Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 704

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 704
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 dated December 18, 2024; (ii) Seller’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed by Seller with the Securities and Exchange Commission (the “SEC”); (iii) Seller’s Quarterly Reports on
Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024, as filed by Seller with the SEC; (iv) certain Current Reports on Form 8-K, as filed by Seller with, or furnished by Seller to, the SEC; and (v) certain internal information relating to the business, operations, earnings, cash flow and prospects of the Company, including certain
financial forecasts related to the Company as furnished to us by the management of Seller and approved for use by us by Seller for purposes of our analysis (the “Forecast”)

C-1

(collectively, the “Internal Data”). We have also conducted discussions with members of the senior management of Seller and its advisors and representatives regarding such Internal Data
as well as the past and current business, operations, financial condition and prospects of the Company. In addition, we compared certain of the proposed financial terms of the Sale Transaction to the financial terms, to the extent publicly
available, of certain other transactions that we deemed relevant. We also conducted such other financial studies and analyses and took into account such other information as we deemed appropriate.

We have assumed, without independent verification or any responsibility therefor, the accuracy and completeness of the financial, legal, regulatory, tax,
accounting and other information supplied to, discussed with, or reviewed by us for purposes of this opinion and have, with your consent, relied upon such information as being complete and accurate. In that regard, we have been advised by Seller,
and have assumed, at your direction, that the Internal Data (including, without limitation, the Forecast) has been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Seller as to the
matters covered thereby and we have relied, at your direction, on the Internal Data for purposes of our analysis and this opinion. We express no view or opinion as to the Internal Data (including, without limitation, the Forecast) or the assumptions
on which it is based. In addition, at your direction, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet or otherwise