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Corporate Presentation August 2025
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Forward-Looking Statements Certain statements contained in this presentation regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Act of 1995, known as the PSLRA. Theseinclude statements regarding management’s intention, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. Forward-looking statements may include, without limitation, express or implied statements regarding: the Company's cash runway extending into2028; the anticipated timing of the Company's development of its portfolio of ADC assets, including the expected timing regarding the commencement of IND-enabling studies; IND filing and commencement of clinical trials; expectations regarding the beneficial characteristics, safety, efficacy, therapeutic effectsand the size of the potential targeted markets with respect to the Company’s ADC assets; and the sufficiency of the Company's existing capital resources and the expected timeframe to fund the Company's future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, uncertainties associated with preclinical and clinical development of the ADC portfolio, including potential delays in the commencement, enrollment and completion of clinical trials; failure to demonstrate the efficacy of the ADC portfolio in preclinical and clinical studies; the risk that unforeseen adverse reactions or side effects may occur in the course of testing of the ADC assets; and risks related to the Company's estimates regarding future expenses, capital requirements and need for additional financing. Whitehawk uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “opportunity,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, including under the caption "Item 1A. Risk Factors," and in Whitehawk’s subsequent Quarterly Reports on Form 10-Q, and elsewhere in Whitehawk’s reports and other documents that Whitehawk has filed, or will file, with the SEC from time to time and available at www.sec.gov. All forward-looking statements are current only as of the date hereof and, except as required by applicable law, Whitehawk undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 2
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March 2025 Relaunch as Whitehawk Therapeutics Marks Transition into ADC-Focused Company 3 • mTOR inhibition • Rare cancer indications • Single commercial product • Advanced ADCs • Broad indications with significant patient populations • 3-asset portfolio rapidly progressing to clinic Upon closing, Aadi is now a wholly-owned subsidiary of Kaken
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Established Tumor Biology Significant Patient Opportunity Advanced ADC Platform Technology Rapidly Advancing to Clinic Whitehawk Therapeutics, an ADC Company 4 High-potential large cancer indications including lung and ovarian Engineered for minimal off-target toxicity, greater stability & higher therapeutic index Clinically validated, broadly overexpressed tumor targets All 3 INDs anticipated by mid-2026
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Portfolio Leverages Advanced ADC Technology Platform 5 HWK-007 PTK7 is an oncofetal pseudokinase w/ broad tumor overexpression HWK-016 MUC16 is a glycoprotein overexpressed in cancers of female origin HWK-206 SEZ6 is a CNS protein upregulated in tumors of neuroendocrine origin CPT113 Platform • Advanced ADC architecture based on novel TOPO1 payload & highly stable linker design • DXC006 & DXC1002 also use this platform, and are in Ph1 clinical development in China* Protein Tyrosine Kinase 7 (PTK7) Mucin 16 (MUC16) Seizure Protein 6 (SEZ6) CPT113 Platform [X] [X] [X] [X] *Programs in clinical development under HANGZHOU DAC and not part of the in-licensing.
