Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Werewolf Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
16.6
35.3
53.8
41.8
56.4
44.8
General and administrative
5.76
14.8
18.7
18.7
19
15.8
Operating expenses
22.4
50.1
72.5
60.4
75.5
60.7
Operating income
-22.4
-50.1
-56.1
-40.5
-73.6
-60.7
Interest expense
0
3.14
4.66
5.27
Interest income
1.91
7.42
6.67
3.11
Other non-operating income
7.36
0.1
2.25
3.14
3.08
-0.15
Income tax
0
Net income
-15
-50
-53.8
-37.4
-70.5
-60.8
EBITDA
-22.3
-49.9
-55
-38.7
-71.8
-59
EPS, basic
-28.08
-10.94
-1.86
-1.05
-1.63
-1.32
EPS, diluted
-28.08
-10.94
-1.86
-1.05
-1.63
-1.33
Shares, basic (weighted)
1.01
18.5
28.9
35.6
43.3
46
Shares, diluted (weighted)
1.01
18.5
28.9
35.6
43.9
46.8
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
92.6
158
129
134
111
57.1
Other current assets
0.34
3.54
3.96
2.68
2.07
1.54
Total current assets
92.9
161
140
138
113
58.6
Property, plant and equipment
0.65
2.91
8.99
7.96
6.32
4.69
Lease right-of-use assets
2.47
13.4
8.46
6.89
6
5.22
Other non-current assets
0
0.65
1.38
0.59
0.32
0.01
Total assets
96.4
179
160
175
127
69.4
Accounts payable
1.02
2.04
1.22
1.34
3.04
0.75
Accrued liabilities
3.59
8.77
14.2
8.86
10.6
5.41
Deferred revenue
0
6.53
0.91
0
Total current liabilities
5.28
11.9
24
19.4
15.2
36.1
Long-term debt
0
32.7
26.1
0
Lease liabilities
1.86
14.6
12.6
11
9.44
7.68
Other non-current liabilities
0.03
0
0.19
0
Total liabilities
7.18
26.5
37.9
63.5
53.5
44.6
Total debt
40
32.1
32.1
Paid-in capital
0
406
429
455
488
500
Retained earnings
-51.9
-253
-307
-344
-415
-475
Shareholders' equity
-51.9
153
122
111
73.4
24.8
Total equity
-51.9
153
122
111
73.4
24.8
Total liabilities and equity
96.4
179
160
175
127
69.4
Shares outstanding
1.18
27.3
31.4
39.1
44.8
48.6
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-15
-50
-53.8
-37.4
-70.5
-60.8
Depreciation and amortization
0.15
0.22
1.1
1.76
1.81
1.63
Stock-based compensation
0.63
4.1
7.4
8.01
8.83
6.25
Deferred income tax
0
0
0
0
0
0
Cash from operations
-18.6
-42.9
-40.6
-32.6
-56.2
-60.3
Capital expenditures
-0.56
-0.5
-3.61
-0.77
-0.25
0
Cash from investing
-0.56
-0.5
-3.61
-0.77
-0.25
0
Debt issued
0
40
30
0
Stock issued
0.03
0
15.7
18.3
23.6
5.94
Cash from financing
93.9
109
15.9
58.4
13.1
6.03
Net change in cash
74.7
66.1
-28.3
25
-43.4
-54.3
Free cash flow
-19.2
-43.4
-44.2
-33.4
-56.4
-60.3
Interest paid
0
2.56
3.36
3.13
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.96 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-212.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-143.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-66.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-41.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-45.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-24.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-6.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
6.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
17.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
115.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.91x
Current assets / current liabilities.
Quick ratio
2.80x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.80x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$0.62
Cash from operations / diluted weighted shares.
Book value per share
$0.34
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.86x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.86x
Market cap / tangible book value, when positive.
Earnings yield
-74.2%
Net income / market cap (the inverse of P/E).
Was Werewolf Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $60.8M.
How much free cash flow did Werewolf Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $60.3M minus capital expenditures of $0.0 left free cash flow of -$60.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.