Whitehawk Therapeutics (WHWK) Q3 2026 earnings summary

Executive summary

• Three next-generation ADCs—HWK-007, HWK-016 and HWK-206—are in Phase 1 development; all three original programs advanced into clinical development within 12 months.

• FYARRO was divested in March 2025; no product sales were recorded in Q3 or 9M 2026, leaving development-stage programs as the principal business focus.

Financial highlights

• Q3 2026 net loss was $21.2M versus $17.7M in Q3 2025; 9M net loss was $60.0M versus net income of $2.7M, which included an $87.3M gain on sale of business.

• Q3 revenue was $0 versus $0.9M in Q3 2025; 9M revenue was $0 versus $7.1M, reflecting the FYARRO divestiture.

• Q3 operating expenses were $22.9M versus $19.5M; 9M operating expenses were $64.6M versus $96.7M, including the prior-year upfront license fee.

• Cash, cash equivalents and short-term investments totaled $169.7M at September 30, 2026; 9M operating cash use was $56.4M versus $80.2M.

Outlook and guidance

• Existing cash, cash equivalents and short-term investments are expected to fund planned operations into the second half of 2028; significant expenses and operating losses are expected to continue.

• Initial Phase 1 data for HWK-007 and HWK-016 are expected in H1 2027; HWK-206 data are expected by year-end 2027.

• First HWK-206 clinical sites in China are expected to activate in Q1 2027 following an IND submission; IND submissions for programs under the Hangzhou DAC and Biocytogen arrangements are anticipated starting in H2 2027.