The company's revenue growth has contracted by 100% as of 2025Q4, while quarterly R&D costs have reached as high as $48.8 million, indicating a lack of sustainable operational profitability.
| Sales/Revenue | 7.14M | 25.98M | 24.35M | 15.22M | 1.12M | 14.58M | 749K |
| Revenue Growth % | -72.5% | 6.69% | 60.06% | 1258.57% | -92.32% | 1846.6% | - |
| Cost of Goods Sold | 760K | 54.05M | 51.74M | 34M | 19.67M | 15.01M | 11.06M |
| COGS % of Revenue | 10.64% | 208.04% | 212.44% | 223.43% | 1756.25% | 102.94% | 1477.23% |
| Gross Profit | 6.38M | -28.07M | -27.38M | -18.78M | -18.55M | -428K | -10.32M |
| Gross Margin % | 89.36% | -108.04% | -112.44% | -123.43% | -1656.25% | -2.94% | -1377.23% |
| Gross Profit Growth % | 122.75% | -2.51% | -45.81% | -1.25% | -4234.11% | 95.85% | - |
| Operating Expenses | 120.78M | 39.39M | 44.55M | 43.9M | 92.67M | 2.12M | 1.85M |
| OpEx % of Revenue | 1690.48% | 151.59% | 182.92% | 288.51% | 8273.84% | 14.55% | 247.58% |
| Selling, General & Admin | 29.82M | 36.75M | 44.55M | 40.18M | 18.51M | 2.12M | 1.85M |
| SG&A % of Revenue | 417.38% | 141.43% | 182.92% | 264.04% | 1652.77% | 14.55% | 247.58% |
| Research & Development | 90.96M | 51.03M | 48.93M | 32.66M | 19.67M | 15.01M | 11.06M |
| R&D % of Revenue | 1273.1% | 196.4% | 200.91% | 214.66% | 1756.25% | 102.94% | 1477.23% |
| Other Operating Expenses | 0 | -48.39M | -48.93M | -28.94M | 54.49M | -15.01M | -11.06M |
| Operating Income | -114.4M | -67.46M | -71.93M | -62.68M | -111.22M | -2.55M | -12.17M |
| Operating Margin % | -1601.12% | -259.62% | -295.36% | -411.94% | -9930.09% | -17.48% | -1624.81% |
| Operating Income Growth % | -69.59% | 6.22% | -14.76% | 43.64% | -4263.16% | 79.05% | - |
| EBITDA | -114.32M | -67.27M | -71.76M | -62.52M | -111.11M | -2.54M | -12.16M |
| EBITDA Margin % | -1600.01% | -258.88% | -294.67% | -410.9% | -9920.71% | -17.42% | -1624.01% |
| EBITDA Growth % | -69.96% | 6.27% | -14.78% | 43.73% | -4274.49% | 79.12% | - |
| D&A (Non-Cash Add-back) | 79K | 193K | 169K | 159K | 105K | 9K | 5.98K |
| EBIT | -20.6M | -64.82M | -65.53M | -58.96M | -37.06M | -2.55M | -12.17M |
| Net Interest Income | 6.23M | 3.77M | 6.17M | 2.17M | -652K | -774K | -83.94K |
| Interest Income | 6.23M | 3.92M | 6.4M | 2.4M | 13K | 41K | 0 |
| Interest Expense | 0 | 154K | 231K | 230K | 665K | 815K | 83.94K |
| Other Income/Expense | 93.8M | 3.77M | 6.17M | 2.17M | 1.13M | -927K | -83.94K |
| Pretax Income | -20.6M | -63.69M | -65.77M | -60.51M | -110.09M | -3.48M | -12.25M |
| Pretax Margin % | -288.26% | -245.13% | -270.04% | -397.69% | -9829.29% | -23.84% | -1636.02% |
| Income Tax | 0 | 0 | 0 | 0 | 2K | 2K | 1.3K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0% | -0.06% | -0.01% |
| Net Income | -20.6M | -63.69M | -65.77M | -60.51M | -110.09M | -3.48M | -12.26M |
| Net Margin % | -288.26% | -245.13% | -270.04% | -397.69% | -9829.46% | -23.85% | -1636.19% |
| Net Income Growth % | 67.66% | 3.15% | -8.68% | 45.03% | -3065.32% | 71.62% | - |
| Net Income (Continuing) | -20.6M | -63.69M | -65.77M | -60.51M | -110.09M | -3.48M | -12.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -2.36 | -2.44 | -2.69 | -12.41 | -0.21 | -1.65 |
| EPS Growth % | 86.02% | 3.28% | 9.29% | 78.32% | -5809.52% | 87.27% | - |
| EPS (Basic) | -0.33 | -2.36 | -2.44 | -2.69 | -12.41 | -0.21 | -1.65 |
| Diluted Shares Outstanding | 61.89M | 27.03M | 26.92M | 22.51M | 8.92M | 17.63M | 8.02M |
| Basic Shares Outstanding | 61.89M | 27.03M | 26.92M | 22.51M | 8.87M | 20.84M | 7.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent clinical funding shortfall
As reported in recent financial filings, Whitehawk Therapeutics experienced a total cessation of revenue by late 2025, marking a 100% decline from previous periods and highlighting the company's complete reliance on non-recurring milestone payments that have failed to materialize into a sustainable commercial pipeline.
The abrupt transition to zero revenue suggests that the firm's prior licensing agreements have either expired or failed to trigger further performance-based payments. This trajectory indicates that the company is currently operating without a commercial engine, leaving its valuation entirely dependent on the speculative success of its R&D pipeline.
Based on the provided income statement data, Whitehawk Therapeutics continues to incur significant R&D expenditures, with quarterly costs reaching as high as $48.8 million in 2025Q2, which far outpaces the company's ability to generate any offsetting income or maintain a stable operating cost structure.
The high fixed-cost base, primarily driven by clinical trial activities, appears to be the primary catalyst for the company's rapid cash depletion. Investors should monitor whether management can implement stricter expense discipline, as the current level of spending relative to zero revenue suggests an existential threat to the firm's operational runway.
According to historical income statements, the company's net income figures are frequently skewed by non-operating items, most notably the $73 million net income reported in 2025Q1, which appears to be an accounting anomaly rather than a reflection of core operational profitability or sustainable business performance.
This volatility in net income masks the underlying cash-basis losses that characterize the firm's current stage of development. Analysts should prioritize evaluating cash flow from operations over GAAP net income to gain a clearer understanding of the actual capital requirements needed to sustain the business.
While some may argue that the underlying genetic IP holds significant long-term value, the income statement reveals a precarious financial position where the lack of revenue and high burn rate suggest that the company may be forced into dilutive financing or liquidation before clinical validation.
The market's current pricing likely reflects a binary outcome where the firm's survival is contingent upon a successful clinical catalyst. Without a clear path to revenue, the income statement provides little evidence of a viable business model, warranting extreme caution regarding the company's long-term solvency.
Quick answers to the most common questions about buying WHWK stock.
For fiscal year 2025, Whitehawk Therapeutics Inc (WHWK) reported total revenue of $7.1M. This represents a 853.9% increase compared to $0.7M in 2019.
Whitehawk Therapeutics Inc (WHWK) reported a net loss of $20.6M for the fiscal year ending 2025.
Whitehawk Therapeutics Inc (WHWK) reported an operating income of $-114.4M, resulting in an operating profit margin of -1601.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Whitehawk Therapeutics Inc (WHWK) generated $6.4M in gross profit for the year, representing a gross profit margin of 89.4%. This demonstrates the company's core pricing power and production efficiency.