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.

• 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.

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.

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.

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.

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.

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.