HOWL: financial statements from SEC

Income statement

Metric	31/12/2025	31/12/2024
Research and development	45M	56M
Selling, general and administrative	16M	19M
Operating expenses	61M	75M
Operating income	−61M	−74M
Net income	−61M	−71M
Earnings per share	−1.32	−1.63
Earnings per share, diluted	−1.33	−1.63
Weighted average shares	46M	43M
Weighted average shares, diluted	47M	44M

Metric	31/03/2026	31/12/2025	30/09/2025	30/06/2025	31/03/2025	31/12/2024	30/09/2024	30/06/2024
Cash and equivalents	46M	57M	66M	78M	92M	111M	123M	135M
Current assets	49M	59M	68M	80M	94M	113M	126M	139M
Property, plant and equipment	4M	5M	5M	5M	6M	6M	7M	7M
Total assets	58M	69M	80M	93M	107M	127M	140M	154M
Current liabilities	39M	36M	18M	15M	12M	15M	12M	11M
Total liabilities	46M	45M	50M	51M	50M	54M	51M	50M
Equity	12M	25M	30M	41M	57M	73M	89M	104M
Shares outstanding	49M	49M	47M	45M	45M	45M	44M	44M
Shares issued	49M	49M	47M	45M	45M	45M	44M	44M

Metric	31/12/2025	31/12/2024
Operating cash flow	−60M	−56M
Depreciation and amortisation	2M	2M
Share-based compensation	6M	9M
Capital expenditure	0	254,000
Investing cash flow	0	−254,000
Financing cash flow	6M	13M