WHITEHAWK THERAPEUTICS, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

Overview of Whitehawk Therapeutics’ Financial Performance

Whitehawk Therapeutics is a clinical-stage oncology therapeutics company that is developing a portfolio of next-generation antibody drug conjugates (ADCs) to treat various types of cancer. The company recently divested its lead drug product, FYARRO, and is now focused on advancing its ADC pipeline.

In the first half of 2026, Whitehawk reported a net loss of $38.8 million, compared to net income of $20.4 million in the same period of 2025. This shift from profitability to a net loss was primarily due to the divestiture of FYARRO in March 2025, which had been the company’s sole source of revenue.

Revenue and Profit Trends

Whitehawk’s revenue was $0 for the three and six months ended June 30, 2026, compared to $0 and $7.1 million, respectively, in the same periods of 2025. This decrease was a direct result of the FYARRO divestiture, as the company no longer sells or commercializes that product.

Prior to the divestiture, Whitehawk had launched FYARRO in February 2022 for the treatment of advanced malignant perivascular epithelioid cell tumor (PEComa), a rare cancer. However, with the sale of the FYARRO business, Whitehawk does not expect to generate any further revenue for the foreseeable future.

The company’s net loss of $38.8 million for the first half of 2026 was driven by increased research and development (R&D) expenses related to the advancement of its ADC pipeline, as well as ongoing selling, general, and administrative (SG&A) costs. In contrast, the net income of $20.4 million in the first half of 2025 was primarily due to the $87.4 million gain on the sale of the FYARRO business.

Strengths and Weaknesses

Strengths:

• Experienced management team with a track record of successfully developing and commercializing cancer therapies
• Promising ADC pipeline targeting clinically validated tumor antigens with significant unmet need
• Collaboration with leading contract research and manufacturing organizations to leverage advanced ADC technologies
• Strong financial position with $190 million in cash, cash equivalents, and short-term investments as of June 30, 2026

Weaknesses:

• Reliance on in-licensed ADC assets, which introduces potential risks and uncertainties around development and commercialization
• No revenue generation since the divestiture of FYARRO, which was the company’s sole source of revenue
• Continued significant R&D and SG&A expenses associated with advancing the ADC pipeline, which are expected to result in net losses for the foreseeable future

Outlook and Future Prospects

Whitehawk’s future prospects are closely tied to the successful development and potential commercialization of its ADC pipeline. The company has made significant progress in this area, with three ADC candidates now in Phase 1 clinical trials targeting solid tumors, cancers of female origin, and small cell lung cancer/neuroendocrine tumors.

The company has also expanded its ADC pipeline through additional licensing and collaboration agreements, providing access to up to five additional ADC programs. This pipeline expansion, along with the ongoing clinical trials, positions Whitehawk to potentially bring multiple new cancer therapies to market in the coming years, if successful.

However, the company’s reliance on in-licensed assets and the inherent risks associated with drug development introduce uncertainty around the ultimate success of these programs. Whitehawk will need to continue investing heavily in R&D to advance its pipeline, which is expected to result in continued net losses in the near term.

The company’s strong financial position, with $190 million in cash, cash equivalents, and short-term investments as of June 30, 2026, provides a runway to fund its planned operations into the second half of 2028. This should give Whitehawk sufficient time to generate data from its ongoing and planned clinical trials and potentially advance multiple ADC candidates towards regulatory approval and commercialization.

Overall, Whitehawk’s transition from its legacy FYARRO business to a focus on its promising ADC pipeline represents both opportunities and challenges. The company’s experienced team, innovative technology, and robust financial resources position it well to potentially deliver new cancer treatments to patients, but the inherent risks of drug development must be carefully navigated in the years ahead.