Werewolf Therapeutics Initiates Review of Strategic Alternatives to Maximize Shareholder Value

Watertown, MA, February 24, 2026 — Werewolf Therapeutics, Inc. (Nasdaq: HOWL), a clinical-stage biopharmaceutical company pioneering immune-stimulating therapies for cancer and immune-mediated diseases, has announced a significant and potentially price-sensitive corporate development: the initiation of a formal process to explore a range of strategic alternatives to maximize shareholder value. The company has engaged Piper Sandler & Co. as its exclusive financial advisor to assist in this strategic review.

Key Points from the Announcement

• Strategic Alternatives Under Consideration: Werewolf Therapeutics is evaluating a full spectrum of possibilities, including but not limited to:
  • The sale of the company
  • A business combination or merger
  • Sale of specific assets
  • Licensing or collaboration arrangements
  • Other strategic transactions
• Financial Advisors Engaged: Piper Sandler & Co. will serve as the exclusive financial advisor guiding this process.
• Objective: The stated goal is to advance Werewolf’s promising platform and drug development pipeline while maximizing shareholder value.
• No Timeline or Assurance: There is no defined timeline for the completion of this process, and there is no assurance that any transaction will be announced or completed. Werewolf’s Board will only provide further updates when and if a specific action is approved or further disclosure becomes necessary.

Relevance and Potential Share Price Impact

• Shareholder Considerations: The strategic review process is potentially price sensitive and could significantly impact the company’s valuation and share price, depending on the outcome (e.g., acquisition, asset sale, or partnership).
• No Guarantees: Investors should note the company’s explicit warning that the process may not lead to any agreement or transaction, and no commitment is being made regarding its outcome.

Company Background and Pipeline Details

Werewolf Therapeutics is at the forefront of developing conditionally activated immune therapies. Its proprietary PREDATOR® platform underpins two main platforms:

• INDUKINE™ Molecules: These are designed to remain inactive in peripheral tissue and activate selectively in the tumor microenvironment, aiming to overcome limitations of conventional proinflammatory immune therapies.
  • WTX-124: A systemically delivered, conditionally activated Interleukin-2 (IL-2) INDUKINE molecule for solid tumors.
  • WTX-330: A systemically delivered, conditionally activated Interleukin-12 (IL-12) INDUKINE molecule for solid tumors.
• INDUCER™ Molecules: Built on the same masking and linker technology as INDUKINE, these are furthering Werewolf’s pipeline.
  • WTX-1011: Targets STEAP1 for prostate cancer.
  • Second INDUCER candidate: Targets CDH6 for ovarian and kidney cancer.

Forward-Looking Statements and Risks

As with any process of this nature, Werewolf cautions investors that all forward-looking statements are subject to risks and uncertainties. These include, but are not limited to, the unpredictable nature of research and clinical trial outcomes, funding availability, and the risk that no transaction may ultimately occur. Investors are advised to review the company’s risk disclosures in its most recent SEC filings for a comprehensive understanding of these risks.

Contact Information

Company Contact:
Steven Bloom, Chief Business Officer
Email: [email protected]

Piper Sandler Contacts:
Peter Day, Managing Director – [email protected]
Michael Burton-Williams, Executive Director – [email protected]

Investor Contact:
Dan Ferry, LifeSci Advisors – 617.430.7576 – [email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence and consult with a qualified financial advisor before making any investment decisions. The information is based on company statements and the situation may change without notice. Werewolf Therapeutics makes no commitment to update forward-looking statements unless required by law.

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