Company: WHWK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023932
Chunk: 473

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 473
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 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 FYARRO, an increase of $2.2 million in legal and other expenses, 

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offset by a decrease of $3.5 million of personnel expenses primarily related to severance expense incurred in 2024 due to the restructuring of our commercial, medical affairs, and corporate support functions, and a $0.3 million decrease in commercial and marketing expenses.

Research and Development Expenses

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

Three Months Ended March 31,20252024Personnel expenses$3,800 $6,297 Consultants383 415 External clinical development2,389 4,431 Clinical drug product manufacturing2,085 2,177 Other expenses131 273 Total research and development expenses$8,788 $13,593 

Research and development expenses for the three months ended March 31, 2025 and 2024 were $8.8 million and $13.6 million, respectively. The decrease of $4.8 million was driven by a $2.7 million decrease in personnel expense, consulting expense, and other expenses, a $2.0 million decrease in clinical development expenses primarily related to the PRECISION1 trial, and a $0.1 million decrease in clinical drug product manufacturing.

Cost of Goods Sold

Cost of goods sold was $0.8 million and $0.7 million for the three months ended March 31, 2025, and 2024, respectively, primarily reflecting royalties