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Whitehawk Therapeutics (Nasdaq: WHWK) has successfully completed its strategic transformation by closing the sale of its Aadi Subsidiary to Kaken Pharmaceuticals for $100 million plus customary adjustments. The transaction, initially announced in December 2024, includes the transfer of Aadi Bioscience name, trademarks, and the FYARRO® business.
The company plans to utilize proceeds from both this divestiture and a recent $100M PIPE financing to advance its antibody drug conjugates (ADCs) portfolio and for general corporate purposes. The combined funding is projected to sustain operations until 2028, supporting key clinical data readouts for three assets.
Whitehawk Therapeutics (Nasdaq: WHWK), formerly Aadi Bioscience, announced its strategic transformation into an ADC-focused oncology company. The company will begin trading under the ticker 'WHWK' on March 19, 2025.
The company's portfolio includes three assets in-licensed from WuXi Biologics, utilizing HANGZHOU DAC's advanced ADC technology platform. These assets feature a stable linker delivering a Topoisomerase I inhibitor payload, targeting lung and ovarian cancers with minimal off-target toxicity.
Following recent developments, including a $100 million PIPE financing and pending divestiture of Aadi Subsidiary to Kaken Pharmaceuticals, Whitehawk expects cash reserves of $170-180 million, funding operations into 2028. The company reported Q4 2024 revenue of $7.2 million and full-year 2024 revenue of $26.0 million from FYARRO sales, with a Q4 net loss of $18.3 million and full-year net loss of $63.7 million.
