Whitehawk Therapeutics (Nasdaq: WHWK) posts Q2 2026 loss with $190M cash runway
Rhea-AI Filing Summary
Whitehawk Therapeutics, a clinical-stage oncology company focused on antibody drug conjugates, reported second quarter 2026 results. Cash, cash equivalents and short-term investments were $190.0 million as of June 30, 2026, up from $145.7 million at December 31, 2025, and are expected to fund operations into 2H 2028.
The company continued enrolling patients in Phase 1 trials of HWK-007 and HWK-016 and plans to initiate a Phase 1 study of HWK-206 in small-cell lung cancer and neuroendocrine tumors in Q3 2026, with initial Phase 1 data for HWK-007 and HWK-016 anticipated in 1H 2027. Whitehawk expanded its platform through an option agreement with Hangzhou DAC for CPT113-based ADCs and a global collaboration with Biocytogen to access up to five bispecific antibodies using the RenLite platform.
Research and development expenses were $12.9 million for the quarter, compared with $48.8 million a year earlier, when results included a $38.0 million up-front license fee to WuXi Biologics. Net loss was $16.6 million, or $0.20 per share, versus a net loss of $52.6 million, or $0.76 per share, in the prior-year quarter.
Positive
- None.
Negative
- None.
Filing Explained
At June 30, Whitehawk reported $190.0 million of cash and investments, while six-month revenue was zero.
The August 6 results filing reports Whitehawk Therapeutics’ June 30 balance sheet: cash, short-term investments, and total liabilities, documenting the resources and obligations supporting its stated operating runway.
The filing’s
For the six months ended June 30, 2026, revenue and operating expenses were lower than in the prior-year period, while net loss replaced prior-year net income.
The six-month statements therefore show no reported product revenue and a continuing net loss, despite the company’s reported liquidity.
8-K Event Classification
Key Figures
Key Terms
antibody drug conjugate (ADC) medical
Phase 1 trials medical
Investigational New Drug (IND) medical
Carbon Bridge Cysteine Re-pairing (CBCR) technical
bispecific antibodies medical
private placement equity financing financial
Earnings Snapshot
Cash, cash equivalents and short-term investments are expected to fund operations into the second half of 2028 based on current plans.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Whitehawk Therapeutics (WHWK) key financial results for Q2 2026?
How much cash does Whitehawk Therapeutics (WHWK) have and what is its runway?
What is the status of Whitehawk Therapeutics (WHWK) clinical programs HWK-007, HWK-016 and HWK-206?
What collaborations and platform deals did Whitehawk Therapeutics (WHWK) highlight in Q2 2026?
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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 August 6, 2026, Whitehawk Therapeutics, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 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 August 6, 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: |
August 6, 2026 |
By: |
/s/ Scott Giacobello |
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Scott Giacobello |
PRESS RELEASE
Whitehawk Therapeutics Reports Second Quarter 2026 Financial Results and Recent Highlights
Phase 1 trials for HWK-007 and HWK-016 continue to enroll; the Phase 1 trial for HWK-206 is on track to initiate in Q3 2026
Cash, cash equivalents and short-term investments balance of $190.0 million as of June 30, 2026, anticipated to fund operations into 2H 2028
MORRISTOWN, NJ, August 6, 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 June 30, 2026, and provided recent corporate highlights.
“The second quarter saw meaningful progress for our three assets. We continued enrollment in our Phase 1 studies for HWK-007 and HWK-016 and remain on track to initiate the Phase 1 trial for HWK-206 in Q3. We extended our anticipated runway into 2H 2028 following our recent upsized financing and we believe we are well positioned to support clinical execution against these programs,” said Dave Lennon, PhD, President and Chief Executive Officer of Whitehawk Therapeutics. “While our focus, investment priorities and execution efforts remain on our existing portfolio, we also took steps to enhance the long-term potential of our Whitehawk platform. The Hangzhou DAC option agreement reflects our conviction in CPT113, while our collaboration with Biocytogen provides access to bispecific antibody formats. These selective opportunities support future programs and our ambition to deliver new ADC INDs in the next 12-24 months.”
