HOWL Werewolf Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 31, 2026
$0.93
· of 52w range
· above low
· to high
$0.2752w low
$2.1552w high
Market Cap (MRQ)
$45M
P/E
-0.7
EPS
$-1.33
your badges
52W Range
$0–$2
Analyst Rating
BUY
Price Target
$7
P/E
-0.7
ROE
-183.6%
Net Profit Margin
·
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HOWL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.93
Market Cap (MRQ)
$45M
P/E
-0.7
EPS
$-1.33
ROE
-183.6%
Debt/Equity (MRQ)
0.0
52W Range
$0–$2
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-1.332020-12-31 → 2025-12-31
Free Cash Flow$-60M2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | HOWL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -0.75Y avg ≈-1.5 | ≈-1.5 | · | · | |
| P/B (MRQ) | 2.85Y avg ≈1.2 | ≈1.2 | 0.8 | Overvalued | |
| EV / EBITDA | -0.35Y avg ≈-0.0 | ≈-0.0 | · | · | |
| Price / FCF | -0.75Y avg ≈-3.0 | ≈-3.0 | · | · | |
| Price / Cash Flow | -0.75Y avg ≈-3.1 | ≈-3.1 | · | · | |
| EV / FCF | -0.35Y avg ≈0.0 | ≈0.0 | · | · | |
| Price / Tangible Book | 1.85Y avg ≈1.2 | ≈1.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | HOWL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -62.0%5Y avg ≈-39.8% | ≈-39.8% | -69.2% | In line | |
| ROE | -183.6%5Y avg ≈-75.4% | ≈-75.4% | -94.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | HOWL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.05Y avg ≈0.4 | ≈0.4 | · | · | |
| Current Ratio (MRQ) | 2.95Y avg ≈7.1 | ≈7.1 | 4.2 | Low liquidity | |
| Quick Ratio | 1.65Y avg ≈6.9 | ≈6.9 | 2.2 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
29.3%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.08 | $-0.27 | 130.2% | |
| March 31, 2026 | $-0.28 | $-0.29 | 3.7% | |
| Dec. 31, 2025 | $-0.17 | $-0.35 | 51.7% | |
| Sept. 30, 2025 | $-0.36 | $-0.40 | 9.5% | |
| June 30, 2025 | $-0.40 | $-0.49 | 17.6% | |
| March 31, 2025 | $-0.40 | $-0.40 | 0.47% | |
| Dec. 31, 2024 | $-0.46 | $-0.43 | -7.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $45M | $56M | $42M | $54M | $35M | $17M | |
| SG&A Expense | $16M | $19M | $19M | $19M | $15M | $6M | |
| Operating Expenses | $61M | $75M | $60M | $72M | $50M | $22M | |
| Operating Income | $-61M | $-74M | $-41M | $-56M | $-50M | $-22M | |
| Interest Expense | · | · | $3M | $0 | · | · | |
| Interest Income | $3M | $7M | $7M | $2M | · | · | |
| Other Non-op | $2M | $2M | $-1M | $338.0K | $104.0K | $7M | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-61M | $-71M | $-37M | $-54M | $-50M | $-15M | |
| EPS (Basic) | $-1.32 | $-1.63 | $-1.05 | $-1.86 | $-10.94 | $-28.08 | |
| EPS (Diluted) | $-1.33 | $-1.63 | $-1.05 | $-1.86 | $-10.94 | $-28.08 | |
| Shares (Basic) | 46,018,888 | 43,332,088 | 35,646,572 | 28,863,935 | 18,455,000 | 1,005,000 | |
| Shares (Diluted) | 46,810,252 | 43,859,664 | 35,646,572 | 28,863,935 | 18,455,000 | 1,005,000 | |
| EBITDA | $-61M | $-74M | $-41M | $-56M | $-50M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $57M | $111M | $134M | $129M | $158M | $93M | |
| Prepaid Expense | $2M | $2M | $3M | $4M | $4M | $344.0K | |
