Whitehawk Therapeutics Inc

ir.whitehawktx.com

What Do They Do?

Develops antibody-drug conjugates for cancer patients with solid tumors, including lung, ovarian and endometrial cancers.

How Do They Make Money?

Before the FYARRO divestiture, Whitehawk sold the drug to specialty distributors and a specialty pharmacy; sales were counted when those buyers obtained the product.

FY2025 revenue

Who Are Their Customers?

FYARRO was sold to specialty distributors and a specialty pharmacy; Whitehawk later divested that business.

Customers above 10% of revenue, FY2025

of revenue from two customers (37%, 60%)

FY2024: 98% from two customers

Do Revenues Turn Into Profits?

No. It lost $20.6M in FY2025.

Operating income, FY2025

−1601% of revenue

▲ +70% (Loss) vs FY2024 (−$67.5M, −260%)

Net income, FY2025

−288% of revenue

▼ −68% (Loss) vs FY2024 (−$63.7M, −245%)

Free cash flow, FY2025

−1371% of revenue

▲ +60% (Loss) vs FY2024 (−$61.2M, −236%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: vs $0 in Q2 FY2025
Net income: ▼ −68% (Loss); vs −$52.6M in Q2 FY2025

Aug 6, 2026 Begins bispecific ADC collaboration with Biocytogen The collaboration gives Whitehawk access to up to five bispecific antibodies to evaluate with its ADC technologies.
May 21, 2026 Adds an option for more ADC programs with Hangzhou DAC The agreement provides access to CPT113 for up to five additional ADC programs.
May 13, 2026 Raises $87.5 million in private-placement financing Whitehawk plans to use proceeds for working capital and ADC development activities.

Shrinking. Revenue fell 49% in 4 years, from $14M in FY2021 to $7.1M in FY2025, about 15% a year.

From FYARRO to ADCs The older report centered on developing and commercializing FYARRO for PEComa and cancers tied to the mTOR pathway. The latest report centers on in-licensed antibody-drug conjugates for tumor targets and says Whitehawk no longer operates the FYARRO business.

Who Do They Compete With?

Competes with AbbVie, Daiichi Sankyo, Day One Biopharmaceuticals, Eli Lilly, Genmab, GlaxoSmithKline, Gilead, Kelun, Mersana, Sanofi, Roche, Pfizer, Zymeworks, Ideaya, and Biocytogen

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