Whitehawk Therapeutics Reports First Quarter 2026 Financial Results and Recent Highlights

Rhea-AI Summary

Whitehawk Therapeutics (Nasdaq: WHWK) reported Q1 2026 results and pipeline progress on May 7, 2026. Cash, cash equivalents and short-term investments were $123.0 million as of March 31, 2026, projected to fund operations into 2028. Ongoing Phase 1 dose-escalation trials for HWK-007 and HWK-016 continue; an IND for HWK-206 is planned for mid-2026 with Phase 1 recruitment targeted in Q3 2026. Preclinical data presented at AACR 2026 support potency, plasma stability and tolerability for the ADC portfolio. R&D expense rose to $17.2 million in Q1 2026; net loss was $22.2 million.

Positive

• Cash balance of $123.0 million funds operations into 2028
• Ongoing Phase 1 trials for HWK-007 and HWK-016
• IND submission for HWK-206 planned mid-2026; Phase 1 start Q3 2026
• AACR 2026 preclinical data showing potent tumor regressions and stability
• SGO 2026 data identifying MUC16 as a highly expressed ADC target

Negative

• Cash declined ~15.6% from $145.7M to $123.0M since Dec 31, 2025
• R&D expenses increased to $17.2M (Q1 2026) from $8.8M (Q1 2025)
• Net loss of $22.2M in Q1 2026 versus net income of $73.0M prior year

News Market Reaction – WHWK

-5.06%

-5.06% Session close to close

In the May 7 session, WHWK declined 5.06%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.1% in the session following this news. A negative reaction despite operational pr...

Analysis

The stock moved -5.1% in the session following this news. A negative reaction despite operational progress would fit the history of cautious responses to earnings, where the average move has been -2.55%. The shift from prior-year net income, driven by an $87.4M asset-sale gain, to a current-quarter $22.2M net loss may weigh on sentiment. Investors may also focus on rising R&D spend even as the company reiterates cash runway into 2028 and steady ADC pipeline timelines.

Key Figures

Cash & investments: $123.0M Cash & investments: $145.7M R&D expenses: $17.2M +5 more

8 metrics

Cash & investments $123.0M As of March 31, 2026; runway into 2028

Cash & investments $145.7M As of December 31, 2025

R&D expenses $17.2M Three months ended March 31, 2026

Milestone expenses $5.3M Included in Q1 2026 R&D under WuXi Biologics license

R&D expenses prior-year $8.8M Three months ended March 31, 2025

Net loss $22.2M Three months ended March 31, 2026

Net income prior-year $73.0M Three months ended March 31, 2025

Gain on Aadi sale $87.4M Included in prior-year quarter results

Previous Earnings Reports

4 past events · Latest: Mar 12 (Neutral)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 12	Q4/FY 2025 earnings	Neutral	-2.7%	Reported Q4 and full-year 2025 results and reiterated ADC development timelines.
Nov 06	Q3 2025 earnings	Neutral	-6.7%	Q3 2025 results, stronger cash position, and reaffirmed IND timelines for ADCs.
Aug 07	Q2 2025 earnings	Neutral	-4.4%	Q2 2025 financials with higher cash and continued ADC IND planning.
May 08	Q1 2025 earnings	Positive	+3.7%	Relaunch as ADC-focused company backed by PIPE, divestiture and strong cash.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent earnings releases have typically been followed by modest single-digit stock moves, often to the downside despite stable cash runway commentary.

Recent Company History

Over the last year, Whitehawk’s earnings updates have focused on building an ADC portfolio and maintaining a cash runway into 2028. Prior quarters highlighted rising cash balances from financings and asset sales, along with planned INDs for HWK-007, HWK-016 and HWK-206. These updates generally produced single-digit price moves, often negative, suggesting investors have responded cautiously to financial and pipeline progress, consistent with today’s incremental decline ahead of this Q1 2026 report.

