Werewolf Therapeutics, Inc.: insider trades · United States · SEC (Form 4)

About Werewolf Therapeutics, Inc.

Werewolf Therapeutics, Inc. (ticker: HOWL) is a U.S.-listed biopharmaceutical company traded on the NASDAQ market in the United States, with headquarters in Watertown, Massachusetts. Founded in 2017 and public since April 2021, the company is focused on a differentiated immuno-oncology strategy built around conditionally activated therapeutics. Its core investment case is straightforward: try to preserve the anti-tumor power of immune-stimulating drugs while reducing the systemic toxicity that has historically limited cytokine-based therapies. At the center of the story is Werewolf’s proprietary PREDATOR® platform. The platform is designed to create molecules that remain largely inactive in peripheral tissue and become activated preferentially in the tumor microenvironment. That approach underpins the company’s INDUKINE™ programs, which aim to unleash immune activity where it is most needed while limiting off-tumor exposure. Werewolf’s two lead clinical-stage candidates are WTX-124, a conditionally activated IL-2 INDUKINE molecule, and WTX-330, a conditionally activated IL-12 INDUKINE molecule. Both are being developed primarily for solid tumors, where the company is seeking to demonstrate a better balance of efficacy and tolerability than conventional pro-inflammatory immunotherapies. Beyond cytokines, Werewolf has also highlighted its INDUCER™ T-cell engager platform, which broadens the technology base and potentially expands its pipeline optionality. Competitive positioning is meaningful but challenging: the company operates in a crowded field of oncology biotech innovators and large pharmaceutical groups pursuing next-generation immunotherapies, bispecifics, and cell-engaging approaches. Werewolf’s differentiation lies in its masking/activation chemistry and the ambition to tune immune stimulation more precisely than traditional cytokine platforms. At the same time, the company remains a development-stage biotech, so valuation is highly sensitive to clinical readouts, regulatory progress, and financing conditions. Recent corporate updates have been especially important. In 2025 and 2026, Werewolf reported pipeline progress across WTX-124 and WTX-330, including additional clinical updates and a renewed emphasis on the INDUCER platform and partnership opportunities. In March 2026, management disclosed that it was exploring strategic alternatives to maximize shareholder value, including a possible sale, merger, asset transaction, licensing deal, or collaboration. The company’s first-quarter 2026 filing also showed a major restructuring, including a 64% workforce reduction, underscoring the effort to conserve capital and align resources with the strategic review. For investors, HOWL is therefore best viewed as an innovative but high-risk clinical-stage biotechnology name, with value creation tied to clinical validation and potential strategic optionality.