Home / Going-concern warnings / Werewolf Therapeutics, Inc.
Filed 2025-11-04 路 Form 10-Q 路 Accession 0001785530-25-000031 micro
Price before filing: $1.31 (2025-11-03 close, split/dividend-adjusted)
Market cap at flag: $55.7M (2025-11-04) 路 Latest: $47.6M (2026-10-16)
| Window | HOWL | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -23.9% | +0.2% | -24.1% | 2025-12-04 |
| 90 days | -48.2% | +2.1% | -50.3% | 2026-02-02 |
| 180 days | -47.3% | +5.7% | -53.0% | 2026-05-04 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 3 insiders sold $2.2M (18 sales)
30 days after: 3 insiders sold $3.7M (66 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-10-27 | EVNIN LUKE Director | Sale | 46,664 | $1.72 | $80K | yes | Form 4 |
| 2025-10-27 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 72,709 | $1.72 | $125K | yes | Form 4 |
| 2025-10-27 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 72,709 | $1.72 | $125K | yes | Form 4 |
| 2025-10-28 | EVNIN LUKE Director | Sale | 44,327 | $1.64 | $73K | yes | Form 4 |
| 2025-10-28 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 69,068 | $1.64 | $113K | yes | Form 4 |
| 2025-10-28 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 69,068 | $1.64 | $113K | yes | Form 4 |
| 2025-10-29 | EVNIN LUKE Director | Sale | 86,154 | $1.55 | $134K | yes | Form 4 |
| 2025-10-29 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 134,240 | $1.55 | $208K | yes | Form 4 |
| 2025-10-29 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 134,240 | $1.55 | $208K | yes | Form 4 |
| 2025-10-30 | EVNIN LUKE Director | Sale | 55,795 | $1.43 | $80K | yes | Form 4 |
| 2025-10-30 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 86,936 | $1.43 | $124K | yes | Form 4 |
| 2025-10-30 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 86,936 | $1.43 | $124K | yes | Form 4 |
| 2025-10-31 | EVNIN LUKE Director | Sale | 73,192 | $1.28 | $94K | yes | Form 4 |
| 2025-10-31 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 114,044 | $1.28 | $146K | yes | Form 4 |
| 2025-10-31 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 114,044 | $1.28 | $146K | yes | Form 4 |
| 2025-11-03 | EVNIN LUKE Director | Sale | 60,369 | $1.29 | $78K | yes | Form 4 |
| 2025-11-03 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 94,063 | $1.29 | $121K | yes | Form 4 |
| 2025-11-03 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 94,063 | $1.29 | $121K | yes | Form 4 |
| 2025-11-04: red flag filed | |||||||
| 2025-11-04 | EVNIN LUKE Director | Sale | 90,164 | $1.22 | $110K | yes | Form 4 |
| 2025-11-04 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 140,488 | $1.22 | $171K | yes | Form 4 |
| 2025-11-04 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 140,488 | $1.22 | $171K | yes | Form 4 |
| 2025-11-05 | EVNIN LUKE Director | Sale | 30,774 | $1.22 | $38K | yes | Form 4 |
| 2025-11-05 | GADICKE ANSBERT (+6 joint filers) 10% owner | Sale | 47,950 | $1.22 | $58K | yes | Form 4 |
| 2025-11-05 | MPM BioVentures 2014, L.P. (+4 joint filers) 10% owner | Sale | 47,950 | $1.22 | $58K | yes | Form 4 |
| 2025-11-06 | EVNIN LUKE Director | Sale | 34,947 | $1.21 | $42K | yes | Form 4 |
Showing 25 of 84 transactions.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-06 to 2025-12-04. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"These conditions raise substantial doubt about our ability to continue as a going concern for at least twelve months from the date these condensed consolidated financial statements are issued in this Form 10-Q. We are currently evaluating plans to mitigate the conditions which raise substantial doubt about our ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
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