Whitehawk Therapeutics Reports Third Quarter 2025 Financial Results and Recent Highlights

Rhea-AI Summary

Whitehawk Therapeutics (Nasdaq: WHWK) reported Q3 2025 results and operational progress on Nov 6, 2025. Cash, cash equivalents and short-term investments were $162.6M as of Sept 30, 2025 versus $47.2M on Dec 31, 2024. The company reported a net loss of $17.7M for Q3 2025 vs. $12.5M for Q3 2024.

Whitehawk reaffirmed planned IND submissions for HWK-007 and HWK-016 by year-end 2025 and an IND for HWK-206 by mid-2026, stated runway into 2028, and presented PTK7 expression data at AACR-NCI-EORTC.

Positive

• Cash position of $162.6M as of Sept 30, 2025
• Cash increased by $115.4M since Dec 31, 2024
• IND filings planned for HWK-007 and HWK-016 by year-end 2025
• Runway expected to extend into 2028 based on current plans
• PTK7 real-world analysis presented at AACR-NCI-EORTC

Negative

• Net loss widened to $17.7M in Q3 2025 from $12.5M
• Further clinical development will require continued cash burn through 2028

Insights

Biotech Corporate Strategist

Strong cash position funds planned INDs; clinical milestones and PTK7 data make near-term development the focal value drivers.

The company increased liquidity to $162.6 million from $47.2 million at year-end 2024, which supports its path to file INDs for HWK-007 and HWK-016 by year-end 2025 and an IND for HWK-206 by mid-2026. Management states this cash runway extends into 2028, enabling planned initial clinical data readouts across the portfolio.

Key dependencies and risks include successful IND clearance and timely trial starts, both required to realize stated value. Reported net loss widened to $17.7 million from $12.5 million year-over-year for the quarter, which reflects higher preclinical and SG&A spend tied to development and filing activity.

Watch for the actual IND submission confirmations and regulatory acceptances by the end of 2025, the timing of first-in-human trial initiations, and the first clinical data readouts referenced for the portfolio. Also monitor any updates to cash burn relative to the stated runway into 2028 and the translation of the PTK7 expression data into clinical enrollment strategies.

MORRISTOWN, N.J., Nov. 6, 2025 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), an 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 third quarter ended September 30, 2025, and provided recent corporate progress.

"The third quarter was marked by executional focus, and we remain on track with our planned IND filings for HWK-007 and HWK-016 by the end of the year. We continue to deploy capital efficiently, maintaining strong financial discipline as we prepare to enter the clinic and deliver potentially value-creating milestones," said Dave Lennon, PhD, President and CEO of Whitehawk Therapeutics. "I'm proud of our role in adding to the scientific understanding of PTK7 with the data we presented at AACR-NCI-EORTC. Confirming PTK7 as the third most highly expressed tumor marker among clinically validated and emerging ADC targets, these data underscore the tremendous opportunity we have with our first ADC candidate, HWK-007, to make a difference for the nearly 750,000 patients in the US with PTK7-expressing cancers."

Recent Operational Highlights:

• Presented real-world analysis at AACR-NCI-EORTC confirming PTK7 as a broadly expressed, clinically relevant target across solid tumors. The analysis was part of a collaboration between Whitehawk and Tempus AI.
  
  
• On track to bring all three assets to IND by mid-2026. IND submissions are planned by year-end 2025 for HWK-007 and HWK-016. An IND for HWK-206 is expected by mid-2026.
  
  
• Focused execution and capital efficiency support anticipated runway into 2028. Based on current plans, cash position enables initial clinical data readouts across the portfolio.

Third Quarter 2025 Financial Results:

• Cash, cash equivalents and short-term investments as of September 30, 2025, were $162.6 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 September 30, 2025, was $17.7 million as compared to $12.5 million for the three months ended September 30, 2024.

