Whitehawk Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a significant shift in its operational focus following the divestiture of its FYARRO business. The company recorded no revenue for the three and six months ended June 30, 2026, compared to $7.1 million in revenue for the same period in 2025, primarily due to the cessation of FYARRO sales after the divestiture on March 25, 2025. The company’s net loss for the second quarter was $16.6 million, a decrease from a loss of $52.6 million in the prior year, while the loss for the six months ended June 30, 2026, totaled $38.8 million, contrasting with a net income of $20.4 million for the same period in 2025, which included a gain from the sale of the FYARRO business.
Operating expenses for the second quarter of 2026 were $18.1 million, down from $54.7 million in the same quarter of 2025. This decline was driven by reduced research and development expenses, which fell to $12.9 million from $48.8 million year-over-year, largely due to the absence of significant external clinical development costs associated with the FYARRO product. Selling, general, and administrative expenses also decreased to $5.2 million from $5.9 million, reflecting a reduction in personnel and consulting costs.
In terms of strategic developments, Whitehawk has shifted its focus to the development of next-generation antibody-drug conjugates (ADCs) following the licensing agreement with WuXi Biologics. The company is currently advancing three ADC therapies targeting various cancer indications, with ongoing Phase 1 clinical trials for two of these assets. The company anticipates submitting additional investigational new drug (IND) applications in the near future, which could further expand its pipeline.
As of June 30, 2026, Whitehawk reported cash, cash equivalents, and short-term investments totaling $190 million, providing a solid liquidity position to support its ongoing operations. The company believes this capital will sustain its activities into the second half of 2028. The employee headcount has also been adjusted in line with the restructuring efforts initiated in 2024, which aimed to streamline operations following the divestiture.
Looking ahead, Whitehawk Therapeutics is focused on executing its strategy to develop and commercialize its ADC therapies. The company is optimistic about its potential to address significant unmet needs in oncology, although it acknowledges the ongoing challenges of achieving profitability and the need for additional financing to support its research and development efforts. The management remains committed to leveraging its expertise in drug development to bring innovative cancer treatments to market.
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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