HOWL Stock — Werewolf Therapeutics Inc.: Cash, EV, Pipeline

Share price

$0.96

Market cap

$46.9M

Cash

$22.0M

Enterprise value

$57.0M

Balance sheet

Cash	$22.0M
Debt	$32.1M
Net cash	-$10.1M
Enterprise value	$57.0M
Basic shares	48.6M shares
Fully diluted shares	62.9M shares
Fully diluted market cap	$60.4M
Cash per share	$0.45

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24	WTX-330	Phase 2	Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

WTX-124

Phase 1 · Active Modality: systemically delivered, conditionally activated INDUKINE (PREDATOR platform)

Target Interleukin-2 (IL-2)

Indications

Multiple cancers (Phase 1)

Catalysts

— Q4 2026

Status note Phase 1/1b trial expected to complete Q4 2026. Additional funding required to initiate further development; seeking a strategic partnership.

WTX-330

Phase 2 · Active Modality: systemically delivered, conditionally activated INDUKINE (PREDATOR platform)

Target Interleukin-12 (IL-12)

Indications

Multiple tumor types (Phase 2)

Catalysts

— Q4 2026

Status note Phase 1b/2 trial (Part A dose- and regimen-determining) expected to complete Q4 2026. Additional funding required for further development; seeking a strategic partnership.

JZP898

Stage not disclosed · Active Modality: conditionally activated INDUKINE (PREDATOR platform)

Aliases 898 Program

Target Interferon alpha (IFNα)

Partnerships Jazz Pharmaceuticals Ireland Limited: exclusive global collaboration and license agreement (Apr 2022) for JZP898 (the 898 Program); asset purchase agreement (May 6, 2026) under which Jazz acquired the program for $21M upfront plus $2M on license-assignment consent; collaboration agreement terminated

Status note IFNα INDUKINE program sold to Jazz; collaboration terminated.

Per-asset detail extracted from the 10-Q filed 2026-07-31. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	WTX-330
Lead indication	Advanced or Metastatic Solid Tumors
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06939283	Phase 2	Active, not recruiting	Sponsor	HOWL	—	Advanced or Metastatic Solid Tumors; Non-Hodgkin Lymphoma	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Werewolf Therapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	626,810	no change	0.03%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

HOWL — Werewolf Therapeutics Inc.