HOWL Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About HOWL Interactive Breakdown Better Bets vs. HOWL Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Werewolf Therapeutics (HOWL)

    Market Price (10/29/2026): $1.06 | Market Cap: $51.5 MilSector: Health Care | Industry: Biotechnology

    Werewolf Therapeutics (HOWL)

    Market Price (10/29/2026): $1.06
    Market Cap: $51.5 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -102%, 3Y Excs Rtn is -124%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -149%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -144%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -144%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -71%

    High stock price volatility
    Vol 12M is 142%

    Key risks
    HOWL key risks include [1] a total dependence on its unproven, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -102%, 3Y Excs Rtn is -124%
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -149%
    4 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%
    5 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -144%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -144%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -71%
    7 High stock price volatility
    Vol 12M is 142%
    8 Key risks
    HOWL key risks include [1] a total dependence on its unproven, Show more.

    HOWL in ETFs

    Weight = HOWL's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31HOWL [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$21.0 Mil—
    FY 2026 Sales$8.3 Mil—
    FY 2027 Sales$3.1 Mil—
    FY 2026 Sales Growth-60.3%—
    FY 2027 Sales Growth-62.8%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-34.6 Mil—
    FY 2026 Net Income (Non-GAAP)$-41.7 Mil—
    FY 2027 Net Income (Non-GAAP)$-27.6 Mil—
    FY 2027 Net Income Growth—19.1%
    FY 2026 EPS (Non-GAAP)$-0.89—
    FY 2027 EPS (Non-GAAP)$-0.59—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S6.21.6
    FY 2027 P/S16.6—
    FY 2026 P/E—7.4
    FY 2027 P/E——

    [1] HOWL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    HOWLS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�9.1%
    Rev Chg LTM�8.5%
    Rev Chg 3Y Avg-81.3%6.1%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-148.8%18.5%
    CFO/Rev LTM-143.6%21.9%
    Net Inc Mgn-164.8%13.3%
    VALUATIONMODERATE
    P/S2.53.2
    P/CFO-1.715.2
    P/FCF-1.719.9
    P/E-1.522.6
    STABILITYVERY GOOD
    Debt/Equity0.000.19
    Cash/Assets0.910.07

    AI Analysis | Feedback

    MetricValueDateSource
    Clinical-Stage Programs211072025Link
    Preclinical-Stage Programs311052025Link
    IND-Enabling Programs111052025Link
    Partnered Programs111052025Link
    Number of Employees4610292025Link
    Total Patents and Patent Applications1119042025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/28/2026

    Werewolf Therapeutics (HOWL) stock has gained about 195% since 6/30/2026 because of the following key factors:

    1. Strategic Merger with Ambros Therapeutics Significantly Boosted Valuation and Future Focus.

    On August 21, 2026, Werewolf Therapeutics announced a definitive all-stock merger agreement with Ambros Therapeutics. This transaction valued Ambros at $500 million and Werewolf at $47.5 million pre-placement, with Werewolf stockholders expected to own approximately 6.8% of the combined entity, which will operate as Ambros Therapeutics and focus on neridronate for Complex Regional Pain Syndrome Type 1. This announcement alone caused Werewolf's shares to surge by 128% to $0.99.

    2. Substantial Capital Infusion and Extended Cash Runway Secured.

    Concurrently with the merger agreement, the companies secured an oversubscribed $150 million private placement of common stock and pre-funded warrants. This significant funding is projected to extend the combined company's cash runway into the first half of fiscal year 2029, and through the release of topline data from the pivotal Phase 3 CRPS-RISE trial in 2028, providing crucial financial stability for future development.

    Show more
    Updated on 10/28/2026

    Werewolf Therapeutics (HOWL) stock has gained about 195% since 6/30/2026 because of the following key factors:

    1. Strategic Merger with Ambros Therapeutics Significantly Boosted Valuation and Future Focus.

    On August 21, 2026, Werewolf Therapeutics announced a definitive all-stock merger agreement with Ambros Therapeutics. This transaction valued Ambros at $500 million and Werewolf at $47.5 million pre-placement, with Werewolf stockholders expected to own approximately 6.8% of the combined entity, which will operate as Ambros Therapeutics and focus on neridronate for Complex Regional Pain Syndrome Type 1. This announcement alone caused Werewolf's shares to surge by 128% to $0.99.

    2. Substantial Capital Infusion and Extended Cash Runway Secured.

    Concurrently with the merger agreement, the companies secured an oversubscribed $150 million private placement of common stock and pre-funded warrants. This significant funding is projected to extend the combined company's cash runway into the first half of fiscal year 2029, and through the release of topline data from the pivotal Phase 3 CRPS-RISE trial in 2028, providing crucial financial stability for future development.

    3. Strong Fiscal Q2 2026 Financial Turnaround.

    Werewolf Therapeutics reported a net income of $3.7 million for fiscal Q2 2026 (ended June 30, 2026), a considerable improvement compared to a net loss of $18.0 million in fiscal Q2 2025. This turnaround was primarily driven by $21.0 million in collaboration revenue from the sale of the JZP898 program to Jazz Pharmaceuticals Ireland and the full repayment of its K2 HealthVentures loan, eliminating $28.2 million in notes payable. This improved financial health provided a positive foundation for the company's strategic moves.

    4. Positive Analyst Sentiment and Upgrades.

    Following these strategic and financial developments, Zacks upgraded Werewolf Therapeutics (HOWL) to a "Strong Buy" rating on October 13, 2026. The company has received a consensus "Strong Buy" rating from analysts with an average price target ranging from $4.00 to $5.61 as of October 2026, indicating a substantial anticipated upside from its current trading levels and signaling increased investor confidence.

