Exhibit 99.1 Werewolf Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update Watertown, Mass., March 7, 2024 – 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, today provided a business update and reported financial results for the fourth quarter and full ...

Revenue and Commercialization Challenges - The company has no products approved for commercial sale and has not generated any revenue from product sales, with no expectation of revenue for several years[172] - The company's ability to generate product revenue depends on successful development and commercialization of WTX-124 and WTX-330, which are still in early stages[198] - The company lacks commercialization experience and may struggle to build sales and marketing capabilities[240] - The commercialization of product candidates depends on favorable coverage, adequate reimbursement, and pricing policies with third-party payors, including governmental healthcare programs like Medicare and Medicaid[252] - Market acceptance of product candidates is uncertain and depends on factors such as efficacy, safety, convenience, and third-party insurance coverage[256][258] Clinical Trials and Development Risks - Clinical trials for the company's product candidates may face substantial delays, increasing costs and potentially limiting revenue generation[210] - The company's preclinical programs may experience delays or fail to advance to clinical trials, impacting regulatory approvals and commercialization[206] - The company may encounter issues in clinical trial execution, including delays in FDA acceptance of INDs, patient recruitment, and clinical supply quality[194] - Clinical trials may face delays or rejection due to conflicts of interest with principal investigators, potentially jeopardizing FDA approval[214] - Enrollment delays in clinical trials may result in increased development costs and jeopardize marketing approval[222] - Undesirable side effects from product candidates could delay or halt clinical trials and limit commercial potential[223] - Combination therapies, such as WTX-124 with KEYTRUDA, may face adverse events and complex trial designs[232] - The company's clinical trials depend on third-party CROs, and any failure to meet deadlines or regulatory requirements could delay product development[265][266] Manufacturing and Supply Chain Risks - Manufacturing of INDUKINE molecules is highly complex and presents significant risks, including potential delays or failures in clinical development and commercial production[203] - Manufacturing biologics is complex and susceptible to contamination, equipment failure, and variability, which could lead to higher costs and delays[267] - The company relies on third-party contract manufacturers for preclinical, clinical, and commercial supplies, with risks of delays, quality issues, or supply disruptions[267][269] - Manufacturing delays and COVID-19 complications could impact clinical trials and increase costs[214] - The company relies on a limited number of suppliers, including single-source suppliers, for critical drug components and raw materials, which could lead to supply chain disruptions[271] - Manufacturing and quality issues, including scale-up challenges and compliance with cGMP standards, could impact the company's ability to produce and sell product candidates[271] Regulatory and Approval Risks - FDA approval of a Biologics License Application (BLA) is uncertain, expensive, and may take several years, with no guarantee of success[196] - Regulatory approval processes in the US and abroad are lengthy, expensive, and uncertain, with no guarantee of approval for any product candidates[337][338] - The company has not yet submitted or received marketing approval for any product candidates in the US or other jurisdictions, relying on third-party CROs for assistance[337] - Changes in regulatory policies or interpretations during development could delay or prevent marketing approval, potentially limiting commercial viability[339] - Failure to obtain marketing approval in foreign jurisdictions would prevent the company from marketing its products abroad, with no assurance that US approval guarantees foreign approval[341] - In many non-US countries, product candidates must also be approved for reimbursement, and pricing may require regulatory approval, adding further delays and costs[342] - The company may seek orphan drug designation for its product candidates, but exclusivity periods (7 years in the US, 10 years in Europe) may not prevent competition from clinically superior products[346][347] - Any approved products will be subject to ongoing regulatory requirements, including post-marketing studies, surveillance, and compliance with manufacturing and advertising regulations[350][351] - FDA approval of products is contingent on passing pre-approval inspections of manufacturing facilities and quality systems[361][362] - Non-compliance with FDA regulations could result in costly remedial measures, including suspension of clinical trials or commercial sales[363] - FDA may not accept data from clinical trials conducted outside the U.S., potentially requiring additional trials and delaying product development[365] - Government shutdowns or disruptions at the FDA could delay regulatory submissions and approvals, adversely affecting the company's business[366][370] - COVID-19 pandemic has caused delays in FDA inspections, potentially extending review timelines for product approvals[369] Intellectual