Total assets have eroded from $234.0 million in 2025Q1 to $150.8 million by 2025Q4, with an accumulated deficit in retained earnings reaching $353.2 million.
Whitehawk Therapeutics Inc (WHWK) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 192.41M | 149.01M | 61.29M | 124.59M | 180.03M | 151.27M | 18.68M | 16.31M |
| Cash & Short-Term Investments | 189.98M | 145.7M | 47.24M | 108.84M | 172.56M | 148.99M | 4.46M | 15.96M |
| Cash Only | 85.23M | 37.57M | 28.67M | 62.89M | 39.02M | 148.99M | 4.46M | 15.96M |
| Short-Term Investments | 104.75M | 108.13M | 18.57M | 45.96M | 133.54M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 5.9M | 5.49M | 1.86M | 0 | 14.15M | 284.9K |
| Days Sales Outstanding | - | - | 82.92 | 82.25 | 44.67 | - | 354.21 | 138.83 |
| Inventory | 0 | 0 | 5.31M | 6.43M | 1.86M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | 35.86 | 45.34 | 19.98 | - | - | - |
| Other Current Assets | 2.43M | 3.32M | 0 | 3.83M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.58M | 1.82M | 9.03M | 7.84M | 4.21M | 6.64M | 140K | 352.93K |
| Property, Plant & Equipment | 1K | 3K | 7.63M | 5.97M | 2.03M | 614K | 140K | 315.97K |
| Fixed Asset Turnover | 0.00x | 2381.67x | 3.40x | 4.08x | 7.50x | 1.82x | 104.14x | 2.37x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 3.81M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.58M | 1.81M | 1.4M | 1.87M | 2.18M | 2.21M | 0 | 36.96K |
| Total Assets | 193.99M | 150.83M | 70.32M | 132.42M | 184.24M | 157.91M | 18.82M | 16.66M |
| Asset Turnover | 0.00x | 0.05x | 0.37x | 0.18x | 0.08x | 0.01x | 0.77x | 0.04x |
| Asset Growth % | 171.04% | 114.49% | -46.9% | -28.12% | 16.67% | 738.83% | 13% | - |
| Total Current Liabilities | 11.07M | 14.52M | 17.07M | 26.39M | 18.84M | 15.27M | 30.06M | 25.62M |
| Accounts Payable | 1.1M | 917K | 2.16M | 5.9M | 3.52M | 6.44M | 2.39M | 3.18M |
| Days Payables Outstanding | 98.55K | 440.4 | 14.58 | 41.61 | 37.78 | 119.48 | 58.17 | 104.82 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 9.03M | 8.16M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.72M | 3.16M | 64K | 3.08M | 1.57M | 1.47M | 11.61M | 11.85M |
| Current Ratio | 17.38x | 10.26x | 3.59x | 4.72x | 9.56x | 9.90x | 0.62x | 0.64x |
| Quick Ratio | 17.38x | 10.26x | 3.28x | 4.48x | 9.46x | 9.90x | 0.62x | 0.64x |
| Cash Conversion Cycle | - | - | 104.21 | 85.98 | 26.86 | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 767K | 833K | 7.02M | 6.23M | 1.2M | 133.47K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 0 |
| Capital Lease Obligations | 0 | 0 | 565K | 833K | 1.27M | 474K | 0 | 133.47K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 202K | 0 | 5.76M | 5.76M | 97K | 0 |
| Total Liabilities | 11.07M | 14.52M | 17.84M | 27.23M | 25.86M | 21.5M | 31.26M | 25.75M |
| Total Debt | 0 | 0 | 833K | 1.27M | 1.66M | 605K | 10.26M | 8.49M |
| Net Debt | -85.23M | -37.57M | -27.84M | -61.62M | -37.36M | -148.38M | 5.8M | -7.48M |
| Debt / Equity | 0.00x | - | 0.02x | 0.01x | 0.01x | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.01x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -420.91x | -283.70x | -256.33x | -55.73x | -3.13x | -144.99x |
| Total Equity | 182.93M | 136.31M | 52.48M | 105.19M | 158.38M | 136.41M | -12.43M | -9.09M |
| Equity Growth % | 246.67% | 159.75% | -50.11% | -33.58% | 16.11% | 1197.22% | -36.71% | - |
| Book Value per Share | 2.21 | 2.20 | 1.94 | 3.91 | 7.04 | 15.29 | -0.71 | -1.13 |
| Total Shareholders' Equity | 182.93M | 136.31M | 52.48M | 105.19M | 158.38M | 136.41M | -12.43M | -9.09M |
| Common Stock | 5K | 4K | 2K | 2K | 2K | 2K | 1K | 802 |
| Retained Earnings | -392.08M | -353.25M | -332.65M | -268.96M | -203.2M | -142.69M | -32.59M | -29.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -63K | 120K | 16K | 27K | -115K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WHWK stock.
As of 2025, Whitehawk Therapeutics Inc (WHWK) had total assets of $150.8M including $149.0M in current assets.
Whitehawk Therapeutics Inc (WHWK) carries total debt of $0.0M, offset by $145.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Whitehawk Therapeutics Inc (WHWK) has total shareholders' equity (book value) of $136.3M ($2.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Whitehawk Therapeutics Inc (WHWK) reported a current ratio of 10.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent clinical funding shortfall
Metrics are mathematically derived from official filings.
Asset Base Erosion Signals Instability
As reported in recent financial filings, Whitehawk Therapeutics has seen its total assets contract from $234.0 million in 2025Q1 to $150.8 million by 2025Q4, reflecting a rapid depletion of capital reserves as the company continues to fund its high-burn clinical development pipeline without offsetting revenue.
The consistent decline in total assets over the last four quarters suggests that the company is consuming its capital base at an unsustainable rate. This trajectory implies that the firm is nearing a critical juncture where it must either secure additional funding or face significant operational constraints.
Liquidity Buffer Facing Rapid Depletion
Based on the company's reported figures, cash reserves plummeted from a peak of $227.6 million in 2025Q1 to $37.6 million by 2025Q4, indicating that the firm's liquidity runway is narrowing significantly as it continues to fund its intensive research and development activities.
While the current ratio remains elevated at 10.26, this metric is heavily skewed by the remaining cash balance and does not account for the high burn rate inherent in clinical-stage biotech. Investors should monitor the cash-to-burn ratio closely, as the current liquidity buffer may be insufficient to support long-term trial requirements.
Accumulated Deficit Weighs on Equity
According to the balance sheet data, retained earnings have deteriorated to a deficit of $353.2 million as of 2025Q4, underscoring the persistent and substantial losses that have eroded shareholder equity throughout the company's clinical development lifecycle.
The massive accumulated deficit highlights the high cost of pursuing proprietary genetic oncology targets without a commercialized product. This trend suggests that future equity value is entirely dependent on successful clinical outcomes, as the current equity base is being systematically consumed by operational losses.
PPE Liquidation Value Remains Negligible
As indicated by the latest balance sheet, net property, plant, and equipment (PPE) stands at a nominal $3,000, confirming that the company possesses virtually no tangible asset base to support its valuation or provide a safety net in the event of a clinical failure.
The near-zero PPE value reinforces the reality that the company's worth is tied exclusively to intangible intellectual property and clinical data. This lack of tangible assets increases the binary nature of the investment, as there is no physical infrastructure to pivot toward if the current R&D strategy fails.