<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-04-27</periodOfReport>

    <issuer>
        <issuerCik>0001785530</issuerCik>
        <issuerName>Werewolf Therapeutics, Inc.</issuerName>
        <issuerTradingSymbol>HOWL</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001134657</rptOwnerCik>
            <rptOwnerName>EVNIN LUKE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O MPM BIOIMPACT LLC</rptOwnerStreet1>
            <rptOwnerStreet2>399 BOYLSTON STREET, SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>1</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-04-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>53940</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.85</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2105920</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-04-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>95412</value>
                    <footnoteId id="F6"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.73</value>
                    <footnoteId id="F7"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2010508</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-04-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>56559</value>
                    <footnoteId id="F9"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.69</value>
                    <footnoteId id="F10"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1953949</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Transaction effected pursuant to a plan established pursuant to Rule 10b5-1 dated March 26, 2026.</footnote>
        <footnote id="F2">The shares were sold as follows: 5,779 by MPM Asset Management LLC (&quot;AM LLC&quot;), 36,488 by MPM BioVentures 2014, L.P. (&quot;BV 2014&quot;), 2,434 by MPM BIoVentures 2014(B), L.P. (&quot;BV 2014(B)&quot;), 1,256 by MPM Asset Management Investors BV2014 LLC (&quot;AM BV2014&quot;) and 7,983 by MPM Oncology Innovations Fund, L.P. (&quot;MPM OIF&quot;).</footnote>
        <footnote id="F3">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.818 to $0.8788 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F4">MPM BioVentures 2014 GP LLC and MPM BioVentures 2014 LLC (&quot;BV LLC&quot;) are the direct and indirect general partners of BV 2014 and BV 2014(B). BV LLC is the manager of AM BV2014. MPM Oncology Innovations Fund GP LLC (&quot;MPM OIF GP&quot;) is the general partner of MPM OIF. Luke Evnin is a member of AM LLC, a Managing Director of BV LLC and a manager of MPM OIF GP. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F5">The shares are held as follows: 225,629 by AM LLC, 1,424,566 by BV 2014, 95,016 by BV 2014(B), 49,033 by AM BV2014 and 311,676 by MPM OIF.</footnote>
        <footnote id="F6">The shares were sold as follows: 10,223 by AM LLC, 64,541 by BV 2014, 4,305 by BV 2014(B), 2,222 by AM BV2014 and 14,121 by MPM OIF.</footnote>
        <footnote id="F7">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.673 to $0.82 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F8">The shares are held as follows: 215,406 by AM LLC, 1,360,025 by BV 2014, 90,711 by BV 2014(B), 46,811 by AM BV2014 and 297,555 by MPM OIF.</footnote>
        <footnote id="F9">The shares were sold as follows: 6,060 by AM LLC, 38,259 by BV 2014, 2,552 by BV 2014(B), 1,317 by AM BV2014 and 8,371 by MPM OIF.</footnote>
        <footnote id="F10">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.68 to $0.75 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F11">The shares are held as follows: 209,346 by AM LLC, 1,321,766 by BV 2014, 88,159 by BV 2014(B), 45,494 by AM BV2014 and 289,184 by MPM OIF.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Luke Evnin</signatureName>
        <signatureDate>2026-04-29</signatureDate>
    </ownerSignature>
</ownershipDocument>