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    Stock Movement Drivers

    Fundamental Drivers

    The 194.5% change in HOWL stock from 6/30/2026 to 10/28/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610282026Change
    Stock Price ($)0.361.06194.5%
    Change Contribution By: 
    Total Revenues ($ Mil)0219.2233720368547763E17%
    P/S Multiple∞2.5 
    Shares Outstanding (Mil)49490.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/28/2026
    ReturnCorrelation
    HOWL194.5% 
    Market (SPY)3.4%11.4%
    Sector (XLV)13.3%9.3%

    Fundamental Drivers

    The 27.3% change in HOWL stock from 3/31/2026 to 10/28/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610282026Change
    Stock Price ($)0.831.0627.3%
    Change Contribution By: 
    Total Revenues ($ Mil)0219.2233720368547763E17%
    P/S Multiple∞2.5 
    Shares Outstanding (Mil)4849-0.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/28/2026
    ReturnCorrelation
    HOWL27.3% 
    Market (SPY)19.1%16.3%
    Sector (XLV)23.1%6.2%

    Fundamental Drivers

    The -46.2% change in HOWL stock from 9/30/2025 to 10/28/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)930202510282026Change
    Stock Price ($)1.971.06-46.2%
    Change Contribution By: 
    Total Revenues ($ Mil)0219.2233720368547763E17%
    P/S Multiple∞2.5 
    Shares Outstanding (Mil)4549-7.4%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/28/2026
    ReturnCorrelation
    HOWL-46.2% 
    Market (SPY)16.9%18.6%
    Sector (XLV)30.8%6.1%

    Fundamental Drivers

    The -50.5% change in HOWL stock from 9/30/2023 to 10/28/2026 was primarily driven by a -26.8% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310282026Change
    Stock Price ($)2.141.06-50.5%
    Change Contribution By: 
    Total Revenues ($ Mil)2521-15.3%
    P/S Multiple3.12.5-20.1%
    Shares Outstanding (Mil)3649-26.8%
    Cumulative Contribution-50.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/28/2026
    ReturnCorrelation
    HOWL-50.5% 
    Market (SPY)86.9%22.8%
    Sector (XLV)46.2%14.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    HOWL Return-26%-83%88%-62%-57%64%-94%
    Peers Return-36%-45%-10%18%-24%11%-68%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    HOWL Win Rate22%42%42%25%33%40% 
    Peers Win Rate41%42%45%37%40%46% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    HOWL Max Drawdown--87%-59%-81%-72%-70% 
    Peers Max Drawdown-70%-66%-70%-78%-65%-52% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: JANX, CRBU, AGEN, NKTX, ALXO.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/28/2026 (YTD)

    How Low Can It Go

    EventHOWLS&P 500
    2025 US Tariff Shock
      % Loss-55.0%-18.8%
      % Gain to Breakeven122.2%23.1%
      Time to Breakeven60 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-22.3%-7.8%
      % Gain to Breakeven28.7%8.5%
      Time to Breakeven14 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-47.5%-9.5%
      % Gain to Breakeven90.4%10.5%
      Time to Breakeven64 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-33.4%-6.7%
      % Gain to Breakeven50.2%7.1%
      Time to Breakeven68 days31 days

    Compare to JANX, CRBU, AGEN, NKTX, ALXO

    In The Past

    Werewolf Therapeutics's stock fell -55.0% during the 2025 US Tariff Shock. Such a loss loss requires a 122.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventHOWLS&P 500
    2025 US Tariff Shock
      % Loss-55.0%-18.8%
      % Gain to Breakeven122.2%23.1%
      Time to Breakeven60 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-22.3%-7.8%
      % Gain to Breakeven28.7%8.5%
      Time to Breakeven14 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-47.5%-9.5%
      % Gain to Breakeven90.4%10.5%
      Time to Breakeven64 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-33.4%-6.7%
      % Gain to Breakeven50.2%7.1%
      Time to Breakeven68 days31 days

    Compare to JANX, CRBU, AGEN, NKTX, ALXO

    In The Past

    Werewolf Therapeutics's stock fell -55.0% during the 2025 US Tariff Shock. Such a loss loss requires a 122.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Werewolf Therapeutics (HOWL)

    Werewolf Therapeutics, Inc. (HOWL) is a biopharmaceutical company dedicated to developing innovative treatments for cancer. The company focuses on harnessing and stimulating the body's own immune system to combat tumors, addressing the limitations often associated with conventional anti-cancer immune therapies.

    The core of Werewolf Therapeutics' approach is its proprietary PREDATOR platform. This platform is used to design "conditionally activated" molecules, referred to as INDUKINEs. These engineered molecules are specifically designed to stimulate both adaptive and innate immunity within the tumor microenvironment, aiming for more targeted and effective anti-cancer responses.

    The company's primary product candidates include WTX-124, a conditionally activated Interleukin-2 INDUKINE for advanced solid tumors, and WTX-330, a conditionally activated Interleukin-12 INDUKINE targeting relapsed or refractory advanced or metastatic solid tumors or lymphoma. Additionally, Werewolf Therapeutics is developing WTX-613, a conditionally activated interferon alpha INDUKINE for solid tumors and hematologic malignancies, serving a broad market of cancer patients in need of new therapeutic options.

    AI Analysis | Feedback

    Here are a few analogies for Werewolf Therapeutics:

    1. Like an Amgen or Genentech, but focused on 'smart' immune-boosting cancer drugs that activate only where needed.

    2. Think of it like Merck or Bristol Myers Squibb, but designing 'on-demand' immune system activators for more precise cancer treatment.

    AI Analysis | Feedback

    • WTX-124: A conditionally activated Interleukin-2 INDUKINE molecule for the treatment of advanced solid tumors.
    • WTX-330: A conditionally activated Interleukin-12 INDUKINE molecule for the treatment of relapsed or refractory advanced or metastatic solid tumors or lymphoma.
    • WTX-613: A conditionally activated interferon alpha INDUKINE molecule for the treatment of solid tumors and hematologic malignancies.

    AI Analysis | Feedback

    Werewolf Therapeutics, Inc. (HOWL) is a clinical-stage biopharmaceutical company focused on developing novel cancer therapies. As a company primarily engaged in research and development and clinical trials for its drug candidates (WTX-124, WTX-330, WTX-613), it does not currently have commercial products available for sale.

    Therefore, Werewolf Therapeutics does not have major customers in the traditional sense, as it is not yet selling its therapeutics to other companies or directly to individuals.

    AI Analysis | Feedback

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    Daniel J. Hicklin, Ph.D., President and Chief Executive Officer

    Daniel J. Hicklin, Ph.D., has served on the board of directors for Werewolf Therapeutics since October 2017 and as its President and Chief Executive Officer since August 2019. He founded Werewolf Therapeutics in October 2017 and initially served as a consultant before his appointment as CEO. Dr. Hicklin also held positions as an Executive Partner at MPM Capital from 2014 to December 2019 and as an advisor from January 2020 to December 2022.

