Whitehawk Therapeutics Reports Second Quarter 2026 Financial Results and Recent Highlights
Phase 1 trials for HWK-007 and HWK-016 continue to enroll; the Phase 1 trial for HWK-206 is on track to initiate in Q3 2026
Cash, cash equivalents and short-term investments of $190.0 million as of June 30, 2026, anticipated to fund operations into 2H 2028
MORRISTOWN, N.J., Aug. 6, 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 quarter ended June 30, 2026, and provided recent corporate highlights.
"The second quarter saw meaningful progress for our three assets. We continued enrollment in our Phase 1 studies for HWK-007 and HWK-016 and remain on track to initiate the Phase 1 trial for HWK-206 in Q3. We extended our anticipated runway into 2H 2028 following our recent upsized financing and we believe we are well positioned to support clinical execution against these programs," said Dave Lennon, PhD, President and Chief Executive Officer of Whitehawk Therapeutics. "While our focus, investment priorities and execution efforts remain on our existing portfolio, we also took steps to enhance the long-term potential of our Whitehawk platform. The Hangzhou DAC option agreement reflects our conviction in CPT113, while our collaboration with Biocytogen provides access to bispecific antibody formats. These selective opportunities support future programs and our ambition to deliver new ADC INDs in the next 12-24 months."
Q2 2026 and Recent Operational Highlights:
Second Quarter 2026 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 portfolio includes HWK-007, HWK-016 and HWK-206, ADCs 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.
Whitehawk's underlying ADC platform leverages CPT113 as the core linker-payload technology, enhanced with its proprietary Carbon Bridge Cysteine Re-pairing (CBCR) bioconjugation process to support improved stability and therapeutic index. Whitehawk has an option agreement with Hangzhou DAC for access to CPT113 for use in up to five additional ADC programs. More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn. Any references to the Company's website or other online resources are provided solely for convenience and are not incorporated by reference into this press release. Investors should rely only on the information contained in this press release and the Company's filings with the Securities and Exchange Commission.
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 commencement of recruitment in a Phase 1 trial for HWK-206 in Q3 2026 and initial Phase 1 data from clinical trials for HWK-007 and HWK-016 in 1H 2027; 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; potential opportunities arising under or related to the Hangzhou DAC option agreement and the Biocytogen collaboration; the Company's ability to expand its pipeline opportunities, including its ability to deliver multiple new ADC INDs in the next 12-24 months, 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," 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 CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 85,234
$ 37,568
Short-term investments
104,748
108,129
Prepaid expenses and other current assets
2,432
3,316
Total current assets
192,414
149,013
Property and equipment, net
1
3
Other assets
1,579
1,814
Total assets
$ 193,994
$ 150,830
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 1,105
$ 917
Accrued liabilities
9,964
13,602
Total current liabilities
11,069
14,519
Total liabilities
11,069
14,519
Stockholders' equity:
Common stock
5
4
Additional paid-in capital
575,067
489,437
Accumulated other comprehensive (loss) income
(63)
120
Accumulated deficit
(392,084)
(353,250)
Total stockholders' equity
182,925
136,311
Total liabilities and stockholders' equity
$ 193,994
$ 150,830
WHITEHAWK THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
2026
2025
2026
2025
Revenue
Product sales, net
$ -
$ -
$ -
$ 7,145
Total Revenue
-
-
-
7,145
Operating expenses
Selling, general and administrative
5,216
5,940
11,506
18,755
Research and development
12,893
48,809
30,125
57,597
Cost of goods sold
-
-
-
760
Total operating expenses
18,109
54,749
41,631
77,112
Loss from operations
(18,109)
(54,749)
(41,631)
(69,967)
Other income (expense)
Gain on sale of business
-
-
-
87,443
Foreign exchange loss
(6)
(3)
(6)
(3)
Other income
-
158
-
158
Interest income
1,475
1,979
2,803
2,770
Total other income (expense), net
1,469
2,134
2,797
90,368
Loss before income tax expense
(16,640)
(52,615)
(38,834)
20,401
Income tax expense
-
-
-
-
Net (loss) income
$ (16,640)
$ (52,615)
$ (38,834)
$ 20,401
Net (loss) income per share:
Basic
$ (0.20)
$ (0.76)
$ (0.51)
$ 0.37
Diluted
$ (0.20)
$ (0.76)
$ (0.51)
$ 0.37
Weighted average number of common shares outstanding
Basic
82,886,196
69,083,127
76,099,275
54,443,309
Diluted
82,886,196
69,083,127
76,099,275
54,908,715
SOURCE Whitehawk Therapeutics, Inc.