Whitehawk Therapeutics Inc Financials

WHWK

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Whitehawk Therapeutics Inc (WHWK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Whitehawk Therapeutics Inc has an operating margin of -1601.1%, meaning the company retains $-1601 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -259.6% the prior year.

Growth

Whitehawk Therapeutics Inc's revenue declined 72.5% year-over-year, from $26.0M to $7.1M. This contraction results in a growth score of 0/100.

Leverage

100

Whitehawk Therapeutics Inc carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 10.26, Whitehawk Therapeutics Inc holds $10.26 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Whitehawk Therapeutics Inc generated -$97.4M in operating cash flow, capex of $552K consumed most of it, leaving -$98.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Whitehawk Therapeutics Inc generates a -15.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -121.4% the prior year.

Piotroski F-Score Weak

3/9

Whitehawk Therapeutics Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

4.73x

For every $1 of reported earnings, Whitehawk Therapeutics Inc generates $4.73 in operating cash flow (-$97.4M OCF vs -$20.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.1M

YoY-72.5%

5Y CAGR-12.6%

Whitehawk Therapeutics Inc generated $7.1M in revenue in fiscal year 2025. This represents a decrease of 72.5% from the prior year.

EBITDA

-$114.3M

YoY-70.0%

Whitehawk Therapeutics Inc's EBITDA was -$114.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 70.0% from the prior year.

Net Income

-$20.6M

YoY+67.7%

Whitehawk Therapeutics Inc reported -$20.6M in net income in fiscal year 2025. This represents an increase of 67.7% from the prior year.

EPS (Diluted)

$-0.33

YoY+86.0%

Whitehawk Therapeutics Inc earned $-0.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 86.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$98.0M

YoY-60.1%

Whitehawk Therapeutics Inc generated -$98.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 60.1% from the prior year.

Cash & Debt

$37.6M

YoY+31.0%

5Y CAGR+53.2%

10Y CAGR+22.0%

Whitehawk Therapeutics Inc held $37.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

47M

YoY+91.0%

Whitehawk Therapeutics Inc had 47M shares outstanding in fiscal year 2025. This represents an increase of 91.0% from the prior year.

Margins & Returns

Gross Margin

89.4%

YoY+1.0pp

Whitehawk Therapeutics Inc's gross margin was 89.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

-1601.1%

YoY-1341.5pp

5Y CAGR-1582.9pp

Whitehawk Therapeutics Inc's operating margin was -1601.1% in fiscal year 2025, reflecting core business profitability. This is down 1341.5 percentage points from the prior year.

Net Margin

-288.3%

YoY-43.1pp

5Y CAGR-263.4pp

Whitehawk Therapeutics Inc's net profit margin was -288.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 43.1 percentage points from the prior year.

Return on Equity

-15.1%

YoY+106.3pp

Whitehawk Therapeutics Inc's ROE was -15.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 106.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$91.0M

YoY+78.3%

5Y CAGR+43.4%

Whitehawk Therapeutics Inc invested $91.0M in research and development in fiscal year 2025. This represents an increase of 78.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$552K

YoY-66.6%

5Y CAGR+96.1%

Whitehawk Therapeutics Inc invested $552K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 66.6% from the prior year.

