Whitehawk Therapeutics Inc

Whitehawk ended 2024 with $47.2 million in cash, cash equivalents and short-term investments. Following the close of the strategic transactions, management expects cash and cash equivalents to be in the range of $170 million to $180 million, and said this would fund operations into 2028. FYARRO net product sales were $7.2 million in the fourth quarter, up 14% year over year, and full-year FYARRO sales were $26 million, up 7% from 2023. R&D expense was $14.3 million in the fourth quarter versus $12.8 million a year ago, and $51 million for the full year versus $48.9 million in 2023. SG&A was $11.1 million in the quarter versus $10.3 million a year ago, and $36.7 million for the year versus $44.5 million in 2023. Net loss was $18.3 million in Q4 versus $16.3 million in Q4 2023, and $63.7 million for the full year versus $65.8 million in 2023. The company did not provide traditional revenue or EPS guidance on the call.

Dave Lennon framed the quarter as the start of a new company rather than a routine earnings update. His emphasis was strategic: Whitehawk is now an ADC-focused business built to move quickly on broadly expressed, clinically validated targets and to reach multiple clinical inflection points with an advanced linker-payload platform. He sounded upbeat and confident throughout, repeatedly stressing that the company is “singularly focused” on execution and on filing three INDs within 15 months.

Scott Giacobello focused on the financial bridge from the legacy business to the new pipeline. He reported $47.2 million in cash, cash equivalents and short-term investments at year-end 2024, with expected post-transaction cash of $170 million to $180 million and a runway into 2028. On the income statement, he cited Q4 FYARRO sales of $7.2 million, full-year sales of $26 million, R&D of $14.3 million for the quarter and $51 million for the year, SG&A of $11.1 million in Q4 and $36.7 million for the year, and net loss of $18.3 million in Q4 and $63.7 million for the year. He attributed higher R&D mainly to $6 million of in-process R&D tied to the newly acquired ADC programs, while SG&A fell year over year because of lower commercial and personnel costs.

Analysts first asked how Whitehawk’s MUC16 ADC might compare with Regeneron’s MUC16-targeted bispecific in ovarian cancer. Management said the modalities are different, but that the membrane-bound MUC16 target is attractive and that the ADC should avoid CD3-redirection issues such as cytokine release syndrome, while also benefiting from the company’s stable-linker platform. Another question focused on target prevalence and the 2028 runway; management said PTK7, MUC16, and SEZ6 are broadly and deeply expressed in their respective cancers and that the current capital plan is intended to generate meaningful Phase 1 data across all three programs before returning to market for more financing.