    Michael Urban, Principal Financial Officer and Principal Accounting Officer

    Michael Urban, age 45, was appointed as Werewolf Therapeutics' principal financial officer and principal accounting officer, effective February 13, 2026. He has served as the Company's Vice President of Finance and Corporate Controller since May 2023. Prior to joining Werewolf, Mr. Urban was Senior Director, Corporate Controller and Head of Facilities at Codiak BioSciences, Inc., a biotechnology company, from March 2021 to April 2023. He also served as Director of Finance and Corporate Controller at Indigo Ag, Inc., an agricultural technology company, from January 2019 until February 2021. Mr. Urban holds a B.S. in accounting and finance from Assumption University and is a Certified Public Accountant.

    Steven Bloom, Chief Business Officer

    Steven Bloom was appointed Chief Business Officer of Werewolf Therapeutics on April 17, 2025. He brings over 35 years of experience in the life sciences industry, where he has led teams in corporate development, commercial planning, corporate affairs, and strategic consulting. Before joining Werewolf, Mr. Bloom served as Chief Business Officer at Vincerx Pharma, Inc., focusing on business development, commercial assessment, and corporate strategy. His previous roles include leadership positions at biotechnology companies such as Ziopharm Oncology, Inc., Verastem Oncology, and Vavotar Life Sciences LLC, and senior roles at Eli Lilly and Company where he led sales and marketing, patient advocacy, and corporate affairs functions.

    AI Analysis | Feedback

    Here are the key risks to Werewolf Therapeutics (HOWL):

    1. Clinical Development and Regulatory Approval Risk

      Werewolf Therapeutics is a biopharmaceutical company whose success is heavily dependent on the successful outcome of its clinical trials and the subsequent regulatory approval of its product candidates, such as WTX-124, WTX-330, and WTX-613. As the company currently has no approved products generating revenue, its future hinges entirely on these early to mid-phase development programs. Clinical trials are inherently uncertain, with high failure rates, and issues related to safety, efficacy, or patient recruitment can lead to delays or unfavorable results. The novel nature and complexity of Werewolf's proprietary PREDATOR platform and conditionally activated therapeutics may also introduce additional regulatory scrutiny and risks.

    2. Financial Risk and Dependence on Future Funding

      Werewolf Therapeutics operates as a pre-revenue company with significant research and development (R&D) expenses and recurring net losses. The company relies on its existing cash reserves and its ability to secure additional funding or strategic partnerships to continue its operations and advance its clinical pipeline. Without a steady stream of income from approved drugs, Werewolf is vulnerable to market shifts and the success of its fundraising efforts, which could be more expensive in certain economic environments.

    3. Intense Competition

      The field of cancer therapeutics, particularly immunotherapy, is highly competitive and rapidly evolving. Werewolf Therapeutics must compete with numerous pharmaceutical and biotechnology companies, many of which have greater financial resources, established products, and more extensive research and development capabilities. The emergence of new or more effective therapies from competitors could diminish the market potential of Werewolf's product candidates, even if they achieve clinical success and regulatory approval.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Werewolf Therapeutics (NASDAQ: HOWL) develops therapies for various cancers. The addressable markets for its main product candidates are as follows:

    • WTX-124: This conditionally activated Interleukin-2 INDUKINE molecule is for the treatment of advanced solid tumors. The global solid tumor therapeutics market is projected to grow from approximately USD 207.29 billion in 2025 to USD 326.82 billion by 2031. In 2025, North America held 42.03% of this market.
    • WTX-330: This conditionally activated Interleukin-12 INDUKINE molecule targets relapsed or refractory advanced or metastatic solid tumors or lymphoma. The global solid tumor therapeutics market, as mentioned above, is expected to reach USD 326.82 billion by 2031. For lymphoma treatment, the global market size was valued at USD 7.46 billion in 2024 and is projected to increase to approximately USD 16.62 billion by 2034. North America dominated the lymphoma treatment market with a 50% share in 2024. More specifically, the global market for relapsed or refractory diffuse large B-cell lymphoma is estimated at USD 1.61 billion in 2025, with a projected growth to USD 2.16 billion by 2032. North America is estimated to hold 39.1% of this market in 2025.
    • WTX-613: This conditionally activated interferon alpha INDUKINE molecule is for the treatment of solid tumors and hematologic malignancies. This product is licensed to Jazz Pharmaceuticals. The global market for hematologic malignancies treatment was approximately USD 67.32 billion in 2024 and is forecast to reach USD 139.13 billion by 2034. North America led the hematologic malignancies treatment market, capturing around 47% of the share in 2024.

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    Drivers of Future Revenue Growth for Werewolf Therapeutics (HOWL)

    1. Advancement and Potential Commercialization of WTX-124: The progression of WTX-124, a conditionally activated IL-2 INDUKINE molecule, particularly in advanced or metastatic cutaneous melanoma, is a key driver. WTX-124 has demonstrated promising objective response rates and a favorable tolerability profile in clinical trials. The FDA granted Fast Track designation for WTX-124 in advanced cutaneous melanoma that has progressed after standard immunotherapy, which could expedite its development and review pathway, potentially leading to earlier market entry and subsequent revenue generation from product sales. The company is engaging with the FDA regarding a potential registration strategy for this agent, especially in post-ICI relapsed/refractory melanoma.
    2. Development and Potential Commercialization of WTX-330: The continued clinical development of WTX-330, a conditionally activated IL-12 INDUKINE molecule, represents another significant growth driver. Initial Phase 1/1b and Phase 1b/2 data have shown encouraging tolerability and efficacy signals in advanced solid tumors and lymphoma. Should WTX-330 successfully navigate further clinical trials and gain regulatory approvals, it could address unmet needs in immunotherapy-resistant cancers, contributing to future revenue through product sales.
    3. Milestone and Royalty Payments from JZP898 (WTX-613) Collaboration with Jazz Pharmaceuticals: Werewolf Therapeutics licensed WTX-613 (now JZP898) to Jazz Pharmaceuticals. As JZP898 progresses through clinical development and potentially toward commercialization, Werewolf is eligible for milestone payments and future royalties on potential sales. The Investigational New Drug (IND) application for JZP898 received clearance in July 2023, moving it into clinical development and closer to potential revenue-generating milestones.
    4. Strategic Partnerships and Licensing Agreements for INDUKINE Programs: Werewolf is actively seeking strategic partnerships for the further development of its WTX-124 and WTX-330 INDUKINE programs. Such collaborations could provide non-dilutive funding, upfront payments, and future milestone and royalty payments, representing significant revenue streams before direct product sales, especially given the company's exploration of strategic alternatives as of February 2026.
    5. Progression of New INDUCER Platform Candidates (WTX-1011, WTX-2022): The advancement of novel T-cell engager development candidates, WTX-1011 and WTX-2022, from Werewolf's INDUCER platform, with planned IND filings by mid-2027 (contingent on additional funding), could also be a long-term revenue driver. Success in early development for these next-generation candidates could lead to future collaboration opportunities, licensing deals, or eventual commercialization.