WHWK Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.1M-72.5%	$26.0M+6.7%	$24.4M+60.1%	$15.2M+8.7%	$14.0M0.0%	$14.0M
Cost of Revenue	$760K-74.9%	$3.0M+7.7%	$2.8M+110.4%	$1.3M	$0	N/A
Gross Profit	$6.4M-72.2%	$23.0M+6.6%	$21.5M+55.2%	$13.9M-0.9%	$14.0M	N/A
R&D Expenses	$91.0M+78.3%	$51.0M+4.3%	$48.9M+49.8%	$32.7M+66.0%	$19.7M+31.1%	$15.0M
SG&A Expenses	$29.8M-18.8%	$36.7M-17.5%	$44.5M+10.9%	$40.2M+117.0%	$18.5M+772.7%	$2.1M
Operating Income	-$114.4M-69.6%	-$67.5M+6.2%	-$71.9M-14.8%	-$62.7M+43.6%	-$111.2M-4263.2%	-$2.5M
Interest Expense	$0-100.0%	$154K-33.3%	$231K+0.4%	$230K-65.4%	$665K-18.4%	$815K
Income Tax	$0	$0	$0	$0-100.0%	$2K0.0%	$2K
Net Income	-$20.6M+67.7%	-$63.7M+3.2%	-$65.8M-8.7%	-$60.5M+45.0%	-$110.1M-3065.3%	-$3.5M
EPS (Diluted)	$-0.33+86.0%	$-2.36+3.3%	$-2.44+9.3%	$-2.69+78.3%	$-12.41	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$0	$0-100.0%	$7.1M-1.3%	$7.2M+0.4%	$7.2M+16.7%	$6.2M+15.4%	$5.4M
Cost of Revenue	N/A	$0	$0-100.0%	$760K-3.8%	$790K-1.7%	$804K+3.3%	$778K+19.3%	$652K
Gross Profit	N/A	$0	$0-100.0%	$6.4M-1.0%	$6.4M+0.6%	$6.4M+18.6%	$5.4M+14.9%	$4.7M
R&D Expenses	N/A	$14.3M-70.6%	$48.8M+455.4%	$8.8M-38.7%	$14.3M+43.5%	$10.0M-23.6%	$13.1M-3.7%	$13.6M
SG&A Expenses	N/A	$5.2M-12.4%	$5.9M-53.6%	$12.8M+16.0%	$11.1M+53.8%	$7.2M-8.9%	$7.9M-25.7%	$10.6M
Operating Income	N/A	-$19.5M+64.3%	-$54.7M-259.8%	-$15.2M+19.7%	-$18.9M-41.3%	-$13.4M+13.9%	-$15.6M+20.1%	-$19.5M
Interest Expense	N/A	$0	$0	$0	$0-100.0%	$38K-34.5%	$58K0.0%	$58K
Income Tax	N/A	$0	N/A	$0	$0	$0	$0	$0
Net Income	N/A	-$17.7M+66.3%	-$52.6M-172.1%	$73.0M+499.6%	-$18.3M-45.6%	-$12.5M+14.0%	-$14.6M+20.3%	-$18.3M
EPS (Diluted)	N/A	$-0.26+65.8%	$-0.76-141.5%	$1.83	N/A	$-0.46+14.8%	$-0.54+20.6%	$-0.68

WHWK Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$150.8M+114.5%	$70.3M-46.9%	$132.4M-28.1%	$184.2M+16.7%	$157.9M+738.8%	$18.8M
Current Assets	$149.0M+143.1%	$61.3M-50.8%	$124.6M-30.8%	$180.0M+19.0%	$151.3M+709.6%	$18.7M
Cash & Equivalents	$37.6M+31.0%	$28.7M-54.4%	$62.9M+61.2%	$39.0M-73.8%	$149.0M+3244.3%	$4.5M
Inventory	$0-100.0%	$5.3M-17.4%	$6.4M+245.4%	$1.9M	$0	N/A
Accounts Receivable	$0-100.0%	$5.9M+7.6%	$5.5M+194.7%	$1.9M	$0-100.0%	$14.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.5M-18.6%	$17.8M-34.5%	$27.2M+5.3%	$25.9M+20.3%	$21.5M-31.2%	$31.3M
Current Liabilities	$14.5M-15.0%	$17.1M-35.3%	$26.4M+40.1%	$18.8M+23.3%	$15.3M-49.2%	$30.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$136.3M+159.7%	$52.5M-50.1%	$105.2M-33.6%	$158.4M+16.1%	$136.4M+1197.2%	-$12.4M
Retained Earnings	-$353.3M-6.2%	-$332.7M-23.7%	-$269.0M-32.4%	-$203.2M-42.4%	-$142.7M-337.8%	-$32.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$150.8M-9.7%	$167.0M-7.6%	$180.8M-22.7%	$234.0M+232.8%	$70.3M-17.9%	$85.7M-15.7%	$101.6M-8.5%	$111.1M
Current Assets	$149.0M-9.7%	$165.0M-7.6%	$178.7M-23.2%	$232.6M+279.5%	$61.3M-20.7%	$77.3M-16.9%	$93.0M-9.3%	$102.6M
Cash & Equivalents	$37.6M-1.0%	$37.9M-73.8%	$144.9M-36.3%	$227.6M+693.8%	$28.7M-6.1%	$30.5M-25.8%	$41.1M-23.5%	$53.8M
Inventory	$0	$0	$0	$0-100.0%	$5.3M-2.9%	$5.5M-10.3%	$6.1M+2.7%	$5.9M
Accounts Receivable	$0	$0	$0	$0-100.0%	$5.9M-9.7%	$6.5M+10.5%	$5.9M+20.0%	$4.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.5M+47.4%	$9.8M+12.5%	$8.8M-28.7%	$12.3M-31.2%	$17.8M+6.0%	$16.8M-26.3%	$22.8M+10.8%	$20.6M
Current Liabilities	$14.5M+47.4%	$9.8M+12.5%	$8.8M-28.7%	$12.3M-28.1%	$17.1M+8.0%	$15.8M-28.6%	$22.1M+11.4%	$19.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$136.3M-13.3%	$157.2M-8.7%	$172.1M-22.4%	$221.7M+322.5%	$52.5M-23.8%	$68.9M-12.6%	$78.8M-12.9%	$90.5M
Retained Earnings	-$353.3M-7.0%	-$330.0M-5.7%	-$312.3M-20.3%	-$259.6M+21.9%	-$332.7M-5.8%	-$314.4M-4.2%	-$301.8M-5.1%	-$287.3M

