Whitehawk Therapeutics Inc. Common Stock (WHWK)

FairStock Score: 28/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a patient value investor, and Whitehawk severely tests my patience. It is a 32-employee clinical-stage oncology company with three next-generation antibody drug conjugates, but no profit in each of the last four years. In fiscal 2025, the year ended 2025-12-31, revenue was $7.1M and net loss was $20.6M, or diluted EPS -$0.33. That loss is smaller than fiscal 2024's net loss of $63.7M, but revenue fell from $26.0M in fiscal 2024 to $7.1M in fiscal 2025. Recent quarters remain weak: in fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $16.6M and diluted EPS -$0.20. Free cash flow is negative $69.3M trailing twelve months, a FCF yield of -40.3% on the $172.2M market cap; that is heavy cash consumption. The price is $3.02 as of 2026-10-13, with FairStock's P/B at 0.94, so it trades near book value, and FairStock's Altman Z-score is 7.40. But FairStock's P/E is -2.65, ROE is -44.98%, ROCE is -28.70%, Piotroski is 4/9, and the FairStock Score is 28/100. I see no durable moat: clinical-stage biotech value depends on unproven trial data and financing, not repeatable earnings. Revenue is shrinking, not growing. The option value is real if the ADC pipeline succeeds, but Graham would call this speculation unless asset value is solid and burn is controlled. I require earnings, margins, and a margin of safety. Here, I see cash burn, dilution risk, and no profit history.

In plain English: Whitehawk Therapeutics is a small clinical-stage company trying to develop antibody drug conjugates for cancer. It is not yet profitable, it has lost money for years, and it is burning a lot of cash, so the business looks weak. At $3.02, the stock trades near its accounting value, but without earnings or steady revenue it is hard to call it cheap on business results.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer