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 ...

Revenue and Collaboration Agreements - The company has not generated any revenue from product sales to date, but recognized $4.1 million in revenue related to a Collaboration Agreement for the six months ended June 30, 2022[102]. - The company received an upfront payment of $15.0 million in April 2022 under a collaboration agreement with Jazz Pharmaceuticals, with potential milestone payments of up to $520.0 million[94]. - The company received an upfront payment of $15.0 million in April 2022 under a Collaboration Agreement with Jazz, with potential additional milestone payments totaling up to $1.26 billion[124]. - Collaboration revenue for the three months ended June 30, 2022, was $4.1 million, unchanged from 2021[112]. Financial Performance and Expenses - As of June 30, 2022, the company had an accumulated deficit of $282.8 million, with expectations of continued substantial and increasing expenses and net losses in the foreseeable future[96]. - Total operating expenses for the three months ended June 30, 2022, increased to $19.1 million from $11.0 million in 2021, representing an increase of $8.2 million[112]. - Research and development expenses for the three months ended June 30, 2022, were $13.9 million, up from $7.3 million in 2021, an increase of $6.6 million[113]. - General and administrative expenses for the three months ended June 30, 2022, were $5.2 million, compared to $3.7 million in 2021, an increase of $1.5 million[116]. - Net loss for the three months ended June 30, 2022, was $14.6 million, compared to a net loss of $10.9 million in 2021, an increase of $3.7 million[112]. - For the six months ended June 30, 2022, total operating expenses were $34.5 million, up from $18.4 million in 2021, an increase of $16.1 million[118]. - Research and development expenses for the six months ended June 30, 2022, were $24.8 million, compared to $12.1 million in 2021, an increase of $12.8 million[119]. - General and administrative expenses for the six months ended June 30, 2022, were $9.7 million, compared to $6.3 million in 2021, an increase of $3.3 million[121]. - The company has incurred an accumulated deficit of $282.8 million through June 30, 2022, and expects to continue incurring substantial and increasing expenses and net losses for the foreseeable future[133]. Cash Flow and Funding - Existing cash and cash equivalents of $145.7 million are expected to fund operations through at least the fourth quarter of 2023, but this estimate is based on assumptions that may prove incorrect[134]. - Net cash used in operating activities for the six months ended June 30, 2022, was $14.3 million, a decrease of approximately $3.5 million compared to $17.8 million for the same period in 2021[139]. - Net cash provided by financing activities for the six months ended June 30, 2022, was $3.6 million, a significant decrease of $106.1 million compared to $109.7 million for the same period in 2021[141]. - The company has financed operations primarily through proceeds from convertible promissory notes and equity securities, raising a total of $109.2 million from its IPO[95]. - The company will require further funding to complete the development of WTX-124, WTX-330, or any other product candidate[136]. Research and Development Plans - The company expects research and development expenses to continue to increase substantially as it initiates and progresses clinical trials for WTX-124 and WTX-330[106]. - External development costs for the six months ended June 30, 2022, totaled $14.3 million, compared to $7.0 million for the same period in 2021, indicating a significant increase in R&D spending[106]. - The company plans to initiate a Phase 1/1b clinical trial for WTX-124 and submit an IND for WTX-330 in the second half of 2022[93]. - The company plans to increase research and development expenses as it continues preclinical and clinical development of product candidates[132]. - The company may consider entering into collaboration arrangements or selectively partnering for clinical development and commercialization[137]. Operational Challenges - The company has not experienced material financial statement impacts from the COVID-19 pandemic to date, but the future impact remains uncertain[100]. - The company expects general and administrative expenses to increase in the future due to an increase in personnel headcount to support research and development activities[109]. - The company expects to face inflationary pressures that could adversely affect its operations in the future[132]. Deferred Revenue and Lease Obligations - As of June 30, 2022, the company had $13.1 million in deferred revenue, classified as current or net of current portion[102]. - Total estimated base rent payments over the remaining term of the lease for office and laboratory space are approximately $18.9 million[145]. - The net cash used in investing activities for the six months ended June 30, 2022, was $1.1 million, compared to nearly zero for the same period in 2021, primarily due to cash paid for leasehold improvements[140].

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 ...

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, 2021 Delaware 82-3523180 (State or other jurisdiction of incorporation or organization) 1030 ...

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