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Dec 30, 2024
Werewolf Therapeutics Q4 2024 Earnings Report
Werewolf Therapeutics reported its financial results for the fourth quarter and full year ended December 31, 2024, and provided a business update.
Key Takeaways
Werewolf Therapeutics reported a net loss of $20.4 million for Q4 2024, compared to a net loss of $12.0 million in Q4 2023. Collaboration revenue was $0 for Q4 2024, down from $1.5 million in Q4 2023. Research and development expenses increased significantly to $15.7 million from $9.6 million in the prior year.
Full enrollment in cutaneous melanoma dose-expansion arms of Phase 1/1b clinical trial evaluating WTX-124 as monotherapy is expected by the end of H1 2025, and in combination with pembrolizumab by the end of H2 2025.
Interim data from Phase 1/1b clinical trial of WTX-124 as monotherapy and in combination with pembrolizumab are anticipated to be released in Q4 2025.
WTX-330 Phase 1/2 dose- and regimen-finding clinical trial is on track to be initiated by the end of Q1 2025.
Cash and cash equivalents were $110.995 million as of December 31, 2024, which is believed to be sufficient to fund operations through at least Q2 2026.
Werewolf Therapeutics
Werewolf Therapeutics
Forward Guidance
Werewolf Therapeutics anticipates significant progress in its clinical trials in 2025, with key milestones including full enrollment in WTX-124 trials, discussions with the FDA on registrational pathways, and initiation of a new clinical trial for WTX-330. The company expects its current cash and cash equivalents to fund operations through at least Q2 2026.
Positive Outlook
- Full enrollment in cutaneous melanoma dose-expansion arms of Phase 1/1b clinical trial evaluating WTX-124 as monotherapy expected by end of H1 2025.
- Full enrollment in cutaneous melanoma dose-expansion arms of Phase 1/1b clinical trial evaluating WTX-124 in combination with pembrolizumab expected by end of H2 2025.
- Plan to meet with the FDA in H2 2025 to discuss potential registrational pathways for WTX-124 in select indications.
- Interim data from Phase 1/1b clinical trial of WTX-124 as monotherapy and in combination with pembrolizumab anticipated to be released in Q4 2025.
- On track to initiate Phase 1/2 dose- and regimen-finding clinical trial of WTX-330 by the end of Q1 2025.
Challenges Ahead
- No collaboration revenue recognized in Q4 2024, indicating a completed performance obligation under the Jazz Pharmaceuticals agreement.
- Net loss increased significantly in Q4 2024 compared to Q4 2023.
- Cash and cash equivalents decreased from $134.3 million at the end of 2023 to $111.0 million at the end of 2024.
- The company's ability to manage cash resources and obtain additional funding remains a risk.
- Uncertainties inherent in the development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical trials.