Werewolf Therapeutics, Inc. · NASDAQ:HOWL
Werewolf Therapeutics — Merger or Acquisition (August 2026)
24 slides from Werewolf Therapeutics's merger presentation, Aug 21, 2026
Slide 1: Corporate Presentation August 2026
Corporate Presentation August 2026 Exhibit 99.2
Slide 2: Disclaimer and forward-looking statements
This presentation and the accompanying slides (this “Presentation”) have been prepared by Ambros Therapeutics, Inc. (“Ambros”) for informational purposes only, and shall not form the basis for, or be relied on in connection with, any investment decision. This Presentation has been prepared based on
Slide 3: Neridronate potential first FDA-approved medicine for CRPS-1
Neridronate has the potential to become the first and only FDA-approved medicine for Complex Regional Pain Syndrome Type 1 (CRPS-1) CRPS-1 Rare Disease Burden Severely painful and debilitating condition following injury Long-lasting disability; may become permanent No FDA-approved medicines; current
Slide 4: Experienced Leadership Team
Backed by leading investors and partners: Experienced Leadership Team Keith Katkin Chairman CEO of Urovant CEO of Avanir Pharmaceuticals Board of Directors at Eledon Pharmaceuticals (chairman)*, Emergent BioSolutions*, and Syndax Pharmaceuticals* Jay Hagan President & CEO CEO of Regulus Therapeutics
Slide 5: CRPS-1 is an orphan disease with ~65,000 new patients yearly
CRPS-1 is an orphan disease with ~65,000 newly diagnosed individuals each year in the U.S2 CRPS-1 is a progressive, debilitating orphan disease typically triggered by injury or trauma, such as bone fractures or limb surgeries Considered among the most painful of all known diseases with high unmet ne
Slide 6: CRPS-1 progresses through stages of increasing severity
CRPS-1 progresses through stages of increasing severity post-injury ~50% of patients in the U.S. are currently diagnosed within first 6 months of symptom onset1 Stage 1: “Warm” Phase (typically 0-12 months post-injury)2 Burning pain, allodynia, hyperalgesia Increased warmth and redness in the affect
Slide 7: Neridronate is a differentiated bisphosphonate approved in Italy
Neridronate is a differentiated bisphosphonate approved in Italy for the treatment of several bone disorders including CRPS1 Developed by Abiogen Pharma S.p.A. under the trade name NERIXIA® Approved in Italy for the treatment of Osteogenesis Imperfecta, Paget’s Disease, and CRPS1 We have licensed co
Slide 8: Neridronate concentrates at the site of injury in warm phase
Derived from: Varenna M. Bisphosphonates beyond their anti-osteoclastic properties The lesson of complex regional pain syndrome. Rheumatology 2014;53:965-7. Slide represents proposed disease processes and mechanism of action of neridronate. IL-6: Interleukin 6. TNF: Tumor necrosis factor. NGF: Nerve
Slide 9: Abiogen NERIAS Phase 3 study
100 mg neridronate or placebo administered intravenously (IV) on days 1, 4, 7, and 10* Primary endpoint of pain intensity assessed by visual analog scale (VAS, range 0-100 mm) at day 40 Open-label placebo cross-over phase after 10-day washout Key inclusion criteria: Confirmed diagnosis of CRPS-1 No
Slide 10: NAIMES achieved primary endpoint; durable effects
NAIMES achieved primary endpoint measured at Day 30: 65.9% of neridronate-treated versus 29.7% on placebo achieved at least a 50% improvement in pain (p=0.0017) Following completion of the double-blind portion of the Phase 3 IM study, placebo participants were treated with 400 mg IV neridronate (4 d
Slide 11: Neridronate generally well-tolerated across trials
Neridronate has been generally well-tolerated across all clinical trials and in post-marketing experience The safety profile of neridronate in CRPS is consistent with the safety profiles of other IV bisphosphonates given over a short term despite higher doses used for neridronate in CRPS Acute Phas
Slide 12: Ongoing pivotal Phase 3 study (CRPS-RISE)
Ongoing pivotal Phase 3 study (CRPS-RISE) builds on successful Abiogen program Key Eligibility CRPS-1 diagnosed per clinical Budapest criteria A known precipitating event (e.g., sprain, fracture, contusion) CRPS duration ≤6 months Moderate-severe pain >4 on 11-point NRS (average weekly) Precision me
