Estados financieros detallados de Werewolf Therapeutics, Inc. (HOWL): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 86.4%, margen operativo -121.8%, margen neto -164.8%.
Al precio actual de $0.92, HOWL presenta beneficios negativos (P/E no significativo) y un ROE del -245.20%. La capitalización bursátil es de $45M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $16.4M | $19.9M | $1.9M | 0 |
| Coste de Ventas | $463000 | $777000 | 0 | $2.5M | $1.8M | $1.8M | $1.6M |
| Beneficio Bruto | -$463000 | -$777000 | 0 | $13.9M | $18.2M | $71000 | -$1.6M |
| I+D | $6.3M | $16.6M | $35.3M | $53.8M | $41.8M | $56.4M | $44.8M |
| Generales y Administrativos | $3.6M | $5.8M | $14.8M | $21.5M | $18.7M | $19.0M | $15.8M |
| Gastos Operativos | $9.9M | $21.6M | $50.1M | $69.9M | $58.7M | $73.7M | $59.0M |
| Beneficio Operativo | -$9.9M | -$22.4M | -$50.1M | -$56.1M | -$40.5M | -$73.6M | -$60.7M |
| EBITDA | -$9.4M | -$14.3M | -$49.8M | -$51.3M | -$32.5M | -$64.0M | -$53.9M |
| Gastos por Intereses | $372000 | 0 | 0 | 0 | $3.1M | $4.7M | $5.3M |
| Beneficio Antes de Impuestos | -$10.2M | -$15.0M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$11.0M | -$14.9M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M |
| BPA | $-0.38 | $-0.98 | $-10.94 | $-1.86 | $-1.05 | $-1.63 | $-1.32 |
| BPA Diluido | $-0.38 | $-0.98 | $-10.94 | $-1.86 | $-1.05 | $-1.63 | $-1.33 |
| Acciones en Circulación (Diluidas) | $28.7M | $28.7M | $18.5M | $28.9M | $35.6M | $43.9M | $46.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | $21.0M |
| Beneficio Bruto | 0 | 0 | -$398000 | $18.5M |
| Beneficio Operativo | -$15.7M | -$9.4M | -$9.0M | $8.5M |
| EBITDA | -$14.6M | -$6.6M | -$11.8M | $11.0M |
| Beneficio Neto | -$16.4M | -$8.4M | -$13.5M | $3.7M |
| BPA | $-0.36 | $-0.17 | $-0.28 | $0.08 |
| BPA Diluido | $-0.36 | $-0.17 | $-0.28 | $0.08 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $17.9M | $92.6M | $157.5M | $129.3M | $134.3M | $111.0M | $58.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $6.9M | $1.4M | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $18.1M | $92.9M | $161.1M | $140.2M | $138.4M | $113.1M | $58.6M |
| Inmovilizado Material | $3.4M | $3.1M | $16.3M | $17.5M | $14.8M | $12.3M | $9.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $21.7M | $96.4M | $179.2M | $160.2M | $174.8M | $126.9M | $69.4M |
| Cuentas por Pagar | $633000 | $1.0M | $2.0M | $1.2M | $1.3M | $3.0M | $754000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | $6.7M | 0 | $1.8M |
| Pasivos Corrientes | $2.0M | $5.3M | $11.9M | $24.0M | $19.4M | $15.2M | $36.1M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $32.7M | $26.1M | 0 |
| Pasivos Totales | $11.9M | $7.2M | $26.5M | $37.9M | $63.5M | $53.5M | $44.6M |
| Reservas | -$24.4M | -$51.9M | -$252.9M | -$306.7M | -$344.1M | -$414.6M | -$475.4M |
| Patrimonio Neto | $9.8M | $89.2M | $152.8M | $122.3M | $111.4M | $73.4M | $24.8M |
| Deuda Total | $3.1M | $2.5M | $15.7M | $14.7M | $51.9M | $37.1M | $9.4M |
| Deuda Neta | -$14.8M | -$90.0M | -$141.9M | -$114.6M | -$82.4M | -$73.9M | -$48.5M |
| Capital Circulante | $16.0M | $87.6M | $149.2M | $116.2M | $119.0M | $97.9M | $22.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $65.7M | $57.0M | $46.5M | $22.0M |
| Activos Totales | $79.6M | $69.4M | $58.0M | $24.2M |
| Pasivos Totales | $50.0M | $44.6M | $45.8M | $7.9M |
| Patrimonio Neto | $29.6M | $24.8M | $12.2M | $16.3M |
| Deuda Total | $37.3M | $37.7M | $37.7M | 0 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$10.2M | -$15.0M | -$50.0M | -$53.8M | -$37.4M | -$70.5M | -$60.8M |
| Amortizaciones | $25000 | $150000 | $216000 | $1.1M | $1.8M | $1.8M | $1.6M |
| Compensación en Acciones | $559000 | $632000 | $4.1M | $7.4M | $8.0M | $8.8M | $6.2M |
| Cambio en Capital Circulante | -$711000 | $1.9M | $2.3M | $2.5M | -$5.9M | $2.5M | -$8.2M |
| Flujo de Caja Operativo | -$9.5M | -$18.6M | -$42.9M | -$40.6M | -$32.6M | -$56.2M | -$60.3M |
| Inversiones (CapEx) | -$266000 | -$560000 | -$498000 | -$3.6M | -$769000 | -$254000 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$9.8M | -$19.2M | -$43.4M | -$44.2M | -$33.4M | -$56.4M | -$60.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$15.2M | -$11.0M | -$10.6M | $6.6M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$15.2M | -$11.0M | -$10.6M | $6.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.2M | $1.2M | $929000 | $419000 |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | +21.6% | -90.5% | -100.0% |
| Crecimiento Beneficio Neto (anual) | | -35.9% | -234.6% | -7.7% | +30.6% | -88.7% | +13.7% |
| Crecimiento BPA (anual) | | -157.9% | -1016.3% | +83.0% | +43.5% | -55.2% | +19.0% |
| Cambio en Acciones (anual) | | +0.0% | -35.6% | +56.4% | +23.5% | +23.0% | +6.7% |
| Crecimiento FCF (anual) | | -95.6% | -126.1% | -1.9% | +24.5% | -69.1% | -6.8% |
| Margen Bruto | | | | 84.7% | 91.2% | 3.8% | |
| Margen Operativo | | | | -341.8% | -203.1% | -3904.2% | |
| Margen EBITDA | | | | -312.8% | -162.8% | -3397.6% | |
| Margen Neto | | | | -328.1% | -187.4% | -3740.8% | |
| Margen FCF | | | | -269.5% | -167.4% | -2994.3% | |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.34 | $-0.67 | $-2.35 | $-1.53 | $-0.94 | $-1.29 | $-1.29 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $28.7M | $28.7M | $18.5M | $28.9M | $35.6M | $43.3M | $46.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -245.20% |
| Rentabilidad sobre capital invertido | -173.37% |
| Rentabilidad sobre activos | -87.64% |
| Margen bruto | 86.43% |
| Margen operativo | -121.78% |
| Margen neto | -164.82% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.91 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -11.70 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -42.37 | -16.43 | -1.09 | -1.10 | -3.68 | -0.91 | -0.48 |
| P/VC | 47.24 | 5.17 | 1.44 | 0.48 | 1.24 | 0.87 | 1.18 |
| P/V | 0.00 | 0.00 | 0.00 | 3.61 | 6.90 | 34.02 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 84.7% | 91.2% | 3.8% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -341.8% | -203.1% | -3904.2% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -328.1% | -187.4% | -3740.8% | 0.0% |