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Werewolf Therapeutics (HOWL)

Market Price (5/13/2026): $0.6 | Market Cap: $29.2 Mil
Sector: Health Care | Industry: Biotechnology

Werewolf Therapeutics (HOWL)

Market Price (5/13/2026): $0.6
Market Cap: $29.2 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 -29%

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 -132%, 3Y Excs Rtn is -158%

Penny stock
Mkt Price is 0.6

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -72%

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 -188%

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 -29%
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 -132%, 3Y Excs Rtn is -158%
3 Penny stock
Mkt Price is 0.6
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -72%
7 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 -188%
8 Key risks
HOWL key risks include [1] a total dependence on its unproven, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Werewolf Therapeutics (HOWL) stock has lost about 5% since 1/31/2026 because of the following key factors:

1. Facing significant financial challenges, Werewolf Therapeutics announced on February 24, 2026, that it would explore a full range of strategic alternatives, including a potential sale, merger, or asset sale, due to its cash reserves being projected to run out by the fourth quarter of 2026. The company's cash and cash equivalents further declined to $46.5 million as of March 31, 2026, from $57.1 million at December 31, 2025.

2. The company implemented a substantial workforce reduction of 64% of its employees, a measure approved by its board on February 9, 2026, to decrease operating expenses. This restructuring was expected to result in a one-time charge of approximately $4.1 million in the first quarter of 2026.

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Stock Movement Drivers

Fundamental Drivers

The -4.5% change in HOWL stock from 1/31/2026 to 5/12/2026 was primarily driven by a -5.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)13120265122026Change
Stock Price ($)0.660.63-4.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4649-5.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026
ReturnCorrelation
HOWL-4.5% 
Market (SPY)7.0%27.5%
Sector (XLV)-5.4%15.1%

Fundamental Drivers

The -51.8% change in HOWL stock from 10/31/2025 to 5/12/2026 was primarily driven by a -7.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120255122026Change
Stock Price ($)1.310.63-51.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4549-7.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026
ReturnCorrelation
HOWL-51.8% 
Market (SPY)8.8%22.4%
Sector (XLV)2.0%6.6%

Fundamental Drivers

The -30.0% change in HOWL stock from 4/30/2025 to 5/12/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
(LTM values as of)43020255122026Change
Stock Price ($)0.900.63-30.0%
Change Contribution By: 
Total Revenues ($ Mil)20 
P/S Multiple21.3∞9.2233720368547763E17%
Shares Outstanding (Mil)4449-8.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026
ReturnCorrelation
HOWL-30.0% 
Market (SPY)34.6%31.6%
Sector (XLV)5.7%13.1%

Fundamental Drivers

The -73.3% change in HOWL stock from 4/30/2023 to 5/12/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235122026Change
Stock Price ($)2.370.63-73.3%
Change Contribution By: 
Total Revenues ($ Mil)160 
P/S Multiple4.4∞9.2233720368547763E17%
Shares Outstanding (Mil)3149-36.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026
ReturnCorrelation
HOWL-73.3% 
Market (SPY)84.4%24.1%
Sector (XLV)14.8%16.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HOWL Return-26%-83%88%-62%-57%4%-96%
Peers Return-36%-45%-10%18%-24%38%-60%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
HOWL Win Rate22%42%42%25%33%40% 
Peers Win Rate41%42%45%37%40%56% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
HOWL Max Drawdown-29%-87%-13%-62%-59%-13% 
Peers Max Drawdown-45%-63%-63%-68%-59%-8% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 5/12/2026 (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., a biopharmaceutical company, develops therapeutics engineered to stimulate the body's immune system for the treatment of cancer. The company, through its proprietary PREDATOR platform, designs conditionally activated molecules that stimulate adaptive and innate immunity for addressing the limitations of conventional proinflammatory immune therapies. Its lead product candidates are WTX-124, a conditionally activated Interleukin-2 INDUKINE molecule for the treatment of advanced solid tumors; and WTX-330, a conditionally activated Interleukin-12 INDUKINE molecule for the treatment of relapsed or refractory advanced or metastatic solid tumors or lymphoma. The company is also developing WTX-613, a conditionally activated interferon alpha INDUKINE molecule for the treatment of solid tumors and hematologic malignancies. Werewolf Therapeutics, Inc. was incorporated in 2017 and is headquartered in Cambridge, Massachusetts.

