WHWK · Whitehawk Therapeutics Inc

Whitehawk Therapeutics reported a Q1 2026 net loss of $22.2 million, or $(0.32) diluted EPS, compared to net income of $73.0 million, or $1.83 diluted EPS, in the prior-year quarter. The year-over-year swing was driven by the absence of an $87.4 million gain on the sale of Aadi Subsidiary recorded in Q1 2025, alongside higher operating expenses. Total operating expenses rose to $23.5 million from $22.4 million, primarily due to research and development expenses increasing 96% to $17.2 million from $8.8 million. This increase included $5.3 million in development milestone expenses under the license agreement with WuXi Biologics, reflecting accelerated pipeline progress. Revenue was $0, down from $7.1 million in product sales last year, with no cost of goods sold reported. CEO Dave Lennon highlighted continued enrollment in Phase 1 dose-escalation trials for HWK-007 (NCT07444814) in non-squamous EGFR wild-type NSCLC, platinum-resistant ovarian cancer, and endometrial cancer, and HWK-016 (NCT07470853) in advanced ovarian and endometrial cancers. Preclinical data presented at AACR 2026 demonstrated potent tumor regressions, high plasma stability, and favorable tolerability for the CBCR platform underpinning HWK-007, HWK-016, and HWK-206. SGO 2026 data confirmed MUC16 as a highly expressed target in gynecologic cancers. Cash and equivalents plus short-term investments stood at $123.0 million as of March 31, 2026, down from $145.7 million at year-end 2025, sufficient to fund operations into 2028. Anticipated milestones include a mid-2026 IND submission for HWK-206 in small-cell lung cancer and neuroendocrine tumors with Phase 1 recruitment in Q3 2026, and initial Phase 1 data for HWK-007 and HWK-016 in 1H 2027.