Whitehawk Therapeutics (WHWK) Q4 2024 earnings summary

Executive summary

• Completed transformation and relaunch as Whitehawk Therapeutics, focusing on advanced ADC therapies and trading under "WHWK" from March 19, 2025.

• In-licensed three ADC assets from WuXi Biologics, divested FYARRO/Aadi Sub to Kaken Pharmaceuticals, and secured $100 million PIPE financing.

• Portfolio includes HWK-007 (PTK7), HWK-016 (MUC16), and HWK-206 (SEZ6), all targeting clinically validated, broadly overexpressed tumor antigens.

• IND filings for all three ADC candidates planned within 15 months, with HWK-007 and HWK-016 prioritized for late 2025 and end of 2024, respectively.

• Leadership strengthened with appointment of Dr. David Dornan as CSO, bringing deep ADC expertise.

Financial highlights

• Ended 2024 with $47.2 million in cash, cash equivalents, and short-term investments, down from $108.8 million a year prior.

• Post-transaction, cash position expected to be $170–$180 million, funding operations into 2028.

• FYARRO net product sales were $7.2 million for Q4 and $26 million for the year, both prior to divestiture.

• R&D expenses for Q4 were $14.3 million (up from $12.8 million YoY); full-year R&D was $51 million (up from $48.9 million YoY).

• Net loss for Q4 was $18.3 million (vs. $16.3 million YoY); full-year net loss was $63.7 million (vs. $65.8 million YoY).

Outlook and guidance

• Cash runway expected to support operations and all three phase one clinical studies into 2028.

• Three INDs targeted for submission within 15 months, with meaningful clinical data expected before next financing round.

• Focused on rapid clinical advancement and data inflection points for ADC portfolio.