Whitehawk Therapeutics Reports Third Quarter 2026 Financial Results and Recent Highlights

Nine-month net results shifted to a loss despite lower operating expenses, as the prior-year period included a gain on a business sale.

Rhea-AI Summary

Whitehawk Therapeutics (WHWK) reported a third-quarter 2026 net loss of $21.209 million while advancing its three clinical-stage cancer treatment programs. The loss widened from $17.746 million a year earlier, although loss per share narrowed to $0.23 from $0.26. Cash, cash equivalents and short-term investments totaled $169.7 million at September 30, versus $145.7 million at December 31, 2025; the company expects funding to last into the second half of 2028 under current plans.

Whitehawk expects initial Phase 1 data for HWK-007 and HWK-016 in the first half of 2027. It initiated the U.S. Phase 1 trial of HWK-206, which received FDA Fast Track designation, and expects initial data by year-end 2027. A Chinese investigational drug application was submitted, with first clinical sites expected to activate in the first quarter of 2027. Quarterly research and development expenses rose to $18.138 million from $14.345 million.

12 points · 0 major

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1 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCash and short-term investments increased to $169.7 million at September 30 from $145.7 million at year-end 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Whitehawk expects existing funds to support operations into 2H 2028, based on current plans.
• Moderate pointHWK-206 entered a U.S. Phase 1 trial, bringing all three original programs into clinical development.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Whitehawk expects initial HWK-007 and HWK-016 Phase 1 data in 1H 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Whitehawk expects initial HWK-206 Phase 1 data by year-end 2027.
• Moderate pointNine-month operating loss narrowed to $64.574 million from $89.513 million a year earlier.

6 minor points

• Minor pointHWK-206 received FDA Fast Track designation.
• Minor point. Forward-looking: it has not happened yet and may not happen.Whitehawk submitted HWK-206's Chinese investigational drug application and anticipates first site activation in Q1 2027.
• Minor pointQuarterly loss per share narrowed to $0.23 from $0.26 a year earlier.
• Minor pointQuarterly selling, general and administrative expenses declined to $4.805 million from $5.201 million a year earlier.
• Minor pointNine-month research and development expenses declined to $48.263 million from $71.942 million a year earlier.
• Minor pointNine-month selling, general and administrative expenses fell to $16.311 million from $23.956 million a year earlier.

Negative

• Major pointNine-month net results shifted to a $60.043 million loss from $2.655 million income a year earlier.
• Moderate pointQuarterly net loss widened to $21.209 million from $17.746 million a year earlier.
• Moderate pointQuarterly weighted-average common shares increased to 93,866,642 from 69,204,899 a year earlier.
• Minor pointQuarterly research and development expenses increased to $18.138 million from $14.345 million a year earlier.
• Minor pointQuarterly operating loss widened to $22.943 million from $19.546 million a year earlier.

4 minor points

• Minor pointNine-month revenue fell to zero from $7.145 million a year earlier.
• Minor pointNine-month earnings per share shifted to a $0.73 loss from $0.04 income a year earlier.
• Minor pointNine-month gain on sale of business was zero, versus $87.266 million a year earlier.
• Minor pointInterest income declined to $1.737 million quarterly and $4.540 million year-to-date, from $1.850 million and $4.620 million.

News Explained

Whitehawk Therapeutics reported a higher weighted-average common-share count for the third quarter—93,866,642, versus 69,204,899 in the year-earlier quarter—so its reported per-share loss reflects a larger average share base.

Key Figures

Cash and short-term investments: $169.7 million Cash runway: Into 2H 2028 Research and development expenses: $18.1 million vs. $14.3 million +4 more

Cash and short-term investments

$169.7 million

As of September 30, 2026

Cash runway

Into 2H 2028

Based on current plans

Research and development expenses

$18.1 million vs. $14.3 million

Three months ended September 30, 2026 vs. 2025

Net loss

$21.2 million vs. $17.7 million

Three months ended September 30, 2026 vs. 2025

Starting planned dose level

3 mg/kg

HWK-206 Phase 1 study

Initial Phase 1 data

1H 2027

HWK-007 and HWK-016

Initial Phase 1 data

Year-end 2027

HWK-206

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   +15.5%

   Previously targeted HWK-206 Phase 1 initiation in Q3 and projected cash runway into 2H 2028.

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

Key Terms

fast track designation, investigational new drug (ind), dose-escalation, overall survival, +1 more

5 terms

fast track designation regulatory

"received Fast Track designation from the U.S. Food and Drug Administration"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

investigational new drug (ind) regulatory

"submitted an Investigational New Drug (IND) application in China"

An investigational new drug (IND) is a drug or biologic that is being tested but has not yet been approved for general use; it is the application and formal status that allows a company to begin human clinical trials under regulator oversight. Investors care because an IND marks the transition from lab work to human testing — like getting a permit to run real-world experiments — which creates important milestones, costs, timelines and regulatory risk that drive a development-stage company's value.

dose-escalation medical

"The initial dose-escalation portion will focus on patients with SCLC"

