Company: WHWK
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015269
Chunk: 268

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 268
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 of 21 are eligible to participate in the 401k Plan as of the first entry date, as defined by the 401k Plan document, following the employment date. Each employee can contribute a percentage of compensation up to a maximum of the statutory limits per year. Company contributions are discretionary. Contributions of $0.6 million and $0.7 million were made during the years ended December 31, 2024 and 2023.

12. Income Taxes

The Company recorded no income tax expense or benefit for the years ended December 31, 2024 and 2023. The Company continues to maintain a full valuation allowance. A reconciliation of the statutory federal income tax with the provision for income taxes are as follows:Year Ended December 31,20242023Federal tax at statutory rate21.0 %21.0 %State income tax, net of federal benefit2.7 3.4 Other permanent items(2.2)(0.9)Change in tax rate0.2 1.3 Investment in subsidiary53.6 — Officers compensation(2.1)(0.7)Research credit4.9 5.4 Change in valuation allowance(78.1)(29.5)Effective tax rate— %— %Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):As of December 31,20242023Deferred tax assets:Net operating loss carryforwards$49,184 $43,686 Research and development tax credits11,796 8,734 Section 174 capitalized research expense20,061 14,153 Investment in subsidiary34,112 — Other7,135 6,131 Total deferred tax assets122,288 72,704 Valuation allowance(121,898)(72,144)Total gross deferred tax assets, net of valuation allowance390 560 Deferred tax liabilities:Other(390)(560)Total gross deferred tax liabilities(390)(560)Net deferred tax assets (liabilities)$— $— Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized in future periods.The Company has evaluated the