Whitehawk Therapeutics (WHWK) TD Cowen 46th Annual Health Care Conference summary

Company overview and strategy

• Advancing a differentiated portfolio of next-generation antibody-drug conjugates (ADCs) targeting a broad array of cancer indications, with three assets in the clinic or nearing clinical entry: HWK-007 (PTK7), HWK-016 (MUC16), and SEZ6.

• Focused on clinically validated, high-potential ADC targets with broad tumor expression and limited normal tissue distribution, aiming for selectivity and reduced toxicity.

• Management team has deep ADC experience and a track record of operational excellence and M&A success.

• Ended Q3 2025 with over $160 million in cash, providing runway into 2028 and enabling reporting of clinical milestones for all three programs.

• Emphasizes capital efficiency, running three programs in parallel with a quarterly burn of $15–17 million.

Scientific platform and differentiation

• ADCs utilize high-affinity antibodies with attenuated Fc regions to minimize immune-mediated uptake and reduce lung toxicity.

• Unique bioconjugation approach uses carbon-bridge cysteine re-pairing, enhancing ADC stability and reducing premature payload release compared to traditional methods.

• Proprietary modified exatecan payload retains potency but reduces hematological toxicity, aiming for a heme-sparing profile.

• Platform demonstrates 5–25x greater stability, 3–10x improved potency, and 2–3x higher safety margin in non-primate studies compared to peers.

• All three programs use the same linker-payload construct, accelerating clinical development.

Clinical programs and development plans

• HWK-007 (PTK7) is in phase I dose escalation for non-small cell, ovarian, and endometrial cancers, with expansion potential into breast, GI, prostate, and head and neck cancers.

• HWK-016 (MUC16) targets a super-expressed tumor marker in gynecological cancers, using a membrane-retained targeting approach to bypass circulating CA-125.

• SEZ6 program, using a biparotopic antibody for improved internalization and potency, is expected to enter phase I in Q3 2026, targeting neuroendocrine and CNS tumors.

• Initial clinical data for HWK-007 and HWK-016 expected in the first half of 2027; SEZ6 to follow.

• Prioritization of programs will depend on demonstration of best-in-class efficacy and safety benchmarks in early clinical data.