Here are a few analogies to describe Whitehawk Therapeutics (WHWK):

• An early-stage Genentech for new cancer treatments.
• A specialized biotech developing "smart bomb" cancer drugs, similar to a focused version of Seagen (a pioneer in antibody-drug conjugate technology).

• Three-asset Antibody-Drug Conjugate (ADC) Portfolio: A portfolio of three investigational antibody-drug conjugates designed for targeted cancer treatment.

As an oncology therapeutics company developing and providing an antibody-drug conjugate (ADC) portfolio for cancer treatments, Whitehawk Therapeutics (WHWK) would primarily sell its products to other companies within the healthcare supply chain, rather than directly to individuals. These major customers would typically be large pharmaceutical wholesalers and distributors, who then supply the drugs to hospitals, cancer treatment centers, and specialty pharmacies for patient administration.

Based on this business model, the major potential customer companies for Whitehawk Therapeutics would include:

• McKesson Corporation (NYSE: MCK)
• Cardinal Health, Inc. (NYSE: CAH)
• AmerisourceBergen Corporation (NYSE: ABC)

These companies are the primary distributors that connect pharmaceutical manufacturers with healthcare providers across the United States.

• Lonza Group AG (LONN.SW)

Dave Lennon, PhD, President & CEO

Dr. Lennon joined Whitehawk Therapeutics in October 2023. He brings over two decades of experience leading global biotechnology and pharmaceutical teams, with significant expertise in oncology development and commercialization. Most recently, he served as Chief Executive Officer and board member at Satellite Bio, a privately held regenerative medicine company. Prior to that, Dr. Lennon spent 15 years at Novartis, where his roles included President of Novartis Gene Therapies, responsible for the development, approval, and launch of Zolgensma®, and leadership positions in Novartis Oncology for the U.S. and Japan regions.

Scott Giacobello, CPA, Chief Financial Officer

Mr. Giacobello has held key financial and operational leadership roles in commercial-stage growth companies. As Chief Financial Officer at GW Pharmaceuticals, he was instrumental in expanding U.S. operations and preparing for commercial launch, leading the company's financial strategy, and raising over $620 million before its acquisition by Jazz Pharmaceuticals in 2021. He previously served as Chief Financial Officer of Chase Pharmaceuticals until its acquisition by Allergan, where he also held executive roles in corporate finance and global research and development.

David Dornan, PhD, Chief Scientific Officer

Dr. Dornan brings more than two decades of experience in oncology drug discovery and development, with deep expertise in antibody-drug conjugates (ADCs) and other targeted cancer therapies. He most recently served as Chief Scientific Officer at Elevation Oncology, where he led the scientific strategy and facilitated the company's pivot to an ADC portfolio.

Margaret Dugan, MD, Chief Medical Officer

Dr. Dugan joined Whitehawk Therapeutics in December 2025 and possesses over three decades of oncology drug development leadership experience, with significant expertise in early-stage development. She has overseen more than 12 Phase 1 programs and was responsible for numerous regulatory approvals, including capmatinib, ceritinib, letrozole, temozolomide, and photodynamic therapy for various cancers. Dr. Dugan has also served on the Board of Directors for BeOne (formerly BeiGene) since February 2022.

Bryan Ball, Chief Technical Operations Officer

Key Risks to Whitehawk Therapeutics (WHWK)

• Clinical Trial and Regulatory Approval Risk: As a clinical-stage oncology therapeutics company, Whitehawk Therapeutics' success is critically dependent on the successful outcome of its preclinical and clinical development programs for its antibody-drug conjugate (ADC) portfolio. There are significant risks of 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, and the occurrence of unforeseen adverse reactions or side effects during testing. Any such failures or delays could severely impact the company's ability to bring its therapies to market and generate revenue.
• Financial Sustainability and Need for Additional Capital: Whitehawk Therapeutics is not profitable and experiences a significant cash burn due to its ongoing research and development activities and clinical trials. The company's continued operations and ability to advance its ADC pipeline are reliant on its capacity to raise additional capital. While the company has reported a strong cash position, this has been achieved in part through shareholder dilution, and the ongoing need for substantial funding creates a risk of further dilution for existing investors if future financing rounds are required.

Whitehawk Therapeutics, Inc. (WHWK) focuses on a three-asset antibody-drug conjugate (ADC) portfolio aimed at treating various cancers. The addressable markets for their main products, which include HWK-007, HWK-016, and HWK-206, encompass significant global oncology segments.

The overall global market for antibody-drug conjugates (ADCs) was estimated to be around $10.8 billion in 2023 and is projected to reach $47.0 billion by 2029, growing at a compound annual growth rate (CAGR) of 28.4% from 2024 through 2029. Other estimates for the global ADC market size include $15.61 billion in 2025, with a forecast to reach $71.55 billion by 2031 at a 28.88% CAGR, and $16.9 billion in 2025, projected to reach $48.1 billion by 2035 with an 11.2% CAGR. North America held a significant share of the global ADC market, accounting for 41.55% of the revenue in 2025 and 53% in 2023.

