**Whitehawk Therapeutics Navigates Transition Year with Strategic Divestiture and Pipeline Expansion**
Whitehawk Therapeutics, Inc. (WHWK) reported a net loss of $20.6 million for the year ended December 31, 2025, compared to a net loss of $63.7 million for the previous year. The company's revenue, derived solely from net product sales of FYARRO, decreased from $26.0 million in 2024 to $7.1 million in 2025, reflecting the impact of the FYARRO Divestiture completed on March 25, 2025. This strategic move involved the sale of Aadi Subsidiary, Inc., the operating company for the FYARRO business, to KAKEN INVESTMENTS INC. for $102.4 million in cash, marking a significant shift in Whitehawk's business focus.
The company's operating expenses totaled $121.5 million in 2025, up from $93.4 million in 2024. This increase was primarily driven by a $40.0 million rise in research and development expenses, which reached $91.0 million, reflecting the company's strategic investment in its new pipeline of antibody drug conjugates (ADCs). This was partially offset by a decrease in selling, general, and administrative expenses from $36.7 million in 2024 to $29.8 million in 2025, due to the elimination of commercial activities associated with FYARRO. Cost of goods sold also decreased from $3.0 million to $0.8 million due to the divestiture.
Whitehawk's strategic focus has shifted towards the development of next-generation ADCs, with the company in-licensing a portfolio of three ADC Therapies from WuXi Biologics in December 2024. The company submitted investigational new drug (IND) applications to the FDA for HWK-007 and HWK-016 in the fourth quarter of 2025, and anticipates submitting an IND for HWK-206 by mid-2026. The FDA has cleared the IND applications for HWK-007 and HWK-016 and the Phase 1 trials for each asset are now actively recruiting. Data readouts from these trials are expected in the first half of 2027.
As of December 31, 2025, Whitehawk Therapeutics reported cash, cash equivalents, and short-term investments totaling $145.7 million. Management believes that these resources will be sufficient to fund planned operations into 2028. The company's employee headcount stood at 23 as of December 31, 2025. The company anticipates that it will need to raise additional capital to finance its operations beyond this period.
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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