Werewolf Therapeutics (HOWL)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	124.04 mm	124.04 mm	124.04 mm	124.04 mm	124.04 mm	124.04 mm
Cash burn (monthly)	4.16 mm	2.27 mm	5.71 mm	5.52 mm	4.15 mm	3.88 mm
Cash used (since last report)	18.21 mm	9.94 mm	25.00 mm	24.17 mm	18.20 mm	16.98 mm
Cash remaining	105.83 mm	114.10 mm	99.04 mm	99.88 mm	105.85 mm	107.06 mm
Runway (months of cash)	25.5	50.3	17.4	18.1	25.5	27.6

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Institutional ownership, Q3 2024

HOWL institutional ownership history Ownership history

98.6% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	74	75	-1.3%
Opened positions	14	22	-36.4%
Closed positions	15	12	+25.0%
Increased positions	25	24	+4.2%
Reduced positions	13	13	–

13F shares	Current	Prev Q	Change
Total value	67.17 bn	77.62 bn	-13.5%
Total shares	43.93 mm	42.20 mm	+4.1%
Total puts	500.00	1.30 k	-61.5%
Total calls	700.00	53.80 k	-98.7%
Total put/call ratio	0.7	0.0	+2856.0%

Largest owners	Shares	Value	Change
Ra Capital Management	6.14 mm	$13.03 bn	0.0%
MPM Asset Management	4.28 mm	$9.08 bn	0.0%
Partner Fund Management	3.40 mm	$7.21 bn	+4.9%
MPM BioVentures 2014	3.21 mm	$51.53 mm	0.0%
MPM Oncology Impact Management	2.39 mm	$5.06 bn	0.0%
BAC Bank of America	2.15 mm	$4.57 bn	+0.3%
Taiho Ventures	2.07 mm	$33.17 mm	0.0%
Arkin Moshe	2.05 mm	$0.00	0.0%
Adage Capital Partners GP, L.L.C.	2.00 mm	$4.24 bn	0.0%
Adage Capital Management	2.00 mm	$5.38 mm	NEW

Largest transactions	Shares	Bought/sold	Change
Adage Capital Management	2.00 mm	+2.00 mm	NEW
BlackRock	1.64 mm	+1.64 mm	NEW
BLK BlackRock	0.00	-1.59 mm	EXIT
Verition Fund Management	0.00	-233.83 k	EXIT
Millennium Management	1.32 mm	+213.48 k	+19.2%
Point72 Asset Management	109.82 k	-209.66 k	-65.6%
HRT Financial	0.00	-197.38 k	EXIT
NTRS Northern Trust	227.75 k	+169.15 k	+288.7%
JHG Janus Henderson	0.00	-167.99 k	EXIT
Partner Fund Management	3.40 mm	+157.67 k	+4.9%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

HOWL insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
2 Jan 25	Daniel J Hicklin	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	185,652	289.62 k	185,652
2 Jan 25	Daniel J Hicklin	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	592,690	924.60 k	592,690
2 Jan 25	Randi Isaacs	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	68,151	106.32 k	68,151
2 Jan 25	Randi Isaacs	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	187,500	292.50 k	187,500
2 Jan 25	Chulani Karunatilake	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	153,129	238.88 k	153,129
2 Jan 25	Chulani Karunatilake	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	150,000	234.00 k	150,000
2 Jan 25	Timothy W. Trost	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	60,358	94.16 k	60,358
2 Jan 25	Timothy W. Trost	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	150,000	234.00 k	150,000
2 Jan 25	Ellen Lubman	Stock Option Common Stock	Grant	Acquire A	No	No	1.56	131,900	205.76 k	131,900

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

News

From Benzinga Pro

JMP Securities Maintains Market Outperform on Werewolf Therapeutics, Lowers Price Target to $4

14 Jan 25

JMP Securities analyst Reni Benjamin maintains Werewolf Therapeutics (NASDAQ:HOWL) with a Market Outperform and lowers the price target from $12 to $4.

Werewolf Therapeutics Outlines 2025 Milestones, Sees Phase 1/1b Results For WTX-124 Monotherapy And Combo With Pembrolizumab Expected In H1 And Q4 2025; Phase 1/2 Trial For WTX-330 To Begin In Q1 2025; Cash Runway Through Q2 2026

13 Jan 25

– Data from expansion arms in Phase 1/1b clinical trial evaluating WTX-124 as monotherapy expected in first half of 2025 to guide regulatory engagement on potential registrational pathways ––Data from expansion arms

HC Wainwright & Co. Reiterates Buy on Werewolf Therapeutics, Maintains $15 Price Target

19 Nov 24

HC Wainwright & Co. analyst Andres Maldonado reiterates Werewolf Therapeutics (NASDAQ:HOWL) with a Buy and maintains $15 price target.

Press releases

From Benzinga Pro

Werewolf Therapeutics Provides Business Update and Highlights 2025 Strategic Outlook

13 Jan 25