WHWK Whitehawk Therapeutics, Inc.
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Executive Summary
Whitehawk Therapeutics reported Q1 2026 results: net loss of $22.2M ($-0.32/share) vs consensus $-0.33, a 3% beat. Revenue was $0 (no product sales) vs $7.1M in Q1 2025, which included legacy Aadi product sales. Cash burn continues with $123M in cash, down from $145.7M at YE2025. The company is a pre-revenue clinical-stage ADC biotech with no near-term catalysts — Phase 1 data for HWK-007/016 not expected until 1H 2027.
Actionable Insight
No near-term catalysts — Phase 1 data not expected until 1H 2027. Monitor for HWK-206 IND submission in mid-2026 as the next potential catalyst. Cash burn rate of ~$22.2M/quarter implies ~5.5 quarters of runway, consistent with guidance into 2028. Stock likely to trade on pipeline milestones rather than quarterly financials.
Key Facts
- Q1 2026 net loss of $22.2M vs $73.0M net income in Q1 2025 (which included an $87.4M gain on sale of Aadi subsidiary)
- EPS of $-0.32 vs consensus $-0.33 — a 3% beat, in line with recent quarters
- Revenue was $0, down from $7.1M in Q1 2025 (prior year included legacy Aadi product sales)
- Cash, cash equivalents and short-term investments of $123.0M as of March 31, 2026, down from $145.7M at December 31, 2025
- R&D expenses rose to $17.2M from $8.8M in Q1 2025, including $5.3M in milestone payments to WuXi Biologics
- Phase 1 trials for HWK-007 and HWK-016 are ongoing; initial data expected in 1H 2027
- IND submission for HWK-206 on track for mid-2026 with Phase 1 start in Q3 2026
- Cash runway expected to fund operations into 2028
Financial Impact
No material financial impact — pre-revenue clinical-stage company with $123M cash runway into 2028
Risk Factors
- Pre-revenue clinical-stage company with no approved products
- Cash burn of $22.2M per quarter; $123M cash provides ~5.5 quarters of runway
- Phase 1 clinical data not expected until 1H 2027 — no near-term catalysts
- Dependence on successful clinical development of ADC pipeline (HWK-007, HWK-016, HWK-206)
- Single-asset pipeline risk with all three programs in-licensed from WuXi Biologics
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-210615 |
| Document: whwk-20260507.htm | 0001193125-26-210615 |
| Document: 0001193125-26-210615-index-headers.html | 0001193125-26-210615 |
| Document: 0001193125-26-210615-index.html | 0001193125-26-210615 |
| Document: 0001193125-26-210615.txt | 0001193125-26-210615 |
| 8-K Data (Synthetic) | 0001193125-26-210615 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 10, 2026
3d ago
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EFFECT
| $4.23 awaiting T+5 | awaiting T+5 | — | $4.16 (+1.65%) |
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May 29, 2026
14d ago
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S-3
| $4.49 $4.15 | ▲ +7.57% | ▲ +4.82% | $4.16 (+7.35%) |
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May 13, 2026
4w ago
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8-K
| $4.93 $4.07 | ▲ +17.44% | ▲ +16.29% | $4.16 (+15.62%) |
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May 7, 2026
5w ago
|
8-K
| $3.94 $4.93 | ▲ +25.13% | ▲ +23.62% | $4.16 (+5.58%) |
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Apr 9, 2026
9w ago
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Insider Cluster
| $3.55 $4.23 | ▼ −19.15% | ▼ −15.97% | $4.16 (−17.18%) |
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Apr 9, 2026
9w ago
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Insider Cluster
| $3.55 $4.23 | ▼ −19.15% | ▼ −15.97% | $4.16 (−17.18%) |
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Apr 9, 2026
9w ago
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Insider Cluster
| $3.55 $4.23 | ▼ −19.15% | ▼ −15.97% | $4.16 (−17.18%) |
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Mar 12, 2026
13w ago
|
8-K
| $3.90 $3.59 | ▼ −7.95% | ▼ −6.97% | $4.16 (+6.67%) |
US Market Status
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