Slide 13: Neridronate Key Highlights
Dose selected: short, fixed treatment course Clinically meaningful efficacy demonstrated in prior Abiogen Phase 3 trials Durable, potentially disease-modifying treatment effects Generally well-tolerated across clinical trials Post marketing experience with 600,000+ patients in Italy1 Breakthrough Th
Slide 14: First-in-class therapy with large U.S. market opportunity
Neridronate is a potentially first-in-class therapy for CRPS-1 with a large U.S. market opportunity 1 Opportunity to establish standard of care No FDA-approved pharmacological therapies; current options limited, lack efficacy, costly, and complex Potentially disease-modifying mechanism Lowers risk o
Slide 15: Initial addressable market considerations
Initial addressable market considerations ~65,000 newly diagnosed CRPS-1 patients annually in the U.S.1 ~50% CRPS-1 patients currently diagnosed within 6 months2 ~85% Proportion of CRPS-1 patients diagnosed within 6 months with warm-phase features/symptoms3 ~85% Proportion of TPBS positivity rate in
Slide 16: Pain specialists are primary prescribers
Pain specialists are the primary prescribers, supported by a referral network with hand and foot specialists We plan to establish targeted specialty sales force to reach the majority of U.S. CRPS-1 patients ~65% of CRPS-1 diagnoses come from four specialties1 Key prescribers concentrated in pain (~6
Slide 17: Neridronate protected through IP and high barrier to entry
Neridronate protected through IP and high barrier to entry U.S. market exclusivity Methods for patient selection patent granted (exp. 2045) Polymorph patent issued (exp. 2039 + PTE) 7 year Orphan exclusivity; potential 6-month pediatric exclusivity Limitations of other bisphosphonates Differentiated
Slide 18: Strong Capital Position and key milestones through 2028
Strong Capital Position ~$104M in cash, cash equivalents, and short-term investments as of 6/30/20261 FDA engagement on incorporating interim analysis in CRPS-RISE First Patient Enrolled in Pivotal CRPS-RISE Trial (June 2026) 2028 Pivotal CRPS-RISE Topline Data Readout Neridronate NDA Submission 1H2
Slide 19: Neridronate potential first FDA-approved medicine for CRPS-1
Neridronate has the potential to become the first and only FDA-approved medicine for Complex Regional Pain Syndrome Type 1 (CRPS-1) CRPS-1 Rare Disease Burden Severely painful and debilitating condition following injury Long-lasting disability; may become permanent No FDA-approved medicines; current
Slide 20: Appendix
Appendix =
Slide 21: Abiogen NAIMES Phase 3 study with IM neridronate
Abiogen NAIMES Phase 3 study with neridronate administered IM **************** Varenna M er al. Intramuscular neridronate for the treatment of complex regional pain syndrome type 1: a randomized, double-blind, placebo-controlled study. Ther Adv Musculoskelet Dis. 2021 Jun 11;13:1759720X211014020. Ra
Slide 22: Utility of triple-phase bone scan as precision medicine tool
Utility of triple-phase bone scan (TPBS) as a “precision medicine” tool in CRPS-1 TPBS is an imaging procedure that uses a radiolabeled bisphosphonate (BP) and specialized camera to assess bone involvement BPs bind to hydroxyapatite, a calcium mineral exposed during the warm phase of CRPS-11 Qualita
Slide 23: Grünenthal licensed neridronate and ran two Phase 3 trials
In 2013, Grünenthal licensed rights to neridronate and ran two global Phase 3 clinical trials1 Positive Grünenthal study was driven by subset of participants with CRPS-1 and warm subtype findings at baseline Ambros is building on the successful Abiogen studies in warm phase CRPS-1 Enrolled all CRPS
Slide 24: Post-hoc analyses by baseline warm subtype
Baseline pain was similar across all groups in the post-hoc analyses shown on this slide We believe a precision medicine approach that targets the right treatments to the right patients at the right time is warranted This post hoc subgroup analysis across 3 Phase 3 trials suggests that neridronate s
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