Cambridge biotech tracker · Waltham
Werewolf Therapeutics
Listed on Nasdaq as HOWL, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $22.0M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $7.5M
- avg. operating cash flow, 4 qtrs
- Runway
- 8.8 mo
- Under 12 months
- Net loss
- +$3.7M
- Q2 '26 · net income
- R&D expense
- $6.2M
- 45% of opex
- Raised, last 4 qtrs
- +$5.6M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
8.8 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.5M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Pipeline
No active company-sponsored trials.
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 8.8 months of runway
Cash and investments of $22.0M at Q2 '26 against an average operating cash burn of $7.5M per quarter over the last four reported quarters runs out around March 2027. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $101M since Q3 '24
Net financing inflows of $5.6M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 45% of operating expenses
$6.2M of R&D against $13.8M of total operating expenses in Q2 '26, with G&A at $7.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Going-concern language in the 10-Q filed Jul 31, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Accumulated deficit of $485M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $123M | −$12.5M | −$16.7M | $12.5M | $4.6M | — | $2.0M | −$6K |
| Q4 '24 · Dec 31, 24 | $111M | −$14.3M | −$20.4M | $15.7M | $4.6M | — | $1.9M | $2.5M |
| Q1 '25 · Mar 31, 25 | $92.0M | −$18.9M | −$18.1M | $13.1M | $4.9M | — | $2.0M | $0 |
| Q2 '25 · Jun 30, 25 | $77.6M | −$15.2M | −$18.0M | $13.1M | $4.4M | — | $1.8M | $388K |
| Q3 '25 · Sep 30, 25 | $65.7M | −$15.2M | −$16.4M | $11.6M | $4.1M | — | $1.2M | $3.3M |
| Q4 '25 · Dec 31, 25 | $57.0M | −$11.0M | −$8.4M | $6.9M | $2.5M | — | $1.2M | $2.4M |
| Q1 '26 · Mar 31, 26 | $46.5M | −$10.6M | −$13.5M | $8.2M | $5.1M | — | $929K | — |
| Q2 '26 · Jun 30, 26 | $22.0M | $6.6M | $3.7M | $6.2M | $7.7M | — | $419K | — |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.