Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 482

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 482
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The accompanying notes are an integral part of these consolidated financial statements. F-8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Organization and Operations

Aadi
Bioscience, Inc. (together with its subsidiaries, the “Company” or “Aadi”) is a biopharmaceutical company focused on developing and commercializing precision therapies for cancers with alterations in the mTOR pathway, a key
regulator of cell growth and cancer progression. Aadi’s lead drug product, FYARRO, combines two established technologies – nanoparticle albumin-bound (nab) technology and the
anti-cancer agent, sirolimus. Nab-sirolimus is a potent inhibitor of the mTOR biological pathway with demonstrated anti-cancer activity in Aadi’s lead indication, advanced unresectable or metastatic malignant perivascular epithelioid
cell tumor (“PEComa”), a rare cancer. In November 2021, the U.S. Food and Drug Administration (the “FDA”) approved FYARRO sirolimus protein-bound particles for injectable suspension (albumin-bound) for the treatment of adult
patients with locally advanced unresectable or metastatic malignant PEComa. On February 22, 2022, Aadi launched FYARRO in the United States for treatment of advanced malignant PEComa. FYARRO is licensed to Aadi by Abraxis BioScience, LLC, a
wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of Bristol-Myers Squibb Company (“BMS”).

The Company’s
historical operations have consisted principally of sales of FYARRO after receiving FDA approval, performing research and development activities and raising capital. The Company’s activities are subject to significant risks and uncertainties,
including failing to secure additional funding before sustainable revenues and profit from operations are achieved.

Liquidity

Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and
maintaining its intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations and has only recently begun to realize revenues from its planned principal operations commencing
with the commercial sale of FYARRO.

The Company has experienced net losses since its inception and expects to continue to incur net losses into the
foreseeable future. As of and for the year ended December 31, 2023, the Company had an accumulated deficit of $269