Whitehawk Therapeutics, Inc. key statistics and ratios
In fiscal 2025, Whitehawk Therapeutics, Inc. had return on equity of -21.8%, an operating margin of -1601.1%, debt equal to 0.0% of equity and a current ratio of 10.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | 100.0% | 91.2% | 88.5% | 88.4% | 89.4% | — |
| Operating margin | −55.5% | — | −18.2% | −794.4% | −411.9% | −295.4% | −259.6% | <−999% | — |
| Net margin | −51.6% | — | −24.8% | −786.4% | −397.7% | −270.0% | −245.1% | −288.3% | — |
| Free-cash-flow margin | −29.0% | — | −90.9% | −160.5% | −329.2% | −261.3% | −235.6% | <−999% | — |
| Return on equity | −17.7% | −93.9% | — | −177.6% | −41.1% | −49.9% | −80.8% | −21.8% | −50.0% |
| Return on assets | −16.2% | −44.7% | −11.8% | −124.6% | −35.4% | −41.5% | −62.8% | −18.6% | −46.3% |
| Asset turnover | 0.31 | — | 0.48 | 0.16 | 0.09 | 0.15 | 0.26 | 0.06 | — |
| Current ratio | 11.73 | 11.87 | 0.62 | 9.90 | 9.56 | 4.72 | 3.59 | 10.26 | 17.38 |
| Debt to equity | 0.0% | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest cover (operating income ÷ interest) | — | — | n/m | n/m | n/m | n/m | n/m | — | — |
| R&D as % of revenue | 88.6% | — | 107.2% | 140.5% | 214.7% | 200.9% | 196.4% | >999% | — |
| SG&A as % of revenue | — | — | — | 132.2% | 264.0% | 182.9% | 141.4% | 417.4% | — |
| Capital spending as % of revenue | 0.2% | — | 0.1% | 0.3% | 2.9% | 16.3% | 6.4% | 7.7% | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 88.9% | 89.1% | 89.4% | — | — | — | — | — |
| Operating margin | −186.0% | −261.8% | −213.0% | — | — | — | — | — |
| Net margin | −174.0% | −252.4% | >999% | — | — | — | — | — |
| Free-cash-flow margin | −220.1% | −210.5% | −173.8% | — | — | — | — | — |
| Current ratio | 4.89 | 3.59 | 18.95 | 20.41 | 16.76 | 10.26 | 11.36 | 17.38 |
| R&D as % of revenue | 138.6% | 198.2% | 123.0% | — | — | — | — | — |
| SG&A as % of revenue | 99.6% | 152.7% | 179.4% | — | — | — | — | — |
Financial health
- Short-term assets cover short-term liabilities $192m of assets due within a year against $11m of liabilities due within a year.
- Short-term assets cover long-term liabilities $192m short-term assets against $0 of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Moat
Weak moat
How hard Whitehawk Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 0 / 20
Net income has been a median -39.7% of total assets over 10 years.
- Durability 10 / 20
Operating margin has been a median -411.9%; its worst year was -1601.1%.
- Discipline 0 / 20
The diluted share count rose 2579.2% over five years; stock-based pay has been a median 49.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
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