Company: WHWK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023932
Chunk: 613

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 613
---
5 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 of the Three Months Ended March 31, 2025 and 2024

Product Sales, Net

Our product sales, net consist of sales of FYARRO since its launch in the United States on February 22, 2022. Product sales, net for the three months ended March 31, 2025 and 2024 were $7.1 million and $5.4 million, respectively. The increase in product sales, net of $1.7 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 three months ended March 31, 2025 and 2024, were $12.8 million and $10.6 million, respectively. The increase of $2.2 million was primarily driven by an increase of $3.8 million in consulting and insurance expenses related to the divestiture of