Whitehawk Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing significant changes following the divestiture of its FYARRO business. The company recorded no revenue for the three months ended September 30, 2025, a stark contrast to $7.2 million in product sales during the same period in 2024. For the nine months ending September 30, 2025, total revenue was $7.1 million, down from $18.7 million in the prior year. The decline in revenue is attributed to the completion of the FYARRO divestiture, which closed on March 25, 2025, resulting in the cessation of sales for the product.
Operating expenses for the third quarter of 2025 totaled $19.5 million, a decrease from $20.6 million in the same quarter of 2024. The reduction was primarily driven by lower selling, general, and administrative expenses, which fell to $5.2 million from $7.2 million year-over-year. Research and development expenses, however, increased significantly to $14.3 million from $10.0 million, reflecting the company's ongoing investment in its new portfolio of antibody drug conjugates (ADCs). The net loss for the third quarter was $17.7 million, compared to a loss of $12.5 million in the prior year.
In terms of strategic developments, Whitehawk has entered into a license agreement with WuXi Biologics for the development and commercialization of three next-generation ADCs targeting high-potential cancer indications. The company has committed substantial resources to this initiative, including a $38 million upfront payment made in April 2025. The ADCs are expected to enter clinical trials, with the first investigational new drug (IND) applications anticipated to be submitted by mid-2026.
As of September 30, 2025, Whitehawk reported total assets of $167 million, a significant increase from $70.3 million at the end of 2024, largely due to cash and short-term investments totaling $162.6 million. The company’s accumulated deficit stood at $330 million, reflecting ongoing operational losses. Despite the challenges, management believes that the current cash reserves will support operations into 2028, although they anticipate needing additional financing to sustain future development efforts.
Looking ahead, Whitehawk is focused on advancing its ADC therapies while managing its operational costs. The company aims to leverage its strong cash position to fund research and development activities, with expectations of continued losses as it invests in clinical trials and product development. The successful execution of its strategic initiatives will be critical for the company’s future growth and profitability.
About Whitehawk Therapeutics, Inc.
Whitehawk Therapeutics, Inc. is an oncology-focused biopharmaceutical company developing next-generation antibody-drug conjugates (ADCs) that target validated tumor antigens in solid and difficult-to-treat cancers. Leveraging advanced linker-payload technology and proprietary antibodies, Whitehawk aims to improve efficacy and safety by delivering potent Topoisomerase I inhibitor payloads directly to cancer cells. The company operates a virtual model, outsourcing clinical development and manufacturing, targeting global markets with high unmet medical needs.
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