WHWK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$97.4M-63.6%	-$59.5M+0.2%	-$59.7M-20.2%	-$49.6M-121.4%	-$22.4M-76.5%	-$12.7M
Capital Expenditures	$552K-66.6%	$1.7M-58.4%	$4.0M+794.6%	$444K+865.2%	$46K+141.8%	$19K
Free Cash Flow	-$98.0M-60.1%	-$61.2M+3.8%	-$63.6M-27.1%	-$50.1M-122.9%	-$22.5M-76.6%	-$12.7M
Investing Cash Flow	$11.9M-52.8%	$25.2M-69.7%	$83.2M+162.6%	-$132.9M-628.3%	$25.2M+132310.2%	-$19K
Financing Cash Flow	$94.4M+72496.9%	$130K-60.1%	$326K-99.6%	$72.6M-48.8%	$141.8M+11776.4%	$1.2M
Dividends Paid	N/A	N/A	N/A	$0-100.0%	$4.4M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$17.2M-12.1%	-$15.4M+71.0%	-$53.0M-346.4%	-$11.9M+21.2%	-$15.1M+4.0%	-$15.7M-71.3%	-$9.2M+53.4%	-$19.7M
Capital Expenditures	$0	$0-100.0%	$1K-99.8%	$551K+196.2%	$186K-1.1%	$188K-65.2%	$541K-26.8%	$739K
Free Cash Flow	-$17.2M-12.1%	-$15.4M+71.0%	-$53.0M-326.6%	-$12.4M+18.5%	-$15.2M+4.0%	-$15.9M-63.7%	-$9.7M+52.4%	-$20.4M
Investing Cash Flow	$16.8M+118.4%	-$91.6M-217.9%	-$28.8M-125.0%	$115.5M+779.4%	$13.1M+158.3%	$5.1M+242.4%	-$3.6M-133.8%	$10.6M
Financing Cash Flow	$25K	$0+100.0%	-$850K-100.9%	$95.2M+179524.5%	$53K	$0-100.0%	$87K+970.0%	-$10K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WHWK Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	89.4%+1.0pp	88.4%-0.1pp	88.5%-2.8pp	91.2%-8.8pp	100.0%	N/A
Operating Margin	-1601.1%-1341.5pp	-259.6%+35.7pp	-295.4%+116.6pp	-411.9%+382.5pp	-794.4%-776.2pp	-18.2%
Net Margin	-288.3%-43.1pp	-245.1%+24.9pp	-270.0%+127.6pp	-397.7%+388.7pp	-786.4%-761.5pp	-24.8%
Return on Equity	-15.1%+106.3pp	-121.4%-58.9pp	-62.5%-24.3pp	-38.2%+42.5pp	-80.7%	N/A
Return on Assets	-13.7%+76.9pp	-90.6%-40.9pp	-49.7%-16.8pp	-32.9%+36.9pp	-69.7%-51.2pp	-18.5%
Current Ratio	10.26+6.7	3.59-1.1	4.72-4.8	9.56-0.3	9.90+9.3	0.62
Debt-to-Equity	0.11-0.2	0.34+0.1	0.26+0.1	0.160.0	0.16+2.7	-2.51
FCF Margin	-1371.4%-1135.8pp	-235.6%+25.7pp	-261.3%+67.9pp	-329.2%-168.7pp	-160.5%-69.6pp	-90.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	89.4%+0.3pp	89.1%+0.2pp	88.8%+1.4pp	87.4%-0.4pp	87.8%
Operating Margin	N/A	N/A	N/A	-213.0%+48.8pp	-261.8%-75.8pp	-186.0%+66.2pp	-252.2%+112.3pp	-364.5%
Net Margin	N/A	N/A	N/A	1021.9%+1274.3pp	-252.4%-78.5pp	-174.0%+62.1pp	-236.0%+105.6pp	-341.7%
Return on Equity	N/A	-11.3%+19.3pp	-30.6%-63.5pp	32.9%+67.8pp	-34.8%-16.6pp	-18.2%+0.3pp	-18.5%+1.7pp	-20.2%
Return on Assets	N/A	-10.6%+18.5pp	-29.1%-60.3pp	31.2%+57.2pp	-26.0%-11.4pp	-14.6%-0.3pp	-14.3%+2.1pp	-16.5%
Current Ratio	10.26-6.5	16.76-3.6	20.41+1.5	18.95+15.4	3.59-1.3	4.89+0.7	4.20-1.0	5.16
Debt-to-Equity	0.11+0.0	0.06+0.0	0.050.0	0.06-0.3	0.34+0.1	0.24-0.0	0.29+0.1	0.23
FCF Margin	N/A	N/A	N/A	-173.8%+36.8pp	-210.5%+9.6pp	-220.1%-63.2pp	-156.9%+224.0pp	-380.9%

