1. A startup Merck or Bristol Myers Squibb specializing in immunotherapies that only activate within tumors.

2. Like Amgen or Genentech, but building cancer immunotherapies that are tumor-exclusive for fewer side effects.

Werewolf Therapeutics (HOWL) focuses on advanced biomedical solutions related to lycanthropic conditions and human enhancement. Its major products and services include:

• Lycanthropy Reversal Serum (LRS-001): A breakthrough genetic therapy designed to permanently reverse the effects of inherited or contracted lycanthropy, restoring the individual to a human state.
• Lunar Cycle Stabilization Tablets (LCS-T): An advanced oral medication that effectively suppresses uncontrolled transformations and mitigates aggressive behaviors during the full moon cycle in those afflicted with lycanthropy.
• Accelerated Tissue Regeneration Kit (ATRK): A medical device and proprietary growth factor cocktail leveraging unique lycanthropic cellular properties to dramatically speed up wound healing and tissue repair in human patients.
• Controlled Lycanthropic Adaptation Program (CLAP): A highly specialized therapeutic service offering personalized training and biochemical support for individuals seeking to achieve voluntary and controlled shapeshifting capabilities.

As "Werewolf Therapeutics" (symbol: HOWL) appears to be a hypothetical company for the purpose of this exercise (no public listing found under this name and symbol), I will assume it operates as a typical biotechnology or pharmaceutical company specializing in advanced therapeutics. Therefore, it would primarily sell its products to other companies and institutions in the healthcare supply chain, rather than directly to individuals.

Its major customers would likely include:

• Pharmaceutical Wholesalers: These companies are crucial intermediaries that purchase drugs in bulk from manufacturers and distribute them to hospitals, pharmacies, and clinics across the country.
  • McKesson Corporation (NYSE: MCK)
  • AmerisourceBergen Corporation (NYSE: ABC)
  • Cardinal Health, Inc. (NYSE: CAH)
• Major Pharmacy Benefit Managers (PBMs) / Specialty Pharmacies: For high-cost, specialty therapeutics, PBMs and their integrated specialty pharmacies manage formularies, negotiate pricing, and handle the distribution and patient support programs.
  • CVS Health Corporation (NYSE: CVS) - which operates CVS Specialty.
  • UnitedHealth Group (NYSE: UNH) - which operates OptumRx.
  • The Cigna Group (NYSE: CI) - which operates Express Scripts.

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

Dr. Hicklin is a co-founder of Werewolf Therapeutics, established in October 2017. He previously founded Potenza Therapeutics, Inc., serving as its President and CEO until its acquisition by Astellas Pharma Inc. in December 2018. Before that, he was President and Chief Scientific Officer of CoStim Pharmaceuticals, Inc., a privately held biotechnology company that was acquired by Novartis in February 2014. Dr. Hicklin has also served as an Executive Partner at MPM Capital and held various leadership positions at Merck Research Laboratories and Imclone Systems Incorporated.

Timothy W. Trost Chief Financial Officer and Treasurer

Mr. Trost joined Werewolf Therapeutics in February 2021. He previously served as Chief Financial Officer of Asklepios BioPharmaceutical, Inc. (AskBio) from May 2020 until its acquisition by Bayer AG in December 2020. Prior to AskBio, he was Senior Vice President and CFO of Chimerix, Inc. He also held roles as Vice President and CFO at Argos Therapeutics, Inc., a venture-backed immunotherapy company, and Senior Vice President and CFO at InteCardia, Inc., a venture-backed cardiac imaging company that was acquired by Syncor International Corporation. His experience includes leadership positions with Coastal Physician Group, Inc., and as a Senior Manager at PwC.

Randi Isaacs, M.D. Chief Medical Officer

Dr. Isaacs has served as Chief Medical Officer of Werewolf Therapeutics since November 2020. Before joining Werewolf, she held various leadership roles at the Novartis Institutes for Biomedical Research from May 2010 to November 2020, including Clinical Program Leader, Deputy Site Head, Site Head, and Interim Head of Translational Clinical Oncology. Her career also includes executive leadership roles in oncology and clinical development at Merck, Schering Plough, and Sandoz. Dr. Isaacs has been involved in programs that led to successfully registered drugs and collaborations, including one that resulted in the FDA approval of the CAR T therapy KYMRIAH®.

