Clinical-stage antibody drug conjugate (ADC) company Whitehawk Therapeutics (Nasdaq: WHWK) is extending its cash runway into the second half of 2028 through an USD 87.5 million private placement. The Morristown, New Jersey-based Whitehawk announced the PIPE financing on May 13, 2026, with proceeds designated for working capital, general corporate purposes, and advancement of its ADC pipeline.
Under the securities purchase agreement, Whitehawk is selling 4,330,866 shares of common stock at USD 3.92 per share and pre-funded warrants to purchase 17,991,021 shares of common stock at USD 3.9199 per pre-funded warrant. The pre-funded warrants carry an exercise price of USD 0.0001 per share. The financing was expected to close on May 14, 2026, subject to customary closing conditions. Jefferies and Leerink Partners acted as lead placement agents. Oppenheimer & Co., Citizens Capital Markets, and Jones also served as placement agents.
The investor syndicate consists entirely of existing shareholders, with participation from Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP, and Invus. Members of the company's executive team also participated.
Company overview and pipeline
Whitehawk Therapeutics is a clinical-stage oncology company focused on ADCs after undergoing a complete strategic transformation in late 2024, divesting its Fyarro (nab-sirolimus) commercial business to Japan-based Kaken Pharmaceuticals for USD 100 million and simultaneously in-licensing a three-asset ADC portfolio from WuXi Biologics under an exclusive global development and commercialization agreement.