Property and Patent Risks - The company's success depends on obtaining and maintaining patent protection for its PREDATOR platform and product candidates, with potential risks of competitors developing similar technologies[278] - Patent protection may not be sufficiently broad to prevent competitors from designing around the company's patents, potentially impacting commercialization efforts[281] - The company may face challenges in enforcing patent rights due to uncertainties in patent laws and potential legal disputes, which could harm its competitive position[285] - Patents protecting product candidates may expire before or shortly after commercialization, limiting the company's ability to exclude competitors[286] - The company may need to rely on co-owners of patents for enforcement, and lack of cooperation could negatively impact its business and competitive position[286] - The company relies on the Harpoon Agreement for non-exclusive and exclusive rights to technology incorporated into its PREDATOR platform, development programs, and product candidates[287] - The company may face risks if it fails to comply with obligations under the Harpoon Agreement, including potential loss of important intellectual property rights[287] - Future growth may depend on acquiring or licensing additional third-party intellectual property, which is highly competitive and may not be available on commercially reasonable terms[288] - The company has limited control over the prosecution and maintenance of licensed patents under the Harpoon Agreement, which could impact the scope and enforceability of its rights[289] - Disputes over licensed intellectual property could prevent the company from developing or commercializing affected product candidates[290] - Termination of current or future license agreements could remove the company's ability to develop and commercialize products covered by those agreements[291] - The company may face significant royalty obligations on future product sales, which could impact profitability even if products are successfully commercialized[294] - Failure to protect proprietary intellectual property could result in loss of competitive advantage and market entry by competitors[295] - The company may be subject to claims challenging the inventorship or ownership of its patents and other intellectual property, potentially leading to costly disputes[330] - The company may face litigation or claims related to the wrongful use or disclosure of confidential information from competitors or former employers[331] Financial and Market Risks - The company may need to seek additional financing sooner than planned due to changing circumstances or strategic considerations[178] - Competition from established pharmaceutical companies and new therapies could limit market success[249] - Third-party payors may challenge pharmaceutical product prices, potentially limiting reimbursement for the company's product candidates if cheaper alternatives are available[253] - The company faces significant uncertainty regarding insurance coverage and reimbursement for newly approved products, with varying regulations across countries[254] - Coverage and reimbursement policies differ among third-party payors in the U.S., requiring time-consuming and costly processes to secure approval[255] - Product candidates may face biosimilar competition sooner than anticipated due to regulatory changes or FDA interpretations of exclusivity periods[259][260] - Changes in reimbursement rules and regulations are likely, potentially impacting the company's ability to achieve adequate reimbursement levels[255] - The company may face significant royalty obligations on future product sales, which could impact profitability even if products are successfully commercialized[294] - The company is subject to GDPR regulations, with potential fines of up to 4% of annual global revenues or 20 million Euros for violations[400] - Compliance with GDPR and other data protection laws may require significant resources, diverting attention from other initiatives and increasing operational costs[401] - The company faces risks related to export control, import, sanctions, anti-corruption, and anti-money laundering laws, with potential criminal or civil liability for non-compliance[402] - Environmental, health, and safety regulations could result in fines, penalties, or increased costs, particularly related to hazardous materials and waste disposal[404] - The company does not maintain insurance for environmental liability or toxic tort claims, increasing financial risk[405] - Misconduct by employees, contractors, or partners could lead to regulatory sanctions, reputational harm, and financial penalties[407] - The company relies heavily on key personnel, and the loss of executive officers or other key employees could impede business objectives[409] - The company expects significant growth, with 46 employees as of September 30, 2023, and plans to expand in clinical development, regulatory affairs, and sales[412] - The company's IT systems are vulnerable to cyber-attacks, data breaches, and disruptions, which could compromise sensitive information and harm operations[413] - Increased remote and hybrid working due to COVID-19 has heightened risks of cyber threats and data security breaches[414] - Significant costs associated with mitigating network security problems, including potential interruptions, delays, and reputational harm[415] - Potential