    AI Analysis | Feedback

    Share Issuance

    • In May 2021, Werewolf Therapeutics completed its Initial Public Offering (IPO), issuing 7,500,000 shares of common stock at $16.00 per share, resulting in net proceeds of approximately $108.9 million.
    • Through an At-the-Market (ATM) Offering, as of December 31, 2023, the company sold an aggregate of 11,259,548 shares, generating net proceeds of $34.0 million.
    • Further ATM offerings provided net proceeds of $21.1 million for the six months ended June 30, 2024, and $3.6 million for the nine months ended September 30, 2025.

    Inbound Investments

    • In April 2022, Werewolf Therapeutics received an upfront payment of $15.0 million from Jazz Pharmaceuticals plc as part of an exclusive global license and collaboration agreement for the development and commercialization of WTX-613.

    Capital Expenditures

    • In 2021, capital expenditures for purchases of property and equipment amounted to approximately $560,000.
    • In 2022, the company incurred approximately $2.2 million in capital expenditures for property and equipment, significantly driven by leasehold improvements for its new headquarters.
    • Capital expenditures for purchases of property and equipment were approximately $2.1 million in 2023.

    Peer Outperformance in Biotechnology

    HOWL has trailed 68% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that HOWL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    43%
    of 453 industry peers · -34.6% return
    3Y
    36%
    of 398 industry peers · -56.9% return
    5Y
    32%
    of 364 industry peers · -93.4% return
    No Biotechnology peer with a comparable growth profile has beaten HOWL by more than 20pp over 5Y.
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is HOWL's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 8.6%52.6%97.9% CAH 468% · MCK 380% · COR 183%
    Health Care Services 20 40.1%49.1%16.2% HIMS 271% · RDNT 137% · DGX 86%
    Health Care Facilities 25 1.3%24.8%0.5% THC 274% · NHC 254% · EHC 152%
    Managed Health Care 8 26.0%-1.0%-4.3% OSCR 78% · HQY 54% · ELV 3%
    Health Care Equipment 50 -3.3%13.8%-18.1% UFPT 358% · GKOS 297% · PLSE 160%
    Pharmaceuticals 61 -16.2%9.8%-32.5% LQDA 1113% · KNSA 770% · LLY 432%
    Health Care Supplies 11 19.3%1.8%-38.4% LNTH 337% · HAE 76% · MMSI 36%
    Life Sciences Tools & Services 107 -7.5%8.2%-65.2% NTRA 262% · AXGN 226% · MEDP 215%
    Biotechnology ← 365 -22.5%-17.6%-80.0% DNTH 1140% · ELVN 1127% · TRVI 1107%
    Health Care Technology 21 -30.9%-55.8%-82.1% VEEV 1% · DOCS -51%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Werewolf Therapeutics Earnings Notes12/16/2025
    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    SGRYSurgery Partners3.050.9%50.4%
    PRMEPrime Medicine0.940.7%54.5%
    ENVXEnovix0.838.6%-51.8%
    REPLReplimune1.637.0%65.2%
    AXGNAxogen2.635.0%50.5%
    DNAGinkgo Bioworks0.833.1%60.3%
    PACBPacific Biosciences of California0.932.2%51.3%
    MYPSPLAYSTUDIOS0.631.6%628.5%
    RPDRapid71.230.9%16.3%
    NNNextNav1.830.7%-24.7%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    BCAXBicara Therapeutics0.7-45.5%-42.0%
    AVTXAvalo Therapeutics0.3-41.9%-60.8%
    ORICORIC Pharmaceuticals1.0-32.9%13.7%
    MSGSMadison Square Garden Sports7.4-25.9%18.1%
    CORTCorcept Therapeutics9.1-25.8%147.9%
    INBXInhibrx Biosciences1.1-25.4%-7.2%
    CRSCarpenter Technology13.9-23.9%-10.9%
    SLMSLM3.3-22.4%-33.4%
    ENPHEnphase Energy3.3-21.9%-22.0%
    INODInnodata1.6-21.3%-6.5%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BRZEBraze5.197.8%33.5%
    PRMEPrime Medicine0.973.5%54.5%
    DGICBDonegal-66.8%50.4%
    SGRYSurgery Partners3.061.3%50.4%
    DXCDXC Technology2.655.8%9.8%
    PACBPacific Biosciences of California0.954.6%51.3%
    NTSKNetskope10.653.6%51.2%
    RRCRange Resources13.151.5%59.7%
    RPDRapid71.251.0%16.3%
    APPNAppian3.847.1%46.7%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    GLASGlass House Brands0.2-66.9%-74.6%
    AVTXAvalo Therapeutics0.3-54.3%-60.8%
    NUAINew Era Energy & Digital0.3-50.7%13.7%
    FMCFMC0.6-50.4%-67.1%
    SHAZSharonAI0.5-47.4%-69.2%
    BCAXBicara Therapeutics0.7-47.4%-42.0%
    BRUNBoost Run0.5-47.1%-58.0%
    AVBPArriVent BioPharma0.7-46.8%-21.8%
    CIFRCipher Digital3.6-46.3%-39.9%
    UNITUniti1.2-43.3%-30.7%

    More From Trefis

    Research & Analysis

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    Peer Comparisons

    Peers to compare with:

    Financials

    HOWLJANXCRBUAGENNKTXALXOMedian
    NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
    Mkt Price1.0618.050.497.311.751.181.47
    Mkt Cap0.11.10.00.30.10.20.1
    Rev LTM2124101330016
    Op Inc LTM-31-144-10936-132-83-96
    FCF LTM-30-42-96-99-94-71-82
    FCF 3Y Avg-44-50-121-138-101-104-103
    CFO LTM-30-41-96-99-93-71-82
    CFO 3Y Avg-44-49-116-136-95-104-99

