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Whitehawk Therapeutics

WHWK on Nasdaq. Whitehawk Therapeutics makes antibody drug conjugates to treat cancer in patients. Market value $211m.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-33.7%low

For every $100 of what the whole company costs, it produced $-33.70 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$3.61 a share, 93% above its 1-year low

Over the past year the price has ranged from $1.87 to $5.49.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.1
-0.1
-0.1
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$14m$15m$24m$26m$7m
Operating margin
-794.4%-411.9%-295.4%-259.6%-1601.1%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.02bn0.02bn0.02bn0.05bn0.06bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 12.6% a year
  • Buying back its own sharesNo, 134% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $17 million, compared with a loss of $53 million a year ago.
  • Over the past 12 months it spent $69 million more cash than it brought in, compared with $96 million a year earlier.
  • 20% more shares than a year ago. Each share owns a bit less of the company.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$7m
December 2024$7m
March 2025$7m
June 2025$0
September 2025$0
December 2025$0
March 2026$0
June 2026$0
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$13m
December 2024-$18m
March 2025$73m
June 2025-$53m
September 2025-$18m
December 2025-$23m
March 2026-$22m
June 2026-$17m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 78 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • Avoro Capital Advisors LLC
    Insider or founder
    at least 20.0%0.0 pts
    (filed with 2 related holders)
    Since 12 May 2026
    What they said

    On May 12, 2026, the Issuer entered into a Securities Purchase Agreement (the "2026 Securities Purchase Agreement") with Avoro Life Sciences Fund LLC ("Avoro Life") and certain other purchasers named therein (collectively, the "2026 PIPE Investors"). Pursuant to the 2026…

    Read the filing
  • at least 10.0%
    (filed with 2 related holders)
    Since 4 March 2025
  • Fan Yu
    Passive investor
    at least 9.4%+3.1 pts
    (filed with 10 related holders)
    Since 30 June 2026
  • QVT Financial LP
    Passive investor
    9.4%
    Since 31 December 2024
  • ANUPAM DALAL
    Passive investor
    at least 9.0%+1.5 pts
    (filed with 2 related holders)
    Since 14 May 2026
    What they said

    The reporting persons are filing this Schedule 13D because Mr. Dalal is on the Issuer's board of directors. The reporting persons acquired the Stock for investment purposes based on their belief that the Common Stock, when purchased, was undervalued and represented an attractive…

    Read the filing
  • Anupam Dalal
    Passive investor
    at least 7.8%
    (filed with 1 related holder)
    Since 19 December 2024
    What they said

    The reporting persons are filing this Schedule 13D because Mr. Dalal is on the Issuer's board of directors. The reporting persons acquired Common Stock for investment purposes based on their belief that the Common Stock, when purchased, was undervalued and represented an…

    Read the filing
  • OrbiMed Advisors LLC
    Passive investor
    at least 7.3%−1.6 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Coastlands Capital Partners LP
    Passive investor
    at least 6.0%
    (filed with 3 related holders)
    Since 19 August 2025
  • Leonard Braden Michael
    Passive investor
    at least 5.0%−4.9 pts
    (filed with 1 related holder)
    Since 5 March 2025
    What they said

    On February 28, 2025, the Issuer obtaned the Required Stockholder Approval for the 2024 PIPE Financing, which closed on March 4, 2025. On February 28, 2025 the Reporting Person sold 8,863 shares of the Issuear at $2.55 per share. On March 5, the Reporting Person sold 120,000…

    Read the filing
  • Neil Desai
    Insider or founder
    Sold down below 5%
    Since 4 March 2025
  • EcoR1 Capital, LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 March 2025
  • Satter Muneer A
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $3m.

  • Giacobello Scott M.
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    16 April 2026
    Shares
    141,600
    Price
    $4.13
    Value
    $584,808
  • Giacobello Scott M.
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    15 April 2026
    Shares
    77,000
    Price
    $3.86
    Value
    $297,220
  • BALL BRYAN
    See remarks
    Sold
    Date
    14 April 2026
    Shares
    92,460
    Price
    $3.64
    Value
    $336,554
  • BALL BRYAN
    See remarks
    Sold
    Date
    13 April 2026
    Shares
    26,389
    Price
    $3.46
    Value
    $91,306
  • BALL BRYAN
    See remarks
    Sold
    Date
    10 April 2026
    Shares
    6,596
    Price
    $3.43
    Value
    $22,624
  • BALL BRYAN
    See remarks
    Sold
    Date
    9 April 2026
    Shares
    50,000
    Price
    $3.57
    Value
    $178,500
  • Lennon David James
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    9 April 2026
    Shares
    14,500
    Price
    $3.38
    Value
    $49,010
  • Lennon David James
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    8 April 2026
    Shares
    63,945
    Price
    $3.40
    Value
    $217,413
  • Lennon David James
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    7 April 2026
    Shares
    94,087
    Price
    $3.43
    Value
    $322,718
  • Lennon David James
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    6 April 2026
    Shares
    102,395
    Price
    $3.51
    Value
    $359,406

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have shrunk: 12.6% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.