Whitehawk Therapeutics Reports Fourth Quarter and Full-Year 2025 Financial Results and Recent Highlights

Rhea-AI Summary

Whitehawk Therapeutics (Nasdaq: WHWK) reported Q4 and full-year 2025 results and development updates on March 12, 2026. Key points: $145.7M cash and short-term investments at year-end, active Phase 1 recruitment for HWK-007 and HWK-016, and a planned IND submission for HWK-206 in mid-2026 with Phase 1 start targeted for Q3 2026.

Full-year net loss was $20.6M (includes an $87.3M gain from the AADI divestiture); Q4 net loss was $23.3M. Preclinical data presentation expected spring 2026; initial Phase 1 results expected in 1H 2027.

Positive

• Cash and short-term investments $145.7M at YE2025
• Cash runway projected to fund operations into 2028
• Full-year $87.3M gain from AADI divestiture
• HWK-007 and HWK-016 actively recruiting Phase 1 trials
• Planned IND submission for HWK-206 in mid-2026

Negative

• Q4 2025 net loss $23.3M, up from $18.3M year-ago
• Full-year net loss figure includes a one-time $87.3M divestiture gain
• Initial clinical results not expected until 1H 2027

News Market Reaction – WHWK

-2.74%

1 alert

-2.74% News Effect

-$6M Valuation Impact

$200M Market Cap

0.1x Rel. Volume

On the day this news was published, WHWK declined 2.74%, reflecting a moderate negative market reaction. This price movement removed approximately $6M from the company's valuation, bringing the market cap to $200M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Year-end cash: $145.7M Cash runway: Into 2028 Q4 2025 net loss: $23.3M +5 more

8 metrics

Year-end cash $145.7M Cash, cash equivalents and short-term investments at 12/31/2025 vs. $47.2M at 12/31/2024

Cash runway Into 2028 Management expectation based on current operating plans

Q4 2025 net loss $23.3M Three months ended 12/31/2025 vs. $18.3M in Q4 2024

FY 2025 net loss $20.6M Full year 2025 vs. $63.7M full year 2024

Gain on divestiture $87.3M Gain from AADI Subsidiary divestiture included in FY 2025 results

PTK7 tumor prevalence ~70% of tumors Real-world analysis showing PTK7 expression across solid tumors

Initial Phase 1 data 1H 2027 First results expected from HWK-007 and HWK-016 Phase 1 trials

HWK-206 IND timing Mid-2026 Planned Investigational New Drug filing for HWK-206

Market Reality Check

Price: $3.81 Vol: Volume 202,188 is 1.21x t...

normal vol

$3.81 Last Close

Volume Volume 202,188 is 1.21x the 20-day average of 166,606, indicating moderately elevated trading interest pre-release. normal

Technical Pre-news price $4.01 trades above the 200-day MA at $2.26 and sits well above the 52-week low of $1.39, but about 10.49% below the 52-week high of $4.4799.

Peers on Argus

Sector peers showed mixed, mostly modest moves, with IFRX up about 3–4% and limi...

1 Up

Sector peers showed mixed, mostly modest moves, with IFRX up about 3–4% and limited momentum flags. With WHWK roughly flat to slightly down pre-news and only one peer in a scanner, trading appears more name-specific than broad sector-driven.

Common Catalyst Some peers are around earnings-related updates, but no clear, coordinated biotech sector catalyst is evident.

Previous Earnings Reports

3 past events · Latest: Nov 06 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Positive	-6.7%	Reported Q3 2025 loss with strong cash build and reiterated ADC IND timelines.
Aug 07	Q2 2025 earnings	Neutral	-4.4%	Showed stronger balance sheet post-divestiture alongside higher R&D-driven net loss.
May 08	Q1 2025 earnings	Positive	+3.7%	Relaunched as ADC-focused company with large cash inflows and net income.

Pattern Detected

Earnings updates have often coincided with modest negative price reactions despite emphasizing strong cash and ADC pipeline progress.

Recent Company History

Across the last three earnings-style updates (May 8, Aug 7, and Nov 6, 2025), Whitehawk emphasized a strengthened cash position (up to $231.1M at one point) and a clear plan to advance three ADC assets (PTK7, MUC16, SEZ6) with INDs targeted by mid-2026. Price reactions were mixed, with two events moving lower and one higher. Today’s full-year 2025 report reiterates runway into 2028 and maintains the same IND and clinical timing themes, extending that earlier narrative.

Historical Comparison

-2.5% avg move · Over the last 3 earnings-type releases, WHWK’s average move was -2.48%, often soft despite positive ...

earnings

-2.5%

Average Historical Move earnings

Over the last 3 earnings-type releases, WHWK’s average move was -2.48%, often soft despite positive cash and pipeline messaging; this update continues that focus on runway into 2028 and ADC milestones.

Earnings updates have tracked a shift from FYARRO revenue to an ADC-focused model, highlighting cash from divestiture and financings, then steadily reaffirming IND timing for HWK-007, HWK-016, and HWK-206 and eventual Phase 1 data goals.