    Growth & Margins

    HOWLJANXCRBUAGENNKTXALXOMedian
    NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
    Rev Chg LTM-5,367.0%10.0%30.5%--30.5%
    Rev Chg 3Y Avg-1,788.2%23.3%18.3%--23.3%
    Rev Chg Q---43.8%34.4%---4.7%
    QoQ Delta Rev Chg LTM-74.8%-10.4%7.1%--7.1%
    Op Inc Chg LTM57.2%0.9%29.6%139.2%-2.9%30.1%29.8%
    Op Inc Chg 3Y Avg-0.2%-34.7%1.0%68.1%0.8%11.2%0.9%
    Op Mgn LTM-148.8%-598.1%-1,090.9%27.0%---373.5%
    Op Mgn 3Y Avg--11,345.4%-1,074.3%-44.7%---1,074.3%
    QoQ Delta Op Mgn LTM-545.0%-23.7%20.7%--20.7%
    CFO/Rev LTM-143.6%-171.9%-954.5%-74.2%---157.7%
    CFO/Rev 3Y Avg--4,699.8%-925.7%-104.6%---925.7%
    FCF/Rev LTM-143.6%-174.7%-956.3%-74.2%---159.1%
    FCF/Rev 3Y Avg--4,772.7%-948.4%-105.5%---948.4%

    Valuation

    HOWLJANXCRBUAGENNKTXALXOMedian
    NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
    Mkt Cap0.11.10.00.30.10.20.1
    P/S2.547.34.92.3--3.7
    P/Op Inc-1.6-7.9-0.48.4-1.0-1.9-1.3
    P/EBIT-1.7-7.9-0.42.0-1.0-2.0-1.3
    P/E-1.5-11.1-0.53.3-1.1-2.0-1.3
    P/CFO-1.7-27.5-0.5-3.1-1.4-2.3-2.0
    Total Yield-67.2%-9.0%-209.0%31.2%-91.6%-50.5%-58.9%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-112.0%-3.6%-70.8%-101.1%-50.5%-96.6%-83.7%
    D/E0.00.00.50.10.60.10.1
    Net D/E-0.4-0.8-1.70.1-0.8-0.8-0.8

    Returns

    HOWLJANXCRBUAGENNKTXALXOMedian
    NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
    1M Rtn14.0%8.9%-60.5%-22.5%-34.5%-14.7%-18.6%
    3M Rtn130.4%20.7%-66.9%10.3%-17.8%-39.1%-3.8%
    6M Rtn55.9%27.9%-74.7%90.4%-34.9%-25.0%1.5%
    12M Rtn-34.6%-39.3%-80.3%80.9%-24.2%-23.1%-29.4%
    3Y Rtn-56.9%199.8%-86.7%-53.3%-14.6%-82.3%-55.1%
    1M Excs Rtn15.5%5.5%-61.8%-27.1%-34.2%-13.2%-20.1%
    3M Excs Rtn107.7%11.7%-71.9%-11.8%-22.8%-43.4%-17.3%
    6M Excs Rtn47.4%19.4%-83.1%81.6%-43.6%-33.6%-7.1%
    12M Excs Rtn-49.9%-46.6%-92.7%63.2%-38.4%-43.0%-44.8%
    3Y Excs Rtn-124.1%88.2%-170.3%-144.0%-89.7%-166.9%-134.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/31/20265/7/20263/27/202611/4/20258/14/20255/8/20253/11/202511/7/20248/8/20245/3/20243/7/202411/14/2023
    Key Financials Quarterly            
    Total Revenue2100000001126
    Ebitda7-12-7-15-16-16-19-15-16-15-11-7
    Operating Income7-13-9-16-18-18-20-17-19-17-13-9
    Net Income4-14-8-16-18-18-20-17-17-16-12-8
    EPS0.08-0.28-0.17-0.36-0.40-0.40-0.46-0.38-0.40-0.39-0.33-0.23
    Key Financials TTM            
    Total Revenue TTM2100001239162026
    Ebitda TTM-26-49-54-66-66-66-64-56-48-36-32-32
    Operating Income TTM-31-56-61-72-73-74-74-66-58-45-41-41
    Net Income TTM-35-56-61-73-73-72-71-62-54-42-37-37
    Growth Rates Quarterly            
    Total Revenue Growth-----100.0%-100.0%-100.0%-100.0%-85.9%-83.4%-79.4%18.7%
    EBITDA Growth140.5%28.3%64.6%2.3%-4.0%-11.4%-77.5%-119.0%-322.0%-29.3%-0.2%43.7%
    Operating Income Growth140.8%26.2%53.7%8.2%7.5%-4.8%-57.0%-85.1%-212.5%-40.4%1.6%26.2%
    Net Income Growth120.4%25.2%58.9%1.8%-4.2%-11.7%-70.0%-101.2%-238.3%-35.1%-0.6%30.6%
    Margins Quarterly            
    EBITDA Margin31.4%--------1369.5%-1984.6%-701.7%-116.0%
    Operating Income Margin34.1%--------1658.8%-2312.9%-863.6%-156.9%
    Net Income Margin17.5%--------1509.1%-2182.3%-799.7%-140.5%
    Cash & Debt            
    Total Cash224657667892111123135139134130
    Total Debt03838373737373737515252
    Net Debt / (Cash)-22-9-19-28-40-55-74-86-99-88-82-78
    Cash Flows Quarterly            
    FCF from Operations7-11-11-15-15-19-14-12-14-15-5-7
    Cash Flows TTM            
    FCF from Operations TTM-30-52-60-64-61-60-56-47-41-38-33-40
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC6.0%-10.8%-7.8%-13.4%-15.5%-16.5%-19.7%-17.2%-19.8%-17.6%-13.9%-10.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-6.5%-11.4%-12.6%-15.3%-16.2%-17.1%-17.8%-16.7%-15.2%-11.7%-10.9%-11.1%

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Discovery and development of cancer therapeutics022016
    Total022016


    Net Income by Segment
    $ Mil202520242023
    Discovery and development of cancer therapeutics-61-71-37
    Total-61-71-37


    Assets by Segment
    $ Mil20212020
    Discovery and development of cancer therapeutics17996
    Total17996


