MeritValue

Whitehawk Therapeutics, Inc.

WHWKdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Whitehawk Therapeutics, Inc. earns about -98% on invested capital, but has diluted owners by 594% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14M1$15.2M1$24.4M2$26M3$7.15M3
Net income−$110.1M4−$60.5M5−$65.8M6−$63.7M7−$20.6M7
Operating cash flow−$22.4M8−$49.6M9−$59.7M10−$59.6M11−$97.4M11
Capital expenditure$46,00012$444,00013$3.97M14$1.65M15$552,00015
Free cash flow (derived)−$22.5M8−$50.1M9−$63.6M10−$61.2M11−$98M11
Total debt—————
Cash & equivalents$149M16$39M17$62.9M18$28.7M19$37.6M19
Diluted shares8.9M22.5M26.9M27.0M61.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$22.03
your share of equity
Profit it earned you last year
−$3.33
Free cash flow it threw off
−$15.83
Debt you’d be carrying
—

10 shares is a claim on $22.03 of net worth that earned you −$3.33 and generated −$15.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-98% avg · 5y
FY21 —FY22 -40%FY23 -122%FY24 -211%FY25 -16%

It earned an average -98% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+594% shares · 5y

Share count is up 594% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-010901 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-015269 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-104158 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-23-009583 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-010901 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-25-015269 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-104158 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001628280-23-009583 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-010901 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-015269 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-104158 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-23-009583 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-010901 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-015269 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-104158 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001628280-23-009583 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-010901 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-25-015269 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-104158 (CashAndCashEquivalentsAtCarryingValue)