WATERTOWN, Mass. — Biotechnology company Werewolf Therapeutics is vacating its Watertown headquarters as the company continues exploring strategic alternatives amid mounting financial pressures, according to reporting by the Boston Business Journal.
BBJ reported that Werewolf Therapeutics disclosed in a securities filing that it has terminated its lease at 200 Talcott Ave., where the company occupied nearly 26,000 square feet of office and laboratory space. The lease covered the entire building and was originally scheduled to run through May 2030.
According to BBJ, the company will pay a $2.7 million termination fee to the landlord, an affiliate of Alexandria Real Estate Equities.
The move comes as Werewolf continues evaluating options including a merger, sale of assets, licensing agreements, or other strategic transactions. BBJ reported that CEO Dan Hicklin previously stated the company was considering “a business combination or merger, a sale of assets, licensing or collaboration arrangements, or other strategic transactions” as it seeks a path forward.
Founded in 2017, Werewolf Therapeutics has focused on developing therapeutics designed to stimulate the body’s immune system to treat cancer and immune-mediated diseases. The company had been seeking partnership opportunities for its Phase 1 programs, WTX-124 and WTX-330.
As reported by BBJ, the biotech ended the first quarter of 2026 with approximately $46.5 million in cash and cash equivalents, down from $57.1 million at the close of 2025. The company said it plans to provide an updated cash runway estimate in the near future.
BBJ also reported that Werewolf recently announced that Jazz Pharmaceuticals Ireland Ltd. acquired exclusive global development and commercialization rights to JZP898, a program previously licensed by Jazz in 2022. The company additionally repaid obligations owed to K2 HealthVentures LLC under a 2024 loan and security agreement.
The company entered 2026 with 39 full-time employees but reduced its workforce by approximately 64% in February as part of its ongoing strategic review process, according to BBJ.
Werewolf Therapeutics was founded by Hicklin, one of the researchers behind Merck’s blockbuster cancer drug Keytruda. The company emerged from stealth mode in 2019 with $56 million in Series A funding and later raised approximately $120 million through its public offering while headquartered in Cambridge.
BBJ noted that the decision to terminate the Watertown lease early was first reported by Watertown Bio.