    Price Behavior

    Price Behavior
    Market Price$1.06 
    Market Cap ($ Bil)0.1 
    First Trading Date04/30/2021 
    Distance from 52W High-34.6% 
       50 Days200 Days
    DMA Price$0.94$0.68
    DMA Trendupup
    Distance from DMA12.4%56.6%
     3M1YR
    Volatility220.4%142.4%
    Downside Capture-9.12252.48
    Upside Capture397.58161.77
    Correlation (S&P 500)11.2%18.2%
    HOWL Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.363.421.992.141.971.78
    Up Beta0.14-6.48-4.13-0.341.221.75
    Down Beta-0.45-3.11-0.691.932.172.07
    Up Capture34%1300%800%321%125%185%
    Bmk +ve Days6162766132424
    Stock +ve Days12263862116327
    Down Capture66%13%13%236%166%111%
    Bmk -ve Days16263760120328
    Stock -ve Days10162563133395

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HOWL
    HOWL-37.4%142.4%0.23-
    Sector ETF (XLV)24.5%16.3%1.155.6%
    Equity (SPY)13.7%12.7%0.7217.8%
    Gold (GLD)1.8%28.3%0.0514.7%
    Commodities (DBC)48.4%20.6%1.80-3.3%
    Real Estate (VNQ)2.8%13.9%-0.055.0%
    Bitcoin (BTCUSD)-29.4%43.4%-0.6823.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HOWL
    HOWL-41.9%113.3%0.01-
    Sector ETF (XLV)8.3%15.2%0.3415.6%
    Equity (SPY)12.7%17.1%0.5623.0%
    Gold (GLD)17.5%18.9%0.748.5%
    Commodities (DBC)9.1%19.5%0.352.6%
    Real Estate (VNQ)0.6%18.9%-0.0818.2%
    Bitcoin (BTCUSD)4.1%51.6%0.2616.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HOWL
    HOWL-23.7%110.6%0.03-
    Sector ETF (XLV)11.7%16.7%0.5715.1%
    Equity (SPY)15.5%17.9%0.7322.3%
    Gold (GLD)12.0%16.4%0.607.6%
    Commodities (DBC)8.2%18.1%0.373.0%
    Real Estate (VNQ)5.0%20.7%0.2017.4%
    Bitcoin (BTCUSD)62.3%66.2%1.0214.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity2.4 Mil
    Short Interest: % Change Since 9302026-6.2%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest5.1 days
    Basic Shares Quantity48.6 Mil
    Short % of Basic Shares4.8%

    Earnings Returns History

    Updated 9/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/31/2026-29.4%-19.5%88.5%
    5/7/20269.7%-12.5%-38.4%
    11/4/2025-7.6%-11.5%-23.9%
    8/14/2025-2.2%-8.1%5.9%
    5/8/2025-5.5%7.5%54.2%
    3/11/20252.9%-4.5%-48.6%
    11/7/2024-8.2%-16.0%-26.2%
    8/8/20248.2%16.4%18.1%
    ...
    SUMMARY STATS   
    # Positive111011
    # Negative101110
    Median Positive3.3%8.6%18.1%
    Median Negative-5.4%-11.5%-21.7%
    Max Positive14.0%29.1%88.5%
    Max Negative-29.4%-19.5%-48.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/31/2026-29.4%-19.5%88.5%
    5/7/20269.7%-12.5%-38.4%
    11/4/2025-7.6%-11.5%-23.9%
    8/14/2025-2.2%-8.1%5.9%
    5/8/2025-5.5%7.5%54.2%
    3/11/20252.9%-4.5%-48.6%
    11/7/2024-8.2%-16.0%-26.2%
    8/8/20248.2%16.4%18.1%
    5/3/2024-0.2%-8.4%-34.4%
    3/7/2024-4.0%-11.5%-15.8%
    11/14/20230.0%7.7%30.0%
    8/10/20234.0%4.3%-0.4%
    5/11/2023-8.9%-9.9%11.2%
    3/23/2023-5.2%11.8%3.1%
    11/10/20223.2%-15.8%-19.4%
    8/11/202214.0%29.1%55.2%
    5/10/202210.9%-15.6%-7.1%
    3/24/2022-4.4%6.4%12.6%
    11/10/20211.7%1.4%-4.9%
    8/12/20211.7%9.6%13.9%
    6/10/20213.3%12.4%22.4%
    SUMMARY STATS   
    # Positive111011
    # Negative101110
    Median Positive3.3%8.6%18.1%
    Median Negative-5.4%-11.5%-21.7%
    Max Positive14.0%29.1%88.5%
    Max Negative-29.4%-19.5%-48.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/11/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/11/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/11/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/24/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/12/202110-Q
    03/31/202106/10/202110-Q
    12/31/202004/30/2021424B4

