Company: WHWK
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015269
Chunk: 245

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 245
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 current economic conditions or other factors that may affect customers’ ability to pay.Customer ConcentrationFor the year ended December 31, 2024, two customers represented 43% and 55% of the Company's revenue. For the year ended December 31, 2023, two customers represented 51% and 48% of the Company’s revenue, respectively.Additionally, two customers accounted for 42% and 56% of net accounts receivable as of December 31, 2024. Two customers accounted for 44% and 56% of net accounts receivable as of December 31, 2023.Cash, Cash Equivalents and Restricted CashThe Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents. Restricted cash consists of a letter of credit secured by restricted cash in connection with one of the Company's office leases and is included in other assets on the consolidated balance sheets. Refer to Note 6 for further information on the Company's leases.The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets (in thousands):As of December 31,20242023Cash and cash equivalents$28,670 $62,888 Restricted cash, non-current64 64 Total cash, cash equivalents and restricted cash$28,734 $62,952 Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:Level 1: Observable inputs, such as quoted prices in active marketsLevel 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectlyLevel 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use Financial assets and liabilities are classified in their entirety based on the