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.
Price Chart
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.
Key Financial Metrics
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
Investment Themes
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 | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 8-K | $4.11 $4.07 | ▼ −0.97% | ▼ −0.53% | $3.33 (−18.98%) |
Aug 6, 2026 11w ago | 8-K | $4.70 $4.76 | ▲ +1.28% | ▲ +0.67% | $3.33 (−29.15%) |
Jun 10, 2026 19w ago | EFFECT | $4.02 $4.06 | ▼ −0.99% | ▲ +0.70% | $3.33 (+17.16%) |
May 29, 2026 21w ago | S-3 | $4.49 $4.18 | ▲ +6.90% | ▲ +7.06% | $3.33 (+25.84%) |
May 13, 2026 23w ago | 8-K | $4.93 $5.10 | ▼ −3.45% | ▼ −2.67% | $3.33 (+32.45%) |
May 7, 2026 24w ago | 8-K | $3.94 $3.97 | ▲ +0.76% | ▼ −0.07% | $3.33 (−15.48%) |
Apr 8, 2026 28w ago | Insider Cluster | $3.55 $3.39 | ▲ +4.51% | ▲ +4.45% | $3.33 (+6.20%) |
Apr 8, 2026 28w ago | Insider Cluster | $3.55 $3.39 | ▲ +4.51% | ▲ +4.45% | $3.33 (+6.20%) |
Apr 8, 2026 28w ago | Insider Cluster | $3.55 $3.39 | ▲ +4.51% | ▲ +4.45% | $3.33 (+6.20%) |
Mar 12, 2026 32w ago | 8-K | $3.90 $3.91 | ▲ +0.26% | ▲ +0.85% | $3.33 (−14.62%) |
US Market Status
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