10-K · March 12, 2026
Whitehawk has completed a strategic pivot from a small commercial franchise (FYARRO) to an in‑licensed, three‑program next‑generation ADC portfolio (PTK7, MUC16, SEZ6) under the December 2024 WuXi License Agreement and…
Earnings analysis · 10-Q
WHWK earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Whitehawk Therapeutics reported no revenue in Q1 2026, missing estimates following the $7.1 million achieved in Q1 2025. The company faced a significant net loss of $22.2 million in the current quarter compared to a net…
Read full summary
Whitehawk Therapeutics reported no revenue in Q1 2026, missing estimates following the $7.1 million achieved in Q1 2025. The company faced a significant net loss of $22.2 million in the current quarter compared to a net income of $73.0 million from the previous year, prompting concerns over cash reserves which now stand at $123 million. Management is focused on advancing clinical trials for its ADC therapies despite ongoing financial challenges.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.32
What stood out
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Zero Revenue in Q1 2026
Revenue for Q1 2026 was $0, down from $7.1 million in Q1 2025, highlighting significant revenue loss.
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Increased R&D Spending
R&D expenses rose to $17.2 million in Q1 2026 from $8.8 million in Q1 2025, reflecting investment in developing ADC therapies.
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Cash Reserves Adequate Until 2028
Cash, cash equivalents, and short-term investments total $123 million, expected to fund operations until 2028.
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Management's Commitment to Trials
Management is focused on advancing Phase 1 trials for ADC therapies HWK-007 and HWK-016, with initial data expected in 1H 2027.
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Decrease in SG&A Expenses
Selling, general, and administrative expenses decreased to $6.3 million in Q1 2026, down from $12.8 million in Q1 2025.
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Substantial Net Loss Reported
Net loss was $22.2 million in Q1 2026 compared to net income of $73 million in Q1 2025.
What to watch
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Substantial Net Loss
Reporting a net loss of $22.2 million in Q1 2026, compared to a net income of $73 million in the same quarter last year.
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Dependence on Clinical Trials
Failure to achieve positive results in Phase 1 trials for HWK-007 and HWK-016 may hinder future revenue potential.
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Ongoing Cash Burn
Cash reserves at $123 million may not suffice if R&D and operational costs remain high, risking the ability to fund future development.
Management's outlook
Outlook deferred to future reports; focus on trial progression for ADC therapies.
Earlier filings 4
10-Q · November 6, 2025
Whitehawk reported Q3 2025 product revenue of $0 (down from $7.212 million in Q3 2024) after the FYARRO divestiture, producing a Q3 net loss of $(17.746) million and basic EPS of $(0.26). The company materially…
10-K · March 28, 2025
Whitehawk pivoted from a single-product commercial model (FYARRO) toward an in-licensed, next‑generation ADC portfolio (three ADC Therapies) acquired under the WuXi License Agreement with IND filings expected in the…
10-K · March 13, 2024
Aadi Bioscience (WHWK) commercialized FYARRO following FDA approval (Nov 22, 2021) and launched in the U.S. on Feb 22, 2022. Net product sales increased to $24.4 million in 2023 from $15.2 million in 2022, while the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.