What move does the options market price into Werewolf Therapeutics's report?

Implied ±29.8%, either direction.

HOWLNasdaqPharmaceutical Preparations

Werewolf Therapeutics, Inc. (HOWL) earnings date, market-implied expected move, and options open interest by expiry

1.07

+0.02 · +2.10%

post 1.08 +0.74%

Closed19:06 ET

Open1.04Volume272,204Mkt cap$51.0MEPS-0.72

Day1.04 – 1.08100%52-wk0.27 – 1.3376%

HOWL

Werewolf Therapeutics, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±29.8%implied · straddle

0.751.39

spot 1.07exp Nov 20ATM strike 1ATM straddle 0.38IV 210%

Nov 3 close

Expected move

Inputs

News

Next report

Last report

−29.44%

shaded = implied · ▲▼ = realized

Jul 31 '26 · confirmed

Implied vs realized

Largest filed tie

—

Supply chain

13F top-10 QoQ

−32.68%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

46 managers

Top fund weight

0.00%

HOWL weight · VTI

N-PORTJun 30 '26

1 fund

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Werewolf Therapeutics (HOWL) is expected to report on Nov 9 before open (estimated date).

Implied vs realized

1 report

—≥ implied

Q2 FY26Jul 31 '26confirmed—▼−29.44%—

quarterimplied−30%0+30%realized×

Q2 FY26—▼−29.44%—

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 2 close

0.00OI · 3 expiries · Nov 2 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

0—Nov 2016d1,000−3%

130%Jan 1572d0.011,5120%0.01

120%Apr 16163d0.026140%0.02

ExpiryPutsCallsP/C

Nov 2016d0—1,000−3%0.00

Jan 1572d130%1,5120%0.01

Apr 16163d120%6140%0.02

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±29.8%

Funds 1

VTI±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

17.48%as filednet margin

Revenue$21M—

Gross profit$21M100.00%—

Operating income$7M34.09%+153.94%

Pre-tax income$4M+127.12%

Net income$4M17.48%+127.12%

Cost of revenue$0—

Operating expenses$14M+4.30%

Other expense−$3M−1236.40%

Source: SEC filings · standardized · QE Jun 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 19:00 ET

Intraday

Event sensitivity

CPROF ×1.47· ±6.8% vs ±4.6% · 12 releases

eventrelease day|move|up · n×base

CPROFcorporate profits±6.8%6 of 12×1.47

CPIconsumer prices±6.8%2 of 10×1.47

GDPgross domestic product±6.6%10 of 19×1.42

PCEpersonal income & outlays±6.4%9 of 19×1.38

NFPjobs report±4.8%5 of 10×1.04

FOMCrate decision±4.8%6 of 24×1.04

PPIproducer prices±4.0%4 of 10×0.85

Bar = avg |move| to ±7% · tick = ±4.6% avg day · ×base = |move| ÷ ±4.6% · min 6 releases

Earnings history

EPS 0.08 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Jul 31 '26 · confirmed	0.08	—
Q1 FY26	—	-0.28	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod