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Werewolf Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Werewolf's financial performance, noting a net loss of $16.7 million for the quarter, compared to a net loss of $8.3 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $12.5 million from $10.8 million in the prior year, driven by increased clinical trial and manufacturing costs for WTX-124 and WTX-330.
General and administrative expenses were $4.6 million, up from $4.3 million, primarily due to increased professional services fees.
Werewolf reported no collaboration revenue for the quarter, a decrease from $5.9 million in the prior year, following the completion of all material performance obligations under its collaboration agreement with Jazz Pharmaceuticals (JAZZ+0.04%).
Interest income for the quarter was $1.6 million, down from $2.0 million, while interest expense increased to $1.2 million from $1.0 million due to higher effective interest rates under a new loan agreement.
The company holds $122.8 million in cash and cash equivalents as of September 30, 2024, and anticipates this will fund operations through at least the second quarter of 2026.
Werewolf continues to focus on the development of its INDUKINE molecules, with ongoing clinical trials for WTX-124 and WTX-330, and preclinical development of WTX-712 and WTX-518.
The filing also highlights risks related to the company's limited operating history, significant operating losses, and the need for additional funding to finance operations and complete development of its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Werewolf Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.