    Insider Activity

    Updated 7/8/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Evnin, LukeSee FootnotesSell70820260.31107,429  Form
    2Evnin, LukeSee FootnotesSell70820260.3235,77011,44634,377Form
    3Evnin, LukeSee FootnotesSell62920260.30157,08447,12542,960Form
    4Ra, Capital Management, LPSee footnotesSell62220260.35416,911145,919106,302Form
    5Ra, Capital Management, LPSee footnotesSell61620260.37149,62555,361122,623Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Evnin, LukeSee FootnotesSell70820260.31107,429  Form
    2Evnin, LukeSee FootnotesSell70820260.3235,77011,44634,377Form
    3Evnin, LukeSee FootnotesSell62920260.30157,08447,12542,960Form
    4Ra, Capital Management, LPSee footnotesSell62220260.35416,911145,919106,302Form
    5Ra, Capital Management, LPSee footnotesSell61620260.37149,62555,361122,623Form
    6Ra, Capital Management, LPSee footnotesSell61620260.39128,77050,220133,128Form
    7Ra, Capital Management, LPSee footnotesSell61620260.40170,44168,176139,963Form
    8Evnin, LukeSee FootnotesSell61020260.3776,92828,463111,105Form
    9Evnin, LukeSee FootnotesSell60820260.4060,54724,219150,884Form
    10Evnin, LukeSee FootnotesSell60820260.4024,9469,978175,103Form
    11Evnin, LukeSee FootnotesSell60820260.4420,0728,832203,590Form
    12Evnin, LukeSee FootnotesSell60320260.4229,74912,495202,766Form
    13Evnin, LukeSee FootnotesSell60320260.4529,59513,318230,636Form
    14Evnin, LukeSee FootnotesSell60320260.4780,45937,816254,796Form
    15Evnin, LukeSee FootnotesSell52920260.4532,55614,650280,161Form
    16Evnin, LukeSee FootnotesSell52920260.4627,69812,741301,362Form
    17Evnin, LukeSee FootnotesSell52920260.4880,85238,809327,760Form
    18Evnin, LukeSee FootnotesSell52620260.4767,95031,936358,932Form
    19Evnin, LukeSee FootnotesSell52620260.4587,42539,341374,236Form
    20Evnin, LukeSee FootnotesSell52620260.4236,38715,283386,005Form
    21Evnin, LukeSee FootnotesSell52020260.4385,89536,935410,842Form
    22Evnin, LukeSee FootnotesSell52020260.4562,97028,336468,604Form
    23Evnin, LukeSee FootnotesSell52020260.5022,18411,092552,156Form
    24Evnin, LukeSee FootnotesSell51220260.6467,88543,446749,552Form
    25Ra, Capital Management, LPSee footnotesSell51220260.64101,15164,737260,020Form
    26Evnin, LukeSee FootnotesSell51220260.6733,94822,745830,170Form
    27Ra, Capital Management, LPSee footnotesSell51220260.6787,49058,618276,711Form
    28Evnin, LukeSee FootnotesSell51220260.70305,741214,019891,106Form
    29Ra, Capital Management, LPSee footnotesSell51220260.71376,526267,333297,357Form
    30Evnin, LukeSee FootnotesSell50720260.6379,08649,824994,612Form
    31Evnin, LukeSee FootnotesSell50720260.6614,6359,6591,094,171Form
    32Evnin, LukeSee FootnotesSell50720260.696,8604,7331,154,004Form
    33Evnin, LukeSee FootnotesSell50420260.7247,96334,5331,209,118Form
    34Evnin, LukeSee FootnotesSell50420260.7358,39442,6281,260,924Form
    35Evnin, LukeSee FootnotesSell50420260.72168,262121,1491,285,695Form
    36Evnin, LukeSee FootnotesSell42920260.6956,55939,0261,348,225Form
    37Evnin, LukeSee FootnotesSell42920260.7395,41269,6511,467,671Form
    38Evnin, LukeSee FootnotesSell42920260.8553,94045,8491,790,032Form
    39Evnin, LukeSee FootnotesSell12020260.5438,78220,9421,166,324Form
    40Evnin, LukeSee FootnotesSell11220260.5758,98033,6191,316,625Form
    41Evnin, LukeSee FootnotesSell11220260.6124,67815,0541,444,998Form
    42Evnin, LukeSee FootnotesSell11220260.637,7164,8611,507,922Form
    43Evnin, LukeSee FootnotesSell10220260.6318,56811,6981,557,547Form
    44Evnin, LukeSee FootnotesSell10220260.6224,96215,4761,544,336Form
    45Evnin, LukeSee FootnotesSell10220260.6134,84721,2571,534,654Form
    46Evnin, LukeSee FootnotesSell122920250.61108,60666,2501,555,911Form
    47Evnin, LukeSee FootnotesSell122920250.6335,63222,4481,675,346Form
    48Evnin, LukeSee FootnotesSell122920250.6516,31010,6021,751,693Form
    49Evnin, LukeSee FootnotesSell122920250.6371,42845,0001,708,070Form
    50Evnin, LukeSee FootnotesSell122920250.6959,30740,9221,920,028Form
    51Evnin, LukeSee FootnotesSell121720251.149,98311,3813,239,831Form
    52Evnin, LukeSee FootnotesSell121720251.0514,54815,2752,994,537Form
    53Evnin, LukeSee FootnotesSell121720251.0723,64025,2953,067,142Form
    54Evnin, LukeSee FootnotesSell121220251.0817,85819,2873,121,338Form
    55Evnin, LukeSee FootnotesSell121220251.0728,00929,9703,111,545Form
    56Evnin, LukeSee FootnotesSell121220251.0637,10439,3303,112,155Form
    57Evnin, LukeSee FootnotesSell120920251.0144,57045,0163,002,830Form
    58Evnin, LukeSee FootnotesSell120920250.9934,04133,7012,987,492Form
    59Evnin, LukeSee FootnotesSell120920250.9716,56816,0712,960,159Form
    60Evnin, LukeSee FootnotesSell120420250.9753,41651,8142,976,230Form
    61Mpm, Bioventures 2014, LPSee FootnotesSell120420250.9783,23080,7334,640,588Form
    62Gadicke, AnsbertSee FootnotesSell120420250.9783,23080,7334,640,588Form
    63Evnin, LukeSee FootnotesSell120420250.8736,72631,9522,715,874Form
    64Mpm, Bioventures 2014, LPSee FootnotesSell120420250.8757,22549,7864,234,587Form
    65Gadicke, AnsbertSee FootnotesSell120420250.8757,22549,7864,234,587Form
    66Evnin, LukeSee FootnotesSell120420250.8938,04333,8582,810,994Form
    67Mpm, Bioventures 2014, LPSee FootnotesSell120420250.8959,27752,7574,382,864Form
    68Gadicke, AnsbertSee FootnotesSell120420250.8959,27752,7574,382,864Form
    69Evnin, LukeSee FootnotesSell120120250.9439,09636,7503,004,675Form
    70Mpm, Bioventures 2014, LPSee FootnotesSell120120250.9460,91757,2624,684,812Form
    71Gadicke, AnsbertSee FootnotesSell120120250.9460,91757,2624,684,812Form
    72Evnin, LukeSee FootnotesSell120120250.9913,01412,8843,203,203Form
