Company: WHWK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023932
Chunk: 273

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 273
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 20, 2024 that it planned to halt the registration-intended PRECISION1 trial of nab-sirolimus in patients with solid tumors harboring TSC1 or TSC2 inactivating alterations. The Company recorded a total restructuring charge of $2.6 million, which consists of one-time termination benefits such as severance costs and related benefits. As of March 31, 2025, $1.1 million of one-time termination benefits remain payable and are recorded within the accrued liabilities on the Company's condensed consolidated balance sheet. As of December 31, 2024, $1.5 million of one-time termination benefits remain payable and are recorded within the accrued liabilities and other liabilities line items on the Company's condensed consolidated balance sheet. The Company paid $0.4 million of the liability during the three months ended March, 31, 2025. There were no restructuring charges for the three months ended, March 31, 2025 and 2024. Restructuring payments commenced in September 2024 and will extend through March 2026.

14. Divestiture of FYARRO

On December 19, 2024, the Company entered into the Divestiture Agreement with KAKEN, KAKEN PHARMACEUTICAL CO., LTD, and Aadi Subsidiary for the sale to KAKEN of 100% of the outstanding shares of capital stock of Aadi Subsidiary and thereby all of the Company’s assets related to the FYARRO Business. Per the terms and subject to the conditions of the Divestiture Agreement, KAKEN paid to the Company a cash payment of $102.4 million (following applicable purchase price adjustments under the Divestiture Agreement) at the closing of the FYARRO Divestiture on March 25, 2025.

22

We recorded a net gain on the sale of the divestiture of $87.4 million during the three months ended March 31, 2025 which has been recorded on the unaudited condensed consolidated statement of operations and comprehensive income (loss). The $87.4 million gain represents the aggregate consideration of $102.4 million, less the assets and liabilities transferred, which are listed below (in thousands):March 25, 2025AssetsCurrent assets:Cash and cash equivalents$(1,000)Accounts receivable, net(6,903)Inventory(5,141)Prepaid expenses