| Current Assets | $59M | $113M | $138M | $140M | $161M | $93M | |
| PP&E (Net) | $5M | $6M | $8M | $9M | $3M | $651.0K | |
| PP&E (Gross) | $11M | $11M | $11M | $10M | $3M | $826.0K | |
| Accum. Depreciation | · | · | · | · | $391.0K | · | |
| Other Non-current Assets | $5.0K | $320.0K | $594.0K | $1M | $649.0K | $0 | |
| Total Assets | $69M | $127M | $175M | $160M | $179M | $96M | |
| Accounts Payable | $754.0K | $3M | $1M | $1M | $2M | $1M | |
| Accrued Liabilities | $5M | $11M | $9M | $14M | $9M | $4M | |
| Short-term Debt | $28M | $0 | $7M | $0 | · | · | |
| Current Liabilities | $36M | $15M | $19M | $24M | $12M | $5M | |
| Capital Leases | $8M | $9M | $11M | $13M | $15M | $2M | |
| Other Non-current Liabilities | · | · | $0 | $191.0K | $0 | $31.0K | |
| Total Liabilities | $45M | $54M | $63M | $38M | $26M | $7M | |
| Long-term Debt | $32M | $32M | $40M | · | · | · | |
| Total Debt | $28M | $0 | $7M | · | · | · | |
| Common Stock | $5.0K | $5.0K | $4.0K | $3.0K | $2.0K | $2.0K | |
| Paid-in Capital | $500M | $488M | $455M | $429M | $406M | $0 | |
| Retained Earnings | $-475M | $-415M | $-344M | $-307M | $-253M | $-52M | |
| Stockholders' Equity | $25M | $73M | $111M | $122M | $153M | $-52M | |
| Liabilities + Equity | $69M | $127M | $175M | $160M | $179M | $96M | |
| Shares Outstanding | 48,596,817 | 44,827,159 | 39,107,048 | 31,515,074 | 27,313,000 | 1,184,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $9M | $8M | $7M | $4M | $632.0K | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating Cash Flow | $-60M | $-56M | $-33M | $-41M | $-43M | $-19M | |
| CapEx | $0 | $254.0K | $769.0K | $4M | $498.0K | $560.0K | |
| Investing Cash Flow | $0 | $-254.0K | $-769.0K | $-4M | $-498.0K | $-560.0K | |
| Stock Issued | $6M | $24M | $18M | $16M | $0 | · | |
| Net Stock Activity | $6M | $24M | $18M | $16M | · | · | |
| Financing Cash Flow | $6M | $13M | $58M | $16M | $109M | $94M | |
| Net Change in Cash | $-54M | $-43M | $25M | $-28M | $66M | $75M | |
| Free Cash Flow | $-60M | $-56M | $-33M | $-44M | $-43M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -62.0% | -46.7% | -22.3% | -31.7% | -36.3% | · | |
| ROE | -183.6% | -86.6% | -33.4% | -42.5% | -31.0% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 7.4 | 7.1 | 5.8 | 13.6 | · | |
| Quick Ratio | 1.6 | 7.3 | 6.9 | 5.4 | 13.3 | · | |
| Debt / Equity | 1.1 | 0.0 | 0.1 | · | · | · | |
| Interest Coverage | · | · | -12.9 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.51 | $1.64 | $2.85 | $3.89 | $5.59 | · | |
| Cash Flow / Share | $-1.29 | $-1.28 | $-0.91 | $-1.41 | $-2.32 | · | |
| Cash / Share | $1.17 | $2.48 | $3.44 | $4.11 | $5.77 | · | |
| EPS (TTM) | $-1.33 | $-1.63 | $-1.05 | $-1.86 | $-10.94 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-61M | $-71M | $-37M | $-54M | $-50M | · | |
| Market Cap | $31M | $66M | $151M | $64M | $325M | · | |
| Enterprise Value | $2M | $-45M | $23M | · | · | · | |
| P/E | -0.5 | -0.9 | -3.7 | -1.1 | -1.1 | · | |
| P/B | 1.2 | 0.9 | 1.4 | 0.5 | 2.1 | · | |
| P / Tangible Book | 1.2 | 0.9 | 1.4 | 0.5 | 2.1 | · | |
