Company: WHWK
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015269
Chunk: 298

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 298
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 in each year or our earned tax credits, due to our uncertainty of realizing a benefit from those items. 

107

Results of Operations:

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

Year Ended December 31,20242023RevenueProduct sales, net$25,983 $24,354 Total revenue25,983 24,354 Operating expensesSelling, general and administrative36,749 44,549 Research and development51,030 48,929 Restructuring charges2,638 — Cost of goods sold3,024 2,809 Total operating expenses93,441 96,287 Loss from operations(67,458)(71,933)Other income, net3,767 6,168 Loss before income tax expense(63,691)(65,765)Income tax expense— — Net loss$(63,691)$(65,765)

Comparison of Years Ended December 31, 2024 and 2023 

Product Sales, Net

Our product sales, net consist of sales of FYARRO. Product sales, net for the years ended December 31, 2024 and 2023 were $26.0 million and $24.4 million, respectively. The increase in product sales, net of $1.6 million compared to the same period in the prior year was primarily driven by stronger demand.

Operating Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the year ended December 31, 2024, were $36.7 million, compared to $44.5 million for the year ended December 31, 2023. The $7.8 million decrease was primarily driven by a reduction of $5.5 million of commercial and marketing expense, $3.2 million of personnel expenses, $0.8 million of legal costs and other expenses, offset by an increase of $1.7 million related to consulting and insurance expense.

Research and Development Expenses

The following table presents our research and development expenses for the periods indicated (in thousands):

Year Ended December 31,20242023Personnel expense$18,971 $22,961 Consultants1,368 3,657 External clinical development23,557 15,341 Clinical drug product manufacturing6,215 5,516 Other expense919 1,454 Total research and development expense$51,030 $