Whitehawk Therapeutics (WHWK) Investor Update summary

Strategic transactions and portfolio transformation

• Entered agreement to sell FYARRO and related infrastructure to Kaken Pharmaceuticals for $100 million, representing a 4x sales multiple, with closing expected in H1 2025, subject to stockholder approval; most employees supporting FYARRO to transfer.

• Licensed three preclinical ADC assets from WuXi Biologics and Hangzhou DAC, leveraging CPT113 linker-payload technology, with $44 million upfront, up to $265 million in development milestones, $540 million in commercial milestones, and single-digit royalties.

• Announced $100 million PIPE financing led by Ally Bridge Group, with participation from top-tier biotech investors, selling common stock at a 3.4% premium; PIPE involves sale of 21,592,000 shares at $2.40 per share and pre-funded warrants for 20,076,500 shares at $2.3999 per share.

• Combined proceeds from the FYARRO sale, PIPE financing, and existing cash provide runway into late 2028, supporting clinical development of the ADC portfolio.

• Certain stockholders holding about 36% of shares have agreed to vote in favor of the transactions.

FYARRO sale details

• Kaken to acquire FYARRO, the only FDA-approved treatment for advanced malignant PEComa, and retain most related employees and infrastructure.

• FYARRO has generated $58.3 million in cumulative sales since launch, with $7.2 million in Q3 2024 and a ~90% reorder rate in the US.

• The transaction positions Kaken at the center of US sales structure and accelerates US market expansion.

ADC portfolio and clinical development plans

• New ADC portfolio targets PTK7, MUC16, and SEZ6, all validated by first-generation ADCs but discontinued due to safety or therapeutic index limitations.

• IND filings planned for PTK7-directed asset in H2 2025, MUC16-directed asset by end of 2025, and SEZ6-directed asset in mid-2026, with rapid development enabled by WuXi and Hangzhou partnerships.

• Preclinical data show superior efficacy and stability for the CPT113 platform, with potential to outperform first-generation ADCs in key cancer indications.

• PTK7-CPT113 targets high PTK7-expressing cancers, including NSCLC and ovarian cancer; mMUC16-CPT113 is the first ADC targeting membrane-bound MUC16, overexpressed in female-origin cancers; biSEZ6-CPT113 uses a biparatopic approach for SEZ6, relevant in neuroendocrine cancers.

• ADCs discovered via WuXi Biologics' antibody platform and Hangzhou DAC's linker-payload technology.