We believe 2H25 expansion cohorts could demonstrate meaningful WTX-124 monotherapy activity and added benefit in combination with pembrolizumab—especially in cutaneous melanoma, where we are particularly encouraged by management's reiteration that they see a path for monotherapy approval. However, the bar for excitement is high—20-30% confirmed overall response rates in 20-30 patients—given persistent investor skepticism toward IO mechanisms. Longer- term, we see potential for masked CD3 T-cell engagers (TCEs) to drive value for Werewolf. We are encouraged by recent progress applying the PREDATOR platform to TCEs, and view STEAP1 as an attractive lead target. We reiterate our Outperform and lower our price target (PT) to $10 (from $12) following updates for 2Q25 results and company guidance.