| P / Cash Flow | -0.5 | -1.2 | -4.6 | -1.6 | -7.6 | · | |
| P / FCF | -0.5 | -1.2 | -4.5 | -1.5 | -7.5 | · | |
| EV / EBITDA | -0.0 | 0.6 | -0.6 | · | · | · | |
| EV / FCF | -0.0 | 0.8 | -0.7 | · | · | · | |
| Earnings Yield | -209.8% | -110.1% | -27.2% | -90.7% | -91.9% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $6M | $8M | $7M | $12M | $13M | $13M | $16M | $13M | $15M | $13M | $10M | $11M | $10M | $12M | $16M | $13M | |
| SG&A Expense | $8M | $5M | $2M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $4M | |
| Operating Expenses | $14M | $13M | $9M | $16M | $18M | $18M | $20M | $17M | $20M | $18M | $14M | $15M | $14M | $17M | $20M | $18M | |
| Operating Income | $7M | $-13M | $-9M | $-16M | $-18M | $-18M | $-20M | $-17M | $-19M | $-17M | $-13M | $-9M | $-6M | $-12M | $-13M | $-13M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | · | · | $172.0K | · | · | |
| Interest Income | $277.0K | $433.0K | $564.0K | $697.0K | $850.0K | $997.0K | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | · | |
| Other Non-op | $64.0K | $674.0K | $2M | $0 | $11.0K | $168.0K | $-94.0K | $97.0K | $2M | $-1.0K | $-6.0K | $-5.0K | $-25.0K | $-1M | $70.0K | $3.0K | |
| Net Income | $4M | $-14M | $-8M | $-16M | $-18M | $-18M | $-20M | $-17M | $-17M | $-16M | $-12M | $-8M | $-5M | $-12M | $-12M | $-12M | |
| EPS (Basic) | $0.08 | $-0.28 | $-0.16 | $-0.36 | $-0.40 | $-0.40 | $-0.46 | $-0.38 | $-0.40 | $-0.39 | $-0.34 | $-0.23 | $-0.14 | $-0.34 | $-0.37 | $-0.40 | |
| EPS (Diluted) | $0.08 | $-0.28 | $-0.17 | $-0.36 | $-0.40 | $-0.40 | $-0.43 | $-0.38 | $-0.43 | $-0.39 | $-0.34 | $-0.23 | $-0.14 | $-0.34 | $-0.37 | $-0.40 | |
| Shares (Basic) | 48,597,534 | 48,596,817 | · | 45,804,042 | 44,981,746 | 44,827,159 | · | 43,704,836 | 43,521,406 | 41,607,279 | · | 35,653,924 | 35,557,701 | 34,784,682 | · | 29,764,000 | |
| Shares (Diluted) | 48,597,534 | 49,388,181 | · | 45,804,042 | 44,981,746 | 44,827,159 | · | 43,704,836 | 44,043,184 | 41,607,279 | · | 35,653,924 | 35,557,701 | 34,784,682 | · | 29,764,000 | |
| EBITDA | $7M | $-13M | · | $-16M | $-18M | $-18M | · | $-17M | $-19M | $-17M | · | $-9M | $-6M | $-12M | · | $-13M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22M | $46M | $57M | $66M | $78M | $92M | $111M | $123M | $135M | $139M | $134M | $130M | $137M | $148M | $129M | $140M | |
| Prepaid Expense | $905.0K | $2M | $2M | $2M | $3M | $2M | $2M | $3M | $3M | $2M | $3M | $3M | $3M | $2M | $4M | $7M | |
| Current Assets | $23M | $49M | $59M | $68M | $80M | $94M | $113M | $126M | $139M | $142M | $138M | $139M | $147M | $157M | $140M | $152M | |
| PP&E (Net) | $1M | $4M | $5M | $5M | $5M | $6M | $6M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | |
| PP&E (Gross) | · | · | $11M | · | · | · | $11M | · | · | · | $11M | · | · | · | $10M | $10M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $992.0K | |
| Other Non-current Assets | $0 | $0 | $5.0K | $46.0K | $122.0K | $179.0K | $320.0K | $42.0K | $265.0K | $248.0K | $594.0K | $516.0K | $652.0K | $670.0K | $1M | $2M | |
