Whitehawk Therapeutics Inc
WHWKHealthcare|Biotechnology|US
$3.13
+0.11 (+3.64%)
Tangible Book / Share
$2.21
Cash / Share
$2.29
Financials
Financial Snapshot
Market Cap
$178.4M
Enterprise Value
$93.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$79.8M
Cash & Investments
$190.0M
Net Cash
$190.0M
Free Cash Flow (TTM)
-$69.3M
Operating CF (TTM)
-$69.3M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$190.0M
Quarterly Burn
$17.3M
Monthly Burn
$5.8M
Est. Runway
~11.0 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $16.0M | $4.5M | $149.0M | $172.6M | $108.8M | $47.2M | $145.7M | $190.0M | |
| Operating Cash Flow | -$7.6M | -$12.7M | -$22.4M | -$49.6M | -$59.7M | -$59.5M | -$97.4M | -$69.3M | |
| Free Cash Flow | -$7.6M | -$12.7M | -$22.5M | -$50.1M | -$63.6M | -$61.2M | -$98.0M | -$69.3M | |
| Capital Expenditure | -$35.7K | $0.00 | -$46.0K | -$444.0K | -$4.0M | -$1.7M | -$552.0K | $0.00 | |
| Financing Cash Flow | $8.1M | $1.2M | $141.8M | $72.6M | $326.0K | $130.0K | $94.4M | $81.9M |
R&D Spending
R&D (TTM)
$63.5M
R&D Intensity
—
R&D Growth vs Prior
-30.2%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $749.0K | $14.6M | $1.1M | $15.2M | $24.4M | $26.0M | $7.1M | $0.00 | |
| R&D Expense | $11.1M | $15.0M | $19.7M | $32.7M | $48.9M | $51.0M | $91.0M | $63.5M | |
| R&D % of Revenue | 1477.2% | 102.9% | 1756.3% | 214.7% | 200.9% | 196.4% | 1273.1% | — | |
| SG&A | $1.9M | $2.1M | $18.5M | $40.2M | $44.5M | $36.7M | $29.8M | $22.6M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $749.0K | $14.6M | $1.1M | $15.2M | $24.4M | $26.0M | $7.1M | $0.00 | |
| Cost of Revenue | $11.1M | $15.0M | $19.7M | $34.0M | $51.7M | $54.1M | $760.0K | $5.0K | |
| Gross Profit | -$10.3M | -$428.0K | -$18.6M | -$18.8M | -$27.4M | -$28.1M | $6.4M | -$5.0K | |
| R&D | $11.1M | $15.0M | $19.7M | $32.7M | $48.9M | $51.0M | $91.0M | $63.5M | |
| SG&A | $1.9M | $2.1M | $18.5M | $40.2M | $44.5M | $36.7M | $29.8M | $22.6M | |
| Operating Income | -$12.2M | -$2.5M | -$111.2M | -$62.7M | -$71.9M | -$67.5M | -$114.4M | -$86.1M | |
| Interest Expense | $83.9K | $815.0K | $665.0K | $230.0K | $231.0K | $154.0K | $0.00 | $0.00 | |
| Pretax Income | -$12.3M | -$3.5M | -$110.1M | -$60.5M | -$65.8M | -$63.7M | -$20.6M | -$79.8M | |
| Net Income | -$12.3M | -$3.5M | -$110.1M | -$60.5M | -$65.8M | -$63.7M | -$20.6M | -$79.8M | |
| EPS (Diluted) | -1.65 | -0.21 | -12.41 | -2.69 | -2.44 | -2.36 | -0.33 | -1.12 | |
| EBITDA | -$12.2M | -$2.5M | -$37.0M | -$58.8M | -$65.4M | -$64.6M | -$20.5M | -$81.3M | |
| Shares Out. (M) | 8.01 | 17.63 | 8.92 | 22.51 | 26.92 | 27.03 | 61.89 | 82.89 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.0M | $4.5M | $149.0M | $39.0M | $62.9M | $28.7M | $37.6M | $85.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $133.5M | $46.0M | $18.6M | $108.1M | $104.7M | |
| Total Current Assets | $16.3M | $18.7M | $151.3M | $180.0M | $124.6M | $61.3M | $149.0M | $192.4M | |
| Total Assets | $16.7M | $18.8M | $157.9M | $184.2M | $132.4M | $70.3M | $150.8M | $194.0M | |
| Total Current Liabilities | $25.6M | $30.1M | $15.3M | $18.8M | $26.4M | $17.1M | $14.5M | $11.1M | |
| Long-Term Debt | $0.00 | $1.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $25.8M | $31.3M | $21.5M | $25.9M | $27.2M | $17.8M | $14.5M | $11.1M | |
| Stockholders' Equity | -$9.1M | -$12.4M | $136.4M | $158.4M | $105.2M | $52.5M | $136.3M | $182.9M | |
| Retained Earnings | -$29.1M | -$32.6M | -$142.7M | -$203.2M | -$269.0M | -$332.7M | -$353.3M | -$392.1M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.6M | -$12.7M | -$22.4M | -$49.6M | -$59.7M | -$59.5M | -$97.4M | -$69.3M | |
| Capital Expenditure | -$35.7K | $0.00 | -$46.0K | -$444.0K | -$4.0M | -$1.7M | -$552.0K | $0.00 | |
| Free Cash Flow | -$7.6M | -$12.7M | -$22.5M | -$50.1M | -$63.6M | -$61.2M | -$98.0M | -$69.3M | |
| Investing Cash Flow | -$35.7K | $0.00 | $25.2M | -$132.9M | $83.2M | $25.2M | $11.9M | -$72.2M | |