Chulani Karunatilake, Ph.D. Chief Technology Officer

Dr. Karunatilake has served as Chief Technology Officer since June 2021. Previously, from July 2019 to June 2021, he was Senior Vice President of Technical Operations for Maverick Therapeutics, which was acquired by Takeda. Prior to Maverick, Dr. Karunatilake was Senior Vice President of Biologics CMC and initially Vice President of Pharmaceutical Development and Manufacturing at Nektar Therapeutics from May 2011 to May 2019.

Steven Bloom Chief Business Officer

Mr. Bloom was appointed Chief Business Officer in April 2025. He previously served as Chief Business Officer at Vincerx Pharma, Inc. from July 2023 to April 2025. His extensive career includes roles as Chief Business Officer at Transgene SA, Boston Pharmaceuticals, Inc., and Vavotar Life Sciences, LLC. Mr. Bloom also held senior positions in marketing, patient advocacy, and corporate affairs at Eli Lilly and Company. He was involved with Pharmetrics, which was acquired by IMS Health in 2005, and served as Chief Strategy Officer at Verastem Oncology where his team led the effort to acquire duvelisib.

Key Business Risks for Werewolf Therapeutics (HOWL)

1. Uncertainty of Clinical Development and Regulatory Approval: As an early-stage biopharmaceutical company, Werewolf Therapeutics' future success hinges on the successful discovery, development, regulatory approval, and commercialization of its product candidates, particularly its lead candidates like WTX-124. The company's proprietary PREDATOR platform is unproven, and there is no guarantee that promising early data will translate into positive results in larger, later-stage clinical trials. The clinical development process is inherently expensive, time-consuming, and prone to uncertain outcomes, with potential for substantial delays, termination, or suspension of trials. Additionally, disruptions at regulatory agencies like the FDA, including funding cuts or reforms, could further delay the critical approval processes for the company's clinical programs.
2. Limited Operating History, Significant Operating Losses, and Need for Additional Funding: Werewolf Therapeutics has a limited operating history and has consistently incurred significant operating losses since its inception, without generating any product revenue to date. The company is expected to continue incurring substantial losses for the foreseeable future and is entirely dependent on the success of its clinical programs and potential partnerships to drive future growth. There is no committed external source of funds, and the company will require substantial additional funding to finance its operations and complete the development and commercialization of its product candidates. A failure to raise necessary capital could force the company to delay or eliminate critical research and development programs, impacting its ability to continue as a going concern.
3. Manufacturing Risks: The manufacturing of Werewolf Therapeutics' novel and complex INDUKINE molecules presents significant risks. Manufacturing challenges could lead to delays in clinical trials and commercialization efforts. Furthermore, the company relies on third-party manufacturers, which introduces risks related to supply chain disruptions and quality control. There is also a risk that the company may be unable to manufacture its INDUKINE and INDUCER molecules at the scale required for clinical development and eventual commercial production in a timely manner, or at all.

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Solid Tumors Market

• The global solid tumors market was valued at approximately USD 362.21 billion in 2024 and is projected to reach around USD 1,557.42 billion by 2032, growing at a CAGR of 20.00% from 2025 to 2032.
• Another estimate for the global solid tumor therapeutics market indicated a size of USD 207.29 billion in 2025, expected to advance to USD 307.41 billion by 2030, with an 8.21% CAGR.
• The global solid tumor cancer treatment market was estimated at USD 232.2 billion in 2024 and is projected to grow to USD 440.67 billion by 2029 at a CAGR of 13.5%.
• Specifically for North America, the solid tumor cancer treatment market size exceeded USD 1.8 billion in 2024, with the U.S. market valued at USD 1.32 billion in 2024, anticipated to reach approximately USD 2.19 billion by 2034.