legal claims and liability due to breaches of privacy laws, particularly involving sensitive patient or consumer information[417] - Risk of material disruption to business operations and regulatory approval efforts due to loss of clinical trial data[418] - Dependence on third-party contract manufacturers and potential disruptions from natural or man-made disasters[419] - Impact of unfavorable economic conditions, including inflation, capital market volatility, and geopolitical events on costs and access to capital[420] - Risks associated with international expansion, including differing regulatory requirements and compulsory licensing laws[421][423] - Potential for strategic transactions to increase expenses, dilute equity, and distract management[424] - Volatility in stock price, with historical range from $1.39 to $23.99 since April 30, 2021[426] - Increased costs and management time required for compliance as a public company[434] - The company is evaluating new rules and regulations and cannot predict the additional costs or timing of such costs[435] - The application of these rules may evolve over time, leading to ongoing uncertainty and higher compliance costs[435] - The company plans to invest resources to comply with evolving laws and regulations[435] - These regulations could delay, defer, or prevent a change of control of the company[435] - The rules may impede mergers, consolidations, takeovers, or other business combinations involving the company[435] - Potential acquirers might be discouraged from making tender offers or attempting to obtain control of the company[435] Collaboration and Partnership Risks - In April 2022, the company entered into a Collaboration and License Agreement with Jazz Pharmaceuticals to develop and commercialize products containing the IFNα INDUKINE™ molecule[274] - Collaborations with third parties may pose risks, including delays in clinical trials, insufficient funding, or termination of agreements, which could adversely affect the company's business[275] - The company may face risks if it fails to comply with obligations under the Harpoon Agreement, including potential loss of important intellectual property rights[287] - Future growth may depend on acquiring or licensing additional third-party intellectual property, which is highly competitive and may not be available on commercially reasonable terms[288] - The company has limited control over the prosecution and maintenance of licensed patents under the Harpoon Agreement, which could impact the scope and enforceability of its rights[289] - Disputes over licensed intellectual property could prevent the company from developing or commercializing affected product candidates[290] - Termination of current or future license agreements could remove the company's ability to develop and commercialize products covered by those agreements[291] Pricing and Reimbursement Risks - Third-party payors may challenge pharmaceutical product prices, potentially limiting reimbursement for the company's product candidates if cheaper alternatives are available[253] - The company faces significant uncertainty regarding insurance coverage and reimbursement for newly approved products, with varying regulations across countries[254] - Coverage and reimbursement policies differ among third-party payors in the U.S., requiring time-consuming and costly processes to secure approval[255] - Changes in reimbursement rules and regulations are likely, potentially impacting the company's ability to achieve adequate reimbursement levels[255] - Legislative changes, such as the ACA and Medicare sequester reductions, may impact reimbursement and pricing for the company's products[373] - Executive orders and regulations aim to reduce pharmaceutical prices, which could limit the company's ability to generate revenues[375][377] - States are pursuing drug importation programs from Canada, which could affect the U.S. pharmaceutical market and pricing dynamics[376] - The IRA requires manufacturers to engage in price negotiations with Medicare starting in 2026, with prices subject to a cap[378] - Medicare will negotiate prices for 10 high-cost Part D drugs in 2026, 15 Part D drugs in 2027, and 20 Part B or Part D drugs in 2029 and beyond[379] - The IRA imposes rebates for Medicare Part B and Part D drugs if price increases exceed inflation, with the first rebates due in 2023[378] - Medicare out-of-pocket drug costs are capped at $4,000 in 2024 and $2,000 starting in 2025[380] - The IRA introduces a new discounting program to replace the Part D coverage gap discount program starting in 2025[378] - Drug manufacturers face civil monetary penalties and excise taxes for failing to comply with the IRA's price negotiation and inflation rebate requirements[380] - The IRA may reduce the expected return on drug products due to price negotiations after 9 years on the market[379] - The IRA's provisions could lead to reduced reimbursement for products, potentially impacting the company's financial condition[382] - State-level legislation is increasingly targeting pharmaceutical pricing, which could reduce demand or pressure product pricing[383] - The IRA's Drug Price Negotiation Program has led to lawsuits from pharmaceutical companies and industry groups, with uncertain outcomes[381] Legal and Compliance Risks - The company is subject to GDPR regulations, with potential fines of up to 4% of annual global revenues or 20 million Euros for violations[400] - Compliance