Werewolf Therapeutics Reports First Quarter 2026 Financial Results and Recent Corporate Updates

WATERTOWN, Mass., May 07, 2026 — Werewolf Therapeutics, Inc. (the “Company” or “Werewolf”) (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions, today provided a business update and reported financial results for the first quarter ended March 31, 2026.

“Werewolf, assisted by its exclusive financial advisor, Piper Sandler & Co. (“Piper Sandler”), continues to explore a range of alternatives available to the Company to maximize shareholder value,” said Daniel J. Hicklin, Ph.D., President and Chief Executive Officer of Werewolf. “As will be disclosed in more detail in our Quarterly Report on Form 10-Q that will be filed today, we have entered into an asset purchase agreement with Jazz Pharmaceuticals Ireland Limited (“Jazz”) by which Jazz has acquired exclusive global development and commercialization rights to JZP898, an IFNα program, which was previously exclusively licensed by Jazz pursuant to a collaboration and license agreement entered into in 2022. Additionally, we have repaid all amounts owed under the loan and security agreement dated May 2, 2024, with K2 HealthVentures LLC (“K2”) as of May 6, 2026. We continue to explore options for our INDUKINE and INDUCER platforms and programs.”

Financial Results for the First Quarter of 2026:

• Cash position: As of March 31, 2026, cash and cash equivalents were $46.5 million, compared to $57.1 million as of December 31, 2025. Subsequent to the end of the first quarter of 2026, the Company entered into the asset purchase agreement with Jazz and repaid all obligations under the loan and security agreement with K2, in each case as described above. The Company plans to update cash runway guidance in the near future.
• Research and development expenses: Research and development expenses were $8.2 million for the first quarter of 2026, compared to $13.1 million for the same period in 2025.
• General and administrative expenses: General and administrative expenses were $5.1 million for the first quarter of 2026, compared to $4.9 million for the same period in 2025.
• Net loss: Net loss was $13.5 million for the first quarter of 2026, compared to $18.1 million for the same period in 2025.

About Werewolf Therapeutics:

Werewolf Therapeutics, Inc., is an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions. The Company has leveraged its proprietary PREDATOR® platform to design conditionally activated INDUKINE™ and INDUCER™ molecules that stimulate both adaptive and innate immunity with the goal of addressing the limitations of conventional proinflammatory immune therapies. Werewolf’s INDUKINE molecules are intended to remain inactive in peripheral tissue yet activate selectively in the tumor microenvironment. The Company’s most advanced clinical stage product candidates, WTX-124 and WTX-330, are systemically delivered, conditionally activated Interleukin-2 (IL-2) and Interleukin-12 (IL-12) INDUKINE molecules, respectively, for the treatment of solid tumors. Werewolf has leveraged positive data from its INDUKINE molecules to advance the development of INDUCER molecules. Werewolf’s first INDUCER development candidates, WTX-1011 and WTX-2022, target STEAP1 for prostate cancer and CDH6 for ovarian and kidney cancer, respectively. To learn more visit www.werewolftx.com.

Werewolf Therapeutics, Inc. Condensed Consolidated Statements of Operations (unaudited) (amounts in thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Operating expenses:

Research and development

$

8,181

$

13,120

General and administrative

5,090

4,871

Total operating expenses

13,271

17,991

Operating loss

(13,271

)

(17,991

)

Other expense

(261

)

(98

)

Net loss

$

(13,532

)

$

(18,089

)

Net loss per common share, basic

$

(0.28

)

$

(0.40

)

Net loss per common share, diluted

$

(0.28

)

$

(0.40

)

Weighted-average common shares outstanding, basic

48,596,817

44,827,159

Weighted-average common shares outstanding, diluted

49,388,181

44,827,159

Werewolf Therapeutics, Inc. Selected Condensed Consolidated Balance Sheet Data (unaudited) (amounts in thousands)

March 31, 2026

December 31, 2025

Cash and cash equivalents

$

46,450

$

57,050

Working capital

$

10,215

$

22,438

Total assets

$

58,022

$

69,396

Total notes payable, net of discount and issuance costs

$

28,831

$

28,236

Total stockholders’ equity

$

12,202

$

24,805

Company Contact

Jonathan Owen SVP, General Counsel and Secretary Werewolf Therapeutics [email protected]

Piper Sandler Contacts:

Peter Day Managing Director, Piper Sandler & Co. [email protected]

Michael Burton-Williams Executive Director, Piper Sandler & Co. [email protected]