Company: WHWK
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015269
Chunk: 151

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 151
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 the ADC transaction. We will continue to incur significant research and development and other expenses related to such ongoing operations. 

Cost of Goods Sold

Cost of goods sold consist primarily of royalties paid to BMS, costs incurred on sales of FYARRO and costs to manufacture and prepare the product for sales subsequent to the FDA approval in November 2021. Costs incurred prior to the FDA approval were expensed when incurred.

Other Income (Expense), Net

Other income, net consists of interest income earned on cash, cash equivalents and short-term investments.

Income Tax Expense

During the years ended December 31, 2024 and 2023, we recognized no income tax expense on the 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. 

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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