Whitehawk Therapeutics, Inc.

Listed Company

WHWKCIK 0001422142NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$7.14M

Net Income

$-20.60M

Total Assets

$150.83M

Equity

$136.31M

Shares Out

47.20M

Op. Cash Flow

$-97.43M

Business

Whitehawk Therapeutics, Inc. is a preclinical‑stage biopharmaceutical company focused on developing next‑generation antibody‑drug conjugates (ADCs) leveraging in‑licensed technologies. It develops a portfolio of three ADC product candidates constructed with Hangzhou DAC’s CPT113 linker‑payload and novel antibodies, conducts preclinical research and IND‑enabling activities, and manages licensing, R&D and collaborations. Operations are organized as a single research and development segment following divestiture of its prior commercial product FYARRO, with activities spanning discovery, CMC, preclinical studies and regulatory filings. It holds global development and commercialization rights under a license with WuXi Biologics and relies on third‑party CROs, CMOs and commercial partners for manufacturing, clinical development and market access across the United States and internationally.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	7	26	24	15	14
Selling, general and administrative	30	37	45	40	19
Research and development	91	51	49	33	20
Restructuring charges	0	3	0	—	—
Cost of goods sold	760,000	3	3	1	0
Total operating expenses	122	93	96	78	112
Loss from operations	−114	−67	−72	−63	−111
Gain on sale of business	87	0	—	—	—
Foreign exchange gain (loss)	5,000	−4,000	−1,000	0	—
Other income	302,000	0	—	—	—
Interest income	6	4	6	2	13,000
Interest expense	0	−154,000	−231,000	—	—
Total other income (expense), net	94	4	6	2	1
Loss before income tax expense	−21	−64	−66	−61	−110
Income tax expense	0	0	0	0	−2,000
Net loss	−21	−64	−66	−61	−110
Unrealized gain (loss) on investments, net of tax	104,000	−11,000	—	—	—
Comprehensive loss	−20	−64	−66	−61	−111
Net loss per share, basic (in dollars per share)	−0.33	−2.36	−2.44	−2.69	−12.41
Net loss per share, diluted (in dollars per share)	−0.33	−2.36	−2.44	−2.69	−12.41
Weighted average number of common shares outstanding, basic (in shares)	62	27	27	23	9
Weighted average number of common shares outstanding, diluted (in shares)	62	27	27	23	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	38	29	63	39	149
Short-term investments	108	19	46	134	0
Accounts receivable, net	0	6	5	2	0
Inventory	0	5	6	2	0
Prepaid expenses and other current assets	3	3	4	4	2
Total current assets	149	61	125	180	151
Property and equipment, net	3,000	7	5	508,000	57,000
Operating lease right-of-use assets	0	787,000	1	2	557,000
Other assets	2	1	2	2	2
Total assets	151	70	132	184	158
Accounts payable	917,000	2	6	4	6
Accrued liabilities	14	15	14	15	9
Operating lease liabilities, current portion	0	268,000	434,000	394,000	131,000
Total current liabilities	15	17	26	19	15
Operating lease liabilities, net of current portion	0	565,000	833,000	1	474,000
Other liabilities	0	202,000	0	—	—
Total liabilities	15	18	27	26	22
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value, 300,000,000 shares authorized; 47,145,719 and 24,680,708 shares issued and outstanding as of December 31, 2025 and 2024 respectively	4,000	2,000	2,000	2,000	2,000
Additional paid-in capital	489	385	374	362	279
Accumulated other comprehensive income	120,000	16,000	27,000	−115,000	0
Accumulated deficit	−353	−333	−269	−203	−143
Total stockholders equity	136	52	105	158	136
Total liabilities and stockholders equity	151	70	132	184	158

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	10	11	12	10	2
Amortization of premiums and discounts on short-term investments, net	−2	−1	−3	—	—
Non-cash lease expense	74,000	460,000	461,000	382,000	171,000
Depreciation and amortization expense	79,000	193,000	169,000	159,000	105,000
Accounts receivable	−1	−415,000	−4	−2	14
Inventory	170,000	1	−3	−2	0
Prepaid expenses and other current assets	−434,000	3	4	−1	−2
Other non-current assets	−438,000	518,000	518,000	437,000	481,000
Operating lease liabilities, net	−89,000	−512,000	−502,000	−291,000	−129,000
Accounts payable and accrued liabilities	4	−10	−132,000	3	8
Other liabilities	−202,000	202,000	0	0	−8
Net cash used in operating activities	−97	−60	−60	−50	−22
Proceeds from sale of business, net cash, cash equivalents, and restricted cash	101	0	—	—	—
Purchases of property and equipment	−552,000	−2	−4	−444,000	−46,000
Purchases of short-term investments	−149	−36	−64	−145	—
Maturities of short-term investments	60	63	152	13	0
Net cash provided by investing activities	12	25	83	−133	25
Proceeds from sale of common stock and prefunded warrants in PIPE financing	100	0	0	73	0
Payment of PIPE financing related transaction costs	−6	0	0	−322,000	−10
Issuance of common stock upon exercise of stock options	26,000	0	78,000	401,000	833,000
Proceeds from issuance under employee stock purchase plan	49,000	146,000	408,000	323,000	0
Deferred offering costs paid for financing	−76,000	−16,000	−160,000	−337,000	0
Net cash provided by financing activities	94	130,000	326,000	73	142
Net increase (decrease) in cash, cash equivalents and restricted cash	9	−34	24	−110	145
Interest paid during the period	0	211,000	230,000	230,000	22,000
Deferred transaction costs included in accounts payable and accrued liabilities	0	35,000	46,000	0	—
Amounts accrued for purchases of property and equipment	0	1	571,000	80,000	0

Filings

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