Whitehawk (Nasdaq: WHWK) posts Q1 loss with cash runway into 2028
Rhea-AI Filing Summary
Whitehawk Therapeutics reported first quarter 2026 results, highlighting its transition to a pure R&D oncology company. Cash, cash equivalents and short-term investments were $123.0 million as of March 31, 2026, which the company anticipates will fund operations into 2028.
Whitehawk posted a net loss of $22.2 million for the quarter, compared with net income of $73.0 million a year earlier, when results included an $87.4 million gain on the sale of Aadi Subsidiary and $7.1 million of product sales. Research and development expenses rose to $17.2 million, driven in part by $5.3 million of development milestones under a WuXi Biologics license agreement.
Operationally, the company is enrolling Phase 1 trials for HWK‑007 and HWK‑016, plans to submit an IND for HWK‑206 in mid‑2026 with Phase 1 recruitment targeted for Q3 2026, and expects initial Phase 1 data for HWK‑007 and HWK‑016 in the first half of 2027.
Positive
- None.
Negative
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Insights
Results reflect a cash-funded R&D pivot, with clear early-clinical milestones.
Whitehawk Therapeutics ended Q1 2026 with $123.0 million in cash, cash equivalents and short-term investments, which it believes will fund operations into 2028. Revenue fell to zero from prior product sales, and quarterly performance is now driven by R&D spending and financing history rather than commercial activity.
The company reported a Q1 $22.2 million net loss, versus $73.0 million net income a year ago that was boosted by an $87.4 million gain on the sale of Aadi Subsidiary. Research and development expenses more than doubled to $17.2 million, including $5.3 million of milestones under the WuXi Biologics license, consistent with multiple ADC programs in early clinical development.
From a pipeline standpoint, value hinges on clinical execution. Phase 1 trials for HWK‑007 and HWK‑016 are ongoing, with initial data anticipated in 1H 2027. An IND for HWK‑206 is planned for mid‑2026, with Phase 1 recruitment targeted for Q3 2026, so subsequent disclosures around enrollment and early safety will be important to understand portfolio progress.
8-K Event Classification
Key Figures
Key Terms
Phase 1 trials medical
Investigational New Drug regulatory
antibody drug conjugate medical
Carbon Bridge Cysteine Re-pairing (CBCR) platform technical
MUC16 medical
forward-looking statements regulatory
Earnings Snapshot
Cash, cash equivalents and short-term investments are anticipated to fund operations into 2028 based on current plans.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Whitehawk Therapeutics, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
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99.1 |
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Press Release, dated May 7, 2026 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WHITEHAWK THERAPEUTICS, INC. |
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Date: |
May 7, 2026 |
By: |
/s/ Scott Giacobello |
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Scott Giacobello |
PRESS RELEASE
Whitehawk Therapeutics Reports First Quarter 2026 Financial Results and Recent Highlights
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, NJ, 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:
PRESS RELEASE
First Quarter 2026 Financial Results:
Anticipated Milestones:
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
PRESS RELEASE
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
PRESS RELEASE
WHITEHAWK THERAPEUTICS, INC. |
CONDENSED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
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March 31, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
34,790 |
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$ |
37,568 |
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Short-term investments |
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88,253 |
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108,129 |
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Prepaid expenses and other current assets |
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2,505 |
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3,316 |
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Total current assets |
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125,548 |
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149,013 |
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Property and equipment, net |
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2 |
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3 |
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Other assets |
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1,681 |
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1,814 |
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Total assets |
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$ |
127,231 |
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$ |
150,830 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,745 |
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$ |
917 |
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Accrued liabilities |
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9,311 |
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13,602 |
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Total current liabilities |
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11,056 |
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14,519 |
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Total liabilities |
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11,056 |
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14,519 |
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Stockholders’ equity: |
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Common stock |
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4 |
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4 |
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Additional paid-in capital |
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491,630 |
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489,437 |
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Accumulated other comprehensive (loss) income |
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(15 |
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120 |
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Accumulated deficit |
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(375,444 |
) |
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(353,250 |
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Total stockholders’ equity |
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116,175 |
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136,311 |
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Total liabilities and stockholders’ equity |
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$ |
127,231 |
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$ |
150,830 |
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PRESS RELEASE
WHITEHAWK THERAPEUTICS, INC. |
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CONDENSED STATEMENTS OF OPERATIONS |
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(In thousands, except share data and earnings per share amounts) |
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(Unaudited) |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Revenue |
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Product sales, net |
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$ |
— |
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$ |
7,145 |
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Total revenue |
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— |
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7,145 |
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Operating expenses |
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Selling, general and administrative |
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6,290 |
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12,815 |
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Research and development |
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17,232 |
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8,788 |
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Cost of goods sold |
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— |
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760 |
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Total operating expenses |
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23,522 |
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22,363 |
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Loss from operations |
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(23,522 |
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(15,218 |
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Other income (expense) |
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Gain on sale of business |
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— |
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87,443 |
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Interest income |
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1,328 |
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791 |
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Total other income (expense), net |
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1,328 |
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88,234 |
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Loss (income) before income tax expense |
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(22,194 |
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73,016 |
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Income tax expense (benefit) |
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— |
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— |
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Net (loss) income |
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$ |
(22,194 |
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$ |
73,016 |
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Other comprehensive loss: |
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Unrealized loss on investments, net of tax |
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(135 |
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(15 |
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Comprehensive (loss) income |
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(22,329 |
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73,001 |
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Net (loss) income per share: |
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Basic |
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$ |
(0.32 |
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$ |
1.84 |
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Diluted |
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$ |
(0.32 |
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$ |
1.83 |
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Weighted average shares outstanding: |
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Basic |
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69,236,945 |
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39,640,826 |
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Diluted |
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69,236,945 |
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39,932,539 |
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