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WHWK

Whitehawk Therapeutics Inc

WHWK

Whitehawk Therapeutics Inc • NASDAQ
$2.34 ▲ 1.74% (+0.04)
Market Cap $110.28 M
52w High $3.81
52w Low $1.39
Dividend Yield 0%
P/E -3.66
Volume 253.50K
Outstanding Shares 47.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $19.541M ▼ $-17.746M ▲ 0% $-0.26 ▲ $-17.741M ▲
Q2-2025 $0 ▼ $54.749M ▲ $-52.615M ▼ 0% ▼ $-0.76 ▼ $-52.599M ▼
Q1-2025 $7.145M ▼ $21.603M ▲ $73.016M ▲ 1.022K% ▲ $1.84 ▲ $-15.17M ▲
Q4-2024 $7.239M ▲ $11.051M ▲ $-18.273M ▼ -252.424% ▼ $-0.67 ▼ $-18.226M ▼
Q3-2024 $7.212M $9.824M $-12.546M -173.96% $-0.46 $-10.728M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $162.597M ▼ $167.017M ▼ $9.849M ▲ $157.168M ▼
Q2-2025 $177.2M ▼ $180.822M ▼ $8.756M ▼ $172.066M ▼
Q1-2025 $231.062M ▲ $234.002M ▲ $12.274M ▼ $221.728M ▲
Q4-2024 $47.237M ▼ $70.319M ▼ $17.841M ▲ $52.478M ▼
Q3-2024 $62.619M $85.698M $16.83M $68.868M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-52.615M ▼ $-52.957M ▼ $-28.826M ▼ $-850K ▼ $-82.633M ▼ $-52.958M ▼
Q1-2025 $73.016M ▲ $-11.864M ▲ $115.498M ▲ $95.201M ▲ $198.835M ▲ $-12.415M ▲
Q4-2024 $-18.273M ▼ $-15.053M ▲ $13.133M ▲ $53K ▲ $-1.867M ▲ $-15.239M ▲
Q3-2024 $-12.546M ▲ $-15.687M ▼ $5.085M ▲ $0 ▼ $-10.602M ▲ $-15.875M ▼
Q2-2024 $-14.583M $-9.157M $-3.571M $87K $-12.641M $-9.698M

Five-Year Company Overview

Income Statement

Income Statement Whitehawk looks like a classic pre-clinical biotech from an income perspective: almost no revenue and steady, sizable losses driven by research and operating costs. Revenue over the last several years is essentially negligible, and gross profit is negative, meaning the company is spending far more to run the business than it brings in from any collaborations or other small income sources. Operating losses have been consistent year after year, reflecting heavy investment in science, people, and infrastructure rather than any scale of commercial activity. Net income has been firmly negative, and per-share losses are steep, especially following the reverse stock split, which mechanically makes the per-share loss look larger. Overall, the income statement tells the story of a company still very much in the “invest and build” phase, not yet in the “earn and harvest” phase.

Balance Sheet

Balance Sheet The balance sheet is small and lean, as you would expect from a pre-commercial biotech. Total assets are modest, and a meaningful share of those assets is cash and cash-like holdings, although cash stepped down most recently versus the prior year, showing the effect of ongoing burn. The company carries essentially no financial debt, which is a positive from a risk standpoint; it means future obligations mostly come from operating needs rather than lenders. Equity has moved from negative a few years ago to positive, indicating that new capital has come in and recapitalized the business. Still, the overall asset and equity base remains limited in size, underlining that this is an early-stage, development-focused company rather than a large, diversified biotech.

Cash Flow

Cash Flow Cash flow is driven almost entirely by research and operating spending, with no meaningful inflows from product sales. Operating cash flow has been consistently negative, and free cash flow mirrors this because capital spending is minimal. In plain terms, the business consumes cash each year to fund its pipeline and operations. The gradual increase in cash outflow over time points to a ramp-up in R&D and organizational build-out. This means the company depends on external financing—equity raises, partnerships, or other capital sources—to keep funding its programs. The separate research note suggesting a multiyear cash runway is important, but it ultimately rests on actual spending discipline and the absence of major surprises.

Competitive Edge

Competitive Edge Whitehawk is competing in a very hot part of oncology—antibody-drug conjugates—where there is strong interest from large pharma, but also intense competition. Its edge is built around a next-generation ADC platform it has in-licensed, with exclusive rights and a design aimed at better safety and potency than earlier ADCs. The focus on cancer targets that are already clinically validated by others, but not yet fully solved, helps lower some scientific risk and can shorten the learning curve. An experienced leadership team with prior ADC experience is another strength, especially in designing trials and navigating regulators. On the other hand, all of Whitehawk’s programs are still preclinical, so its current competitive position is based on promise rather than proven outcomes. The company faces a crowded field with deep-pocketed rivals; success will depend on how convincingly its human data and safety profile stand out as trials begin.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Whitehawk’s story. The company is building a platform of “next wave” ADCs designed to deliver cancer-killing drugs more precisely and with fewer side effects, using a specialized payload, a more stable linker, and a carefully tuned drug-to-antibody ratio. Its three lead candidates each try to solve a known problem: making a safer, more effective PTK7-targeted drug; cracking the long-standing challenge of MUC16 by focusing on the membrane-bound form; and using a dual-binding SEZ6 antibody to pull more drug into hard-to-treat neuroendocrine tumors. Preclinical data, by management’s description, looks compelling, with stronger potency in animal models than typical approaches. However, none of this has yet been proven in humans, so there is still substantial scientific and development risk. The R&D profile is high-intensity, high-risk, and potentially high-reward, with upcoming regulatory filings and early clinical trials as key proof points.

Summary

Whitehawk Therapeutics is an early-stage oncology platform company: tiny revenues, consistent losses, negative cash flow, and a small but mostly cash-based balance sheet without meaningful debt. The financials show a business entirely focused on building future value through science, not on generating near-term profit. Its strategic bet is on a next-generation ADC technology and a set of targets that others have partially validated but not fully cracked, supported by seasoned ADC leadership and a recently strengthened capital position. The main opportunities lie in converting strong preclinical science into clear, differentiated clinical results and potentially attracting partners. The main risks are typical of preclinical biotech: clinical failure, safety surprises, delays, higher-than-expected cash burn, and stiff competition from larger players in the ADC space. Outcomes will hinge on execution over the next few years, particularly the transition from preclinical work to high-quality human data.

NEWS

November 26, 2025 · 8:00 AM UTC

Whitehawk Therapeutics to Participate in the Piper Sandler 37th Annual Healthcare Conference

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November 11, 2025 · 8:00 AM UTC

Whitehawk Therapeutics to Present at Jefferies Global Healthcare Conference in London

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November 6, 2025 · 8:00 AM UTC

Whitehawk Therapeutics Reports Third Quarter 2025 Financial Results and Recent Highlights

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October 24, 2025 · 12:30 PM UTC

Whitehawk Therapeutics Presents Real-World Analysis Confirming PTK7 as a Broadly Expressed, Clinically Relevant Target Across Solid Tumors at AACR-NCI-EORTC

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October 16, 2025 · 8:30 AM UTC

Tempus Announces Collaboration with Whitehawk Therapeutics to Advance Biomarker-Driven Oncology Research

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