Whitehawk Therapeutics, Inc. (formerly Aadi Bioscience, Inc.) reported a net loss of $63.7 million for the year ended December 31, 2024, compared to a net loss of $65.8 million in 2023. Net revenue from product sales, solely attributable to FYARRO, totaled $26.0 million in 2024, a slight increase from $24.4 million in 2023. Selling, general, and administrative expenses decreased by $7.8 million to $36.7 million in 2024, primarily due to reduced commercial and marketing expenses and personnel costs. Research and development expenses increased by $2.1 million to $51.0 million, largely driven by a $6.0 million upfront payment to WuXi Biologics for licensing rights to three next-generation antibody-drug conjugates (ADCs). Restructuring charges of $2.6 million were also incurred in 2024 due to workforce reductions.
Significant changes occurred during the reporting period. On December 19, 2024, the company entered into a license agreement with WuXi Biologics for the development and commercialization of the three ADCs. A private investment in public equity (PIPE) financing raised $100 million in March 2025. The company also divested its FYARRO business to KAKEN Investments Inc. for $102.4 million in March 2025, resulting in a name change to Whitehawk Therapeutics, Inc. and a reduction in full-time employees from 40 to 18. A new Chief Scientific Officer was appointed in February 2025, and Baiteng Zhao, Ph.D., joined the board of directors in December 2024.
The company's three ADC therapies, HWK-007, HWK-016, and HWK-206, are currently in preclinical development. IND applications are anticipated to be submitted to the FDA within the next 12 to 24 months, beginning with HWK-007 in the second half of 2025. These ADCs target PTK7, MUC16, and SEZ6, respectively, and utilize Hangzhou DAC's CPT113 linker-payload platform. The company intends to pursue multiple cancer indications with these assets. The company's strategy involves leveraging next-wave ADC architecture, focusing on clinically validated targets, and utilizing an efficient virtual model with outsourced clinical development and manufacturing.
As of December 31, 2024, the company had 18 full-time or part-time employees. The company's financial statements include details on cash flow, operating expenses, and key accounting policies. The company's cash position, including proceeds from the FYARRO divestiture and PIPE financing, is projected to fund operations into 2028. The company's 10-K filing also includes a comprehensive discussion of risk factors, including those related to clinical development, regulatory approvals, competition, and intellectual property.
The company's outlook is focused on advancing its ADC therapies through clinical development and regulatory approval. The company anticipates submitting IND applications within the next 12 to 24 months and expects its existing cash resources to support operations into 2028. However, the filing also highlights significant risks associated with the preclinical stage of development, the competitive landscape, and regulatory uncertainties.
About Whitehawk Therapeutics, Inc.
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