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Advanced ADC Platform Engineered to Improve Therapeutic Index 6 Proprietary TOPO1 inhibitor payload Highly stable, cleavable linker Minimizes off-target effects, supports higher therapeutic index Supports low free payload release in circulation Supports optimal dosing 1 2 3 Data on file. Presented data at AACR 2024, Abstract numbers 5819 and 1884. Clinical trial information available at ClinicalTrials.gov (https://clinicaltrials.gov/study/NCT06224855?term=DXC006&rank=1) and ChicTr.org (https://www.chictr.org.cn/showprojEN.html?proj=216486). Graphic adapted from Gerber et al, mAbs, 2023. MTD, Maximum Tolerated Dose; MED, Minimum Effective Dose. MTD ADC MED ADC MED Decreased MTD Increased TI MED ADC MTD ADC TI Improving Therapeutic Index (TI) MTD, Maximum Tolerated Dose; MED, Minimum Effective Dose 1st-Gen ADCs Next Wave ADCsOptimized DAR, enhanced PK profile
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On Track to Bring All Three Assets to IND by Mid-2026 with Broad Opportunities Across Tumor Types *Anticipated timing, subject to IND approval, as applicable. 1. JAMA Oncol. 2021;7(12):1824-1832. 2. SEER data 3. https://www.ncbi.nlm.nih.gov/books/NBK482458/. 4. JAMA Oncol. 2017;3(10):1335-1342.7 ADC Program Candidate selection IND- enabling* IND / Phase I* Tumors with precedent data (US incidence of metastatic cases) Other target positive tumors HWK-007 (PTK7) Q4’25 • NSCLC (~63K)1 • Ovarian (~4K)2 • Breast (~13K)2 • GI cancers • Prostate • Head & Neck • Endometrial • Cervical HWK-016 (MUC16) Q4’25 • Ovarian (~4K)2 • Endometrial • Cervical • Breast • Pancreatic HWK-206 (SEZ6) Mid’26 • SCLC (~18K)3 • Neuroendocrine (~5K)4 • CNS tumors • Head & Neck
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Whitehawk Positioned to Make Transformative Impact for Patients 8 Clinically validated, broadly overexpressed tumor targets + advanced ADC linker- payload technology High-potential indications with anticipated ability to compete Targeting near-term US IND submissions for all three assets, including HWK-007 & HWK-016 in 2025 Experienced team and partners with ability to execute against development goals Cash runway expected to fund operations into 2028, including anticipated key clinical data Value-driving potential Patient opportunity Momentum to IND submission Execution- focused Capitalized to clinical data
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Portfolio Overview 9
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HWK-007 10 Targeting PTK7
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PTK7 Is an Oncofetal Pseudokinase Upregulated Across a Broad Spectrum of Cancers 11 No approved PTK7 ADCs Oncofetal pseudokinase with broad tumor overexpression Clinical validation from Pfizer 1st Generation ADC, Cofetuzumab Pelidotin (Cofe-P)2 PTK7 expression across solid tumors1 (Annual US Incidence) 0% 20% 40% 60% 80% 100% Moderate/high Any (26,890) (19,680) (234,580) (22,370) (152,810) (310,720) (71,000) (13,820) (299,010) (67,880) Endometrial Prostate Cervical Head and Neck Breast Colorectal Esophageal Lung Ovarian Gastric Protein Tyrosine Kinase 7 (PTK7) Schematic 1. Whitehawk analysis based on Human Protein Atlas, Gepia, and literature review. 2. Maitland et al. Clin Cancer Research, 2021: 27:4511–20.
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PTK7 Tumor Target Clinically Validated by Pfizer 1st Generation ADC *Mod-high ORR reflects Whitehawk analysis of the PTK7 protein expression and best overall response data for Q3W cohorts in Figure 2 of Maitland et al. Clin Cancer Research, 2021: 27:4511–20. There were 13, 16, and 13 patients with mod-high PTK 7 expressions in PROC, NSCLC, and TNBC, respectively. Cofe-P, Cofetuzumab pelidotin; FIH, First- in-Human; G3, Grade 3; NSCLC, Non-small cell lung cancer; PROC, Platinum resistant ovarian cancer; Q3W, every 3 weeks; TNBC, Triple negative breast cancer; ORR, objective response rate; TRAE, treatment-related adverse event12 ORR Range in Q3W Cohorts: • 16-27% in all patients • 23-46% in PTK7 moderate-high subgroup 27% 16% 21% 46% 25% 23% PROC (n=44) NSCLC (n=25) TNBC (n=29) Cofe-P ORR from FIH Q3W Cohorts1 ORR (all evaluable) ORR PTK7 (mod/high) Toxicities in Q3W dosing cohorts were consistent with MMAE class effects • Dose-limiting toxicities included G3 headache and G3 fatigue • Most common G≥3 TRAE was neutropenia (25%) in Q3W cohorts (N=112) • Common TRAEs in Q3W cohorts included nausea, alopecia, fatigue, headache, neutropenia and vomiting
