Werewolf Therapeutics and Ambros Therapeutics Announce Merger Agreement and Concurrent Oversubscribed $150 Million Private Placement

The companies announced the definitive agreement on August 21, 2026. The transaction is structured as an all-stock combination, and the post-merger company is expected to operate as Ambros Therapeutics from San Diego while focusing on neridronate development in Complex Regional Pain Syndrome Type 1, also known as Reflex Sympathetic Dystrophy.

The concurrent private placement is described as oversubscribed and totals $150 million. That financing supplies capital around the merger, but the available announcement does not specify the purchase price, share count, ownership split or other terms needed to quantify dilution for Werewolf holders.

The next trading catalysts are the detailed merger documents, closing conditions and the financing terms. Clinical milestones for the neridronate program will also determine whether the newly combined company can convert the capital raise into evidence of progress; the announcement does not provide a trial timeline or efficacy data.