Full Press Release Details
Aadi Bioscience Relaunches as Whitehawk Therapeutics Marking Evolution into ADC Company
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
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
MORRISTOWN, NJ, Mar. 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. By leveraging the foundation of well-established tumor biology and integrating cutting-edge
technologies, our strategy is designed to address the challenges of treating the most difficult cancers efficiently and effectively. Our goal is to bring all three assets to IND in the next 15 months. Importantly, we believe our robust balance sheet
will enable us to see these three assets through early clinical inflections. We are invigorated by the opportunity we have to overcome the limitations of first-generation ADCs to make a meaningful impact for patients.
Recent Operational Highlights:
Fourth Quarter and Full-year 2024 Financial Results:
About the ADC Portfolio
Conference Call Information
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
About Whitehawk Therapeutics
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.
Forward-Looking Statements
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.
Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements
are included in the Company s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, including under the caption Item 1A. Risk Factors, and in Whitehawk s subsequent
Quarterly Reports on Form 10-Q, and elsewhere in Whitehawk s reports and other documents that Whitehawk has filed, or will file, with the SEC from time to time and available at www.sec.gov, including the
Definitive Proxy Statement filed on January 31, 2025.
All forward-looking statements in this press release are current only as of the date hereof and, except as
required by applicable law, Whitehawk undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All
forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
AADI BIOSCIENCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 28,670 | $ | 62,888 | ||||
| Short-term investments | 18,567 | 45,957 | ||||||
| Accounts receivable, net | 5,903 | 5,488 | ||||||
| Inventory | 5,311 | 6,427 | ||||||
| Prepaid expenses and other current assets | 2,836 | 3,826 | ||||||
| Total current assets | 61,287 | 124,586 | ||||||
| Property and equipment, net | 6,846 | 4,802 | ||||||
| Operating lease right-of-use assets | 787 | 1,169 | ||||||
| Other assets | 1,399 | 1,866 | ||||||
| Total assets | $ | 70,319 | $ | 132,423 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,159 | $ | 5,898 | ||||
| Accrued liabilities | 14,647 | 14,306 | ||||||
| Operating lease liabilities, current portion | 268 | 434 | ||||||
| Due to licensor payable | 5,757 | |||||||
| Total current liabilities | 17,074 | 26,395 | ||||||
| Operating lease liabilities, net of current portion | 565 | 833 | ||||||
| Other liabilities | 202 | |||||||
| Total liabilities | 17,841 | 27,228 | ||||||
| Stockholders equity: | ||||||||
| Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 385,114 | 374,129 | ||||||
| Accumulated other comprehensive income | 16 | 27 | ||||||
| Accumulated deficit | (332,654 | ) | (268,963 | ) | ||||
| Total stockholders equity | 52,478 | 105,195 | ||||||
| Total liabilities and stockholders equity | $ | 70,319 | $ | 132,423 |
AADI BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data and earnings per share amounts)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Product sales, net | $ | 7,239 | $ | 6,326 | $ | 25,983 | $ | 24,354 | ||||||||
| Total Revenue | 7,239 | 6,326 | 25,983 | 24,354 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general and administrative | 11,051 | 10,345 | 36,749 | 44,549 | ||||||||||||
| Research and development | 14,347 | 12,768 | 51,030 | 48,929 | ||||||||||||
| Restructuring charges | 2,638 | |||||||||||||||
| Cost of goods sold | 790 | 927 | 3,024 | 2,809 | ||||||||||||
| Total operating expenses | 26,188 | 24,040 | 93,441 | 96,287 | ||||||||||||
| Loss from operations | (18,949 | ) | (17,714 | ) | (67,458 | ) | (71,933 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Foreign exchange gain (loss) | 2 | (4 | ) | (1 | ) | |||||||||||
| Interest income | 676 | 1,500 | 3,925 | 6,400 | ||||||||||||
| Interest expense | (57 | ) | (154 | ) | (231 | ) | ||||||||||
| Total other income (expense), net | 676 | 1,445 | 3,767 | 6,168 | ||||||||||||
| Net loss | $ | (18,273 | ) | $ | (16,269 | ) | $ | (63,691 | ) | $ | (65,765 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.67 | ) | $ | (0.60 | ) | $ | (2.36 | ) | $ | (2.44 | ) | ||||
| Weighted average number of common shares outstanding, basic and diluted | 27,086,979 | 26,965,909 | 27,029,942 | 26,917,967 |