<span item_type="fundamental" item_id="be3e2c862f0f3d57d353c1a89a62d6f5" counter_id="ST/US/HOWL" env="prod"></span><span item_type="announcement" item_id="630843809802425089" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 0.</p><p>EPS: As of FY2025 Q4, the actual value is USD -0.2, beating the estimate of USD -0.345.</p><p></p><h3>Cash Position</h3><ul><li>As of December 31, 2025, cash and cash equivalents were $57.1 million, compared to $65.7 million as of September 30, 2025, and $111.0 million as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h3>Operational Metrics</h3><h4>Collaboration Revenue</h4><ul><li>For the fourth quarter of 2025, collaboration revenue was $0, consistent with the fourth quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, collaboration revenue was $0, a decrease from $1.9 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Research and Development Expenses</h4><ul><li>Research and development expenses were $6.9 million for the fourth quarter of 2025, a decrease from $15.7 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, these expenses were $44.8 million, down from $56.4 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>General and Administrative Expenses</h4><ul><li>General and administrative expenses were $2.5 million for the fourth quarter of 2025, compared to $4.6 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, these expenses totaled $15.8 million, a reduction from $19.0 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Total Operating Expenses</h4><ul><li>Total operating expenses were $9.4 million for the fourth quarter of 2025, down from $20.3 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, total operating expenses were $60.7 million, compared to $75.5 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Operating Loss</h4><ul><li>Operating loss was - $9.4 million for the fourth quarter of 2025, an improvement from - $20.3 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, the operating loss was - $60.7 million, compared to - $73.6 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Other Income (Expense)</h4><ul><li>Other income was $1.0 million for the fourth quarter of 2025, compared to other expense of - $0.05 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, other expense was - $0.15 million, compared to other income of $3.1 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Net Loss</h4><ul><li>Net loss was - $8.4 million for the fourth quarter of 2025, an improvement from - $20.4 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, net loss was - $60.8 million, compared to - $70.5 million for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Net Loss Per Common Share (Basic)</h4><ul><li>Net loss per common share (basic) was - $0.17 for the fourth quarter of 2025, compared to - $0.46 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, net loss per common share (basic) was - $1.32, compared to - $1.63 for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Net Loss Per Common Share (Diluted)</h4><ul><li>Net loss per common share (diluted) was - $0.20 for the fourth quarter of 2025, compared to - $0.46 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, net loss per common share (diluted) was - $1.33, compared to - $1.63 for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Weighted-Average Common Shares Outstanding (Basic)</h4><ul><li>Weighted-average common shares outstanding (basic) were 48,425,423 for the fourth quarter of 2025, up from 44,478,140 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, these shares totaled 46,018,888, compared to 43,332,088 for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h4>Weighted-Average Common Shares Outstanding (Diluted)</h4><ul><li>Weighted-average common shares outstanding (diluted) were 49,216,787 for the fourth quarter of 2025, up from 44,478,140 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li>For the full year 2025, these shares totaled 46,810,252, compared to 43,859,664 for the full year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h3>Selected Consolidated Balance Sheet Data (as of December 31)</h3><ul><li><strong>Working Capital:</strong> $22.4 million in 2025, down from $97.9 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li><strong>Total Assets:</strong> $69.4 million in 2025, down from $126.9 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li><strong>Total Notes Payable, Net of Discount and Issuance Costs:</strong> $28.2 million in 2025, up from $26.1 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li><li><strong>Total Stockholders’ Equity:</strong> $24.8 million in 2025, down from $73.4 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></li></ul><h3>Outlook / Guidance</h3><p>Werewolf Therapeutics, Inc. anticipates its current cash and cash equivalents will be sufficient to fund operational expenses and capital requirements into the fourth quarter of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span> The company is evaluating strategic alternatives to maximize stockholder value, including potential sale, merger, asset sale, licensing, or other transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span> However, there is no defined timeline or assurance of a specific outcome regarding these alternatives.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1785530/000178553026000005/a12312025ex991.htm"></span></p>

Werewolf Therapeutics | 8-K: FY2025 Q4 Revenue: USD 0