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Frequently Asked Questions

What is Whitehawk Therapeutics Inc's annual revenue?

Whitehawk Therapeutics Inc (WHWK) reported $7.1M in total revenue for fiscal year 2025. This represents a -72.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Whitehawk Therapeutics Inc's revenue growing?

Whitehawk Therapeutics Inc (WHWK) revenue declined by 72.5% year-over-year, from $26.0M to $7.1M in fiscal year 2025.

Is Whitehawk Therapeutics Inc profitable?

No, Whitehawk Therapeutics Inc (WHWK) reported a net income of -$20.6M in fiscal year 2025, with a net profit margin of -288.3%.

What is Whitehawk Therapeutics Inc's earnings per share (EPS)?

Whitehawk Therapeutics Inc (WHWK) reported diluted earnings per share of $-0.33 for fiscal year 2025. This represents a 86.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Whitehawk Therapeutics Inc's EBITDA?

Whitehawk Therapeutics Inc (WHWK) had EBITDA of -$114.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Whitehawk Therapeutics Inc's gross margin?

Whitehawk Therapeutics Inc (WHWK) had a gross margin of 89.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Whitehawk Therapeutics Inc's operating margin?

Whitehawk Therapeutics Inc (WHWK) had an operating margin of -1601.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Whitehawk Therapeutics Inc's net profit margin?

Whitehawk Therapeutics Inc (WHWK) had a net profit margin of -288.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Whitehawk Therapeutics Inc's return on equity (ROE)?

Whitehawk Therapeutics Inc (WHWK) has a return on equity of -15.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Whitehawk Therapeutics Inc's free cash flow?

Whitehawk Therapeutics Inc (WHWK) generated -$98.0M in free cash flow during fiscal year 2025. This represents a -60.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Whitehawk Therapeutics Inc's operating cash flow?

Whitehawk Therapeutics Inc (WHWK) generated -$97.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Whitehawk Therapeutics Inc's total assets?

Whitehawk Therapeutics Inc (WHWK) had $150.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Whitehawk Therapeutics Inc's capital expenditures?

Whitehawk Therapeutics Inc (WHWK) invested $552K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Whitehawk Therapeutics Inc spend on research and development?

Whitehawk Therapeutics Inc (WHWK) invested $91.0M in research and development during fiscal year 2025.

How many shares does Whitehawk Therapeutics Inc have outstanding?

Whitehawk Therapeutics Inc (WHWK) had 47M shares outstanding as of fiscal year 2025.

What is Whitehawk Therapeutics Inc's current ratio?

Whitehawk Therapeutics Inc (WHWK) had a current ratio of 10.26 as of fiscal year 2025, which is generally considered healthy.

What is Whitehawk Therapeutics Inc's debt-to-equity ratio?

Whitehawk Therapeutics Inc (WHWK) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Whitehawk Therapeutics Inc's return on assets (ROA)?

Whitehawk Therapeutics Inc (WHWK) had a return on assets of -13.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Whitehawk Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Whitehawk Therapeutics Inc (WHWK) had $37.6M in cash against an annual operating cash burn of $97.4M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Whitehawk Therapeutics Inc's Piotroski F-Score?

Whitehawk Therapeutics Inc (WHWK) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Whitehawk Therapeutics Inc's earnings high quality?

Whitehawk Therapeutics Inc (WHWK) has an earnings quality ratio of 4.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Whitehawk Therapeutics Inc?

Whitehawk Therapeutics Inc (WHWK) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.