Dose-escalation is the part of an early-stage clinical trial where researchers gradually increase a drug’s dose in small groups of participants to find the safest and most effective amount. Think of it like turning up the volume slowly to find the sweet spot: investors watch these results closely because they reveal safety risks, potential effectiveness, and how quickly a drug can move to later trials or approval, all of which affect the development timeline and commercial prospects.

overall survival medical

"High MUC16 expression was associated with poor real-world overall survival"

Overall survival is the average or median length of time patients remain alive after starting a treatment or entering a clinical study, measured regardless of cause of death. Investors care because it is a clear, hard measure of a therapy’s real-world benefit — like timing how long a new battery actually runs — and strong improvements in overall survival can drive regulatory approval, market adoption and revenue potential.

antibody drug conjugate (adc) medical

"develop improved antibody drug conjugate (ADC) cancer treatments"

A antibody drug conjugate (ADC) is a targeted medicine that combines an antibody, which seeks out specific cells, with a potent drug payload so the treatment delivers its toxic effect directly to diseased cells while sparing most healthy tissue—think of a guided missile carrying a small explosive. Investors care because ADCs can offer breakthrough therapies with high market value, but their worth depends heavily on clinical trial results, manufacturing complexity and regulatory approval, which create both upside and risk.

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On track to report initial Phase 1 data from HWK-007 and HWK-016 in 1H'27

Initiated Phase 1 trial for HWK-206 in the U.S., the third Whitehawk program to enter the clinic in the last 12 months; HWK-206 received Fast Track designation from the FDA

Cash, cash equivalents and short-term investments of $169.7 million as of September 30, 2026, anticipated to fund operations into 2H 2028

MORRISTOWN, N.J., Nov. 9, 2026 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently develop improved antibody drug conjugate (ADC) cancer treatments, today announced financial results for the quarter ended September 30, 2026, and provided recent corporate highlights.

"We continue to dose escalate patients in our Phase 1 programs for HWK-007 and HWK-016 and remain on track to report initial data in the first half of 2027," said Dave Lennon, PhD, President and Chief Executive Officer of Whitehawk Therapeutics. "We also initiated the Phase 1 trial of HWK-206, marking the advancement of all three of our original ADC programs into clinical development within the last 12 months. With its improved biparatopic design, HWK-206 has demonstrated enhanced preclinical antitumor activity compared to other SEZ6-targeted ADCs. Our global clinical development strategy is focused on efficiently evaluating how these preclinical attributes translate in patients with small-cell lung cancer."

Q3 2026 and Recent Operational Highlights:

• Continued to advance the ongoing Phase 1 trials of HWK-007 and HWK-016. 
  • HWK-007, a PTK7-targeting ADC, 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, a MUC16-targeting ADC, is being evaluated in patients with advanced ovarian and endometrial cancers (NCT07470853).

• Initiated the Phase 1 clinical trial of HWK-206 in the U.S. and received Fast Track designation from the U.S. Food and Drug Administration (FDA). 
  • HWK-206 is a novel, biparatopic, SEZ6-targeting ADC utilizing the same TOP1i-linker payload as Whitehawk's first two programs. HWK-206 is being developed initially for small-cell lung cancer (SCLC) and other neuroendocrine tumors.
  • Whitehawk submitted an Investigational New Drug (IND) application in China and anticipates activating its first clinical sites in China in Q1 2027.
  • The study is designed to evaluate an accelerated sequence of planned dose levels, starting at 3 mg/kg, informed by Whitehawk's experience with HWK-007 and HWK-016. The initial dose-escalation portion will focus on patients with SCLC, providing an opportunity to evaluate HWK-206 against established clinical benchmarks.
  • Initial Phase 1 data from HWK-206 is expected by year-end 2027.

• Presented real-world analyses supporting PTK7 as a durable ADC target in EGFR wild-type NSCLC at World Conference on Lung Cancer 2026. PTK7 expression remained stable following standard-of-care therapies, supporting its relevance as a target in second-line or later-line EGFR wild-type NSCLC.

• Presented real-world analyses supporting MUC16 as a durable ADC target in ovarian cancer at International Gynecologic Cancer Society 2026. MUC16 expression remained high and stable following standard-of-care therapies, supporting its potential utility in both combination approaches and relapsed settings. High MUC16 expression was associated with poor real-world overall survival in high-grade serous ovarian carcinoma, the most common subtype of ovarian cancer.

• Appointed Vijay Iyengar, MD, to Board of Directors. Dr. Iyengar, a former Incyte executive, brings extensive oncology, corporate strategy, business development and medical affairs experience to Whitehawk.   

Q3 2026 Financial Results:

• Cash, cash equivalents and short-term investments as of September 30, 2026, were $169.7 million as compared to $145.7 million as of December 31, 2025. Cash is anticipated to fund operations into 2H 2028 based on current plans.

• Research and development expenses were $18.1 million for the three months ended September 30, 2026, as compared to $14.3 million for the three months ended September 30, 2025.

• Net loss for the three months ended September 30, 2026, was $21.2 million as compared to $17.7 million for the three months ended September 30, 2025.

Upcoming Investor Conferences:

• Jefferies Global Healthcare Conference in London – management will participate in investor meetings, and Dave Lennon will participate in a fireside chat on November 16, 2026, at 9:30 AM GMT.

