Werewolf Therapeutics is a clinical-stage biopharmaceutical company developing conditionally activated immunotherapy drugs for cancer. The core technology, called the PREDATOR platform, engineers drugs to behave as inactive prodrugs in the bloodstream but activate selectively inside tumors, where tumor-specific enzymes cleave a proprietary linker and release the active drug in the tumor microenvironment. This approach aims to capture the anti-tumor effects of cytokines and T cell engagers while avoiding the severe systemic toxicities that have historically limited these drug classes. Werewolf has no approved products and no commercial revenue. The lead program, WTX-124, is a conditionally activated IL-2 prodrug in Phase 1/1b trials for advanced solid tumors; it showed a 21% objective response rate as a monotherapy in heavily pretreated melanoma patients with no vascular leak syndrome, the toxicity that limits approved IL-2 therapy. WTX-330, a conditionally activated IL-12 prodrug, is in Phase 1b/2 trials and has shown early tolerability. Werewolf also has preclinical INDUKINE and INDUCER (T cell engager) candidates, and one out-licensed program with Jazz Pharmaceuticals. The company funds operations through equity raises and partnership payments. As of early 2026, Werewolf cut 64% of its workforce and initiated a formal strategic review with Piper Sandler as advisor, signaling it is pursuing a sale, merger, or licensing transaction rather than continuing independent development.