Werewolf Therapeutics, Inc. (HOWL) Income Statement
HOWL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHOWL revenue and net income
HOWL profit margins
HOWL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Gross profit | −2,401.4% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HOWL quarterly EPS vs estimates
Werewolf Therapeutics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.22).
HOWL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $1.9M | $19.9M | $16.4M | $4.1M | $0 | $0 |
| Cost of revenue | $1.6M | $1.8M | $1.8M | $2.5M | $735,000 | $777,000 | $463,000 |
| Gross profit | −$1.6M | $71,000 | $18.2M | $16.4M | −$735,000 | −$777,000 | −$463,000 |
| Research & development | $44.8M | $56.4M | $41.8M | $53.8M | $35.3M | $16.6M | $6.3M |
| Sales, general & admin | $15.8M | $19.0M | $18.7M | $18.7M | $14.8M | $5.8M | $3.6M |
| Total operating expenses | $59.0M | $73.7M | $58.7M | $72.5M | $50.1M | $21.6M | $9.9M |
| Operating income | −$60.7M | −$73.6M | −$40.5M | −$56.1M | −$50.1M | −$22.4M | −$9.9M |
| Interest income | $3.1M | $6.7M | $4.5M | $1.9M | $104,000 | $63,000 | — |
| Interest expense | $5.3M | $4.7M | $3.1M | $1.1M | $216,000 | $101,000 | $372,000 |
| Income before taxes | −$60.8M | −$70.5M | −$37.4M | −$53.8M | −$50.0M | −$15.0M | −$10.2M |
| Income taxes | — | — | $1.6M | −$2.2M | −$216,000 | −$101,000 | $742,000 |
| Net income | −$60.8M | −$70.5M | −$37.4M | −$51.6M | −$49.8M | −$14.9M | −$11.0M |
| EBITDA | −$53.9M | −$64.0M | −$32.5M | −$55.0M | −$49.9M | −$14.3M | −$9.4M |
| EPS (diluted) | −$1.33 | −$1.61 | −$1.04 | −$1.88 | −$88.35 | −$1.67 | −$10.99 |
| Gross margin | — | 3.8% | 91.2% | 100.0% | −17.7% | — | — |
| Operating margin | — | −3,904.2% | −203.1% | −341.8% | −1,207.5% | — | — |
| Net margin | — | −3,740.8% | −187.4% | −314.4% | −1,199.8% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $0 | $0 | $0 | $0 | $0 | $0 | $49,000 | $1.1M | $742,000 | $1.5M | $5.9M |
| Cost of revenue | $2.5M | $398,000 | $400,000 | — | $406,000 | $426,000 | $442,000 | $454,000 | $454,000 | $464,000 | $460,000 | $445,000 |
| Gross profit | $18.5M | −$398,000 | −$400,000 | — | −$406,000 | −$426,000 | −$967,000 | −$454,000 | $689,000 | $278,000 | $1.0M | $5.5M |
| Research & development | $6.2M | $8.2M | $6.9M | $11.6M | $13.1M | $13.1M | $15.7M | $12.5M | $15.3M | $12.9M | $9.6M | $10.8M |
| Sales, general & admin | $7.7M | $5.1M | $2.5M | $4.1M | $4.4M | $4.9M | $4.6M | $4.6M | $4.8M | $5.0M | $4.8M | $4.3M |
| Total operating expenses | $10.0M | $8.6M | $9.4M | $15.7M | $17.1M | $17.6M | $20.3M | $17.1M | $19.6M | $17.4M | $14.0M | $14.7M |
| Operating income | $8.5M | −$9.0M | −$9.4M | −$15.7M | −$17.5M | −$18.0M | −$20.3M | −$17.1M | −$19.0M | −$17.2M | −$13.0M | −$9.3M |
| Interest income | $277,000 | $433,000 | $564,000 | $697,000 | $850,000 | $997,000 | $1.3M | $1.6M | $1.8M | $2.0M | $4.1M | $971,000 |
| Interest expense | $475,000 | $1.4M | $1.4M | $1.3M | $1.3M | $1.3M | $1.3M | $1.2M | $1.1M | $1.0M | $1.2M | $900,000 |
| Income before taxes | $3.7M | −$13.5M | −$8.4M | −$16.4M | −$18.0M | −$18.1M | −$20.4M | −$16.7M | −$17.2M | −$16.2M | −$12.0M | −$8.3M |
| Income taxes | — | — | — | — | — | — | — | — | — | −$1 | $2.1M | −$445,000 |
| Net income | $3.7M | −$13.5M | −$8.4M | −$16.4M | −$18.0M | −$18.1M | −$20.4M | −$16.7M | −$17.2M | −$16.2M | −$12.0M | −$8.3M |
| EBITDA | $11.0M | −$11.8M | −$6.6M | −$14.6M | −$16.3M | −$16.4M | −$18.7M | −$15.0M | −$15.7M | −$14.7M | −$10.3M | −$6.9M |
| EPS (diluted) | $0.08 | −$0.28 | −$0.17 | −$0.36 | −$0.40 | −$0.40 | −$0.46 | −$0.38 | −$0.38 | −$0.39 | −$0.33 | −$0.23 |
| Gross margin | 88.3% | — | — | — | — | — | — | −926.5% | 60.3% | 37.5% | 69.4% | 92.5% |
| Operating margin | 40.7% | — | — | — | — | — | — | −34,946.9% | −1,658.8% | −2,312.9% | −863.6% | −156.9% |
| Net margin | 17.5% | — | — | — | — | — | — | −34,026.5% | −1,509.1% | −2,182.3% | −799.7% | −140.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HOWL's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HOWL financial results
Werewolf Therapeutics reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $60.8 million. Diluted earnings per share came to −$1.33.
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HOWL income statement FAQ
Does Werewolf Therapeutics have revenue?
Werewolf Therapeutics reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Werewolf Therapeutics profitable?
No. Werewolf Therapeutics reported a net loss of $60.8 million in fiscal 2025.
How much does Werewolf Therapeutics spend on research and development?
Werewolf Therapeutics spent $44.8 million on research and development in fiscal 2025.
What are Werewolf Therapeutics's earnings per share?
Werewolf Therapeutics earned $-1.33 per diluted share in fiscal 2025, compared with $-1.61 a year earlier.
When will Werewolf Therapeutics report its next earnings?
Werewolf Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Werewolf Therapeutics's fiscal year end?
Werewolf Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.