 2.36 1.02 1.04 0.90 0.76 1.18 3.04 1.24 3.32
Price to Revenue (P/Rev)		 2.97 6.90 17.07 11.42 27.36 34.99 38.13 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 2.61 9.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 2.14 10.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.35 0.34 0.24 0.29 0.36 0.46 0.65 0.93 1.14 2.36
Long-Term Debt to Equity		 0.00 0.29 0.24 0.24 0.29 0.36 0.46 0.60 0.73 0.00 0.00
Financial Leverage		 0.00 -0.96 -0.87 -0.94 -1.09 -0.97 -0.94 -1.10 -1.14 -1.16 -1.20
Leverage Ratio		 0.00 1.43 1.56 1.52 1.57 1.63 1.63 1.69 1.85 2.00 2.38
Compound Leverage Factor		 0.00 1.33 1.47 1.51 1.53 1.63 1.65 1.74 1.92 2.21 2.55
Debt to Total Capital		 0.00% 26.09% 25.10% 19.48% 22.28% 26.23% 31.69% 39.53% 48.29% 53.23% 70.26%
Short-Term Debt to Total Capital		 0.00% 4.42% 7.43% 0.00% 0.00% 0.00% 0.00% 3.50% 10.48% 53.23% 70.26%
Long-Term Debt to Total Capital		 0.00% 21.67% 17.67% 19.48% 22.28% 26.23% 31.69% 36.03% 37.81% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 73.91% 74.90% 80.52% 77.72% 73.77% 68.31% 60.47% 51.71% 46.77% 29.74%
Debt to EBITDA		 0.00 -0.99 -0.91 -0.46 -0.41 -0.37 -0.38 -0.38 -0.40 -0.50 -0.56
Net Debt to EBITDA		 0.00 2.39 2.30 2.01 1.55 1.21 0.92 0.71 0.54 0.51 0.34
Long-Term Debt to EBITDA		 0.00 -0.82 -0.64 -0.46 -0.41 -0.37 -0.38 -0.35 -0.31 0.00 0.00
Debt to NOPAT		 0.00 -1.39 -1.24 -0.62 -0.55 -0.51 -0.51 -0.53 -0.55 -0.66 -0.74
Net Debt to NOPAT		 0.00 3.35 3.14 2.70 2.10 1.65 1.26 0.99 0.76 0.68 0.45
Long-Term Debt to NOPAT		 0.00 -1.15 -0.87 -0.62 -0.55 -0.51 -0.51 -0.48 -0.43 0.00 0.00
Altman Z-Score		 0.00 -0.77 0.52 -1.48 -2.25 -3.42 -4.74 -6.02 -7.02 -9.15 -11.77
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 7.14 6.71 12.13 10.10 7.45 8.09 5.30 3.87 1.62 1.27
Quick Ratio		 0.00 7.00 6.60 11.87 9.89 7.31 7.89 5.11 3.73 1.58 1.21
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16 -32 -18 13 -4.16 14 13 -9.37 -10 -14 -12
Operating Cash Flow to CapEx		 -3,261.54% -2,315.66% -13,781.08% -83,394.12% -415,400.00% -11,586.99% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -15.95 -32.08 -17.51 7.75 -3.34 10.75 10.59 -7.21 -7.75 -10.29 -8.79
Operating Cash Flow to Interest Expense		 -7.19 -4.54 -15.25 -8.36 -10.02 -11.25 -15.00 -11.66 -11.30 -8.05 -7.75
Operating Cash Flow Less CapEx to Interest Expense		 -7.41 -4.74 -15.36 -8.37 -10.02 -11.35 -15.00 -11.66 -11.30 -8.05 -7.75
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.12 0.09 0.05 0.02 0.01 0.01 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 4.82 4.61 2.48 7.30 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 2.35 2.00 1.20 0.50 0.26 0.17 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 75.75 79.09 146.90 50.02 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 75.75 79.09 146.90 50.02 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 16 18 -6.12 -7.83 -12 -8.15 -9.03 -8.44 -4.01 -5.42
Invested Capital Turnover		 0.00 4.25 1.08 1.31 -0.86 0.78 0.24 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 9.50 23 5.55 -26 -7.83 -28 -26 -2.91 -0.61 7.50 2.73
Enterprise Value (EV)		 0.00 43 177 -4.11 -4.56 -19 -22 -1.58 52 1.94 23
Market Capitalization		 76 138 277 106 93 66 44 49 90 31 40
Book Value per Share		 $0.00 $3.12 $2.75 $2.39 $2.05 $1.65 $1.28 $0.92 $0.65 $0.51 $0.25
Tangible Book Value per Share		 $0.00 $3.12 $2.75 $2.39 $2.05 $1.65 $1.28 $0.92 $0.65 $0.51 $0.25
Total Capital		 0.00 151 157 129 115 99 84 69 57 53 41
Total Debt		 0.00 39 39 25 26 26 27 27 28 28 29
Total Long-Term Debt		 0.00 33 28 25 26 26 27 25 22 0.00 0.00
Net Debt		 0.00 -95 -100 -110 -97 -85 -65 -50 -38 -29 -18
Capital Expenditures (CapEx)		 0.22 0.20 0.11 0.02 0.00 0.12 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -8.68 -6.45 -7.96 -9.46 -13 -9.25 -9.93 -9.14 -6.38 -7.40
Debt-free Net Working Capital (DFNWC)		 0.00 126 133 127 113 98 83 68 57 51 39
Net Working Capital (NWC)		 0.00 119 121 127 113 98 83 65 51 22 10
Net Nonoperating Expense (NNE)		 1.81 2.93 4.18 3.98 4.69 6.16 5.50 5.70 5.36 1.79 4.24
Net Nonoperating Obligations (NNO)		 0.00 -95 -100 -110 -97 -85 -65 -50 -38 -29 -18
Total Depreciation and Amortization (D&A)		 0.45 0.46 0.84 0.45 0.45 0.44 0.61 0.41 0.40 0.40 0.62
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -43.54% -39.78% -85.72% -279.27% -695.44% -809.62% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 630.09% 818.30% 1,371.82% 3,348.23% 5,192.89% 7,243.04% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 596.66% 746.38% 1,371.82% 3,348.23% 5,192.89% 7,243.04% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.34) ($0.39) ($0.40) ($0.38) ($0.46) ($0.40) ($0.40) ($0.36) ($0.16) ($0.28)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 35.65M 41.61M 43.52M 43.70M 43.33M 44.83M 44.98M 45.80M 46.02M 48.60M
Adjusted Diluted Earnings per Share		 $0.00 ($0.34) ($0.39) ($0.43) ($0.38) ($0.43) ($0.40) ($0.40) ($0.36) ($0.17) ($0.28)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 35.65M 41.61M 44.04M 43.70M 43.86M 44.83M 44.98M 45.80M 46.81M 49.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 42.74M 43.46M 43.70M 44.56M 44.83M 44.87M 45.73M 48.54M 48.60M 48.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.48 -9.07 -12 -13 -12 -14 -13 -12 -11 -6.59 -9.29
Normalized NOPAT Margin		 -109.81% -604.49% -1,619.06% -1,161.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -140.50% -799.67% -2,182.35% -1,509.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -9.24 -12.84 -17.11 -10.23 -13.69 -16.13 -14.11 -13.48 -11.73 -5.53 -9.21
NOPAT to Interest Expense		 -6.46 -8.98 -11.98 -7.83 -9.64 -11.24 -9.97 -9.44 -8.21 -4.82 -6.79
EBIT Less CapEx to Interest Expense		 -9.46 -13.04 -17.22 -10.24 -13.69 -16.23 -14.11 -13.48 -11.73 -5.53 -9.21
NOPAT Less CapEx to Interest Expense		 -6.68 -9.18 -12.09 -7.84 -9.64 -11.34 -9.97 -9.44 -8.21 -4.82 -6.79
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Werewolf Therapeutics (NASDAQ: HOWL) continues to operate like a pre-commercial biotech with no product revenue, significant operating losses, and a balance sheet that has meaningfully shrunk over the last year. The latest quarter shows the company still spending heavily on research and development while burning cash, though it also still has a cash cushion that should support near-term operations.

