Net loss narrows 67.7% to $20.6M on $87.3M FYARRO sale gain; operating loss widens 69.6%

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

• high

  Net loss improved $43.1M to $20.6M (from $63.7M) driven entirely by $87.3M gain on FYARRO divestiture; operating loss worsened $46.9M to $114.4M (from $67.5M) as R&D spending surged 78% to $91.0M on ADC development.

  MD&A: Financial Results verify on EDGAR →
• high

  HWK-007 and HWK-016 INDs cleared by FDA in Q4 2025 and Q1 2026; both Phase 1 trials actively recruiting in solid tumors with data readouts expected H1 2027, marking transition from preclinical to clinical-stage company.

  Business: Clinical Development verify on EDGAR →
• high

  R&D expenses jumped $40.0M YoY to $91.0M, driven by $38.0M second upfront payment to WuXi Biologics (April 2025), $5.0M development milestone, and $15.5M clinical manufacturing as ADC programs advanced.

  MD&A: R&D Expenses verify on EDGAR →