Key Terms

antibody drug conjugate, adc, phase 1, investigational new drug, +3 more

7 terms

antibody drug conjugate medical

"to efficiently deliver improved antibody drug conjugate (ADC) cancer treatments"

An antibody drug conjugate is a targeted medical treatment that combines a special antibody with a powerful drug, allowing precise delivery of the medicine directly to cancer cells or other harmful cells in the body. For investors, it represents a sophisticated approach to therapy that could improve treatment effectiveness and reduce side effects, potentially leading to significant growth opportunities in the biotech and pharmaceutical sectors.

adc medical

"improved antibody drug conjugate (ADC) cancer treatments, today announced financial results"

An antibody-drug conjugate (ADC) is a targeted cancer medicine that pairs an antibody that recognizes specific markers on tumor cells with a potent cell-killing drug, connected so the toxic payload is delivered directly to the cancer. For investors, ADCs matter because successful ADCs can improve patient outcomes and reduce side effects compared with traditional chemotherapy, shaping clinical trial success, regulatory approval chances, commercial demand, and a company’s valuation much like a guided missile versus a general bomb.

phase 1 medical

"Phase 1 trials for HWK-007 and HWK-016 are ongoing; an IND submission"

Phase 1 is the first stage of testing a new drug or medical treatment in people, focused primarily on safety, how the body handles the product, and finding a tolerated dose. Think of it as a short, tightly controlled experiment with a small group to check for dangerous side effects before wider testing; for investors it is an early milestone that reduces some uncertainty but still carries high risk and potential for both big value changes and setbacks.

investigational new drug regulatory

"plan to submit an Investigational New Drug application to the U.S. Food"

An investigational new drug is a medication that is still being tested in clinical trials to determine if it is safe and effective for treating a specific condition. For investors, it represents a potential breakthrough that could lead to a new treatment and significant financial gains if successful, but also carries risks since it has not yet been approved for widespread use.

non-small cell lung cancer medical

"HWK‑007 is being evaluated in patients with non-squamous, EGFR wild-type non-small cell lung cancer"

A broad category of lung tumors that grow from the cells lining the airways and make up the majority of lung cancer cases; it includes several subtypes that behave and respond to treatment differently, like different models of the same car family. It matters to investors because its large patient population and variety of treatment options — surgery, traditional chemo, targeted drugs and immunotherapies — create major markets where clinical trial results, drug approvals or changing treatment guidelines can quickly affect a company’s revenue and stock value.

muc16 medical

"analysis confirming MUC16 as a highly expressed clinically relevant target for gynecologic cancers"

MUC16 is a gene that makes a very large, sticky cell-surface protein commonly measured in medicine as the blood marker CA‑125; that protein helps form protective coatings on cells and is often shed into the bloodstream by certain tumors. Investors watch it because changes in its blood levels are used to detect and monitor some cancers and because the protein itself is a direct target for diagnostics and drug development—like a visible flag on diseased cells that companies can measure or aim at.

u.s. food and drug administration regulatory

"submit an Investigational New Drug application to the U.S. Food and Drug Administration"

The U.S. Food and Drug Administration is the federal agency that evaluates and enforces safety, effectiveness and labeling standards for medicines, medical devices, vaccines, food and related products before they reach consumers. For investors it matters because FDA approvals, warnings or recalls determine whether a product can be sold, how quickly it reaches the market and how costly compliance will be—changes that directly affect a company’s revenue, costs and stock value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Phase 1 trials for HWK-007 and HWK-016 are ongoing; an IND submission for HWK-206 is on track for mid-2026

Cash, cash equivalents and short-term investments balance of $123.0 million as of March 31, 2026, anticipated to fund operations into 2028

MORRISTOWN, N.J., May 7, 2026 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved antibody drug conjugate (ADC) cancer treatments, today announced financial results for the quarter ended March 31, 2026, and provided recent corporate highlights.