  • Cash remains positive at $46.5 million as of Q1 2026, giving the company some runway despite ongoing losses.
  • Operating cash burn improved versus the prior quarter: Q1 2026 operating cash flow was negative $10.6 million, better than negative $11.0 million in Q4 2025 and far better than the larger quarterly burn seen in parts of 2024.
  • Losses narrowed from the prior quarter: net loss was $13.5 million in Q1 2026 versus $8.4 million in Q4 2025, but Q4 is often not directly comparable because it can include different spending patterns and adjustments.
  • Equity financing has helped offset cash usage in prior periods, showing the company has access to capital markets when needed.
  • There is still no revenue in the reported 2025–2026 quarters, so the business remains dependent on financing and future clinical progress.
  • R&D spending remains the main expense driver: $8.2 million in Q1 2026, which is down from $11.6 million in Q3 2025 and $13.1 million in Q2 2025, suggesting some moderation in development spending.
  • SG&A also stayed elevated at $5.1 million in Q1 2026, versus $2.5 million in Q4 2025 and $4.1 million in Q3 2025.
  • Interest expense is still material at $1.37 million in Q1 2026, reflecting the company’s debt load.
  • Total liabilities rose sharply from year-end to $45.8 million in Q1 2026, up from $17.6 million in Q3 2025 and $50.0 million in Q4 2025, keeping financial flexibility constrained.
  • Cash and equivalents have fallen dramatically over the past year: from $122.8 million in Q3 2024 to $46.5 million in Q1 2026, underscoring persistent cash consumption.

Longer-term trend: the company’s balance sheet has weakened noticeably since early 2024. Total assets peaked at $177.6 million in Q1 2024 and stood at $58.0 million in Q1 2026, while retained earnings remain deeply negative at $488.9 million. That’s a clear sign of cumulative losses.

Bottom line: HOWL remains a high-risk clinical-stage biotech. The key positives are that it still has cash, cash burn has moderated somewhat, and R&D spending appears to be easing from prior peaks. The key negatives are the absence of revenue, continued operating losses, and a much smaller balance sheet than a year ago.

07/21/26 11:08 AM ETAI Generated. May Contain Errors.

Werewolf Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Werewolf Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Werewolf Therapeutics' net income appears to be on an upward trend, with a most recent value of -$60.82 million in 2025, rising from -$15.04 million in 2020. The previous period was -$70.52 million in 2024. View Werewolf Therapeutics' forecast to see where analysts expect Werewolf Therapeutics to go next.

Werewolf Therapeutics' total operating income in 2025 was -$60.68 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $60.68 million

Over the last 5 years, Werewolf Therapeutics' total revenue changed from $0.00 in 2020 to $0.00 in 2025, a change of 0.0%.

Werewolf Therapeutics' total liabilities were at $44.59 million at the end of 2025, a 16.7% decrease from 2024, and a 521.1% increase since 2020.

In the past 5 years, Werewolf Therapeutics' cash and equivalents has ranged from $57.05 million in 2025 to $157.53 million in 2021, and is currently $57.05 million as of their latest financial filing in 2025.

Over the last 5 years, Werewolf Therapeutics' book value per share changed from -51.61 in 2020 to 0.51 in 2025, a change of -101.0%.


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Financial statements for NASDAQ:HOWL last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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