| Financing Cash Flow | $8.1M | $1.2M | $141.8M | $72.6M | $326.0K | $130.0K | $94.4M | $81.9M | |
| Issuance of Stock | $0.00 | $0.00 | $155.0M | $72.5M | $0.00 | $130.0K | $100.0M | $193.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $8.1M | $1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $106.1K | $139.0K | $2.1M | $9.6M | $12.0M | $10.8M | $9.9M | $8.8M | |
| Net Change in Cash | $16.0M | -$11.5M | $144.5M | -$109.9M | $23.9M | -$34.2M | $8.9M | -$59.7M |
Dilution Tracker
Shares outstanding grew 251.0% over 5 years — significant dilution
Shares Outstanding
57M
5-Year Share Growth
+251.0%
Stock Issuance (TTM)
$193.2M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.01 | 17.63 | 8.92 | 22.51 | 26.92 | 27.03 | 61.89 | 82.89 | |
| Change vs Prior % | — | 120.0% | -49.4% | 152.3% | 19.6% | 0.4% | 129.0% | 33.9% | |
| Stock Issuance | $0.00 | $0.00 | $155.0M | $72.5M | $0.00 | $130.0K | $100.0M | $193.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $106.1K | $139.0K | $2.1M | $9.6M | $12.0M | $10.8M | $9.9M | $8.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -1377.2% | -2.9% | -1656.3% | -123.4% | -112.4% | -108.0% | 89.4% | — | |
| Operating Margin % | -1624.8% | -17.5% | -9930.1% | -411.9% | -295.4% | -259.6% | -1601.1% | — | |
| Net Margin % | -1636.2% | -23.9% | -9829.5% | -397.7% | -270.0% | -245.1% | -288.3% | — | |
| EBITDA Margin % | -1624.0% | -17.4% | -3299.6% | -386.4% | -268.4% | -248.7% | -287.2% | — | |
| FCF Margin % | -1017.3% | -87.1% | -2006.2% | -329.2% | -261.3% | -235.6% | -1371.4% | — | |
| ROE % | 134.8% | 28.0% | -80.7% | -38.2% | -62.5% | -121.4% | -15.1% | -53.9% | |
| ROA % | -73.6% | -18.5% | -69.7% | -32.8% | -49.7% | -90.6% | -13.7% | -41.2% | |
| ROIC % | 2004.8% | 122.6% | -77.9% | -37.8% | -67.6% | -126.1% | -83.9% | -47.0% | |
| R&D / Revenue % | 1477.2% | 102.9% | 1756.3% | 214.7% | 200.9% | 196.4% | 1273.1% | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 1846.6% | -92.3% | 1258.6% | 60.1% | 6.7% | -72.5% | |
| Gross Profit | 0.0% | 95.9% | -4234.1% | -1.2% | -45.8% | -2.5% | 122.7% | |
| Operating Income | 0.0% | 79.1% | -4263.2% | 43.6% | -14.8% | 6.2% | -69.6% | |
| Net Income | 0.0% | 71.6% | -3065.3% | 45.0% | -8.7% | 3.2% | 67.7% | |
| EPS (Diluted) | 0.0% | 87.3% | -5809.5% | 78.3% | 9.3% | 3.3% | 86.0% | |
| Operating Cash Flow | 0.0% | -67.5% | -76.5% | -121.4% | -20.2% | 0.2% | -63.6% | |
| Free Cash Flow | 0.0% | -66.7% | -76.9% | -122.9% | -27.1% | 3.8% | -60.1% | |
| R&D Expense | 0.0% | 35.6% | 31.1% | 66.0% | 49.8% | 4.3% | 78.3% | |
| SG&A Expense | 0.0% | 14.4% | 772.7% | 117.0% | 10.9% | -17.5% | -18.8% | |
| Total Assets | 0.0% | 13.0% | 738.8% | 16.7% | -28.1% | -46.9% | 114.5% | |
| Book Value / Share | 0.0% | 42.5% | 2280.8% | -54.2% | -44.5% | -50.3% | 13.4% | |
| Debt | 0.0% | 20.8% | -94.1% | 174.5% | -23.7% | -34.3% | -100.0% | |
| Diluted Shares | 0.0% | 120.0% | -49.4% | 152.3% | 19.6% | 0.4% | 129.0% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High2.23 / 18.98 / 191.29
P/B1.42
10Y Low / Med / High0.52 / 1.57 / 1.82
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High2.22 / 18.18 / 82.62
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.21
Net Current Assets / Share
$3.18
Graham Net-Net
$2.16
Cash / Share
$2.29
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.67 | -70.00 | -1.95 | -4.77 | -0.83 | -1.34 | -7.33 | -2.79 | |
| P/S Ratio | 92.60 | 17.78 | 191.29 | 18.98 | 2.23 | 3.29 | 20.96 | 0.00 | |
| P/B Ratio | -7.63 | -20.85 | 1.57 | 1.82 | 0.52 | 1.63 | 1.10 | 1.42 | |
| EV/EBITDA | -5.09 | -104.33 | -1.78 | -4.28 | 0.11 | -0.89 | -5.47 | -1.15 | |
| EV/Revenue | 82.62 | 18.18 | 58.80 | 16.53 | -0.30 | 2.22 | 15.70 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
6.58
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $8.8M | $10.9M | $13.5M |
| Net Income | -$56.5M | -$52.0M | -$50.3M |
| EPS | $-0.92 | $-0.87 | $-0.81 |
| # Analysts (EPS) | 4 | 5 | 6 |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Product | $7.1M |