On March 27, 2026, Werewolf Therapeutics, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported a cash position of $57.1 million as of December 31, 2025, down from $65.7 million at the end of the previous quarter. Research and development expenses for Q4 2025 were $6.9 million, significantly lower than the $15.7 million reported for the same period in 2024. For the full year, R&D expenses totaled $44.8 million, compared to $56.4 million in 2024. General and administrative expenses also decreased, with Q4 2025 expenses at $2.5 million versus $4.6 million in Q4 2024, and full-year expenses at $15.8 million compared to $19.0 million in 2024. The net loss for Q4 2025 was $8.4 million, a notable improvement from the $20.4 million loss in Q4 2024. For the full year, the net loss was $60.8 million, down from $70.5 million in 2024. The company is currently exploring various strategic alternatives to maximize shareholder value, including potential sales, mergers, or collaborations. Piper Sandler & Co. has been engaged as the exclusive financial advisor to assist in this evaluation process. The company has not set a timeline for these strategic evaluations and cannot guarantee that they will result in any transactions that enhance shareholder value.

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