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Werewolf THERAPEUTICS Werewolf Therapeutics Reports Third Quarter 2021 Financial Results and Business Update November 10 , 2021 -Clinical Trial Collaboration with Merck for WTX - 124 INDUKINE Program- -On Track to File Two INDs in First Half of 2022- -- CAMBRIDGE , Mass . , Nov. 10 , 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 September 30 , 2021 . " Werewolf Therapeutics continues to make significant progress advancing and executing across our pipeline and we are on track to file INDs for our two lead INDUKINET product candidates , WTX - 124 and WTX - 330 , in the first half of 2022 , " said Daniel J. Hicklin , Ph.D. , President and Chief Executive Officer of Werewolf . " We have also achieved several important corporate milestones , including the announcement of our clinical trial collaboration and supply agreement with Merck to evaluate WTX - 124 in combination with KEYTRUDAⓇ . " Merck Collaboration : In August 2021 , Werewolf announced its entry into a clinical trial collaboration agreement with Merck , known as MSD outside the United States and Canada , to evaluate WTX - 124 , a systemically - delivered , conditionally activated Interleukin - 2 ( IL - 2 ) INDUKINE product candidate , in combination with KEYTRUDA ( pembrolizumab ) , Merck's anti - PD - 1 ( programmed death receptor - 1 ) therapy . The planned clinical trial will be conducted by Werewolf and is designed to evaluate the safety and preliminary efficacy of WTX - 124 as a monotherapy and in combination with KEYTRUDA in patients with solid tumors . Expanded the Board of Directors : In October 2021 , Werewolf appointed Meeta Chatterjee , Ph.D. , as a member of the Board of Directors . Dr. Chatterjee brings over 30 years of broad strategic and operational experience in pharmaceutical research and development , mergers and acquisition evaluation , in - licensing , and externalization activities . Upcoming preclinical presentations at the 36th Annual Meeting of the Society for Immunotherapy of Cancer ( SITC ) being held November 10-14 , 2021 in Washington , DC : Werewolf will present posters on its lead programs WTX - 124 ( Poster # 718 ) , WTX - 330 ( Poster # 715 ) and WTX - 613 ( Poster # 723 ) describing the design and preclinical evaluation of Werewolf's IL - 2 , IL - 12 and IFN - a INDUKINE ™ molecules . Third Quarter 2021 Financial Highlights • Cash position : As of September 30 , 2021 , cash and cash equivalents were $ 170.4 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 $ 9.8 million for the third quarter of 2021 , compared to $ 4.8 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 $ 4.0 million for the third quarter of 2021 , compared to $ 1.2 million for the same period in 2020. The increase in general and administrative expenses was primarily due to increased personnel , professional services , and other operating costs attributable to operating as a public company . • Net loss : Net loss was $ 13.8 million for the third quarter of 2021 , compared to $ 6.1 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 PREDATOR ™ 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