Market Pulse Summary

This announcement underscores Whitehawk’s transition to an ADC-focused oncology company with cash of...

Analysis

This announcement underscores Whitehawk’s transition to an ADC-focused oncology company with cash of $145.7M and projected runway into 2028. It confirms active Phase 1 recruitment for HWK-007 and HWK-016, a planned HWK-206 IND in mid-2026, and initial data expected in 1H 2027. Historically, earnings updates produced mixed stock reactions, so investors may focus on cash burn trends, adherence to clinical timelines, and the robustness of forthcoming preclinical and Phase 1 data.

Key Terms

antibody-drug conjugate, adc, ptk7, muc16, +2 more

6 terms

antibody-drug conjugate medical

"a boldly pragmatic company developing the next generation of ADC cancer treatments"

An antibody-drug conjugate is a targeted medicine that combines an antibody, which can identify specific cells, with a powerful drug designed to destroy those cells. This approach allows for precise treatment, minimizing damage to healthy tissue. For investors, developments in this area can signal advances in cancer therapies and potential growth opportunities in the biotech sector.

adc medical

"antibody-drug conjugate (ADC) HWK-007 and MUC16-targeted ADC HWK-016"

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.

ptk7 medical

"PTK7-targeted antibody-drug conjugate (ADC) HWK-007"

PTK7 is a protein found on the surface of many cells that helps guide how cells move, grow and communicate; think of it as a traffic signal or compass for cellular behavior. For investors, PTK7 matters because it can serve as a visible marker on diseased cells and a target for therapies or diagnostic tests, so drugs or tests that bind PTK7 can create commercial opportunities or signal progress in clinical programs.

muc16 medical

"MUC16-targeted ADC HWK-016"

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.

phase 1 medical

"both now actively recruiting Phase 1 trials"

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 application regulatory

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

An investigational new drug application is a formal request made to regulatory authorities to begin testing a new medication in humans. It is a critical step in the drug development process, as approval indicates the drug has passed initial safety checks and can be studied further. For investors, this signals that a potential new treatment is progressing through its early testing stages, which can impact the company's future growth prospects.

AI-generated analysis. Not financial advice.

Actively recruiting Phase 1 trials for PTK7-targeted antibody-drug conjugate (ADC) HWK-007 and MUC16-targeted ADC HWK-016

HWK-206 on track for planned IND submission in mid-2026 and Phase 1 start in Q3

Cash, cash equivalents and short-term investments balance of $145.7M at YE2025, anticipated to fund operations into 2028

MORRISTOWN, N.J., March 12, 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 fourth quarter and full-year ended December 31, 2025, and provided recent corporate highlights.

"Last year marked our evolution into Whitehawk Therapeutics, a boldly pragmatic company developing the next generation of ADC cancer treatments. We progressed three programs through IND-enabling work in tandem, while building the capabilities required to execute efficiently in the clinic as we enter 2026," said Dave Lennon, PhD, President and CEO of Whitehawk Therapeutics. "Whitehawk combines established but underexploited tumor targets with a differentiated ADC platform. With two active Phase 1 studies for HWK-007 and HWK-016, and a third IND submission for HWK-206 planned mid-year, we are energized by the opportunity to translate our strategy into clinical data with the potential to have a meaningful impact for patients."

Q4 2025 and Recent Operational Highlights:

• Advanced development of PTK7-targeted HWK-007 and MUC16-targeted HWK-016 into Phase 1. In January, Whitehawk announced regulatory progress for these programs, which are both now actively recruiting Phase 1 trials.
  • The HWK-007 Phase 1 trial will initially evaluate activity in lung and ovarian cancers, two PTK7-expressing tumor types with established precedent data, as well as endometrial cancer, one of the highest PTK7-expressing tumor types.
  • The HWK-016 Phase 1 trial will initially evaluate activity in two high MUC16-expressing gynecologic cancers, ovarian and endometrial.
    
    
• Strengthened management with new CMO. In December 2025, Whitehawk appointed Margaret Dugan, MD, as Chief Medical Officer (CMO). Dr. Dugan brings more than 30 years of global oncology drug development experience, with extensive expertise in early-stage clinical development and regulatory strategy.
  
  
• Presented real-world analysis confirming PTK7 as a broadly expressed, clinically relevant target across solid tumors. Whitehawk presented data at the AACR-NCI-EORTC meeting that established PTK7 as the third most highly expressed tumor marker among clinically validated and emerging ADC targets, present in ~70% of tumors. We believe these findings support the potential of PTK7 as a pan-tumor target.

Fourth Quarter and Full Year 2025 Financial Results:

• Cash, cash equivalents and short-term investments as of December 31, 2025, were $145.7 million as compared to $47.2 million as of December 31, 2024. Cash is anticipated to fund operations into 2028 based on current plans.
  
