Werewolf Therapeutics, Inc.

# Signal Note: RA Capital Initiates HOWL Position RA Capital's $4.2M entry into Werewolf Therapeutics signals confidence in the company's engineered cytokine platform for immuno-oncology; Werewolf is advancing interleukin-2 variants designed to activate tumor-infiltrating lymphocytes while minimizing systemic toxicity, with Phase 2 data expected in solid tumors through 2024-2025. The $4.2M position size (~1.4% of outstanding shares at initiation) suggests a measured conviction play rather than a major portfolio commitment, consistent with RA's typical strategy of backing platform technologies with multiple clinical and commercial pathways.