Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 74

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 74
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conference to discuss Bidder F’s level
of interest in a potential transaction and due diligence progress.

On August 16, 2024, Aadi’s board of directors held a virtual meeting at
which Aadi management presented interim analysis results for the PRECISION1 trial, as well as an analysis by the Independent Data Monitoring Committee that the trial was unlikely to exceed an efficacy threshold necessary to support accelerated
approval, a critical goal for the trial. Based on such interim data and analysis, and to preserve Aadi’s cash, management recommended that the PRECISION1 trial be discontinued. Management also recommended the suspension of new enrollment for
the two ongoing Phase 2 trials of FYARRO in EEC and NETs, as well as a substantial workforce reduction, including a reduction of the company’s research and development workforce by 80%. Following discussion, Aadi’s board of directors
approved each of the aforementioned recommendations. At the same meeting, Aadi’s board of directors and management discussed Aadi’s strategic initiatives, including a potential transaction involving FYARRO and the status of Leerink
Partners’ outreach regarding the same and discussions to date with potential interested parties. Aadi’s board of directors further discussed with management Aadi’s communication plan regarding the items discussed at the meeting.

On August 20, 2024, Aadi issued a press release announcing interim analysis results for the PRECISION1 trial, the halt of the PRECISION1 trial based on
such results, the suspension of new enrollment for the two ongoing Phase 2 trials of FYARRO in EEC and NETs, and the workforce reduction. The press release also announced that Aadi was pivoting to focus on preserving cash and maximizing the FYARRO
commercial business, as well as conducting a comprehensive strategic review to maximize stockholder value.

On August 21, 2024, Aadi’s board of
directors held a virtual meeting to discuss Aadi’s strategic process, with Aadi’s management team and representatives of Leerink Partners and Wilson Sonsini Goodrich and Rosati P.C. (“Wilson Sonsini”), Aadi’s outside legal
counsel, in attendance. At the meeting, representatives of Leerink Partners provided an update regarding the results of its informal outreach efforts in respect of a potential transaction involving FYARRO, potential interested parties and levels of
interest, and the status of management meetings and due diligence activities. Aadi’s board of directors discussed the details and timing of a formal sale process and the contents of a formal