    73Mpm, Bioventures 2014, LPSee FootnotesSell120120250.9920,27720,0744,994,312Form
    74Gadicke, AnsbertSee FootnotesSell120120250.9920,27720,0744,994,312Form
    75Evnin, LukeSee FootnotesSell120120250.9838,97838,1983,183,602Form
    76Mpm, Bioventures 2014, LPSee FootnotesSell120120250.9860,73359,5184,963,736Form
    77Gadicke, AnsbertSee FootnotesSell120120250.9860,73359,5184,963,736Form
    78Evnin, LukeSee FootnotesSell112520250.9227,29725,1133,024,547Form
    79Mpm, Bioventures 2014, LPSee FootnotesSell112520250.9242,53339,1304,715,708Form
    80Gadicke, AnsbertSee FootnotesSell112520250.9242,53339,1304,715,708Form
    81Evnin, LukeSee FootnotesSell112520250.9856,99255,8523,248,551Form
    82Mpm, Bioventures 2014, LPSee FootnotesSell112520250.9888,80287,0265,064,937Form
    83Gadicke, AnsbertSee FootnotesSell112520250.9888,80287,0265,064,937Form
    84Evnin, LukeSee FootnotesSell112520250.8341,28734,2682,798,627Form
    85Mpm, Bioventures 2014, LPSee FootnotesSell112520250.8364,33153,3954,363,397Form
    86Gadicke, AnsbertSee FootnotesSell112520250.8364,33153,3954,363,397Form
    87Evnin, LukeSee FootnotesSell112020250.8926,41123,5063,037,683Form
    88Mpm, Bioventures 2014, LPSee FootnotesSell112020250.8941,15236,6254,736,078Form
    89Gadicke, AnsbertSee FootnotesSell112020250.8941,15236,6254,736,078Form
    90Evnin, LukeSee FootnotesSell112020250.9442,56640,0123,233,166Form
    91Mpm, Bioventures 2014, LPSee FootnotesSell112020250.9466,32462,3455,040,833Form
    92Gadicke, AnsbertSee FootnotesSell112020250.9466,32462,3455,040,833Form
    93Evnin, LukeSee FootnotesSell112020250.9333,77631,4123,238,357Form
    94Mpm, Bioventures 2014, LPSee FootnotesSell112020250.9352,62748,9435,048,888Form
    95Gadicke, AnsbertSee FootnotesSell112020250.9352,62748,9435,048,888Form
    96Evnin, LukeSee FootnotesSell111720250.9536,62134,7903,340,086Form
    97Mpm, Bioventures 2014, LPSee FootnotesSell111720250.9557,06154,2085,207,462Form
    98Gadicke, AnsbertSee FootnotesSell111720250.9557,06154,2085,207,462Form
    99Evnin, LukeSee FootnotesSell111720250.9339,56036,7913,303,826Form
    100Mpm, Bioventures 2014, LPSee FootnotesSell111720250.9361,64057,3255,150,898Form
    101Gadicke, AnsbertSee FootnotesSell111720250.9361,64057,3255,150,898Form
    102Evnin, LukeSee FootnotesSell111720250.9858,37257,2053,520,220Form
    103Mpm, Bioventures 2014, LPSee FootnotesSell111720250.9890,95189,1325,488,235Form
    104Gadicke, AnsbertSee FootnotesSell111720250.9890,95189,1325,488,235Form
    105Evnin, LukeSee FootnotesSell111220251.0926,10128,4503,978,972Form
    106Mpm, Bioventures 2014, LPSee FootnotesSell111220251.0940,66944,3296,203,398Form
    107Gadicke, AnsbertSee FootnotesSell111220251.0940,66944,3296,203,398Form
    108Evnin, LukeSee FootnotesSell111220251.1435,81840,8334,191,249Form
    109Mpm, Bioventures 2014, LPSee FootnotesSell111220251.1455,81063,6236,534,320Form
    110Gadicke, AnsbertSee FootnotesSell111220251.1455,81063,6236,534,320Form
    111Evnin, LukeSee FootnotesSell111220251.1831,17236,7834,380,575Form
    112Mpm, Bioventures 2014, LPSee FootnotesSell111220251.1848,57057,3136,829,451Form
    113Gadicke, AnsbertSee FootnotesSell111220251.1848,57057,3136,829,451Form
    114Evnin, LukeSee FootnotesSell111220251.1143,95048,7854,155,312Form
    115Mpm, Bioventures 2014, LPSee FootnotesSell111220251.1168,48076,0136,478,226Form
    116Gadicke, AnsbertSee FootnotesSell111220251.1168,48076,0136,478,226Form
    117Evnin, LukeSee FootnoteSell110620251.2134,94742,2864,582,844Form
    118Mpm, Bioventures 2014, LPSee FootnoteSell110620251.2154,45265,8877,144,711Form
    119Gadicke, AnsbertSee FootnoteSell110620251.2154,45265,8877,144,711Form
    120Evnin, LukeSee FootnoteSell110620251.2230,77437,5444,663,354Form
    121Mpm, Bioventures 2014, LPSee FootnoteSell110620251.2247,95058,4997,270,190Form
    122Gadicke, AnsbertSee FootnoteSell110620251.2247,95058,4997,270,190Form
    123Evnin, LukeSee FootnoteSell110620251.2290,164110,0004,700,898Form
    124Mpm, Bioventures 2014, LPSee FootnoteSell110620251.22140,488171,3957,328,689Form
    125Gadicke, AnsbertSee FootnoteSell110620251.22140,488171,3957,328,689Form
    126Evnin, LukeSee FootnoteSell110320251.2960,36977,8765,086,933Form
    127Mpm, Bioventures 2014, LPSee FootnoteSell110320251.2994,063121,3417,930,417Form
    128Gadicke, AnsbertSee FootnoteSell110320251.2994,063121,3417,930,417Form
    129Evnin, LukeSee FootnoteSell110320251.2873,19293,6865,124,772Form
    130Mpm, Bioventures 2014, LPSee FootnoteSell110320251.28114,044145,9767,989,341Form
    131Gadicke, AnsbertSee FootnoteSell110320251.28114,044145,9767,989,341Form
    132Evnin, LukeSee FootnoteSell110320251.4355,79579,7875,829,996Form
    133Mpm, Bioventures 2014, LPSee FootnoteSell110320251.4386,936124,3189,088,675Form
    134Gadicke, AnsbertSee FootnoteSell110320251.4386,936124,3189,088,675Form
    135Evnin, LukeSee FootnoteSell102920251.5586,154133,5396,405,708Form
    136Mpm, Bioventures 2014, LPSee FootnoteSell102920251.55134,240208,0729,986,112Form
    137Gadicke, AnsbertSee FootnoteSell102920251.55134,240208,0729,986,112Form
    138Evnin, LukeSee FootnoteSell102920251.6444,32772,6966,918,945Form
    139Mpm, Bioventures 2014, LPSee FootnoteSell102920251.6469,068113,27210,786,105Form
    140Gadicke, AnsbertSee FootnoteSell102920251.6469,068113,27210,786,105Form
    141Evnin, LukeSee FootnoteSell102920251.7246,66480,2627,332,697Form
    142Mpm, Bioventures 2014, LPSee FootnoteSell102920251.7272,709125,05911,431,053Form
    143Gadicke, AnsbertSee FootnoteSell102920251.7272,709125,05911,431,053Form

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