Whitehawk Extends Cash Runway Into Second Half of 2028
Cash, cash equivalents and short-term investments reached $190.0 million after an $87.5 million May private placement, and the company said that balance is anticipated to fund operations into 2H 2028.
Whitehawk Therapeutics (WHWK), a clinical-stage oncology company developing antibody-drug conjugates, closed the second quarter with $190.0 million in cash, cash equivalents, and short-term investments as of June 30, 2026, after an $87.5 million private placement equity financing in May. The company said that balance is anticipated to fund operations into the second half of 2028, extending the runway it had already described as reaching into 2028 after year-end 2025.
The May raise included participation from existing investors including Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP, and Invus, as well as members of the executive team. Cash and cash equivalents were $85.2 million at June 30, with short-term investments of $104.7 million.
President and Chief Executive Officer Dave Lennon said the second quarter saw meaningful progress across the three-asset pipeline and that the company remained on track to initiate the Phase 1 trial for HWK-206 in the third quarter. Enrollment continued in Phase 1 studies for HWK-007 and HWK-016. Initial results from those two trials are expected in the first half of 2027.
HWK-007 is being evaluated in patients with non-squamous, EGFR wild-type non-small cell lung cancer, platinum-resistant ovarian cancer, and endometrial cancer. HWK-016 is being evaluated in advanced ovarian and endometrial cancers. The HWK-007 study design was presented as a Trials-in-Progress poster at ASCO 2026. HWK-206, a Phase 1 study in small-cell lung cancer and neuroendocrine tumors, is planned to initiate in the third quarter of 2026.
Research and development expenses were $12.9 million for the three months ended June 30, 2026, down from $17.2 million in the three months ended March 31, 2026, a quarter that included $5.3 million of development milestone expenses under the WuXi Biologics license. Selling, general, and administrative expenses were $5.2 million. Net loss narrowed to $16.6 million, or $0.20 a share, from $22.2 million in the prior quarter.
Beyond the existing three assets, Whitehawk took two platform steps. It entered an option agreement with Hangzhou DAC for access to CPT113 for use in up to five additional ADC programs. Under those terms, Whitehawk will select targets and source antibodies and retain global rights and full program control. It also entered a global collaboration with Biocytogen for bispecific antibody ADC development, with Biocytogen providing access to up to five bispecific antibodies using its RenLite platform. The company anticipates submitting IND applications for multiple new programs over the next 12 to 24 months.
At ASCO 2026, the company presented a real-world analysis confirming SEZ6 as a highly expressed target in small-cell lung cancer and other neuroendocrine tumors, and said SEZ6 expression is positively correlated with DLL3 expression across neuroendocrine carcinomas. Those findings sit alongside the planned HWK-206 start in small-cell lung cancer and neuroendocrine tumors.
Lennon said the Hangzhou DAC option reflects conviction in CPT113 and that the Biocytogen collaboration provides access to bispecific formats, with those selective opportunities supporting future programs and the ambition to deliver new ADC INDs in the next 12 to 24 months. The three in-licensed assets remain the near-term clinical focus, with HWK-206 initiation in the third quarter and first-half 2027 data from HWK-007 and HWK-016 as the next dated milestones.