Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-K ______________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...

Exhibit 99.1 Werewolf Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Corporate Updates – Company continues to evaluate strategic options to maximize shareholder value - Watertown, Mass., March 27, 2026 (GLOBE NEWSWIRE) – Werewolf Therapeutics, Inc. (the "Company" or "Werewolf") (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body's immune system for the treatment of can ...

Company continues to evaluate strategic options to maximize shareholder valueWATERTOWN, Mass., March 27, 2026 (GLOBE NEWSWIRE) -- Werewolf Therapeutics, Inc. (the “Company” or “Werewolf”) (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions, today provided a business update and reported financial results for the fourth quarter ...

Core Viewpoint - Werewolf Therapeutics, Inc. is exploring a full range of strategic alternatives to enhance stockholder value, including potential sale, merger, or collaboration arrangements [1][2] Company Overview - Werewolf Therapeutics is a biopharmaceutical company focused on developing therapeutics that stimulate the immune system for cancer and immune-mediated conditions [3] - The company utilizes its proprietary PREDATOR platform to create INDUKINE and INDUCER molecules aimed at improving immune responses while minimizing side effects [3] Strategic Alternatives - The company has engaged Piper Sandler & Co. as its exclusive financial advisor to assist in evaluating strategic options [1][2] - Potential strategic alternatives may include a sale of the company, business combinations, asset sales, or licensing arrangements [2] - There is no defined timeline for this evaluation process, and the company cannot guarantee that it will result in any specific transaction [2] Product Development - Werewolf's advanced clinical-stage candidates include WTX-124 and WTX-330, which are designed for the treatment of solid tumors using conditionally activated Interleukin-2 and Interleukin-12 [3] - The company is also developing INDUCER candidates, such as WTX-1011 for prostate cancer and WTX-2022 for ovarian and kidney cancer [3]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned to profit from the surge in electricity demand driven by AI data centers [3][6] Market Position - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It has a unique footprint in nuclear energy, which is crucial for America's future power strategy, and is capable of executing large-scale engineering projects across various energy sectors [7][8] Financial Health - The company is noted for being completely debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization [8][10] - It also possesses a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines without high premiums [9][10] Market Sentiment - There is a growing interest from Wall Street in this company, as it is seen as undervalued compared to its potential, trading at less than seven times earnings excluding cash and investments [10][11] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it an attractive investment opportunity in the context of the AI revolution [11][12]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Biopharmaceuticals - **Performance**: Biopharma ended 2025 positively with NBI up 32% and DRG up 21%, outperforming SPX at 17% [1] - **Outlook for 2026**: Optimism exists despite macro concerns like inflation and tariffs, with easing drug pricing worries, increased M&A activity, new product cycles, and modest expectations positioning the sector favorably [1] Core Insights and Arguments - **Valuation**: Biotech/Pharma P/E multiples are around 19x, which is lower compared to Financials at 18x and Utilities at 20x, indicating potential undervaluation [1] - **Catalysts**: Companies like Insmed (+152%), BridgeBio (+179%), and Travere (+119%) have shown strong performance driven by value-driving catalysts [1] Company-Specific Highlights Insmed - **Performance**: Insmed was a top performer in 2025, driven by Brinsupri's launch and TPIP's phase 2 results [2] - **2026 Outlook**: Continued upside is expected as Brinsupri's uptake alleviates skepticism over the $5B NCFB opportunity [2] BridgeBio - **Focus for 2026**: The debate will center around Attruby, with positive channel checks suggesting potential for accelerated sales [2] - **Key Data**: Anticipation for PROPEL3 readout in January, which could significantly impact the stock [10] Travere - **Performance**: Outperformance in 2025 attributed to commercial success in IgAN [3] - **Approval Outlook**: Filspari's potential approval for FSGS is a major debate, with FDA signals indicating a favorable outlook [9] Cytokinetics - **Market Entry**: Myqorzo's approval for oHCM is expected to face challenges in market execution against established competitors [15][40] - **Upcoming Data**: ACACIA readout in 2Q26 is crucial for assessing the drug's competitive position [19] Tyra - **Expansion**: Tyra is expanding dabogratinib's development into LG-UTUC, which could offer greater regulatory flexibility and market opportunity [43] - **Market Potential**: Management believes an oral option could be a game changer in a relatively underserved market [43] Acumen - **Pipeline Development**: Acumen's EBD program is expected to provide optionality, with initial non-clinical data anticipated early in 2026 [13] - **Key Event**: ALTITUDE-AD is a defining event for Acumen, with expectations for significant data to outperform competitors [33] Additional Important Insights - **M&A Activity**: The biopharma sector is seeing increased M&A activity as companies prepare for patent expirations [1] - **Regulatory Environment**: The FDA's involvement in various drug approvals and feedback mechanisms is crucial for shaping market expectations [9][10] - **Investor Sentiment**: There remains a cautious sentiment among investors, particularly regarding the approval of new drugs and their market uptake [9][19] This summary encapsulates the key points from the conference call, highlighting the overall industry outlook, company-specific developments, and critical upcoming events that could influence market dynamics in the biopharmaceutical sector.

