Whitehawk Therapeutics Second Quarter 2025 Financial Results and Recent Highlights Corporate and Operational Highlights Whitehawk Therapeutics advances its ADC portfolio with IND filings by mid-2026, supported by a strong cash position funding operations into 2028 - The company is on track to submit IND applications for all three ADC assets by mid-2026, with the first two planned for year-end 202535 - Based on current plans, the company's capital is expected to provide a financial runway into 2028, supporting initial clinical data readouts35 Second Quarter 2025 Financial Results Whitehawk Therapeutics reported a $52.6 million net loss in Q2 2025, largely due to a $38.0 million upfront payment, with cash and equivalents at $177.2 million Key Financial Metrics (Q2 2025) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | | :--- | :--- | :--- | | Net Loss | $52.6 | $14.6 | | Cash, cash equivalents and short-term investments (as of period end) | $177.2 (as of June 30, 2025) | $47.2 (as of Dec 31, 2024) | - The increased net loss in Q2 2025 includes the remaining portion of an upfront payment of $38.0 million related to the Wuxi ADC agreement5 Financial Position (Balance Sheet) As of June 30, 2025, Whitehawk's total assets increased to $180.8 million, driven by cash, with liabilities decreasing and equity strengthening to $172.1 million Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $144,936 | $28,670 | | Total current assets | $178,671 | $61,287 | | Total assets | $180,822 | $70,319 | | Total liabilities | $8,756 | $17,841 | | Total stockholders' equity | $172,066 | $52,478 | Financial Performance (Statement of Operations) Q2 2025 saw no product sales and a $52.6 million net loss due to R&D, while the six-month period recorded a $20.4 million net income from a business sale Statement of Operations Summary - Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Total Revenue | $0 | $6,179 | | Research and development | $48,809 | $13,093 | | Loss from operations | $(54,749) | $(15,584) | | Net Loss | $(52,615) | $(14,583) | | Net Loss Per Share (Basic) | $(0.76) | $(0.54) | Statement of Operations Summary - Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Total Revenue | $7,145 | $11,532 | | Gain on sale of business | $87,443 | $0 | | Net (Loss) Income | $20,401 | $(32,872) | | Net (Loss) Income Per Share (Basic) | $0.37 | $(1.22) | Company Overview Whitehawk Therapeutics is an oncology company advancing cancer treatments via modern technologies, with three ADC assets in-licensed from WuXi Biologics - The company's strategy involves applying advanced technologies to established tumor biology for improved cancer treatments24 - Its portfolio comprises three ADC assets in-licensed from WuXi Biologics for exclusive global development and commercialization4 Forward-Looking Statements Forward-looking statements regarding development timelines, ADC potential, and financial runway are subject to significant risks detailed in SEC filings - Statements regarding development timing, ADC portfolio efficacy, and cash runway are forward-looking and not guarantees of future performance6 - Key risks encompass uncertainties in preclinical and clinical development, potential trial delays, failure to demonstrate efficacy, and unforeseen adverse reactions6 - For a comprehensive understanding of risks, the company refers to its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC7
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