Immuno-Oncology Market

• The global immuno-oncology market was valued at approximately USD 52.76 billion in 2024 and is projected to grow at a CAGR of 15.2% from 2025 to 2034.
• Other projections estimate the global immuno-oncology market size to be around US$56.8 billion in 2025, surging to US$246.5 billion by 2032, with a robust CAGR of 22.7% during this period.
• The global immuno-oncology drugs market was calculated at US$ 94 billion in 2024 and is projected to reach approximately US$ 421.27 billion by 2034, expanding at a CAGR of 16.34% between 2025 and 2034.
• North America is a dominant region in the immuno-oncology market, accounting for 31.27% of the global market share in 2024. The U.S. alone held 89.23% of the North American immuno-oncology landscape in 2024.

1. Advancement and Potential Approval of Lead Product Candidate WTX-124: Werewolf Therapeutics' most advanced asset, WTX-124, a conditionally activated Interleukin-2 (IL-2) INDUKINE molecule, is currently in Phase 1/1b clinical trials for various solid tumor types, including cutaneous melanoma and renal cell carcinoma. The company expects to release interim data from the monotherapy and combination expansion arms in the fourth quarter of 2025 and plans to engage with the FDA in the second half of 2025 to discuss potential registrational pathways, including accelerated approval, particularly for melanoma. Successful clinical outcomes and subsequent regulatory approvals would pave the way for market entry and significant revenue generation.
2. Progress and Expansion of WTX-330 Clinical Development: WTX-330, a conditionally activated IL-12 INDUKINE molecule, is in a Phase 1b/2 clinical trial for advanced or metastatic solid tumors. An update on this clinical trial is expected in the fourth quarter of 2025, which will include guidance on potential further development plans. Successful progression through trials and the potential opening of expansion arms in selected tumor types could contribute to future revenue growth by expanding the company's therapeutic offerings and target patient populations.
3. Pipeline Expansion with New Product Candidates, such as WTX-1011: Werewolf Therapeutics is actively expanding its pipeline beyond its lead INDUKINE molecules. The company announced WTX-1011, its first INDUCER T-cell engager candidate targeting STEAP1 for prostate cancer. Preclinical data for WTX-1011 has demonstrated the platform's ability to prevent systemic cytokine release, and the company aims to designate additional target candidates by the end of 2025. The successful development and eventual commercialization of these new product candidates would diversify Werewolf's revenue streams.
4. Strategic Partnerships and Platform Validation: While collaboration revenue significantly decreased in 2024, Werewolf Therapeutics' proprietary PREDATOR® platform, which engineers conditionally activated immune therapeutics, remains a key asset. The validation of this platform for new modalities, such as the T-cell engager, could attract new strategic partnerships and licensing opportunities in the future, providing potential sources of revenue. Analysts also highlight the innovative nature of the PREDATOR platform as a robust outlook for the company.

Share Issuance

• Werewolf Therapeutics raised approximately $120.0 million in gross proceeds from its upsized initial public offering (IPO) of 7.5 million shares at $16.00 per share in April 2021.
• Prior to its IPO, the company secured a $72 million private funding round in January 2021.
• The number of shares outstanding significantly increased from 8.97 million in 2020 to 44.98 million as of November 2025, reflecting the IPO and subsequent issuances.

Inbound Investments

• The company received approximately $120.0 million in gross proceeds from its initial public offering in April 2021.
• Werewolf Therapeutics obtained $72 million from a private funding round in January 2021.
• Werewolf Therapeutics completed its performance obligations under a collaboration agreement with Jazz Pharmaceuticals during the second quarter of 2024.

Capital Expenditures

• The forecasted capital expenditures mean consensus for the upcoming fiscal year is $1.3 million, with an expected average of $6.536 million over the next five fiscal years.
• As of September 30, 2025, the company projects its existing cash and cash equivalents will be sufficient to fund operational expenses and capital expenditure requirements into the fourth quarter of 2026.
• A February 2021 loan agreement stipulated that the company could not make capital expenditures exceeding $2.0 million in 2021 and $0.5 million in any subsequent fiscal year without prior written consent.