Whitehawk Therapeutics' specific ADC candidates target several large cancer markets globally:

• HWK-007 is being evaluated for non-small cell lung cancer (non-squamous, EGFR wild-type), platinum-resistant ovarian cancer, and endometrial cancer. The global non-small cell lung cancer market is projected to reach $43.89 billion by 2030. The global ovarian cancer market is projected to reach $18.6 billion by 2033, while the global endometrial cancer market size is expected to reach $40.66 billion by 2031.
• HWK-016 is being developed for advanced ovarian and endometrial cancers. As mentioned, the global ovarian cancer market is projected to reach $18.6 billion by 2033, and the global endometrial cancer market is expected to reach $40.66 billion by 2031.
• HWK-206 is planned for a Phase 1 study in small-cell lung cancer and neuroendocrine tumors. While a specific combined market size for these indications was not found, small-cell lung cancer is a component of the broader lung cancer market.

Whitehawk Therapeutics (WHWK) is a clinical-stage oncology company focused on developing next-generation antibody-drug conjugates (ADCs). As the company currently has no commercialized products, its future revenue growth over the next 2-3 years will be driven by the advancement and expansion of its pipeline.

Here are 3 key expected drivers of Whitehawk Therapeutics' future revenue growth:

1. Advancement and Initial Clinical Data Readouts of Lead ADC Candidates (HWK-007 and HWK-016): Whitehawk Therapeutics' primary assets, HWK-007 and HWK-016, are currently enrolling patients in Phase 1 clinical trials. HWK-007 is being evaluated for non-squamous, EGFR wild-type non-small cell lung cancer, platinum-resistant ovarian cancer, and endometrial cancer. HWK-016 is being assessed for advanced ovarian and endometrial cancers. The company anticipates reporting initial clinical data from both trials in the first half of 2027. Positive clinical data would be a critical de-risking event, paving the way for further clinical development, potential strategic partnerships, and ultimately, future commercialization and revenue generation.

2. Initiation and Progress of HWK-206 Phase 1 Trial: Whitehawk Therapeutics plans to initiate a Phase 1 study for its third ADC candidate, HWK-206, in small-cell lung cancer and neuroendocrine tumors in the third quarter of 2026. The successful initiation and progress of this trial will further strengthen the company's pipeline and broaden the range of potential indications addressed by its ADC portfolio, contributing to its long-term revenue potential.

3. Pipeline Expansion through Strategic Collaborations and Option Agreements: Whitehawk Therapeutics is actively expanding its future pipeline. The company entered into an option agreement with Hangzhou DAC for access to CPT113, a linker-payload technology, for use in up to five additional ADC programs, with plans to submit Investigational New Drug (IND) applications for multiple new programs within the next 12-24 months. Additionally, Whitehawk announced a global collaboration with Biocytogen to develop bispecific antibody-drug conjugates (BsADC), providing access to up to five bispecific antibodies for evaluation. These strategic initiatives are expected to continuously expand the company's drug pipeline, laying the groundwork for multiple future revenue streams beyond its initial three assets.

Share Issuance

• In December 2024, Aadi Bioscience (now Whitehawk Therapeutics) secured approximately $100 million in gross proceeds from a private investment in public equity (PIPE) financing by selling common stock and pre-funded warrants.
• This was followed by a $100 million stock issuance in Q1 2025 which significantly bolstered the company's balance sheet, increasing total shares outstanding from 24.68 million at the end of 2024 to 47.13 million by mid-2025.
• In May 2026, Whitehawk Therapeutics completed an $87.5 million private placement equity financing by selling common stock and pre-funded warrants.

Inbound Investments

• In December 2024, Aadi Bioscience (now Whitehawk Therapeutics) announced a $100 million PIPE financing led by Ally Bridge Group with participation from various institutional investors, which closed in Q1 2025.
• In May 2026, the company secured an $87.5 million private placement equity financing that included participation from existing investors such as Avoro Capital, QVT, and Invus, as well as members of Whitehawk's executive team.

Outbound Investments

• In December 2024, Aadi Bioscience in-licensed a three-asset portfolio of preclinical antibody-drug conjugates (ADCs) from WuXi Biologics and Hangzhou DAC, involving aggregate upfront payments of $44 million and potential future development and commercial milestone payments totaling up to $805 million.
• In the second quarter of 2025, research and development expenses included a $38.0 million up-front license fee to WuXi Biologics.
• In August 2026, Whitehawk Therapeutics entered into a new option agreement with Hangzhou DAC for CPT113-based ADCs and a global collaboration with Biocytogen for bispecific antibodies to support future ADC programs.

Capital Expenditures

• Research and development (R&D) expenses were $12.9 million for the three months ended June 30, 2026, and $48.8 million for the three months ended June 30, 2025, with the prior year including a $38.0 million up-front license fee to WuXi Biologics.
• The company expects to fund operations, including capital expenditure requirements, into the second half of 2028 with its existing cash and proceeds from recent financings.
• The primary focus of capital expenditures is advancing its antibody-drug conjugate (ADC) pipeline through preclinical and clinical development.