• Piper Sandler 38th Annual Healthcare Conference – management will participate in investor meetings, and Dave Lennon will present a corporate overview on December 2, 2026, at 1:30 PM ET.

• A live webcast of the fireside chat and presentation can be accessed by visiting the Whitehawk Therapeutics IR website and will be available for replay for approximately 30 days following the events.

About Whitehawk Therapeutics
Whitehawk Therapeutics is a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently develop improved antibody drug conjugate (ADC) cancer treatments. Whitehawk's portfolio includes HWK-007, HWK-016 and HWK-206, ADCs 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. Whitehawk's underlying ADC platform leverages CPT113 as the core linker-payload technology, enhanced with its proprietary Carbon Bridge Cysteine Re-pairing (CBCR) bioconjugation process to support improved stability and therapeutic index.

More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn. Any references to the Company's website or other online resources are provided solely for convenience and are not incorporated by reference into this press release. Investors should rely only on the information contained in this press release and the Company's filings with the Securities and Exchange Commission.

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 initial Phase 1 data from clinical trials for HWK-007 and HWK-016 in 1H 2027 and for HWK-206 by year-end 2027, and the anticipated timing of activating our first clinical sites in China for the HWK-206 Phase 1 trial in Q1 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)
		September 30,		December 31,
		2026		2025
Assets
Current assets:
Cash and cash equivalents		$                   68,973		$                   37,568
Short-term investments		100,699		108,129
Prepaid expenses and other current assets		2,299		3,316
Total current assets		171,971		149,013
Property and equipment, net		3		3
Operating lease right-of-use assets		212		—
Other assets		1,500		1,814
Total assets		$                173,686		$                150,830
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$                      2,224		$                          917
Accrued liabilities		8,087		13,602
Operating lease liabilities, current portion		130		—
Total current liabilities		10,441		14,519
Operating lease liabilities, net of current portion		88		—
Total liabilities		10,529		14,519
Stockholders' equity:
Common stock		5		4
Additional paid-in capital		576,661		489,437
Accumulated other comprehensive (loss) income		(216)		120
Accumulated deficit		(413,293)		(353,250)
Total stockholders' equity		163,157		136,311
Total liabilities and stockholders' equity		$                173,686		$                150,830

 

WHITEHAWK THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
(Unaudited)
			Three months ended				Nine months ended
			September 30,				September 30,
			2026		2025		2026		2025
Revenue
Product sales, net			$                    -		$                    -		$                    -		$            7,145
Total Revenue			-		-		-		7,145
Operating expenses
Selling, general and administrative			4,805		5,201		16,311		23,956
Research and development			18,138		14,345		48,263		71,942
Cost of goods sold			-		-		-		760
Total operating expenses			22,943		19,546		64,574		96,658
Loss from operations			(22,943)		(19,546)		(64,574)		(89,513)
Other income (expense)
Gain on sale of business			-		(177)		-		87,266
Foreign exchange loss			(3)		-		(9)		(3)
Other income			-		127		-		285
Interest income			1,737		1,850		4,540		4,620
Total other income (expense), net			1,734		1,800		4,531		92,168
(Loss) income before income tax expense			(21,209)		(17,746)		(60,043)		2,655
Income tax expense (benefit)			-		-		-		-
Net (loss) income			$        (21,209)		$        (17,746)		$        (60,043)		$            2,655
Net (loss) income per share:
Basic			$             (0.23)		$             (0.26)		$             (0.73)		$               0.04
Diluted			$             (0.23)		$             (0.26)		$             (0.73)		$               0.04
Weighted average number of common shares outstanding
Basic			93,866,642		69,204,899		82,086,813		59,417,911
Diluted			93,866,642		69,204,899		82,086,813		60,057,872

 

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SOURCE Whitehawk Therapeutics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Whitehawk expect initial Phase 1 data for its cancer programs?

Whitehawk expects initial Phase 1 data for HWK-007 and HWK-016 in the first half of 2027, followed by HWK-206 by year-end 2027. Dose escalation, in which successive patient groups receive higher doses, is continuing for HWK-007 and HWK-016.

How long does Whitehawk expect its September 2026 cash balance to last?

Whitehawk expects its $169.7 million in cash, cash equivalents and short-term investments at September 30, 2026, to fund operations into the second half of 2028, based on current plans.

How is Whitehawk's HWK-206 Phase 1 trial designed?

The HWK-206 trial is designed to evaluate an accelerated sequence of planned dose levels starting at 3 mg/kg, informed by experience with HWK-007 and HWK-016. The initial dose-escalation portion will focus on patients with small-cell lung cancer. The program is initially being developed for that disease and other neuroendocrine tumors.

Which cancers are being studied in Whitehawk's HWK-007 and HWK-016 trials?

HWK-007 is being evaluated in non-squamous, EGFR wild-type non-small cell lung cancer, platinum-resistant ovarian cancer and endometrial cancer. HWK-016 is being evaluated in advanced ovarian and endometrial cancers. Both are antibody-drug conjugates, treatments that link an antibody to a cancer-killing drug.