Whitehawk Therapeutics Reports Fourth Quarter and Full-Year 2025 Financial Results and Recent Highlights

Actively recruiting Phase 1 trials for PTK7-targeted antibody-drug conjugate (ADC) HWK-007 and MUC16-targeted ADC HWK-016

HWK-206 on track for planned IND submission in mid-2026 and Phase 1 start in Q3

Cash, cash equivalents and short-term investments balance of $145.7M at YE2025, anticipated to fund operations into 2028

MORRISTOWN, N.J., March 12, 2026 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), a clinical-stage 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 fourth quarter and full-year ended December 31, 2025, and provided recent corporate highlights.

"Last year marked our evolution into Whitehawk Therapeutics, a boldly pragmatic company developing the next generation of ADC cancer treatments. We progressed three programs through IND-enabling work in tandem, while building the capabilities required to execute efficiently in the clinic as we enter 2026," said Dave Lennon, PhD, President and CEO of Whitehawk Therapeutics. "Whitehawk combines established but underexploited tumor targets with a differentiated ADC platform. With two active Phase 1 studies for HWK-007 and HWK-016, and a third IND submission for HWK-206 planned mid-year, we are energized by the opportunity to translate our strategy into clinical data with the potential to have a meaningful impact for patients."

Q4 2025 and Recent Operational Highlights:

Fourth Quarter and Full Year 2025 Financial Results:

Anticipated Milestones:

About Whitehawk Therapeutics

Whitehawk Therapeutics is a clinical-stage 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 therapeutic value and market opportunity for the Company's ADC portfolio; plans related to the Company's development of its portfolio of ADC assets, including the anticipated timing of the submission of an IND in mid-2026 for HWK-206 and commencement of recruitment in the related Phase 1 trial in Q3 2026 and data releases of preclinical data across the Company's portfolio in Spring 2026 and initial Phase 1 data from clinical trials for HWK-007 and HWK-016; expectations regarding the beneficial characteristics, design features, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets, including the potential of PTK7 as a pan-tumor target; 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. 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, 2025, including under the caption "Item 1A. Risk Factors," filed on or about the date hereof, 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:

[email protected]

WHITEHAWK THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$ 37,568

$ 28,670

Short-term investments

108,129

18,567

Accounts receivable, net

5,903

Inventory

5,311

Prepaid expenses and other current assets

3,316

2,836

Total current assets

149,013

61,287

Property and equipment, net

6,846

Operating lease right-of-use assets

787

Other assets

1,814

1,399

Total assets

$ 150,830

$ 70,319

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$ 917

$ 2,159

Accrued liabilities

13,602

14,647

Operating lease liabilities, current portion

268

Total current liabilities

14,519

17,074

Operating lease liabilities, net of current portion

565

Other liabilities

202

Total liabilities

14,519

17,841

Stockholders' equity:

Common stock

Additional paid-in capital

489,437

385,114

Accumulated other comprehensive income

120

Accumulated deficit

(353,250)

(332,654)

Total stockholders' equity

136,311

52,478

Total liabilities and stockholders' equity

$ 150,830

$ 70,319

WHITEHAWK THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS

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

(Unaudited)

Three months ended

Twelve months ended

December 31,

2025

2024

2025

2024

Revenue

Product sales, net

$ -

$ 7,239

$ 7,145

$ 25,983

Total Revenue

7,239

7,145

25,983

Operating expenses

Selling, general and administrative

5,866

11,051

29,822

36,749

Research and development

19,021

14,347

90,963

51,030

Restructuring charges

2,638

Cost of goods sold

790

760

3,024

Total operating expenses

24,887

26,188

121,545

93,441

Loss from operations

(24,887)

(18,949)

(114,400)

(67,458)

Other income (expense)

Gain on sale of business

87,266

Foreign exchange gain (loss)

(4)

Other income

302

Interest income

1,611

676

6,231

3,925

Interest expense

(154)

Total other income (expense), net

1,636

676

93,804

3,767

Net loss

$ (23,251)

$ (18,273)

$ (20,596)

$ (63,691)

Net loss per share, basic and diluted

$ (0.34)

$ (0.67)

$ (0.33)

$ (2.36)

Weighted average number of common shares outstanding,

basic and diluted

69,212,823

27,086,979

61,886,765

27,029,942

SOURCE Whitehawk Therapeutics, Inc.