"This quarter reflects continued progress across our pipeline as we advance Phase 1 dose-escalation studies for HWK-007 and HWK-016, with a third IND planned for HWK-206 mid-year," said Dave Lennon, PhD, President and CEO of Whitehawk Therapeutics. "We remain focused on high quality execution as we build toward initial data anticipated in 1H 2027, with the goal of delivering meaningful benefits for patients."

Q1 2026 and Recent Operational Highlights:

• Continued to enroll patients into ongoing Phase 1 dose-escalation trials for HWK-007 and HWK-016.
  • HWK‑007 is being evaluated in patients with non-squamous, EGFR wild-type non-small cell lung cancer; platinum-resistant ovarian cancer; and endometrial cancer (NCT07444814).
  • HWK‑016 is being evaluated in patients with advanced ovarian and endometrial cancers (NCT07470853).
• Presented comprehensive data highlighting preclinical proof-of-concept for Whitehawk's next-generation ADC portfolio underpinned by its proprietary Carbon Bridge Cysteine Re-pairing (CBCR) platform. Data presented at the American Association for Cancer Research (AACR) Annual Meeting 2026 demonstrate a consistent preclinical profile for HWK-007, HWK-016 and HWK-206 characterized by potent tumor regressions, high plasma stability and favorable tolerability in non‑human primates, coupled with low systemic levels of free payload.
• Presented real-world analysis confirming MUC16 as a highly expressed clinically relevant target for gynecologic cancers. Whitehawk presented data at the Society of Gynecologic Oncology (SGO) 2026 Annual Meeting that established MUC16 as the highest-expressing ADC target in ovarian cancer, at least two-fold higher than other emerging targets, and showed MUC16 is highly and stably expressed in the most aggressive and most common subtypes of endometrial cancer.

First Quarter 2026 Financial Results:

• Cash, cash equivalents and short-term investments as of March 31, 2026, were $123.0 million as compared to $145.7 million as of December 31, 2025. Cash is anticipated to fund operations into 2028 based on current plans.
• Research and development expenses were $17.2 million for the three months ended March 31, 2026, including development milestone expenses of $5.3 million under our license agreement with WuXi Biologics, as compared to $8.8 million for the quarter ended March 31, 2025. 
• Net loss for the three months ended March 31, 2026, was $22.2 million as compared to a net income of $73.0 million for the three months ended March 31, 2025. The prior year quarter included an $87.4 million gain on the sale of Aadi Subsidiary.

Anticipated Milestones:

• HWK-206 – plan to submit an Investigational New Drug application to the U.S. Food and Drug Administration in mid-2026 for HWK-206 in small-cell lung cancer and neuroendocrine tumors; Phase 1 recruitment planned to start in Q3 2026.
• HWK-007 and HWK-016 – ongoing recruitment into Phase 1 trials, with initial results expected in 1H 2027.

About Whitehawk Therapeutics
Whitehawk Therapeutics is a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved cancer treatments. Whitehawk's advanced three-asset ADC portfolio is engineered to overcome the limitations of first-generation predecessors to deliver a meaningful impact for patients with difficult-to-treat cancers. These assets are in-licensed from WuXi Biologics under an exclusive development and global commercialization agreement. More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn.

Forward-Looking Statements
This press release contains certain forward-looking statements regarding the business of Whitehawk Therapeutics that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the potential therapeutic value and market opportunity for the Company's ADC portfolio; plans related to the Company's development of its portfolio of ADC assets, including the anticipated timing of the submission of an IND in mid-2026 for HWK-206 and commencement of recruitment in the related Phase 1 trial in Q3 2026, and initial Phase 1 data from clinical trials for HWK-007 and HWK-016 in 1H 2027; expectations regarding the beneficial characteristics, design features, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets; and the sufficiency of the Company's existing capital resources and the expected timeframe to fund the Company's future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, uncertainties associated with preclinical and clinical development of the ADC portfolio, including potential delays in the commencement, enrollment and completion of clinical trials; failure to demonstrate the efficacy of the ADC portfolio in preclinical and clinical studies; the risk that unforeseen adverse reactions or side effects may occur in the course of testing of the ADC assets; and risks related to the Company's estimates regarding future expenses, capital requirements and need for additional financing.

Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including under the caption "Item 1A. Risk Factors," and in Whitehawk's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Whitehawk's reports and other documents that Whitehawk has filed, or will file, with the SEC from time to time and available at www.sec.gov.

All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Whitehawk undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:
IR@whitehawktx.com

WHITEHAWK THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		March 31,		December 31,
		2026		2025
Assets
Current assets:
	Cash and cash equivalents	$     34,790		$            37,568
	Short-term investments	88,253		108,129
	Prepaid expenses and other current assets	2,505		3,316
Total current assets		125,548		149,013
Property and equipment, net		2		3
Other assets		1,681		1,814
Total assets		$  127,231		$          150,830
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable	$        1,745		$                   917
	Accrued liabilities	9,311		13,602
Total current liabilities		11,056		14,519
Total liabilities		11,056		14,519
Stockholders' equity:
	Common stock	4		4
	Additional paid-in capital	491,630		489,437
	Accumulated other comprehensive (loss) income	(15)		120
	Accumulated deficit	(375,444)		(353,250)
Total stockholders' equity		116,175		136,311
Total liabilities and stockholders' equity		$  127,231		$          150,830

 

WHITEHAWK THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
(Unaudited)
				Three months ended
				March 31,
				2026		2025
	Revenue
		Product sales, net		$                    -		$            7,145
	Total Revenue			-		7,145
	Operating expenses
		Selling, general and administrative		6,290		12,815
		Research and development		17,232		8,788
		Cost of goods sold		-		760
	Total operating expenses			23,522		22,363
	Loss from operations			(23,522)		(15,218)
	Other income (expense)
		Gain on sale of business		-		87,443
		Interest income		1,328		791
	Total other income (expense), net			1,328		88,234
	Net (loss) income			$       (22,194)		$         73,016
	Net (loss) income per share:
		Basic		$            (0.32)		$              1.84
		Diluted		$            (0.32)		$              1.83
	Weighted average number of common shares outstanding
		Basic		69,236,945		39,640,826
		Diluted		69,236,945		39,932,539

 

 

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SOURCE Whitehawk Therapeutics, Inc.

FAQ

How much cash did Whitehawk Therapeutics (WHWK) report on March 31, 2026?

Whitehawk reported $123.0 million in cash, cash equivalents and short-term investments. According to the company, that balance is anticipated to fund operations into 2028 under current plans.

What is the timing for Whitehawk's IND submission for HWK-206 (WHWK)?

Whitehawk plans to submit an IND for HWK-206 in mid-2026. According to the company, Phase 1 recruitment for HWK-206 is planned to start in Q3 2026.

When does Whitehawk expect initial clinical data for HWK-007 and HWK-016 (WHWK)?

Initial clinical data are anticipated in 1H 2027. According to the company, both HWK-007 and HWK-016 remain in ongoing Phase 1 dose-escalation trials.

What preclinical evidence did Whitehawk present at AACR 2026 for WHWK programs?

Whitehawk presented preclinical proof-of-concept showing potent tumor regressions and high plasma stability. According to the company, data covered HWK-007, HWK-016 and HWK-206 with favorable primate tolerability.

How did Whitehawk's Q1 2026 R&D expenses and net result compare to Q1 2025?

R&D expenses were $17.2 million in Q1 2026 versus $8.8 million a year earlier; Q1 2026 net loss was $22.2 million. According to the company, prior-year Q1 included an $87.4 million gain from a subsidiary sale.

What did Whitehawk report about MUC16 expression relevant to WHWK ADC strategy?

Whitehawk reported MUC16 as the highest-expressing ADC target in ovarian cancer, at least two-fold higher than other targets. According to the company, SGO 2026 analysis shows high, stable expression in key gynecologic subtypes.