Whitehawk Therapeutics Reports Third Quarter 2025 Financial Results and Recent Highlights

MORRISTOWN, N.J., Nov. 6, 2025 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), an oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved antibody drug conjugate (ADC) cancer treatments, today announced financial results for the third quarter ended September 30, 2025, and provided recent corporate progress.

"The third quarter was marked by executional focus, and we remain on track with our planned IND filings for HWK-007 and HWK-016 by the end of the year. We continue to deploy capital efficiently, maintaining strong financial discipline as we prepare to enter the clinic and deliver potentially value-creating milestones," said Dave Lennon, PhD, President and CEO of Whitehawk Therapeutics. "I'm proud of our role in adding to the scientific understanding of PTK7 with the data we presented at AACR-NCI-EORTC. Confirming PTK7 as the third most highly expressed tumor marker among clinically validated and emerging ADC targets, these data underscore the tremendous opportunity we have with our first ADC candidate, HWK-007, to make a difference for the nearly 750,000 patients in the US with PTK7-expressing cancers."

Recent Operational Highlights:

Third Quarter 2025 Financial Results:

About Whitehawk Therapeutics

Whitehawk Therapeutics is an oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved cancer treatments. Whitehawk's advanced three-asset ADC portfolio is engineered to overcome the limitations of first-generation predecessors to deliver a meaningful impact for patients with difficult-to-treat cancers. These assets are in-licensed from WuXi Biologics under an exclusive development and global commercialization agreement. More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn.

Forward-Looking Statements

This press release contains certain forward-looking statements regarding the business of Whitehawk Therapeutics that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the potential of clinical value-creating milestones for the Company's product candidates; the potential therapeutic value and market opportunity for HWK-007; the anticipated timing of the Company's development of its portfolio of ADC assets, including the expected timing to bring all three assets to IND by mid-2026, with the first two INDs filed by year-end; expectations regarding the beneficial characteristics, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets; the Company's cash runway extending into 2028 based on current plans; and the sufficiency of the Company's existing capital resources and the expected timeframe to fund the Company's future operating expenses and capital expenditure requirements, including through initial clinical data readouts for the Company's product candidate portfolio. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, uncertainties associated with preclinical and clinical development of the ADC portfolio, including potential delays in the commencement, enrollment and completion of clinical trials; failure to demonstrate the efficacy of the ADC portfolio in preclinical and clinical studies; the risk that unforeseen adverse reactions or side effects may occur in the course of testing of the ADC assets; and risks related to the Company's estimates regarding future expenses, capital requirements and need for additional financing.

Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, including under the caption "Item 1A. Risk Factors," and in Whitehawk's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Whitehawk's reports and other documents that Whitehawk has filed, or will file, with the SEC from time to time and available at www.sec.gov.

All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Whitehawk undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

IR@whitehawktx.com

WHITEHAWK THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

September 30,

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$ 37,931

$ 28,670

Short-term investments

124,666

18,567

Accounts receivable, net

5,903

Inventory

5,311

Prepaid expenses and other current assets

2,439

2,836

Total current assets

165,036

61,287

Property and equipment, net

6,846

Operating lease right-of-use assets

787

Other assets

1,977

1,399

Total assets

$ 167,017

$ 70,319

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$ 1,633

$ 2,159

Accrued liabilities

8,216

14,647

Operating lease liabilities, current portion

268

Total current liabilities

9,849

17,074

Operating lease liabilities, net of current portion

565

Other liabilities

202

Total liabilities

9,849

17,841

Stockholders' equity:

Common stock

Additional paid-in capital

487,024

385,114

Accumulated other comprehensive income

139

Accumulated deficit

(329,999)

(332,654)

Total stockholders' equity

157,168

52,478

Total liabilities and stockholders' equity

$ 167,017

$ 70,319

WHITEHAWK THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except share data and earnings per share amounts)

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

2025

2024

Revenue

Product sales, net

$ -

$ 7,212

$ 7,145

$ 18,744

Total Revenue

7,212

7,145

18,744

Operating expenses

Selling, general and administrative

5,201

7,186

23,956

25,698

Research and development

14,345

9,997

71,942

36,683

Restructuring charges

2,638

Cost of goods sold

804

760

2,234

Total operating expenses

19,546

20,625

96,658

67,253

Loss from operations

(19,546)

(13,413)

(89,513)

(48,509)

Other income (expense)

Gain on sale of business

(177)

87,266

Foreign exchange loss

(1)

(3)

(4)

Other income

127

285

Interest income

1,850

906

4,620

3,249

Interest expense

(38)

(154)

Total other income (expense), net

1,800

867

92,168

3,091

Net (loss) income

$ (17,746)

$ (12,546)

$ 2,655

$ (45,418)

Net (loss) income per share:

Basic

$ (0.26)

$ (0.46)

$ 0.04

$ (1.68)

Diluted

$ (0.26)

$ (0.46)

$ 0.04

$ (1.68)

Weighted average number of common shares outstanding

Basic

69,204,899

27,041,327

59,417,911

27,010,791

Diluted

69,204,899

27,041,327

60,057,872

27,010,791

SOURCE Whitehawk Therapeutics, Inc.