Whitehawk advances two ADC candidates into Phase 1 trials; cash drops $108M year-over-year

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  HWK-007 and HWK-016 Phase 1 trials now recruiting patients after FDA IND clearance in Q4 2025; data readouts expected H1 2027. Company reclassified from preclinical to clinical-stage.

  MD&A: Pipeline Progress verify on EDGAR →
• high

  Cash and investments fell from $231M to $123M year-over-year, driven by $38M upfront payment to WuXi Biologics, $5.3M development milestone in Q1 2026, and ongoing R&D spend.

  MD&A: Liquidity verify on EDGAR →
• high

  R&D expenses nearly doubled to $17.2M (from $8.8M prior year), primarily from $5.3M development milestone payment and $2M in clinical drug manufacturing as trials ramp.

  MD&A: Operating Expenses verify on EDGAR →