with GDPR and other data protection laws may require significant resources, diverting attention from other initiatives and increasing operational costs[401] - The company faces risks related to export control, import, sanctions, anti-corruption, and anti-money laundering laws, with potential criminal or civil liability for non-compliance[402] - Environmental, health, and safety regulations could result in fines, penalties, or increased costs, particularly related to hazardous materials and waste disposal[404] - The company does not maintain insurance for environmental liability or toxic tort claims, increasing financial risk[405] - Misconduct by employees, contractors, or partners could lead to regulatory sanctions, reputational harm, and financial penalties[407] - The company relies heavily on key personnel, and the loss of executive officers or other key employees could impede business objectives[409] - The company's IT systems are vulnerable to cyber-attacks, data breaches, and disruptions, which could compromise sensitive information and harm operations[413] - Increased remote and hybrid working due to COVID-19 has heightened risks of cyber threats and data security breaches[414] - Significant costs associated with mitigating network security problems, including potential interruptions, delays, and reputational harm[415] - Potential legal claims and liability due to breaches of privacy laws, particularly involving sensitive patient or consumer information[417] - Risk of material disruption to business operations and regulatory approval efforts due to loss of clinical trial data[418] - Dependence on third-party contract manufacturers and potential disruptions from natural or man-made disasters[419] - Impact of unfavorable economic conditions, including inflation, capital market volatility, and geopolitical events on costs and access to capital[420] - Risks associated with international expansion, including differing regulatory requirements and compulsory licensing laws[421][423] - Potential for strategic transactions to increase expenses, dilute equity, and distract management[424] - Volatility in stock price, with historical range from $1.39 to $23.99 since April 30, 2021[426] - Increased costs and management time required for compliance as a public company[434] - The company is evaluating new rules and regulations and cannot predict the additional costs or timing of such costs[435] - The application of these rules may evolve over time, leading to ongoing uncertainty and higher compliance costs[435] - The company plans to invest resources to comply with evolving laws and regulations[435] - These regulations could delay, defer, or prevent a change of control of the company[435] - The rules may impede mergers, consolidations, takeovers, or other business combinations involving the company[435] - Potential acquirers might be discouraged from making tender offers or attempting to obtain control of the company[435]

Table of Contents (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ D ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Financial Performance - The company incurred a net loss of $53.8 million for the year ended December 31, 2022, with an accumulated deficit of $306.7 million [188]. - As of December 31, 2022, the company had cash and cash equivalents of $129.3 million, which will not be sufficient to complete the development of WTX-124 and WTX-330 [193]. - The company has no products approved for commercial sale and does not expect to generate any revenue from product sales for several years [189]. - The company currently generates no revenue from product sales and does not expect to generate product revenue for many years, if ever [205]. - The company is required to raise at least $50.0 million by September 30, 2023, from equity sales or strategic partnerships to comply with its Loan Agreement [198]. - The company expects to incur increasing expenses and operating losses over the next several years as it pursues clinical development of its product candidates [192]. - The company may need to seek additional financing sooner than planned due to changing circumstances that could cause it to consume capital faster than anticipated [194]. - The company’s ability to raise additional capital may be adversely impacted by worsening global economic conditions, which could limit its operational flexibility [196]. Regulatory and Approval Challenges - The success of the company's business is highly dependent on obtaining regulatory approval and successfully launching its initial product candidates, WTX-124 and WTX-330 [206]. - The FDA approval process for a Biologics License Application (BLA) is expensive, uncertain, and may take several years, with no guarantee of approval [210]. - The company has not previously submitted a BLA to the FDA or similar applications to foreign regulatory authorities, which may impede future approval processes [209]. - The company may face challenges in patient recruitment, trial design revisions, and regulatory compliance, which could delay clinical trials [208]. - The company may need to conduct additional clinical trials or testing, which could lead to increased costs and delays in obtaining marketing approval [226]. - Changes in regulatory requirements, such as the new diversity action plan mandated by FDORA, could impact clinical trial development plans [228]. - The company may need to adapt to changes in FDA guidance following the end