Werewolf Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 27, 2026
HOWL$0.97-4.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(amounts in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net loss | $(60,822) | $(70,515) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 6,245 | 8,826 |
| Depreciation expense | 1,634 | 1,814 |
| Non-cash interest expense | 2,141 | 1,342 |
| Non-cash lease expense | 785 | 887 |
| Loss on extinguishment of debt | — | 553 |
| Change in fair value of derivative liability | (2,070) | (1,621) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other assets | 850 | 669 |
| Other receivables | — | 1,350 |
| Accounts payable, accrued expenses and other liabilities | (7,498) | 3,455 |
| Deferred revenue | — | (1,340) |
| Operating lease liability | (1,557) | (1,608) |
| Net cash used in operating activities | (60,292) | (56,188) |
| Investing activities: | ||
| Purchases of property and equipment | — | (254) |
| Net cash used in investing activities | — | (254) |
| Financing activities: | ||
| Proceeds from at the market offering of common stock, net of issuance costs | 5,939 | 23,576 |
| Proceeds from drawdown of term loans | — | 30,000 |
| Payment of debt issuance costs | — | (673) |
| Repayment of term loan | — | (40,000) |
| Proceeds from issuances under Employee Stock Purchase Plan | 89 | 142 |
| Proceeds from stock option exercises | — | 35 |
| Net cash provided by financing activities | 6,028 | 13,080 |
| Net decrease in cash, cash equivalents and restricted cash and cash equivalents | (54,264) | (43,362) |
| Cash, cash equivalents and restricted cash and cash equivalents—beginning of period | 112,215 | 155,577 |
| Cash, cash equivalents and restricted cash and cash equivalents—end of period | $57,951 | $112,215 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $3,133 | $3,358 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Issuance costs in accounts payable and accrued expenses | $120 | $84 |
| Fair value of derivative liability issued with term loan | $— | $4,450 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.