Home / Going-concern warnings / Werewolf Therapeutics, Inc.
Filed 2026-05-07 路 Form 10-Q 路 Accession 0001785530-26-000012 nano
Price before filing: $0.6502 (2026-05-06 close, split/dividend-adjusted)
Market cap at flag: $30.1M (2026-05-07) 路 Latest: $47.6M (2026-10-16)
| Window | HOWL | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -41.3% | +0.7% | -42.0% | 2026-06-08 |
| 90 days | -38.2% | +5.2% | -43.3% | 2026-08-05 |
| 180 days | pending | pending | until 2026-11-03 |
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: 1 insider sold $367K (8 sales)
30 days after: 2 insiders sold $1.1M (25 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-04-27 | EVNIN LUKE Director | Sale | 53,940 | $0.85 | $46K | yes | Form 4 |
| 2026-04-28 | EVNIN LUKE Director | Sale | 95,412 | $0.73 | $70K | yes | Form 4 |
| 2026-04-29 | EVNIN LUKE Director | Sale | 56,559 | $0.69 | $39K | yes | Form 4 |
| 2026-04-30 | EVNIN LUKE Director | Sale | 168,262 | $0.72 | $121K | yes | Form 4 |
| 2026-05-01 | EVNIN LUKE Director | Sale | 58,394 | $0.73 | $43K | yes | Form 4 |
| 2026-05-04 | EVNIN LUKE Director | Sale | 47,963 | $0.72 | $35K | yes | Form 4 |
| 2026-05-05 | EVNIN LUKE Director | Sale | 6,860 | $0.69 | $5K | yes | Form 4 |
| 2026-05-06 | EVNIN LUKE Director | Sale | 14,635 | $0.66 | $10K | yes | Form 4 |
| 2026-05-07: red flag filed | |||||||
| 2026-05-07 | EVNIN LUKE Director | Sale | 79,086 | $0.63 | $50K | yes | Form 4 |
| 2026-05-08 | EVNIN LUKE Director | Sale | 305,741 | $0.70 | $214K | yes | Form 4 |
| 2026-05-08 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 351,514 | $0.71 | $250K | no | Form 4 |
| 2026-05-08 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 25,012 | $0.71 | $18K | no | Form 4 |
| 2026-05-11 | EVNIN LUKE Director | Sale | 33,948 | $0.67 | $23K | yes | Form 4 |
| 2026-05-11 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 81,678 | $0.67 | $55K | no | Form 4 |
| 2026-05-11 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 5,812 | $0.67 | $4K | no | Form 4 |
| 2026-05-12 | EVNIN LUKE Director | Sale | 67,885 | $0.64 | $43K | yes | Form 4 |
| 2026-05-12 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 94,432 | $0.64 | $60K | no | Form 4 |
| 2026-05-12 | RA CAPITAL MANAGEMENT, L.P. (+3 joint filers) 10% owner | Sale | 6,719 | $0.64 | $4K | no | Form 4 |
| 2026-05-13 | EVNIN LUKE Director | Sale | 44,679 | $0.54 | $24K | yes | Form 4 |
| 2026-05-18 | EVNIN LUKE Director | Sale | 22,184 | $0.50 | $11K | yes | Form 4 |
| 2026-05-19 | EVNIN LUKE Director | Sale | 62,970 | $0.45 | $28K | yes | Form 4 |
| 2026-05-20 | EVNIN LUKE Director | Sale | 85,895 | $0.43 | $37K | yes | Form 4 |
| 2026-05-21 | EVNIN LUKE Director | Sale | 36,387 | $0.42 | $15K | yes | Form 4 |
| 2026-05-22 | EVNIN LUKE Director | Sale | 87,425 | $0.45 | $39K | yes | Form 4 |
| 2026-05-26 | EVNIN LUKE Director | Sale | 67,950 | $0.47 | $32K | yes | Form 4 |
Showing 25 of 33 transactions.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2026-02-06 to 2026-06-06. 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 Quarterly Report."
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 2026-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
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