Whitehawk Therapeutics (WHWK) Q2 2026 earnings summary

Executive summary

• Transitioned to a clinical-stage oncology company focused on ADCs after divesting FYARRO in March 2025 for $102.4 million, recording a net gain of $87.4 million.

• Advancing three ADC therapies: HWK-007 and HWK-016 in Phase 1 trials, and HWK-206 with a Phase 1 trial set to begin in Q3 2026.

• Expanded pipeline through new option and collaboration agreements, including with Hangzhou DAC for CPT113 and Biocytogen for bispecific ADCs.

• Presented new preclinical and SEZ6 target data at major oncology conferences in April and at ASCO 2026.

Financial highlights

• Net loss for the six months ended June 30, 2026, was $38.8 million; Q2 2026 net loss was $16.6 million, both improved from prior year periods.

• Cash, cash equivalents, and short-term investments totaled $190.0 million as of June 30, 2026, up from $145.7 million at December 31, 2025.

• No product revenue in 2026 after FYARRO divestiture; $7.1 million in product sales for the first half of 2025.

• Operating expenses decreased to $41.6 million for the first half of 2026 from $77.1 million in 2025, mainly due to lower R&D and SG&A costs.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2028.

• Multiple new ADC IND submissions planned over the next 12–24 months.

• Initial Phase 1 results for HWK-007 and HWK-016 anticipated in the first half of 2027.