Werewolf Therapeutics Narrows Q4 Loss to $8.4M, Engages Piper Sandler
Werewolf Therapeutics ended 2025 with $57.1 million in cash, projecting funding into Q4 2026, and narrowed its Q4 net loss to $8.4 million from $20.4 million year-over-year, yielding a full-year net loss of $60.8 million versus $70.5 million in 2024. The company cut R&D expenses to $6.9 million and engaged Piper Sandler to explore strategic alternatives.
1. Strategic Review Process
Werewolf Therapeutics has engaged Piper Sandler as its exclusive financial advisor to evaluate a range of strategic options, including a sale, merger, asset sale, licensing or collaboration agreements, with the objective of maximizing shareholder value. The company has no defined timeline for this process and cannot guarantee it will result in any transaction or disclosure until board approval.
2. 2025 Financial Results
As of December 31, 2025, cash and cash equivalents stood at $57.1 million, down from $65.7 million at September 30, 2025, supporting operations into the fourth quarter of 2026. Research and development expenses fell to $6.9 million in Q4 from $15.7 million a year earlier and G&A expenses declined to $2.5 million from $4.6 million, leading to a Q4 net loss of $8.4 million (versus $20.4 million) and a full-year loss of $60.8 million (versus $70.5 million).
3. Pipeline and Platforms
The company’s proprietary PREDATOR® platform powers its INDUKINE™ and INDUCER™ technologies, with lead clinical candidates WTX-124 (conditional IL-2) and WTX-330 (conditional IL-12) targeting solid tumors. Earlier-stage programs include WTX-1011 targeting STEAP1 in prostate cancer and WTX-2022 targeting CDH6 in ovarian and kidney cancers, all utilizing masking and protease-linker activation strategies.