Company: WHWK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023932
Chunk: 249

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 249
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 position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception.Customer ConcentrationFor the three months ended March 31, 2025, two customers represented 37% and 60% of the Company’s revenue. For the three months ended March 31, 2024, two customers represented 48% and 52% of the Company’s revenue.Additionally, two customers accounted for 51% and 49% of net accounts receivable as of March 31, 2024. The Company did not have accounts receivable as of March 31, 2025. See Note 14 for further information.Cash, Cash Equivalents and Restricted CashThe Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents. Restricted cash consists of a letter of credit secured by restricted cash in connection with the Morristown, New Jersey office lease described in Note 6, and is included in other assets on the condensed consolidated balance sheets as of December 31, 2024. The Company did not have restricted cash as of March 31, 2025 as the Morristown lease was assumed by KAKEN.The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet (in thousands):March 31, 2025December 31, 2024Cash and cash equivalents$227,569 $28,670 Restricted cash, non-current— 64 Total cash, cash equivalents and restricted cash $227,569 $28,734 Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:Level 1: Observable inputs, such as quoted prices in active marketsLevel 2: Inputs, other than the quoted prices in active markets that are observable either directly or