| Total Assets | $24M | $58M | $69M | $80M | $93M | $107M | $127M | $140M | $154M | $178M | $175M | $176M | $185M | $195M | $160M | $172M | |
| Accounts Payable | $2M | $4M | $754.0K | $1M | $3M | $986.0K | $3M | $1M | $1M | $2M | $1M | $1M | $1M | $2M | $1M | $1M | |
| Accrued Liabilities | $6M | $5M | $5M | $9M | $9M | $9M | $11M | $10M | $9M | $6M | $9M | $8M | $10M | $13M | $14M | $14M | |
| Short-term Debt | $0 | $29M | $28M | $6M | $2M | · | $0 | $0 | $0 | $12M | $7M | $2M | · | · | $0 | · | |
| Current Liabilities | $8M | $39M | $36M | $18M | $15M | $12M | $15M | $12M | $11M | $21M | $19M | $14M | $15M | $22M | $24M | $28M | |
| Capital Leases | $0 | $7M | $8M | $8M | $9M | $9M | $9M | $10M | $10M | $11M | $11M | $11M | $12M | $12M | $13M | $13M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $191.0K | $191.0K | |
| Total Liabilities | $8M | $46M | $45M | $50M | $51M | $50M | $54M | $51M | $50M | $60M | $63M | $64M | $67M | $74M | $38M | $41M | |
| Long-term Debt | · | $32M | $32M | $32M | $32M | $32M | · | $32M | $32M | $40M | · | · | · | · | · | · | |
| Total Debt | $0 | $29M | · | $6M | $2M | · | · | $0 | $0 | $12M | · | $2M | · | · | · | · | |
| Common Stock | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $4.0K | $4.0K | $4.0K | $4.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | |
| Paid-in Capital | $502M | $501M | $500M | $497M | $492M | $490M | $488M | $484M | $482M | $478M | $455M | $445M | $442M | $440M | $429M | $426M | |
| Retained Earnings | $-485M | $-489M | $-475M | $-467M | $-451M | $-433M | $-415M | $-394M | $-378M | $-360M | $-344M | $-332M | $-324M | $-319M | $-307M | $-295M | |
| Stockholders' Equity | $16M | $12M | $25M | $30M | $41M | $57M | $73M | $89M | $104M | $118M | $111M | $112M | $119M | $121M | $122M | $131M | |
| Liabilities + Equity | $24M | $58M | $69M | $80M | $93M | $107M | $127M | $140M | $154M | $178M | $175M | $176M | $185M | $195M | $160M | $172M | |
| Shares Outstanding | 48,599,066 | 48,596,817 | 48,596,817 | 47,273,685 | 45,335,265 | 44,827,159 | 44,827,159 | 43,721,772 | 43,702,147 | 43,282,371 | 39,107,048 | 35,658,000 | 35,642,000 | 35,301,000 | 31,433,731 | 30,611,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $419.0K | $929.0K | $1M | $1M | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Operating Cash Flow | $7M | $-11M | $-11M | $-15M | $-15M | $-19M | $-14M | $-12M | $-14M | $-15M | $-5M | $-7M | $-11M | $-10M | $-12M | $-14M | |
| CapEx | · | · | $0 | $0 | $0 | $0 | $123.0K | $3.0K | $17.0K | $111.0K | $198.0K | $221.0K | $182.0K | $168.0K | $518.0K | $2M | |
| Investing Cash Flow | · | · | $0 | $0 | $0 | $0 | $-123.0K | $-3.0K | $-17.0K | $-111.0K | $-198.0K | $-221.0K | $-182.0K | $-168.0K | $-518.0K | $-2M | |
| Stock Issued | · | · | $2M | $3M | $347.0K | $0 | $2M | $-29.0K | $877.0K | $20M | $9M | $-84.0K | $552.0K | $9M | $979.0K | $11M | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $20M | · | · | · | $9M | · | · | |
| Financing Cash Flow | · | · | $2M | $3M | $388.0K | $0 | $3M | $-6.0K | $-10M | $20M | $9M | $41.0K | $692.0K | $49M | $1M | $11M | |