Core Insights - Biotech companies experienced significant gains in after-hours trading, driven by investor interest despite limited news catalysts [1] Company Updates - GH Research PLC (GHRS) saw the largest increase, rising 22.36% to $16.20 ahead of a key update on its Investigational New Drug Application (IND) for GH001 with the FDA, scheduled for January 5, 2026 [2] - Phathom Pharmaceuticals, Inc. (PHAT) increased by 5.03% to $16.50, with the rise attributed to investor positioning rather than new announcements [3] - Forte Biosciences, Inc. (FBRX) gained 3.56%, closing at $24.45, continuing its upward trend in the biotech sector without any new updates [3] - OKYO Pharma Limited (OKYO) advanced 5.38% to $2.35, influenced by prior disclosures regarding share acquisitions by its Executive Chairman [4] - Zai Lab Limited (ZLAB) rose 5.60% to $18.30, reflecting ongoing investor interest in international biotech firms [5] - LifeMD, Inc. (LFMD) added 3.15% to $3.60, with no corporate updates released [5] - Werewolf Therapeutics, Inc. (HOWL) climbed 3.58% to $0.67, indicating speculative interest in smaller-cap biotech stocks [6] - Corvus Pharmaceuticals, Inc. (CRVS) increased by 7.24% to $7.85, extending its upward momentum without any new announcements [6]

Core Insights - Werewolf Therapeutics is advancing its pipeline with a focus on INDUKINE programs and the INDUCER T cell engager platform, seeking strategic partnerships for further development of WTX-124 and WTX-330 [1][2] Pipeline Updates - WTX-124 has shown a 30% overall response rate as a monotherapy in advanced or metastatic cutaneous melanoma patients, with a favorable tolerability profile [4] - WTX-330 demonstrated additional antitumor activity and a highly favorable tolerability profile in its Phase 1b/2 trial, building on previous Phase 1 data [4][6] - Upcoming data updates for WTX-124 and WTX-330 are expected in the first half of 2026, with the completion of the Phase 1/1b clinical trial for WTX-124 anticipated [7] Clinical Data Highlights - WTX-124 achieved a 21% objective response rate in heavily pretreated advanced melanoma patients, with a 30% response rate in those who previously responded to immunotherapy [5] - Tumor regression was observed in approximately 33% of tumors across various cancer types treated with WTX-124 [5] - WTX-330's initial data indicated a confirmed partial response in metastatic gall bladder cancer, with a 45% reduction in tumor target lesions [12] Development Strategy - The company plans to file IND applications for two INDUCER candidates, WTX-1011 and WTX-2022, by mid-2027, targeting STEAP1 and CDH6-expressing cancers respectively [4][8] - Werewolf's INDUCER molecules aim to improve therapeutic index and reduce off-tumor toxicity, leveraging a proprietary masking approach and novel linker technology [8] Company Overview - Werewolf Therapeutics is focused on developing therapeutics that stimulate the immune system for cancer treatment, utilizing its PREDATOR platform to create conditionally activated INDUKINE and INDUCER molecules [9]

Core Insights - Several biotech and life sciences companies experienced significant gains in after-hours trading on November 26, indicating strong investor interest despite a quiet news cycle [1] Company Summaries - Modular Medical, Inc. (MODD) shares increased by 11.51% to $0.4380 after a previous decline of 1.80% at the close, following the IRB approval for its Pivot insulin delivery system study announced on November 17 [2] - Standard BioTools Inc. (LAB) saw a 4.90% rise to $1.50 after a 0.70% gain during regular trading, following a strategic collaboration with Molecular Instruments announced on November 19 [3] - Werewolf Therapeutics, Inc. (HOWL) rose 4.39% to $1.0199 after a strong 7.33% gain during regular trading, reflecting continued investor optimism despite no new updates [4] - Cogent Biosciences, Inc. (COGT) climbed 6.09% to $42.85 in after-hours trading, building on a 1.69% rise during regular trading, indicating strong investor confidence in its pipeline [5] - Longeveron Inc. (LGVN) shares increased by 4.59% to $0.6772, extending gains from a 7.02% rise during regular trading, with upcoming presentation of Alzheimer's study results at CTAD 2025 highlighting ongoing research [6] - AbCellera Biologics Inc. (ABCL) gained 3.85% to $3.78 after a 0.55% increase during regular trading, reflecting renewed investor interest in its antibody discovery platform [7]

Core Insights - Werewolf Therapeutics presented preclinical data at the 2025 Society for Immunotherapy of Cancer's Annual Meeting, showcasing advancements in their INDUCER™ T Cell Engager Platform designed to enhance safety and efficacy in cancer treatment [1][2][3] Group 1: Technology and Innovation - The proprietary PREDATOR platform utilizes clinically validated protease-cleavable linkers for tumor-selective activation, leading to the development of three clinical-stage INDUKINE candidates [2][6] - The INDUCER molecules employ a novel masking strategy that prevents systemic T cell activation and cytokine release, activating only in the presence of human tumor tissue [5][6] - A sequential dosing regimen of mWTX-330 (IL-12) followed by WTX-124 (IL-2) demonstrated superior tumor-killing ability compared to either drug alone, indicating a complementary immune mechanism [5][6] Group 2: Clinical Data and Findings - Real-time pharmacokinetic data confirmed WTX-124's selective activation in tumors, with minimal active cytokine released in the plasma, validating the prodrug design [5][6] - The sequential administration strategy enhances antitumor activity while improving tolerability, suggesting a potent and translatable therapeutic strategy [5][6] - The localized release of IL-2 in the tumor environment increased the infiltration of NK and CD8+ T cells, as well as the production of effector cytokines like IFNg [5][6] Group 3: Company Overview - Werewolf Therapeutics is focused on developing conditionally activated therapeutics to stimulate the immune system for cancer treatment, with advanced candidates WTX-124 and WTX-330 targeting solid tumors [6]