1. Whitehawk rebranded from Aadi Bioscience to enhance focus on ADC therapies. 2. New ticker 'WHWK' will trade on Nasdaq from March 19, 2025. 3. Cash runway expected to support operations until 2028 and clinical data readouts. 4. Key portfolio assets utilize advanced ADC technology for potential market impact. 5. Conference call scheduled for March 19 to discuss Q4 and full-year results.
The rebranding and focus on ADC therapy could attract investor interest, similar to successful biotech pivots historically seen with companies like Kite Pharma.
The strategic shift and available cash enhance WHWK's prospects, particularly as ADC therapies gain traction in oncology.
The company's focus on ADC development, with anticipated IND applications within 15 months, bodes well for gradual improvement.
New name reflects focus on accelerating portfolio of advanced ADC therapies with speed, agility and precision
Upon closing of strategic transactions, cash expected to fund operations into 2028 enabling anticipated key clinical data readouts for its ADC assets.
Company shares to trade on Nasdaq under the symbol "WHWK" effective March 19, 2025.
Company reports financial results for the fourth quarter and full-year 2024, and will host a conference call tomorrow, March 19 at 8:30 am ET.
MORRISTOWN, N.J., March 18, 2025 /PRNewswire/ -- Whitehawk Therapeutics, Inc. (Nasdaq: WHWK), formerly known as Aadi Bioscience, Inc., an oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved cancer treatments, today announced it changed its name to Whitehawk Therapeutics, reflecting the Company's evolution and focus on accelerating its portfolio of antibody drug conjugates (ADCs) with speed, agility and precision. The Company's common stock will begin trading under the ticker "WHWK" effective March 19, 2025.
The three assets in the portfolio are in-licensed from WuXi Biologics and utilize HANGZHOU DAC's advanced ADC technology platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The platform is coupled with clinically validated tumor targets that are upregulated in high-potential cancer indications, including lung and ovarian. These assets are engineered to produce minimal off-target toxicity, with a higher therapeutic index and greater stability than first-generation predecessors.
"Today marks a transformative moment as we reintroduce ourselves as Whitehawk Therapeutics – a focused oncology company combining science, strategy and execution to swiftly advance our portfolio of promising ADC assets," said David Lennon, President and CEO, Whitehawk Therapeutics.
Fourth Quarter and Full-year 2024 Financial Results:
About the ADC Portfolio
The Whitehawk management team is hosting a conference call and webcast tomorrow at 8:30 am ET (5:30 am PT) to provide a corporate update and discuss results for the fourth quarter and full-year 2024. Participants may access a live webcast of the call and the associated slide presentation on the "Investors & News" page of the Whitehawk Therapeutics website at whitehawktx.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days.
Whitehawk Therapeutics is a preclinical stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved cancer treatments. Whitehawk's advanced three-asset ADC portfolio is engineered to overcome the limitations of first-generation predecessors to deliver a meaningful impact for patients with difficult-to-treat cancers. These assets are in-licensed from WuXi Biologics under an exclusive development and global commercialization agreement. More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn.
This press release contains certain forward-looking statements regarding the business of Whitehawk Therapeutics that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the Company's cash runway extending into 2028; the closing of the strategic transactions, including the pending sale of Aadi Sub to Kaken and the payment of the upfront and early milestones under the Wuxi ADC agreement; the anticipated timing of the Company's development of its portfolio of ADC assets, including the expected timing regarding the commencement of IND-enabling studies; expectations regarding the beneficial characteristics, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets; and the sufficiency of the Company's existing capital resources and the expected timeframe to fund the Company's future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, uncertainties associated with preclinical and clinical development of the ADC portfolio, including potential delays in the commencement, enrollment and completion of clinical trials; failure to demonstrate the efficacy of the ADC portfolio in preclinical and clinical studies; the risk that unforeseen adverse reactions or side effects may occur in the course of testing of the ADC assets; the risk that one or more closing conditions to the pending sale of Aadi Sub to Kaken may not be satisfied; and risks related to the Company's estimates regarding future expenses, capital requirements and need for additional financing.
For inquiries, please contact: Contact@whitehawktx.com
(Unaudited)
December 31, 2024
Assets
Current assets:
Cash and cash equivalents: $ 28,670
Short-term investments: $ 18,567
Accounts receivable, net: $ 5,903
Inventory: $ 5,311
Prepaid expenses and other current assets: $ 2,836
Total current assets: $ 61,287
Total assets: $ 70,319
Total liabilities: $ 17,841
Total stockholders' equity: $ 52,478
(In thousands, except share data and earnings per share amounts)
(Unaudited)
Product sales, net: $ 7,239
Total Revenue: $ 25,983
Selling, general and administrative: $ 11,051
Research and development: $ 14,347
Net loss: $ (18,273)
Net loss per share, basic and diluted: $ (0.67)