| Net Change in Cash | $-25M | $-11M | $-9M | $-12M | $-15M | $-19M | $-12M | $-12M | $-24M | $5M | $4M | $-7M | $-10M | $39M | $-11M | $-5M | |
| Free Cash Flow | · | · | · | · | · | $-19M | · | · | · | $-15M | · | · | · | $-10M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | 6.3% | -16.4% | · | -14.9% | -14.6% | -12.7% | · | -10.5% | -10.2% | -8.7% | · | -4.8% | -2.8% | -6.7% | · | -6.8% | |
| ROE | 12.7% | -38.9% | · | -27.5% | -24.7% | -20.7% | · | -16.5% | -15.5% | -13.6% | · | -6.8% | -4.1% | -9.2% | · | -8.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 1.3 | · | 3.9 | 5.3 | 8.1 | · | 10.1 | 12.1 | 6.7 | · | 9.6 | 9.8 | 7.2 | · | 5.5 | |
| Quick Ratio | 2.8 | 1.2 | · | 3.7 | 5.1 | 7.9 | · | 9.9 | 11.8 | 6.6 | · | 9.0 | 9.2 | 6.8 | · | 5.1 | |
| Debt / Equity | 0.0 | 2.4 | · | 0.2 | 0.1 | · | · | 0.0 | 0.0 | 0.1 | · | 0.0 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -17.1 | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.34 | $0.25 | · | $0.63 | $0.91 | $1.28 | · | $2.04 | $2.38 | $2.72 | · | $3.15 | $3.33 | $3.43 | · | $4.28 | |
| Cash Flow / Share | · | $-0.21 | · | · | · | $-0.42 | · | · | · | $-0.37 | · | · | · | $-0.28 | · | · | |
| Cash / Share | $0.45 | $0.96 | · | $1.39 | $1.71 | $2.05 | · | $2.81 | $3.10 | $3.22 | · | $3.65 | $3.86 | $4.19 | · | $4.59 | |
| EPS (TTM) | $-0.73 | $-1.21 | · | $-1.59 | $-1.61 | $-1.64 | · | $-1.54 | $-1.39 | $-1.10 | · | $-1.08 | $-1.25 | $-1.64 | · | $75.26 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-35M | $-56M | · | $-73M | $-73M | $-72M | · | $-62M | $-54M | $-42M | · | $-37M | $-41M | $-50M | · | $-60M | |
| Market Cap | $17M | $40M | · | $93M | $49M | $44M | · | $93M | $107M | $280M | · | $76M | $109M | $92M | · | $138M | |
| Enterprise Value | $-4M | $23M | · | $33M | $-26M | · | · | $-30M | $-29M | $153M | · | $-52M | · | · | · | · | |
| P/E | -0.5 | -0.7 | · | -1.2 | -0.7 | -0.6 | · | -1.4 | -1.8 | -5.9 | · | -2.0 | -2.4 | -1.6 | · | 0.1 | |
| P/B | 1.1 | 3.3 | · | 3.1 | 1.2 | 0.8 | · | 1.0 | 1.0 | 2.4 | · | 0.7 | 0.9 | 0.8 | · | 1.1 | |
| P / Tangible Book | 1.1 | 3.3 | · | 3.1 | 1.2 | 0.8 | · | 1.0 | 1.0 | 2.4 | · | 0.7 | 0.9 | 0.8 | · | 1.1 | |
| P / Cash Flow | · | -3.8 | · | · | · | -2.3 | · | · | · | -18.3 | · | · | · | -9.3 | · | · | |
| Earnings Yield | -202.8% | -145.3% | · | -80.7% | -147.7% | -168.7% | · | -72.6% | -57.0% | -17.0% | · | -50.5% | -41.0% | -63.1% | · | 1668.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-61M | $-71M | $-37M | $-54M | $-50M |
| Diluted EPS | $-1.33 | $-1.63 | $-1.05 | $-1.86 | $-10.94 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | 0.0 | 0.1 | · | · |
| Current Ratio | 1.6 | 7.4 | 7.1 | 5.8 | 13.6 |
| Quick Ratio | 1.6 | 7.3 | 6.9 | 5.4 | 13.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-60M | $-56M | $-33M | $-44M | $-43M |
Institutional owners (13F) 53 filers · $13.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
53
Value held
$13.4M
New positions
11
Exited positions
11
