Company: WHWK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023932
Chunk: 472

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 472
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 nonclinical studies and clinical trial activities; (iii) external costs of outside consultants who assist with technology 

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development, regulatory affairs, clinical development and quality assurance; (iv) payments made under our third-party licensing agreements; and (v) allocated facility-related costs.

Costs for certain activities, such as manufacturing, nonclinical studies and clinical trials are generally recognized based on the evaluation of the progress of completion of specific tasks using information and data provided by our vendors and collaborators. Research and development activities are central to our business. We expect to increase our investment in research and development related to the ADC Therapies. We will continue to incur significant research and development and other expenses related to such ongoing operations.

Cost of Goods Sold

Cost of goods sold consist primarily of royalties paid to BMS, costs incurred on sales of FYARRO and costs to manufacture and prepare the product for sales.

Other Income (Expense), Net

During the three months ended March 31, 2025 other income, net consists of gain on sale of a business and interest income earned on cash, cash equivalents and short-term investments. During the three months ended March 31, 2024 other income, net consists of interest income earned on cash, cash equivalents and short-term investments.

Income Tax Expense

During the three months ended March 31, 2025, and 2024, we recognized no income tax expense on the condensed consolidated statements of operations and comprehensive loss. Since our formation in 2011, we have not recorded any U.S. federal or state income tax benefits for the net losses we have incurred in each year or our earned tax credits, due to our uncertainty of realizing a benefit from those items. 

Results of Operations:

The following table presents the results of operations for the periods indicated (in thousands):

Three Months Ended March 31,20252024RevenueProduct sales, net$7,145 $5,353 Total revenue7,145 5,353 Operating expensesSelling, general and administrative12,815 10,620 Research and development8,788 13,593 Cost of goods sold760 652 Total operating expenses22,363 24,865 Loss from operations(15,218)(19,512)Other income (expense), net88,234 1,223 Income (loss) before income tax expense73,016 (18,289)Income tax expense— — Net income (loss)$73,016 $(18,289)

Comparison