Werewolf Therapeutics Inc 2025年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WEREWOLF THERAPEUTICS, INC. (Exact name of registrant as specified in its charter)______________________________________________________________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§ 232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. Large accelerated filer☐Accelerated filer☐Non‑accelerated filer☒Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act.☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒ As of May2, 2025, there were44,873,646shares of common stock, $0.0001 par value per share, outstanding. Table of Contents PART I. FINANCIAL INFORMATION Item 1.Financial Statements (unaudited)4Condensed Consolidated Balance Sheets as ofMarch31, 2025andDecember31, 20244Condensed Consolidated Statements of Operations for theThree Months Ended March 31, 2025and20245Condensed Consolidated Statements of Stockholders’ Equity for theThree Months Ended March 31, 2025and20246Condensed Consolidated Statements of Cash Flows for theThree Months Ended March 31, 2025and20247Notes to Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations17Item 3.Quantitative and Qualitative Disclosures About Market Risk27Item 4.Controls and Procedures27 PART II. OTHER INFORMATION Item 1A.Risk FactorsItem 6.Exhibits SIGNATURES References to Werewolf Throughout this Quarterly Report on Form 10-Q, or Quarterly Report, the “Company,” “Werewolf,” “Werewolf Therapeutics,” “we,” “us,”“our,” and similar references, except where the context requires otherwise, refer to Werewolf Therapeutics, Inc. and its consolidatedsubsidiary, and “board of directors” refers to the board of directors of Werewolf Therapeutics, Inc. Cautionary Note Regarding Forward-Looking Statements and Industry Data This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act, that involve substantial risks and uncertainties. Allstatements other than statements of historical facts contained in this Quarterly Report, including statements regarding our strategy, futureoperations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected marketgrowth, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “design,” “designed to,” “engineered,” “estimate,”“expect,” “goal,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “promise,” “project,” “should,”“target,” “will,” “would,” or the negative of these words or other similar expressions are intended to identify forward-looking statements,although not all forward-looking statements contain these identifying words. These forward-looking statements include, among otherthings, statements about: •the initiation, timing, progress and results of our research and development programs, preclinical studies and ongoing and plannedclinical trials, including the anticipated timing of data announcements;•our estimates regarding expenses, capital requirements, need for additional financing and the period over which we believe ourexisting cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements;•our plans to develop and, if approved, subsequently commercialize product candidates;•the timing of and our ability to submit applications and obtain and maintain regulatory approvals for product candidates;•the potential advantages of our PREDATOR platform and our ability to use our platform to identify and develop future productcandidates;•our estimates regarding the potential market opportunities for our product candidates;•our commer