Q2 2026 and Recent Operational Highlights:
PRESS RELEASE
Second 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 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. Whitehawk has an option
PRESS RELEASE
agreement with Hangzhou DAC for access to CPT113 for use in up to five additional ADC programs. 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 commencement of recruitment in a Phase 1 trial for HWK-206 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; potential opportunities arising under or related to the Hangzhou DAC option agreement and the Biocytogen collaboration; the Company’s ability to expand its pipeline opportunities, including its ability to deliver multiple new ADC INDs in the next 12-24 months, 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
PRESS RELEASE
WHITEHAWK THERAPEUTICS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
PRESS RELEASE
(Unaudited) |
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June 30, |
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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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$ |
85,234 |
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$ |
37,568 |
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Short-term investments |
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104,748 |
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108,129 |
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Prepaid expenses and other current assets |
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2,432 |
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3,316 |
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Total current assets |
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192,414 |
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149,013 |
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Property and equipment, net |
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1 |
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3 |
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Other assets |
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1,579 |
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1,814 |
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Total assets |
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$ |
193,994 |
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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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$ |
1,105 |
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$ |
917 |
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Accrued liabilities |
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9,964 |
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13,602 |
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Total current liabilities |
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11,069 |
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14,519 |
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Total liabilities |
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11,069 |
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14,519 |
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Stockholders’ equity: |
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Common stock |
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5 |
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4 |
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Additional paid-in capital |
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575,067 |
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489,437 |
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Accumulated other comprehensive (loss) income |
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(63 |
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120 |
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Accumulated deficit |
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(392,084 |
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(353,250 |
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Total stockholders’ equity |
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182,925 |
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136,311 |
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Total liabilities and stockholders’ equity |
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$ |
193,994 |
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$ |
150,830 |
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WHITEHAWK THERAPEUTICS, INC. |
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CONDENSED CONSOLIDATED 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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PRESS RELEASE
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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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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$ |
— |
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$ |
— |
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$ |
7,145 |
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Total revenue |
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— |
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— |
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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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5,216 |
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5,940 |
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11,506 |
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18,755 |
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Research and development |
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12,893 |
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48,809 |
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30,125 |
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57,597 |
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Cost of goods sold |
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— |
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— |
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— |
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760 |
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Total operating expenses |
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18,109 |
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54,749 |
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41,631 |
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77,112 |
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Loss from operations |
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(18,109 |
) |
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(54,749 |
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(41,631 |
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(69,967 |
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Other income (expense) |
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Gain on sale of business |
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— |
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— |
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— |
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87,443 |
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Foreign exchange loss |
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(6 |
) |
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(3 |
) |
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(6 |
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(3 |
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Other income |
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— |
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158 |
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— |
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158 |
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Interest income |
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1,475 |
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1,979 |
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2,803 |
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2,770 |
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Total other income (expense), net |
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1,469 |
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2,134 |
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2,797 |
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90,368 |
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Loss (income) before income tax expense |
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(16,640 |
) |
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(52,615 |
) |
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(38,834 |
) |
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20,401 |
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Income tax expense (benefit) |
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— |
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— |
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— |
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— |
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Net (loss) income |
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$ |
(16,640 |
) |
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$ |
(52,615 |
) |
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$ |
(38,834 |
) |
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$ |
20,401 |
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Other comprehensive loss: |
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Unrealized (loss) gain on investments, net of tax |
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(45 |
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8 |
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(183 |
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(7 |
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Comprehensive (loss) income |
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(16,685 |
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(52,607 |
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(39,017 |
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20,394 |
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Net (loss) income per share: |
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Basic |
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$ |
(0.20 |
) |
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$ |
(0.76 |
) |
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$ |
(0.51 |
) |
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$ |
0.37 |
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Diluted |
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$ |
(0.20 |
) |
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$ |
(0.76 |
) |
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$ |
(0.51 |
) |
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$ |
0.37 |
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Weighted average shares outstanding: |
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Basic |
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82,886,196 |
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69,083,127 |
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76,099,275 |
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54,443,309 |
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Diluted |
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82,886,196 |
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69,083,127 |
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76,099,275 |
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54,908,715 |
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