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 11 (+1 vs prior Q) | 11 (0 vs prior Q) | 9 (0 vs prior Q) | 9 (-3 vs prior Q) | -3.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| MPM ASSET MANAGEMENT LLC | $8,490,424 | 4,309,860 | 63.19% | Shares |
| VANGUARD GROUP INC | $892,702 | 1,408,047 | 6.64% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $859,349 | 2,387,744 | 6.40% | Shares |
| Balyasny Asset Management L.P. | $644,253 | 1,790,089 | 4.79% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $438,471 | 1,217,976 | 3.26% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $242,800 | 674,632 | 1.81% | Shares |
| Lynx1 Capital Management LP | $236,737 | 657,786 | 1.76% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $225,589 | 626,810 | 1.68% | Shares |
| DC Funds, LP | $212,018 | 589,102 | 1.58% | Shares |
| Verdad Advisers, LP | $125,500 | 348,709 | 0.93% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $120,895 | 335,815 | 0.90% | Shares |
| BANK OF AMERICA CORP /DE/ | $111,829 | 311,502 | 0.83% | Shares |
| XTX Topco Ltd | $97,705 | 271,478 | 0.73% | Shares |
| Cubist Systematic Strategies, LLC | $92,020 | 46,711 | 0.68% | Shares |
| JANE STREET GROUP, LLC | $90,637 | 251,837 | 0.67% | Shares |
| UBS Group AG | $77,702 | 215,838 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $56,781 | 157,726 | 0.42% | Shares |
| STATE STREET CORP | $42,889 | 119,168 | 0.32% | Shares |
| Squarepoint Ops LLC | $37,157 | 103,242 | 0.28% | Shares |
| BlackRock, Inc. | $36,556 | 101,573 | 0.27% | Shares |
| Rangeley Capital, LLC | $35,990 | 100,000 | 0.27% | Shares |
| NORTHERN TRUST CORP | $31,258 | 86,851 | 0.23% | Shares |
| Alyeska Investment Group, L.P. | $31,151 | 86,554 | 0.23% | Shares |
| MPM BIOIMPACT LLC | $28,851 | 80,142 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $26,993 | 75,000 | 0.20% | Call option |
| Point72 Asia (Singapore) Pte. Ltd. | $25,642 | 13,016 | 0.19% | Shares |
| MILLENNIUM MANAGEMENT LLC | $22,334 | 62,055 | 0.17% | Shares |
| H D Vest Advisory Services | $11,118 | 10,200 | 0.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $9,825 | 27,300 | 0.07% | Shares |
| StoneX Group Inc. | $9,000 | 20,000 | 0.07% | Shares |
| GOLDMAN SACHS GROUP INC | $7,206 | 20,023 | 0.05% | Shares |
| MORGAN STANLEY | $6,877 | 19,108 | 0.05% | Shares |
| TWO SIGMA ADVISERS, LP | $6,525 | 10,300 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $5,578 | 15,500 | 0.04% | Put option |
| CERTUITY, LLC | $5,399 | 15,000 | 0.04% | Shares |
| HBK Sorce Advisory LLC | $5,317 | 13,227 | 0.04% | Shares |
| BARCLAYS PLC | $4,763 | 13,235 | 0.04% | Shares |
| Larson Financial Group LLC | $4,697 | 13,052 | 0.03% | Shares |
| LPL Financial LLC | $4,244 | 11,791 | 0.03% | Shares |
| Ranch Capital Advisors Inc. | $3,959 | 11,000 | 0.03% | Shares |
| Marest Capital, LLC | $3,912 | 10,870 | 0.03% | Shares |
| Cetera Investment Advisers | $3,671 | 10,200 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $3,562 | 9,897 | 0.03% | Shares |
| OSAIC HOLDINGS, INC. | $3,105 | 8,625 | 0.02% | Shares |
| Financial Perspectives, Inc | $2,429 | 6,750 | 0.02% | Shares |
