Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 153

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 153
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the terms as presented at the meeting.

On August 9, 2024, representatives of Aadi shared an indication of interest and the non-binding term sheet (the “August 9 Term Sheet”) with representatives of WuXi Biologics.

On August 13,
2024, representatives of WuXi Biologics provided initial comments to the economic portions of the August 9 Term Sheet to representatives of Aadi, including a proposed increase of the upfront license fee to $50 million.

On August 16, 2024, Aadi’s board of directors held a 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 Phase 2 trial. Based on such interim data and
analysis, and to preserve Aadi’s cash, management recommended, among other things, that the PRECISION1 trial be discontinued, research and development expenses be eliminated, and employee headcount be reduced in order to preserve cash and
extend cash runway. Following discussion, Aadi’s board of directors approved this recommendation. At the same meeting, Aadi’s board of directors and management discussed Aadi’s delivery of the August 9 Draft Term Sheet and the
initial response of WuXi Biologics thereto. Aadi’s management team also provided an update on Aadi’s due diligence efforts to date regarding the ADC Programs and anticipated timelines for a potential transaction. Aadi’s board of
directors also discussed other value creation alternatives for stockholders following the cessation of the PRECISION1 trial, including a sale of the whole company, a sale of the FYARRO business with an
in-licensing of new assets, continuing with the commercial FYARRO business as a stand-alone company, and a potential liquidation of the company.

On that same day, representatives of WuXi Biologics shared additional comments to the August 9 Term Sheet with representatives of Aadi, including a
proposed reduced exclusivity period ending on September 16, 2024. Separately, on August 16, 2024, representatives of WuXi Biologics also requested that Aadi agree to exclusivity with WuXi Biologics with respect to the in-licensing of assets.

On August 18, 2024, representatives of Aadi shared with representatives of WuXi Biologics
an updated draft of the term sheet (