Whitehawk Therapeutics, Inc.
WHWK · Pharmaceutical Preparations · 49.5M shares · +45%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.13 · est. market cap ~$204M — last insider sale, 2026-04-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — ADC clinical, heavy burn, very well-funded.
Strengths
- Liquidity — current ratio 10.3 (79th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Net lossNet loss (net margin -288.3%)
- Cash burnNegative free cash flow (-98.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +45%/yr over 3y (dilution, book value/share -72%)
- New fund positionNotable fund(s) opened this quarter: GOLDMAN SACHS GROUP INC
- Insider sellingInsider selling — 14 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
- Revenue declineRevenue -72.5% YoY
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
89.4%
Operating margin
-1601.1%
Net margin
-288.3%
Return on equity
-15.1%
Return on assets
-13.7%
Revenue growth (QoQ)
-72.5%
Current ratio
10.3×
Free cash flow
-$98M
EBITDA
-$114M
Tangible book value
$136M
Cash & investments
$146M
Cash runway
6q
Stock comp / revenue
138.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-14 | Giacobello Scott M. | Grant | 38K | $3.92 |
| 2026-05-14 | Lennon David James | Grant | 51K | $3.92 |
| 2026-05-14 | BALL BRYAN | Grant | 51K | $3.92 |
| 2026-05-14 | Dugan Margaret | Grant | 19K | $3.92 |
| 2026-05-14 | Castelein Caley | Grant | 255K | $3.92 |
| 2026-04-16 | Giacobello Scott M. | Sell | 142K | $4.13 |
| 2026-04-15 | Giacobello Scott M. | Sell | 77K | $3.86 |
| 2026-04-14 | BALL BRYAN | Sell | 92K | $3.64 |
| 2026-04-13 | BALL BRYAN | Sell | 26K | $3.46 |
| 2026-04-10 | BALL BRYAN | Sell | 6.6K | $3.43 |
| 2026-04-09 | BALL BRYAN | Sell | 50K | $3.57 |
| 2026-04-09 | Lennon David James | Sell | 14K | $3.38 |
| 2026-04-08 | Lennon David James | Sell | 64K | $3.40 |
| 2026-04-07 | Lennon David James | Sell | 94K | $3.43 |
| 2026-04-06 | Lennon David James | Sell | 102K | $3.51 |
| 2026-04-02 | Lennon David James | Sell | 27K | $3.48 |
| 2026-04-01 | BALL BRYAN | Option exercise | 367K | — |
| 2026-04-01 | Lennon David James | Option exercise | 776K | — |
| 2026-04-01 | Giacobello Scott M. | Option exercise | 474K | — |
| 2026-03-02 | Lennon David James | Sell | 5.1K | $3.31 |
| 2026-03-02 | BALL BRYAN | Sell | 1.8K | $3.31 |
| 2026-03-02 | Giacobello Scott M. | Sell | 2.6K | $3.31 |
| 2026-03-01 | BALL BRYAN | Option exercise | 5.0K | — |
| 2026-03-01 | Lennon David James | Option exercise | 16K | — |
| 2026-03-01 | Giacobello Scott M. | Option exercise | 6.8K | — |
| 2025-03-04 | Zhao Baiteng | Grant | 1.2M | $2.40 |
| 2025-03-04 | Dalal Anupam | Grant | 1.6M | $2.40 |
| 2025-03-04 | Castelein Caley | Grant | 1.7M | $2.40 |
| 2025-03-04 | BALL BRYAN | Grant | 100K | $2.40 |
| 2025-03-03 | BALL BRYAN | Sell | 2.1K | $2.35 |
| 2025-03-03 | Lennon David James | Sell | 5.7K | $2.35 |
| 2025-03-03 | Giacobello Scott M. | Sell | 2.8K | $2.35 |
| 2025-03-01 | Giacobello Scott M. | Option exercise | 6.8K | — |
| 2025-03-01 | Lennon David James | Option exercise | 16K | — |
| 2025-03-01 | BALL BRYAN | Option exercise | 5.0K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07444814 ↗ | Study Evaluating the Safety and Efficacy of HWK-007, a PTK7-directed Antibody Drug Conjugate in Participants With Advanced Solid Tumors Endometrial Cancer, Ovarian Cancer | PHASE1 | Recruiting | 2028-10-01 |
| NCT07470853 ↗ | A Study of MUC16-Directed Antibody Drug Conjugate HWK-016 in Participants With Advanced Solid Tumors. PROC, Platinum Resistant Ovarian Cancer | PHASE1 | Recruiting | 2028-02-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001193125-26-269493 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001193125-26-234890 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0001193125-26-220656 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-212075 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210615 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-103117 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001193125-26-104158 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268134 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-268895 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0000950170-25-104592 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105081 ↗ |
| 8-K | 2025-06-13 | 2025-06-11 | 0001193125-25-140810 ↗ |