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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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Latest Trefis Analyses

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

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEHC_4302026_Dip_Buyer_FCFYield04302026GEHCGE HealthCare TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
IQV_4302026_Dip_Buyer_FCFYield04302026IQVIQVIADip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
UHS_4302026_Dip_Buyer_FCFYield04302026UHSUniversal Health ServicesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
ABT_4302026_Dip_Buyer_ValueBuy04302026ABTAbbott LaboratoriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K04302026ZBIOZenas BioPharmaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%

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Peer Comparisons

Peers to compare with:

Financials

HOWLJANXCRBUAGENNKTXALXOMedian
NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
Mkt Price0.6314.412.033.443.282.032.65
Mkt Cap0.00.90.20.10.20.20.2
Rev LTM01411114006
Op Inc LTM-56-157-120-21-122-88-104
FCF LTM-52-78-102-77-90-78-78
FCF 3Y Avg-50-59-120-157-103-110-106
CFO LTM-52-78-101-77-89-78-78
CFO 3Y Avg-50-58-114-153-92-109-100

Growth & Margins

HOWLJANXCRBUAGENNKTXALXOMedian
NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
Rev Chg LTM-100.0%47.1%13.0%10.4%--11.7%
Rev Chg 3Y Avg-71.7%18.5%23.4%12.0%--15.3%
Rev Chg Q--1.9%27.5%--14.7%
QoQ Delta Rev Chg LTM-37.3%0.4%6.9%--6.9%
Op Inc Chg LTM24.8%-38.2%26.9%83.5%4.8%35.5%25.8%
Op Inc Chg 3Y Avg-8.3%-30.9%-3.4%39.0%-1.1%9.2%-2.2%
Op Mgn LTM--1,143.1%-1,067.2%-18.0%---1,067.2%
Op Mgn 3Y Avg--1,119.9%-1,036.0%-80.2%---1,036.0%
QoQ Delta Op Mgn LTM-433.6%153.3%40.9%--153.3%
CFO/Rev LTM--564.7%-903.8%-67.6%---564.7%
CFO/Rev 3Y Avg--588.1%-866.5%-121.3%---588.1%
FCF/Rev LTM--571.6%-909.2%-67.6%---571.6%
FCF/Rev 3Y Avg--600.3%-896.2%-123.7%---600.3%

Valuation

HOWLJANXCRBUAGENNKTXALXOMedian
NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
Mkt Cap0.00.90.20.10.20.20.2
P/S-65.817.41.0--17.4
P/Op Inc-0.5-5.8-1.6-5.8-2.0-2.4-2.2
P/EBIT-0.6-5.8-1.62.3-2.0-2.4-1.8
P/E-0.5-7.9-1.51,028.5-2.3-2.4-1.9
P/CFO-0.6-11.6-1.9-1.5-2.7-2.7-2.3
Total Yield-183.8%-12.7%-68.5%0.1%-42.9%-41.9%-42.4%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-93.5%-4.9%-83.1%-132.8%-52.0%-130.3%-88.3%
D/E1.20.00.10.50.30.00.2
Net D/E-0.3-1.0-0.50.4-0.8-0.6-0.5

Returns

HOWLJANXCRBUAGENNKTXALXOMedian
NameWerewolf.Janux Th.Caribou .Agenus Nkarta ALX Onco. 
1M Rtn-25.6%-3.5%5.2%-13.1%51.2%19.4%0.8%
3M Rtn-11.9%9.7%29.3%12.1%64.0%-20.4%10.9%
6M Rtn-44.1%-50.1%-9.4%-19.4%63.2%55.0%-14.4%
12M Rtn-36.8%-44.7%148.1%-1.7%62.4%366.5%30.3%
3Y Rtn-78.5%13.0%-51.8%-87.9%-26.9%-68.9%-60.3%
1M Excs Rtn-38.6%-10.8%-3.4%-24.6%35.8%8.5%-7.1%
3M Excs Rtn-18.6%3.1%22.7%5.4%57.4%-27.0%4.3%
6M Excs Rtn-55.0%-55.6%-12.9%-23.6%57.4%37.1%-18.2%
12M Excs Rtn-51.7%-74.4%131.4%-12.5%39.2%349.9%13.3%
3Y Excs Rtn-157.7%-81.2%-133.2%-168.0%-108.1%-147.1%-140.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Discovery and development of cancer therapeutics2 16  
Total2 16  


