MeritValue

Werewolf Therapeutics, Inc.

HOWLdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'pretaxIncome'

The thesis, from the filings

Werewolf Therapeutics, Inc. earns about -90% on equity, but has diluted owners by 154% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$50M1−$53.8M2−$37.4M3−$70.5M4−$60.8M4
Operating cash flow−$42.9M5−$40.6M6−$32.6M7−$56.2M8−$60.3M8
Capital expenditure$498,0009$3.61M10$769,00011$254,00012$012
Free cash flow (derived)−$43.4M5−$44.2M6−$33.4M7−$56.4M8−$60.3M8
Total debt——$40M13$32.1M14$32.1M15
Cash & equivalents$157.5M16$129.3M17$134.3M18$111M19$57.1M19
Diluted shares18.5M28.9M35.6M43.9M46.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.3
your share of equity
Profit it earned you last year
−$12.99
Free cash flow it threw off
−$12.88
Debt you’d be carrying
$6.85

10 shares is a claim on $5.3 of net worth that earned you −$12.99 and generated −$12.88 of cash last year, against $6.85 of debt.

iii. Is this a good business?
Moat signal · return on equity
-90% avg · 5y
FY21 -33%FY22 -44%FY23 -34%FY24 -96%FY25 -245%

It earned an average -90% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+154% shares · 5y

Share count is up 154% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 20% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001785530-23-000009 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001785530-24-000012 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001785530-25-000008 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001785530-26-000006 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001785530-23-000009 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001785530-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001785530-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001785530-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001785530-23-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001785530-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001785530-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001785530-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001785530-24-000012 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001785530-25-000008 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001785530-26-000006 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001785530-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001785530-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001785530-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001785530-26-000006 (CashAndCashEquivalentsAtCarryingValue)