Aadi Bioscience, Inc.

FYARRO net product sales were $7.2 million in the fourth quarter, up 14% year over year, and $26 million for the full year, up 7% versus 2023. R&D expense was $14.3 million in Q4 versus $12.8 million a year ago, and $51 million for the full year versus $48.9 million. SG&A was $11.1 million in Q4 versus $10.3 million a year ago, and $36.7 million for the year versus $44.5 million. Net loss was $18.3 million in Q4 versus $16.3 million last year, and $63.7 million for the full year versus $65.8 million. Management ended 2024 with $47.2 million in cash, cash equivalents and short-term investments, and expects $170 million to $180 million after the strategic transactions close; that should fund operations into 2028 based on current plans.

Dave Lennon framed the quarter as a strategic reset rather than a traditional operating update, emphasizing the move from a single-product company to a multi-asset ADC platform company. He highlighted the three targets—PTK7, MUC16, and SEZ6—as clinically validated and broadly expressed, and repeatedly said the platform is designed to improve therapeutic index versus first-generation ADCs. His tone was optimistic and execution-focused, with repeated references to speed, IND filings, and upcoming clinical inflection points.

Scott Giacobello focused on the legacy FYARRO business, expense profile, and runway. He reported $7.2 million of Q4 FYARRO sales, $26 million for the year, and cash of $47.2 million at year-end 2024; after the transactions close, cash is expected to be $170 million to $180 million including upfront and early milestone payments under the ADC license agreement. He also broke out Q4 and full-year operating costs: R&D of $14.3 million and $51 million, SG&A of $11.1 million and $36.7 million, with $2.6 million of full-year restructuring costs, and said the capital should fund operations into 2028.

Analysts asked how Whitehawk’s MUC16 ADC might compare with Regeneron’s MUC16 bispecific in ovarian cancer, and management said the modalities are different: the bispecific would be immune-modulating while Whitehawk’s is a cytotoxic ADC, with potential advantages in avoiding issues like cytokine release syndrome. Another question focused on target prevalence and the runway; management said PTK7 and MUC16 appear broadly and deeply expressed, SEZ6 is highly expressed in small cell lung cancer, and the company aims to generate meaningful Phase 1 data across all three programs before needing to raise more capital. They also said the programs are staggered, so the amount of data will differ by asset.