  
• Net loss for the three months ended December 31, 2025, was $23.3 million as compared to $18.3 million for the three months ended December 31, 2024. Net loss for the full-year ended December 31, 2025, was $20.6 million, as compared to $63.7 million for the same period in 2024. The full-year net loss includes an $87.3 million gain on the divestiture of AADI Subsidiary.

Anticipated Milestones:

• Preclinical data – expect to present preclinical data across the portfolio at an upcoming medical congress in Spring 2026.
  
  
• 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 data releases of preclinical data across the Company's portfolio in Spring 2026 and initial Phase 1 data from clinical trials for HWK-007 and HWK-016; 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, including the potential of PTK7 as a pan-tumor target; 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," filed on or about the date hereof, 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 BALANCE SHEETS
(In thousands)
(Unaudited)
		December 31,		December 31,
		2025		2024
Assets
Current assets:
	Cash and cash equivalents	$             37,568		$            28,670
	Short-term investments	108,129		18,567
	Accounts receivable, net	-		5,903
	Inventory	-		5,311
	Prepaid expenses and other current assets	3,316		2,836
Total current assets		149,013		61,287
Property and equipment, net		3		6,846
Operating lease right-of-use assets		-		787
Other assets		1,814		1,399
Total assets		$           150,830		$            70,319
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable	$                  917		$              2,159
	Accrued liabilities	13,602		14,647
	Operating lease liabilities, current portion	-		268
Total current liabilities		14,519		17,074
Operating lease liabilities, net of current portion		-		565
Other liabilities		-		202
Total liabilities		14,519		17,841
Stockholders' equity:
	Common stock	4		2
	Additional paid-in capital	489,437		385,114
	Accumulated other comprehensive income	120		16
	Accumulated deficit	(353,250)		(332,654)
Total stockholders' equity		136,311		52,478
Total liabilities and stockholders' equity		$           150,830		$            70,319

 

WHITEHAWK THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
(Unaudited)
				Three months ended				Twelve months ended
				December 31,				December 31,
				2025		2024		2025		2024
	Revenue
		Product sales, net		$                 -		$         7,239		$         7,145		$       25,983
	Total Revenue			-		7,239		7,145		25,983
	Operating expenses
		Selling, general and administrative		5,866		11,051		29,822		36,749
		Research and development		19,021		14,347		90,963		51,030
		Restructuring charges		-		-		-		2,638
		Cost of goods sold		-		790		760		3,024
	Total operating expenses			24,887		26,188		121,545		93,441
	Loss from operations			(24,887)		(18,949)		(114,400)		(67,458)
	Other income (expense)
		Gain on sale of business		-		-		87,266		-
		Foreign exchange gain (loss)		8		-		5		(4)
		Other income		17		-		302		-
		Interest income		1,611		676		6,231		3,925
		Interest expense		-		-		-		(154)
	Total other income (expense), net			1,636		676		93,804		3,767
	Net loss			$      (23,251)		$      (18,273)		$      (20,596)		$      (63,691)
	Net loss per share, basic and diluted
				$          (0.34)		$          (0.67)		$          (0.33)		$          (2.36)
	Weighted average number of common shares outstanding, basic and diluted			69,212,823		27,086,979		61,886,765		27,029,942

 

 

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SOURCE Whitehawk Therapeutics, Inc.

FAQ

What is Whitehawk Therapeutics' cash position and runway for 2026 (WHWK)?

The company holds $145.7M in cash and short-term investments at year-end 2025. According to the company, that balance is anticipated to fund operations into 2028 based on current plans and expected spending.

Which Whitehawk programs are in clinical development and what are their timelines (WHWK)?

Two ADC programs, HWK-007 and HWK-016, are actively recruiting Phase 1 trials. According to the company, HWK-206 IND is planned for mid-2026 with Phase 1 recruitment targeted to start in Q3 2026.

How did Whitehawk's full-year 2025 net loss compare to 2024 (WHWK)?

Full-year 2025 net loss was $20.6M versus $63.7M in 2024. According to the company, the 2025 figure includes an $87.3M gain from the divestiture of the AADI subsidiary.

When can investors expect initial clinical readouts for Whitehawk's Phase 1 trials (WHWK)?

Initial Phase 1 results are expected in 1H 2027. According to the company, ongoing recruitment for HWK-007 and HWK-016 will feed those readouts as trials progress.

What therapeutic targets is Whitehawk prioritizing for its ADC pipeline (WHWK)?

Whitehawk is advancing ADCs targeting PTK7 (HWK-007) and MUC16 (HWK-016), plus HWK-206 for small-cell lung and neuroendocrine tumors. According to the company, PTK7 was shown to be widely expressed across tumors.

What recent corporate changes did Whitehawk announce that affect development (WHWK)?

Whitehawk appointed Dr. Margaret Dugan as Chief Medical Officer in December 2025. According to the company, she brings over 30 years of oncology development experience to support clinical and regulatory strategy.