| GROUP ONE TRADING LLC | $673 | 1,871 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $650 | 2,108 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $284 | 790 | 0.00% | Shares |
| SIMPLEX TRADING, LLC | $91 | 255 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $36 | 100 | 0.00% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×13 filings | July 2, 2026 | 4.10% | Amendment | · | SEC |
| MPM BioVentures 2014, L.P., MPM BioVentures 2014 (B), L.P., MPM Asset Management Investors BV2014 LLC, UBS Oncology Impact Fund L.P., MPM BioVentures 2014 GP LLC, MPM BioVentures 2014 LLC, Oncology Impact Fund (Cayman) Management L.P., MPM BioImpact LLC, ANSBERT GADICKE, LUKE EVNIN, Todd Foley, MPM ASSET MANAGEMENT LLC, MPM ONCOLOGY INNOVATIONS FUND LP, MPM Oncology Innovations Fund GP LLC ×8 filings | May 12, 2026 | 3.80% | Amendment | · | SEC |
| Taiho Ventures LLC | May 13, 2021 | · | Initial filing | Board campaign | SEC |
| Arkin Bio Ventures 2 L.P., Arkin Bio Venture GPGP Ltd., Moshe Arkin, Alon Lazarus | May 10, 2021 | · | Initial filing | Board campaign | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 20 insiders · 6 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Daniel J Hicklin | President and Chief Executive Officer | Jan. 2, 2025 A | · | 0 | 0 | $0 |
| Timothy W. Trost | Chief Financial Officer | Jan. 2, 2025 A | · | 0 | 0 | $0 |
| Chulani Karunatilake | Chief Technology Officer | Jan. 2, 2025 A | · | 0 | 0 | $0 |
| Ellen Lubman | Chief Business Officer | Jan. 2, 2025 A | · | 0 | 0 | $0 |
| Randi Isaacs | Chief Medical Officer | Jan. 2, 2025 A | · | 0 | 0 | $0 |
| Cynthia Seidel-Dugan | Chief Scientific Officer | Jan. 2, 2024 A | 164,888 | 0 | 0 | $0 |
| Luke Evnin | Director | July 7, 2026 S | 0 | 0 | 87 | $-3,255,563 |
| Michael B. Atkins | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Anil K. Singhal | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Meeta Chatterjee | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Alon Lazarus | Director | June 12, 2025 A | 2,046,634 | 0 | 0 | $0 |
| Briggs Morrison | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Michael A. Sherman | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Derek Dirocco | Director | May 24, 2024 A | · | 0 | 0 | $0 |
| Sakae Asanuma | Director | May 4, 2021 C | 2,068,909 | 0 | 0 | $0 |
| Taiho Ventures LLC | 10% owner | May 4, 2021 C | 2,068,909 | 0 | 0 | $0 |
| UPMC | 10% owner | May 4, 2021 C | 1,097,756 | 0 | 0 | $0 |
| HBM Healthcare Investments (Cayman) Ltd. | 10% owner | May 4, 2021 C | 625,995 | 0 | 0 | $0 |
| Steven H. Bloom | · | May 1, 2025 A | · | 0 | 0 | $0 |
| Reid Leonard | · | Jan. 3, 2023 A | 14,102 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
HOWL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 8 analysts
BUY
Median target
$7.00
+654.2%
2 25.0%
Strong Buy
4 50.0%
Buy
2 25.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
3 analysts · 2026-09-29Mean target $7.00 +654.2%
← Below all targets
Current price $0.93
Low$4.00
Mean$7.00
High$10.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Jul 31, 2026