Whitehawk Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company achieved total revenue of $7.1 million, a 33.4% increase from $5.4 million in the same period last year, primarily driven by product sales of its oncology drug, FYARRO. Notably, the company recorded a net income of $73.0 million, a substantial turnaround from a net loss of $18.3 million in the prior year, largely due to a gain of $87.4 million from the divestiture of its FYARRO business.
The divestiture, completed on March 25, 2025, involved the sale of Aadi Subsidiary, Inc., which held the rights to FYARRO, to KAKEN Investments for $102.4 million. This strategic move allowed Whitehawk to refocus its operations on developing a new portfolio of antibody-drug conjugates (ADCs) under a license agreement with WuXi Biologics. The company has committed to investing in these ADC therapies, which target high-potential cancer indications, and plans to submit three investigational new drug applications to the FDA by mid-2026.
Operationally, Whitehawk's total assets surged to $234.0 million as of March 31, 2025, up from $70.3 million at the end of 2024, reflecting the cash influx from the divestiture and recent financing activities. The company’s cash and cash equivalents increased significantly to $227.6 million, providing a strong liquidity position to support ongoing research and development efforts. The workforce has been streamlined to 18 employees following the divestiture, with a focus on enhancing its research capabilities.
Looking ahead, Whitehawk anticipates continued investment in research and development, particularly for its ADC therapies, while managing operational costs post-divestiture. The company expects to incur significant expenses as it advances its clinical programs, but management believes that its current cash reserves will sustain operations into 2028. The strategic shift towards ADCs is seen as a pivotal move to capture market opportunities in oncology, with the potential for substantial growth in the coming years.
About Whitehawk Therapeutics, Inc.
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