Whitehawk Therapeutics, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsWhitehawk Therapeutics is a clinical-stage oncology company developing in-licensed antibody drug conjugates (ADCs), with no product revenue and three ADC programs in or entering Phase 1.
What they do
Whitehawk develops ADCs built on the CPT113 linker-payload platform, which delivers a Topoisomerase I inhibitor payload into cancer cells. The three licensed assets target PTK7 (HWK-007), MUC16 (HWK-016) and SEZ6 (HWK-206), sourced from WuXi Biologics antibodies conjugated with Hangzhou DAC's CPT113 technology. Historically the company sold FYARRO (nab-sirolimus) for advanced PEComa, described in the 10-K as the legacy FYARRO Business.
Revenue drivers
- FYARRO (nab-sirolimus) — Legacy commercial product for advanced PEComa, launched in the U.S. in February 2022 and exclusively licensed from Abraxis BioScience/Celgene/BMS; it was the historical source of product revenue.
- ADC Therapies (HWK-007, HWK-016, HWK-206) — In-licensed preclinical/clinical ADC assets; no approved product and no revenue recorded from these programs in the quarters reported.
- Total reported revenue — Revenue fell to $7.1M in 2025 from $26.0M in 2024, and quarterly revenue was $0.00 for each quarter from 2025-09-30 through 2026-06-30.
Recent performance
Q2 2026 R&D expense was $12.9 million versus $48.8 million in Q2 2025, a decline the company attributes to the $38.0 million WuXi Biologics up-front license fee incurred in the prior-year quarter. Net loss for Q2 2026 was $16.6 million versus $52.6 million a year earlier. Quarterly revenue was $0.00 for the quarters ended 2025-09-30 through 2026-06-30. Full-year 2025 revenue was $7.1 million against a net loss of $20.6 million, while operating cash flow was negative $97.4 million in 2025.
Strategy
The company is prioritizing clinical execution on HWK-007 and HWK-016, with the HWK-206 Phase 1 trial on track to initiate in Q3 2026. It raised $87.5 million in a May 2026 private placement with participation from existing investors and management, and reported cash, cash equivalents and short-term investments of $190.0 million at June 30, 2026. It added a Hangzhou DAC option agreement covering CPT113 for up to five additional ADC programs, and a Biocytogen collaboration providing access to up to five bispecific antibodies from the RenLite platform. Management states it expects to submit INDs for multiple new programs over the next 12-24 months and targets new ADC INDs in that window.
Risks
- No current revenue — Reported revenue was $0.00 in each quarter from 2025-09-30 through 2026-06-30, so operations depend on financing rather than product sales.
- Early-stage pipeline — The ADC Therapies are clinical or preclinical, and FDA clearance of the HWK-007 and HWK-016 INDs does not establish safety or efficacy.
- Capital needs — The company states it will require additional capital and that failure to raise it on acceptable terms could force delays or elimination of programs, despite a stated runway into 2H 2028.
- Dependence on licensed technology and partners — The ADC portfolio relies on licenses from WuXi Biologics and Hangzhou DAC's CPT113 platform, and the Biocytogen collaboration is an option arrangement rather than an owned asset.
Outlook
Management says the Phase 1 trial for HWK-206 is on track to initiate in Q3 2026, with HWK-007 and HWK-016 continuing to enroll. The company expects data readouts in the first half of 2027 from each of the HWK-007 and HWK-016 trials. It states its $190.0 million cash, cash equivalents and short-term investments balance at June 30, 2026 is anticipated to fund operations into 2H 2028 based on current plans.