Whitehawk Therapeutics (WHWK) Q1 2026 earnings summary

Executive summary

• Transitioned to a clinical-stage oncology company focused on three next-generation ADC Therapies after divesting its only commercial product, FYARRO, in March 2025.

• Advanced Phase 1 trials for HWK-007 and HWK-016, targeting solid tumors and gynecologic cancers, with ongoing enrollment and initial data expected in H1 2027.

• IND submission for HWK-206 planned for mid-2026, targeting small-cell lung cancer and neuroendocrine tumors, with Phase 1 recruitment in Q3 2026.

• Presented new preclinical and real-world data supporting ADC Therapies at major scientific meetings in April 2026, including proof-of-concept and MUC16 target analysis.

Financial highlights

• Reported net loss of $22.2 million for Q1 2026, compared to net income of $73.0 million in Q1 2025, which included an $87.4 million gain from the FYARRO divestiture.

• No product revenue in Q1 2026 following the FYARRO divestiture; Q1 2025 revenue was $7.1 million.

• Research and development expenses increased to $17.2 million in Q1 2026 from $8.8 million in Q1 2025, including a $5.3 million milestone payment.

• Cash, cash equivalents, and short-term investments totaled $123.0 million as of March 31, 2026, down from $145.7 million at December 31, 2025.

• Operating expenses increased to $23.5 million in Q1 2026 from $15.2 million in Q1 2025.

Outlook and guidance

• Cash position expected to fund operations into 2028 based on planned R&D activities.

• Anticipates continued net losses as investment in ADC Therapies increases and no near-term product revenue is expected.

• Initial Phase 1 data for HWK-007 and HWK-016 anticipated in H1 2027.

• IND submission for HWK-206 planned for mid-2026, with Phase 1 trial recruitment to begin in Q3 2026.