Werewolf Therapeutics, Inc.
HOWL Nasdaq Pharmaceutical Preparations Financials FY2020โFY2025
Last close ยท Oct 23, 2026
$0.98
3.0%
Revenue
Total sales reported in the income statement.
โ
vs prior year
Operating margin
Operating income as a share of revenue.
โ
Net income
Profit after all expenses, interest and tax.
โ$60.8M
Free cash flow
Cash from operations minus capital spending.
โ$60.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$47.6M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.73 EPS (TTM)
What Werewolf Therapeutics, Inc. does
No business description yet.
- Legal name
- Werewolf Therapeutics, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Mar 27, 2026
- Accession ยท CIK
- 0001785530-26-000006
0001785530
Revenue and margins
Werewolf Therapeutics, Inc. had โ of revenue in fiscal 2025.
FY20
Revenue โ
FY21
Revenue โ
FY22
Revenue โ
FY23
Revenue โ
FY24
Revenue โ
FY25
Revenue โ
FY20
Gross โ
Operating โ
Net โ
FCF โ
FY21
Gross โ
Operating โ
Net โ
FCF โ
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross โ
Operating โ
Net โ
FCF โ
FY24
Gross โ
Operating โ
Net โ
FCF โ
FY25
Gross โ
Operating โ
Net โ
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income โ$15.0M
FY21
Net income โ$50.0M
FY22
Net income โ$53.8M
FY23
Net income โ$37.4M
FY24
Net income โ$70.5M
FY25
Net income โ$60.8M
Q3 '23
Net income โ$8.3M
Q4 '23
Net income โ$12.0M
Q1 '24
Net income โ$16.2M
Q2 '24
Net income โ$17.2M
Q3 '24
Net income โ$16.7M
Q4 '24
Net income โ$20.4M
Q1 '25
Net income โ$18.1M
Q2 '25
Net income โ$18.0M
Q3 '25
Net income โ$16.4M
Q4 '25
Net income โ$8.4M
Q1 '26
Net income โ$13.5M
Q2 '26
Net income $3.7M
FY20
Diluted EPS โ$28.08
FY21
Diluted EPS โ$10.94
FY22
Diluted EPS โ$1.86
FY23
Diluted EPS โ$1.05
FY24
Diluted EPS โ$1.63
FY25
Diluted EPS โ$1.33
Q3 '23
Diluted EPS โ$0.23
Q4 '23
Diluted EPS โ$0.34
Q1 '24
Diluted EPS โ$0.39
Q2 '24
Diluted EPS โ$0.43
Q3 '24
Diluted EPS โ$0.38
Q4 '24
Diluted EPS โ$0.43
Q1 '25
Diluted EPS โ$0.40
Q2 '25
Diluted EPS โ$0.40
Q3 '25
Diluted EPS โ$0.36
Q4 '25
Diluted EPS โ$0.17
Q1 '26
Diluted EPS โ$0.28
Q2 '26
Diluted EPS $0.08
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital โ
Return on equity โ
Return on assets โ15.6%
FY21
Return on capital โ
Return on equity โ99.1%
Return on assets โ36.3%
FY22
Return on capital โ
Return on equity โ39.1%
Return on assets โ31.7%
FY23
Return on capital โ187.9%
Return on equity โ32.0%
Return on assets โ22.3%
FY24
Return on capital โ
Return on equity โ76.3%
Return on assets โ46.7%
FY25
Return on capital โ
Return on equity โ123.9%
Return on assets โ62.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$60.3M in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY20
Free cash flow โ$19.2M
FY21
Free cash flow โ$43.4M
FY22
Free cash flow โ$44.2M
FY23
Free cash flow โ$33.4M
FY24
Free cash flow โ$56.4M
FY25
Free cash flow โ$60.3M
Q3 '23
Free cash flow โ$7.4M
Q4 '23
Free cash flow โ$4.8M
Q1 '24
Free cash flow โ$15.4M
Q2 '24
Free cash flow โ$14.2M
Q3 '24
Free cash flow โ$12.5M
Q4 '24
Free cash flow โ$14.4M
Q1 '25
Free cash flow โ$18.9M
Q2 '25
Free cash flow โ$15.2M
Q3 '25
Free cash flow โ$15.2M
Q4 '25
Free cash flow โ$11.0M
Q1 '26
Free cash flow โ
Q2 '26
Free cash flow โ
FY20
Cash from operations โ$18.6M
Capital spending $0.6M
FY21
Cash from operations โ$42.9M
Capital spending $0.5M
FY22
Cash from operations โ$40.6M
Capital spending $3.6M
FY23
Cash from operations โ$32.6M
Capital spending $0.8M
FY24
Cash from operations โ$56.2M
Capital spending $0.3M
FY25
Cash from operations โ$60.3M
Capital spending $0.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations โ$7.2M
Capital spending $0.2M
Q4 '23
Cash from operations โ$4.6M
Capital spending $0.2M
Q1 '24
Cash from operations โ$15.3M
Capital spending $0.1M
Q2 '24
Cash from operations โ$14.2M
Capital spending $0.0M
Q3 '24
Cash from operations โ$12.5M
Capital spending $0.0M
Q4 '24
Cash from operations โ$14.3M
Capital spending $0.1M
Q1 '25
Cash from operations โ$18.9M
Capital spending $0.0M
Q2 '25
Cash from operations โ$15.2M
Capital spending $0.0M
Q3 '25
Cash from operations โ$15.2M
Capital spending $0.0M
Q4 '25
Cash from operations โ$11.0M
Capital spending $0.0M
Q1 '26
Cash from operations โ$10.6M
Capital spending โ
Q2 '26
Cash from operations $6.6M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Werewolf Therapeutics, Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 6.7%.
