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Werewolf THERAPEUTICS Werewolf Therapeutics Reports Second Quarter 2021 Financial Results and Business Update August 12 , 2021 -- CAMBRIDGE , Mass . , Aug. 12 , 2021 ( 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 , today provided a business update and reported financial results for the quarter ended June 30 , 2021 . " We continue to advance our immuno - oncology R & D organization by adding further expertise with a new Chief Technology Officer and Board member , " said Daniel J. Hicklin , Ph.D. , President and Chief Executive Officer of Werewolf . " Following the successful completion of our IPO in early May , we believe we are well - capitalized to deliver on upcoming key milestones such as filing INDs for our two lead INDUKINE ™ product candidates , WTX - 124 and WTX - 330 , and furthering our efforts towards a safer and highly effective alternative to existing cancer treatments . " Completed Successful Initial Public Offering : Werewolf completed its initial public offering ( " IPO " ) in May 2021. In connection with the offering , the Company issued and sold 7,500,000 shares of common stock at a public offering price of $ 16.00 per share , resulting in net proceeds of approximately $ 109.2 million . Strengthened leadership team : Werewolf appointed Chulani Karunatilake , Ph.D. as Chief Technology Officer in June 2021. Bringing more than 30 years of experience in chemistry and manufacturing process and strategy development , Dr. Karunatilake oversees manufacturing operations in the newly established role . Added expertise to the Board of Directors : Werewolf appointed Mike Sherman as a member of the Board of Directors in May 2021. Currently the Chief Executive Officer of Chimerix , Inc. , Mr. Sherman brings more than 30 years ' experience advancing therapeutics to commercial launch and driving companies to successful operations and strategic transactions . Added to Russell 2000Ⓡ Index : Werewolf was added to the Russell 2000Ⓡ Index at the conclusion of the Russell US Indexes annual reconstitution in late June 2021 . Second Quarter 2021 Financial Highlights • Cash position : As of June 30 , 2021 , cash and cash equivalents increased to $ 183.2 million , compared to $ 92.6 million as of December 31 , 2020. The increase was primarily due to the receipt of $ 109.2 million in net proceeds from the initial public offering completed in May 2021 , offset by operating expenses incurred during the period . Given the strength of its balance sheet , Werewolf expects its existing cash and cash equivalents to enable the funding of its operating expenses and capital expenditure requirements through at least the second quarter of 2023 . • Research and development expenses : Research and development expenses were $ 7.3 million for the second quarter of 2021 , compared to $ 3.8 million for the same period in 2020. The increase in research and development expenses was primarily due to increased manufacturing , contract research organization , and personnel expenses incurred to advance the Company's product candidates WTX - 124 , WTX - 330 and WTX - 613 and expand research and development activities . • General and administrative expenses : General and administrative expenses were $ 3.7 million for the second quarter of 2021 , compared to $ 1.3 million for the same period in 2020. The increase in general and administrative expenses was primarily due to increased personnel , recruiting , and other operating costs attributable to operating as a public company . • Net loss : Net loss was $ 10.9 million for the second quarter of 2021 , compared to $ 2.3 million for the same period in 2020 . About Werewolf Therapeutics : Werewolf Therapeutics , Inc. is an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body's immune system for the treatment of cancer . We are leveraging our proprietary PREDATORTM platform to design conditionally activated molecules that stimulate both adaptive and innate immunity with the goal of addressing the limitations of conventional proinflammatory immune therapies . Our INDUKINE ™ molecules are intended to remain inactive in peripheral tissue yet activate selectively in the tumor microenvironment . Our most advanced product candidates , WTX - 124 and WTX - 330 , are systemically delivered , conditionally activated Interleukin - 2 ( IL - 2 ) , and Interleukin - 12 ( IL - 12 ) INDUKINE molecules , respectively , for the treatment of solid tumors . We are continuing preclinical studies for both WTX - 124 and WTX - 330 and expect to advance each candidate in multiple tumor types as a single agent and in combination with an immune checkpoint inhibitor . Cautionary Note Regarding Forward - Looking Statements This press release contains forward - looking statements that involve substantial risk and uncertainties . All statements , other than statements of historical facts , contained in this press release , including statements regarding Werewolf's strategy , future operations , prospects , plans , objectives of management , the expected timeline for submitting investigational new drug applications and its sufficiency of its cash resources constitute forward- looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words " aim , " " anticipate , ” “ believe , ” “ continue , "