of the COVID-19 public health emergency [242]. - The regulatory approval process for product candidates is lengthy, expensive, and uncertain, potentially delaying or preventing commercialization [351]. - The FDA requires extensive preclinical and clinical data to establish safety and efficacy for each therapeutic indication, which can lead to significant delays in approval [352]. - Non-compliance with regulatory requirements could lead to severe penalties, including withdrawal of marketing approvals and damage to reputation [363][372]. Clinical Development Risks - Preclinical and clinical trials are expensive and time-consuming, with high risks of failure at any stage of development [221]. - The company may face substantial delays in clinical trials, which could increase costs and limit revenue generation [224]. - Issues may arise in generating sufficient preclinical or clinical data to obtain regulatory authorizations, potentially delaying trial commencement [225]. - The COVID-19 pandemic has adversely affected clinical trials and may continue to disrupt operations and financial results [240]. - The company is facing delays in clinical trials due to COVID-19 disruptions, impacting supply chains and regulatory approvals [244]. - Delays in patient enrollment for clinical trials could significantly impact development timelines and increase costs [235]. - The development of WTX-124 is ongoing, with trials being conducted both as monotherapy and in combination with Merck's KEYTRUDA [246]. Competition and Market Risks - The company faces substantial competition from established pharmaceutical and biotechnology firms, which may hinder its ability to develop and commercialize products [256]. - The lead product candidate, WTX-124, may face competition from other IL-2 based therapies already on the market [260]. - The potential market sizes for the company's product candidates are difficult to estimate, and inaccuracies in assumptions could lead to smaller actual markets [264]. - Market acceptance of approved products is crucial for commercial success, influenced by factors such as efficacy, safety, and competition from established therapies [270]. Intellectual Property Risks - The company faces risks related to intellectual property, including the ability to obtain and maintain patent protection for its PREDATOR platform and product candidates [292]. - Patent protection may not be sufficiently broad, allowing competitors to develop similar technologies, which could harm the company's competitive advantage [294]. - The company may face challenges in enforcing patent rights, which could allow third parties to commercialize similar products without compensation [300]. - The company may face significant royalty obligations on future product sales, which could hinder profitability [308]. - The company relies on a combination of patents and trade secret protection, but any misappropriation could erode its competitive position [310]. - The strength of the company's patents is uncertain, and challenges to their validity could impact commercialization efforts [313]. - The company may face claims challenging the inventorship or ownership of its patents, which could be expensive and time-consuming to resolve [342]. Manufacturing and Supply Chain Risks - Manufacturing INDUKINE molecules presents significant risks due to their novel class and complexity, which may lead to delays or failures in production [217]. - The company relies on third-party manufacturers, exposing it to risks such as inability to meet drug specifications and quality requirements consistently [286]. - The company has engaged multiple contract manufacturers for drug substance and product manufacturing, which may lead to delays if any CMO fails to meet requirements [284]. - Regulatory compliance is critical, and any failure by contract manufacturers could necessitate costly and time-consuming changes to production processes [285]. - The company relies on contract manufacturers that must meet regulatory requirements, and failure to do so could materially harm the business [374]. Collaboration and Partnership Risks - Collaborations with other companies are part of the strategy to maximize the value of product candidates, with a notable agreement with Jazz Pharmaceuticals in April 2022 [289]. - Collaborators have significant discretion in determining the resources they apply, which may affect the development and commercialization of product candidates [290]. - Collaborations may be terminated, making it more difficult for the company to enter future collaborations or requiring additional capital for product development [298]. Insurance and Liability Risks - The company is exposed to potential product liability claims during clinical trials and post-commercialization, which could significantly impact its financial condition [250]. - The company may need to increase product liability insurance coverage, which could become costly and affect its operations [253].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Transforming Powerful Proinflammatory Mechanisms into novel therapies for cancer patients Corporate Overview August 2022 Cautionary Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding Werewolf Therapeutics, Inc.'s (the "Company") strategy, future operations, prospects, plans, objectives of management, the expected timeline fo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 F ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...