Net Income by Segment
$ Mil20252024202320222021
Discovery and development of cancer therapeutics-71    
Total-71    


Assets by Segment
$ Mil20252024202320222021
Discovery and development of cancer therapeutics 175 17996
Total 175 17996


Price Behavior

Price Behavior
Market Price$0.63 
Market Cap ($ Bil)0.0 
First Trading Date04/30/2021 
Distance from 52W High-71.1% 
   50 Days200 Days
DMA Price$0.81$1.05
DMA Trenddownup
Distance from DMA-21.5%-39.5%
 3M1YR
Volatility93.2%96.4%
Downside Capture338.30310.56
Upside Capture203.20165.77
Correlation (SPY)24.9%32.1%
HOWL Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.481.671.621.732.461.65
Up Beta0.630.720.631.772.971.90
Down Beta7.960.070.561.832.191.88
Up Capture170%373%294%59%277%91%
Bmk +ve Days15223166141428
Stock +ve Days11243359115316
Down Capture1275%161%187%191%176%111%
Bmk -ve Days4183056108321
Stock -ve Days11193165127400

[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-19.5%99.6%0.25-
Sector ETF (XLV)11.9%15.5%0.5311.5%
Equity (SPY)32.5%12.4%1.9832.2%
Gold (GLD)41.3%26.9%1.269.0%
Commodities (DBC)50.3%18.5%2.061.4%
Real Estate (VNQ)12.8%13.5%0.6515.4%
Bitcoin (BTCUSD)-21.0%41.7%-0.4619.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HOWL
HOWL-47.4%102.6%-0.16-
Sector ETF (XLV)5.1%14.6%0.1717.2%
Equity (SPY)13.7%17.1%0.6324.0%
Gold (GLD)21.0%17.9%0.955.5%
Commodities (DBC)11.4%19.4%0.474.7%
Real Estate (VNQ)3.9%18.8%0.1120.0%
Bitcoin (BTCUSD)7.2%55.9%0.3413.2%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HOWL
HOWL-27.5%102.4%-0.16-
Sector ETF (XLV)9.5%16.5%0.4617.2%
Equity (SPY)15.5%17.9%0.7424.0%
Gold (GLD)13.4%15.9%0.705.5%
Commodities (DBC)8.4%17.9%0.394.7%
Real Estate (VNQ)5.6%20.7%0.2420.0%
Bitcoin (BTCUSD)68.2%66.8%1.0713.1%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 4152026-7.7%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity48.6 Mil
Short % of Basic Shares1.5%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/27/2026-9.5%17.0%-3.8%
11/4/2025-7.6%-11.5%-23.9%
8/14/2025-2.2%-8.1%5.9%
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%
3/7/2024-4.0%-11.5%-15.8%
11/14/20230.0%7.7%30.0%
...
SUMMARY STATS   
# Positive897
# Negative768
Median Positive3.2%11.8%18.1%
Median Negative-5.2%-11.5%-17.6%
Max Positive14.0%29.1%55.2%
Max Negative-9.5%-16.0%-48.6%

SEC Filings

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Report DateFiling DateFiling
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

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Evnin, LukeSee FootnotesSell51220260.6467,88543,446749,552Form
2Ra, Capital Management, LPSee footnotesSell51220260.64101,15164,737260,020Form
3Evnin, LukeSee FootnotesSell51220260.6733,94822,745830,170Form
4Ra, Capital Management, LPSee footnotesSell51220260.6787,49058,618276,711Form
5Evnin, LukeSee FootnotesSell51220260.70305,741214,019891,106Form

Industry Resources

External Quote Links


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