About Whitehawk Therapeutics  
Whitehawk Therapeutics is an 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 of clinical value-creating milestones for the Company's product candidates; the potential therapeutic value and market opportunity for HWK-007; the anticipated timing of the Company's development of its portfolio of ADC assets, including the expected timing to bring all three assets to IND by mid-2026, with the first two INDs filed by year-end; expectations regarding the beneficial characteristics, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets; the Company's cash runway extending into 2028 based on current plans; 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, including through initial clinical data readouts for the Company's product candidate portfolio. 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, 2024, 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 BALANCE SHEETS
(In thousands)
(Unaudited)
				September 30,		December 31,
				2025		2024
Assets
Current assets:
			Cash and cash equivalents	$                     37,931		$                     28,670
			Short-term investments	124,666		18,567
			Accounts receivable, net	-		5,903
			Inventory	-		5,311
			Prepaid expenses and other current assets	2,439		2,836
Total current assets				165,036		61,287
Property and equipment, net				4		6,846
Operating lease right-of-use assets				-		787
Other assets				1,977		1,399
Total assets				$                  167,017		$                     70,319
Liabilities and stockholders' equity
Current liabilities:
			Accounts payable	$                        1,633		$                        2,159
			Accrued liabilities	8,216		14,647
			Operating lease liabilities, current portion	-		268
Total current liabilities				9,849		17,074
Operating lease liabilities, net of current portion				-		565
Other liabilities				-		202
Total liabilities				9,849		17,841
Stockholders' equity:
			Common stock	4		2
			Additional paid-in capital	487,024		385,114
			Accumulated other comprehensive income	139		16
			Accumulated deficit	(329,999)		(332,654)
Total stockholders' equity				157,168		52,478
Total liabilities and stockholders' equity				$                  167,017		$                     70,319

 

WHITEHAWK THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
(Unaudited)
				Three months ended				Nine months ended
				September 30,				September 30,
				2025		2024		2025		2024
	Revenue
		Product sales, net		$                      -		$            7,212		$            7,145		$         18,744
	Total Revenue			-		7,212		7,145		18,744
	Operating expenses
		Selling, general and administrative		5,201		7,186		23,956		25,698
		Research and development		14,345		9,997		71,942		36,683
		Restructuring charges		-		2,638		-		2,638
		Cost of goods sold		-		804		760		2,234
	Total operating expenses			19,546		20,625		96,658		67,253
	Loss from operations			(19,546)		(13,413)		(89,513)		(48,509)
	Other income (expense)
		Gain on sale of business		(177)		-		87,266		-
		Foreign exchange loss		-		(1)		(3)		(4)
		Other income		127		-		285		-
		Interest income		1,850		906		4,620		3,249
		Interest expense		-		(38)		-		(154)
	Total other income (expense), net			1,800		867		92,168		3,091
	Net (loss) income			$       (17,746)		$       (12,546)		$            2,655		$       (45,418)
	Net (loss) income per share:
		Basic		$             (0.26)		$             (0.46)		$               0.04		$             (1.68)
		Diluted		$             (0.26)		$             (0.46)		$               0.04		$             (1.68)
	Weighted average number of common shares outstanding
		Basic		69,204,899		27,041,327		59,417,911		27,010,791
		Diluted		69,204,899		27,041,327		60,057,872		27,010,791

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SOURCE Whitehawk Therapeutics, Inc.

FAQ

What cash balance did Whitehawk Therapeutics (WHWK) report for Q3 2025?

Whitehawk reported $162.6M in cash, cash equivalents and short-term investments as of Sept 30, 2025.

When will WHWK file INDs for HWK-007 and HWK-016?

WHWK plans to submit INDs for HWK-007 and HWK-016 by year-end 2025.

What is Whitehawk's expected clinical runway based on the Nov 6, 2025 update?

The company stated its current plans provide a runway into 2028.

How did Whitehawk's net loss in Q3 2025 compare to Q3 2024?

Net loss was $17.7M for Q3 2025 versus $12.5M for Q3 2024.

When is an IND for HWK-206 expected according to WHWK's update?

An IND for HWK-206 is expected by mid-2026.

What clinical or scientific data did Whitehawk present recently?

Whitehawk presented a real-world analysis confirming PTK7 as a broadly expressed tumor marker at AACR-NCI-EORTC.