Werewolf Therapeutics Reports $17.98 Million Net Loss in Q2 2025, No Revenue Generated

Werewolf Therapeutics, Inc. reported a net loss of $17.98 million for the second quarter of 2025, slightly higher than the $17.25 million loss recorded in the same period last year. The company did not generate any revenue during the quarter, a significant decline from the $1.14 million in collaboration revenue reported in Q2 2024. For the first half of 2025, Werewolf's net loss totaled $36.07 million, compared to a loss of $33.44 million for the first half of 2024. The company's operating expenses decreased to $17.54 million in Q2 2025 from $20.10 million in Q2 2024, primarily due to reduced research and development costs.

In terms of financial position, Werewolf's cash and cash equivalents stood at $77.6 million as of June 30, 2025, down from $110.99 million at the end of 2024. The decrease in cash is attributed to ongoing operational expenses, which totaled $34.11 million for the first half of 2025, compared to $29.47 million for the same period in 2024. The company has indicated that its current cash reserves are expected to fund operations into the fourth quarter of 2026, although additional funding will be necessary to support future clinical development and operational needs.

Strategically, Werewolf has made significant advancements in its clinical programs, particularly with its lead product candidates, WTX-124 and WTX-330. The company is currently evaluating WTX-124 in a Phase 1/1b clinical trial, with plans to present interim data in the latter half of 2025. WTX-330 has also progressed to a Phase 1b/2 clinical trial, with initial patient dosing occurring in the second quarter of 2025. The company continues to leverage its proprietary PREDATOR platform to develop innovative therapeutics aimed at stimulating the immune system for cancer treatment.

Operationally, Werewolf's total operating expenses for the first half of 2025 were $35.53 million, down from $38.01 million in the same period of 2024. The reduction in expenses reflects a strategic focus on managing costs while advancing clinical trials. The company has also seen a decrease in its employee headcount, which is indicative of its efforts to streamline operations. As of June 30, 2025, Werewolf had 45.34 million shares outstanding, an increase from 44.83 million shares at the end of 2024, primarily due to stock-based compensation and equity offerings.

Looking ahead, Werewolf Therapeutics remains focused on advancing its clinical programs and securing additional funding to support its growth strategy. The company has acknowledged the need for substantial additional financing to continue its operations and pursue its development objectives, particularly as it aims to bring its product candidates to market. The future financial outlook remains contingent on the successful progression of its clinical trials and the ability to achieve regulatory milestones.