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Werewolf Therapeutics, Inc. can carry it.
FY20
Cash $92.6M
Debt โ
FY21
Cash $158M
Debt โ
FY22
Cash $129M
Debt โ
FY23
Cash $134M
Debt $40.0M
FY24
Cash $111M
Debt $32.1M
FY25
Cash $57.1M
Debt $32.1M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $158M | $129M | $134M | $111M | $57.1M |
| Debt incl. finance leases | โ | โ | $40.0M | $32.1M | $32.1M |
| Debt / equity | โ | โ | 0.4x | 0.4x | 1.3x |
| Interest coverage | โ | โ | โ12.9x | โ15.8x | โ11.5x |
| Current ratio | 13.6x | 5.8x | 7.1x | 7.4x | 1.6x |
| Quick ratio | 13.6x | 5.8x | 7.1x | 7.4x | 1.6x |
| Total assets | $179M | $160M | $175M | $127M | $69.4M |
| Total liabilities | $26.5M | $37.9M | $63.5M | $53.5M | $44.6M |
| Shareholders' equity | $153M | $122M | $111M | $73.4M | $24.8M |
| Net debt (โ = net cash) | โ | โ | โ$94.3M | โ$78.9M | โ$25.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 6 | โ / 6 | โ / 6 | 2 / 7 | 1 / 7 |
| Accruals ratio | 3.7% | โ5.2% | โ7.8% | โ2.8% | โ9.5% | โ0.5% |
| Altman Z'' | โ4.94 | 5.05 | โ0.44 | โ1.66 | โ8.05 | โ25.50 |
6 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Research and development | $16.6M | $35.3M | $53.8M | $41.8M | $56.4M | $44.8M |
| Operating income | โ$22.4M | โ$50.1M | โ$56.1M | โ$40.5M | โ$73.6M | โ$60.7M |
| Interest expense | โ | โ | $0.0M | $3.1M | $4.7M | $5.3M |
| Income tax | โ | โ | โ | โ | โ | $0.0M |
| Net income | โ$15.0M | โ$50.0M | โ$53.8M | โ$37.4M | โ$70.5M | โ$60.8M |
| Net income to common | โ$28.2M | โ$202M | โ$53.8M | โ$37.4M | โ$70.5M | โ$60.8M |
| Diluted EPS | โ$28.08 | โ$10.94 | โ$1.86 | โ$1.05 | โ$1.63 | โ$1.33 |
| Diluted shares | 0.00B | 0.02B | 0.03B | 0.04B | 0.04B | 0.05B |
| Cash flow | ||||||
| Cash from operations | โ$18.6M | โ$42.9M | โ$40.6M | โ$32.6M | โ$56.2M | โ$60.3M |
| Capital expenditure | $0.6M | $0.5M | $3.6M | $0.8M | $0.3M | $0.0M |
| Free cash flow | โ$19.2M | โ$43.4M | โ$44.2M | โ$33.4M | โ$56.4M | โ$60.3M |
| Depreciation and amortization | $0.2M | $0.2M | $1.1M | $1.8M | $1.8M | $1.6M |
| Stock-based compensation | $0.6M | $4.1M | $7.4M | $8.0M | $8.8M | $6.2M |
| Balance sheet | ||||||
| Cash and short-term investments | $92.6M | $158M | $129M | $134M | $111M | $57.1M |
| Total debt | โ | โ | โ | $40.0M | $32.1M | $32.1M |
| Current assets | $92.9M | $161M | $140M | $138M | $113M | $58.6M |
| Current liabilities | $5.3M | $11.9M | $24.0M | $19.4M | $15.2M | $36.1M |
| Property and equipment, net | $0.7M | $2.9M | $9.0M | $8.0M | $6.3M | $4.7M |
| Total assets | $96.4M | $179M | $160M | $175M | $127M | $69.4M |
| Total liabilities | $7.2M | $26.5M | $37.9M | $63.5M | $53.5M | $44.6M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | โ$51.9M | $153M | $122M | $111M | $73.4M | $24.8M |
| Returns | ||||||
| Return on capital | โ | โ | โ | โ187.9% | โ | โ |
| Return on capital employed | โ24.6% | โ29.9% | โ41.1% | โ26.1% | โ65.9% | โ182.5% |
| Return on equity | โ | โ99.1% | โ39.1% | โ32.0% | โ76.3% | โ123.9% |
| Return on assets | โ15.6% | โ36.3% | โ31.7% | โ22.3% | โ46.7% | โ62.0% |
| Return on tangible equity | โ | โ132.2% | โ44.0% | โ33.6% | โ96.1% | โ245.2% |
| Growth | ||||||
| Share count change | โ | 1,736.3% | 56.4% | 23.5% | 23.0% | 6.7% |
| Financial health | ||||||
| Debt / equity | โ | โ | โ | 0.4x | 0.4x | 1.3x |
| Interest coverage | โ | โ | โ | โ12.9x | โ15.8x | โ11.5x |
| Current ratio | 17.6x | 13.6x | 5.8x | 7.1x | 7.4x | 1.6x |
| Quick ratio | 17.6x | 13.6x | 5.8x | 7.1x | 7.4x | 1.6x |
| Quality scores | ||||||
| Piotroski F-score | โ | โ | โ | โ | 2.0 | 1.0 |
| Altman Z'' | โ4.9 | 5.0 | โ0.4 | โ1.7 | โ8.0 | โ25.5 |
| Accruals ratio | 3.7% | โ5.2% | โ7.8% | โ2.8% | โ9.5% | โ0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001785530). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.