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HWK-007 Is a Differentiated Next Wave PTK7-Directed ADC Targeting NSCLC and Ovarian Cancer Data on file. NSCLC, non small cell lung cancer; PROC, platinum resistant ovarian cancer13 Anticipated to be among the first in next wave ADCs to enter the clinic Targeting superior outcomes vs 1st gen ADCs due to optimized linker with TOPO1 payload switch Superior tumor reduction vs first-generation ADC in in vitro and in vivo preclinical models Phase 1 planned in NSCLC & PROC – potential to expand into novel indications (e.g. gastrointestinal, gynecological) Tumor growth inhibition in NCI-H446 Xenograft model PBS HWK-007 (4mg/kg)Cofe-P (4mg/kg) HWK-007 (0.25mg/kg)Cofe-P (0.25mg/kg) Cofe-P (1mg/kg)Isotype-CPT113 (4 mg/kg) HWK-007 (1mg/kg) Tumor volume (mm3) Days after 1st treatment 0 0 7 14 21 28 35 1000 3000 2000 IV
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HWK-016 Targeting MUC16 14
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MUC16 is a Cleaved Glycoprotein Expressed in Cancers Affecting Women and Contributes to Cancer Pathogenesis 1. Whitehawk analysis based on Human Protein Atlas, Gepia, and literature review. 2. Liu J, et al. Gynecol Oncol. 2021;163(3):473-480. 15 Clinical validation from Genentech 1st-Gen ADC, DMUC4064A2 Glycoprotein overexpressed in cancers affecting women, as well as lung and pancreatic Shed MUC16 (or CA125) is a widely utilized biomarker for ovarian cancer Mucin 16 (MUC16) Protein Schematic MUC16 expression across tumor types1 (Annual US Incidence) 0% 20% 40% 60% 80% 100% Moderate-high expression Ovarian (19,680) Cervical (13,820) Endometrial (67,880) Pancreatic (57,600) Lung (234,580) Breast (45,424) Gastric (26,890)
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Genentech 1st Generation ADC Discontinued Due to Limited Therapeutic Index Driven by Tubulin Inhibitor Payload Toxicity and Circulating CA125 Antigen Sources: Liu J, et al. Gynecol Oncol. 2021;163(3):473-480; Liu J, et al. Ann Oncol. 2016;27(11):2124-2130; Chen Y, et al. Cancer Res. 2007;67(10):4924-4932. MMAE. monomethyl auristatin E. ORR, objective response rate. 16 DMUC4064A showed toxicities consistent with MMAE class effects • Ocular toxicities arose in 40% of patients, with G3 events in 9% of patients • G≥3 TRAEs occurred in 25% of patients • Common AEs included fatigue, nausea, abdominal pain, constipation, blurred vision, diarrhea, anemia and peripheral neuropathy 42% ORR at RP2D Binding to circulating CA125 may have hindered DMUC4064A effectiveness DMUC4064A ORR by dose cohort N= 3 3 8 7 6 7 26 1 1.8 2.4 3.2 4.0 4.8 5.2 0% 17% 29% 42% Saturated levels of circulating CA125 0%0% 0% mg/kg
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MUC16 Inadequately Targeted by 1st Gen ADCs Due To Antigen Sink Sources: Whitehawk analysis of literature; Liu J, et al. Gynecol Oncol. 2021;163(3):473-480; Liu J, et al. Ann Oncol. 2016;27(11):2124-2130; Chen Y, et al. Cancer Res. 2007;67(10):4924-4932. 17 Cleaved CA125 MUC16 Tumor cell surface Tumor 1) Tumor progression leads to upregulation of MUC16 CirculationCA125 shedding and antigen sink effect in MUC16-positive cancers 1st Gen MUC16 ADCs (Genentech) 2) MUC16 is cleaved and sheds extracellular CA125 3) CA125 crosses into blood circulation 4) CA125 binds 1st Gen MUC16 ADCs promoting clearance and blocking ADC reaching tumor Shedding Antigen sink
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HWK-016 is a Novel ADC Directly Targeting Non-Shed MUC16 with Significant Potential in Cancers Affecting Women Data on file. 18 Potentially the first-and-only ADC targeting membrane-bound MUC16 Membrane-bound targeting avoids CA125 antigen sink issue of 1st gen ADCs In vitro and in vivo data suggest improved efficacy vs 1st gen predecessor in ovarian cancer Phase 1 planned in ovarian cancer – potential to expand into additional cancers affecting women (e.g. endometrial, cervical) Tumor growth inhibition in OVCAR-3 xenograft model mMUC16-MMAEHWK-016 DMUC-MMAE PBS Isotype control-MMAE Days post treatment 2000 1500 1000 500 0 Tumor volume (mm3) 0 7 14 21 28 35
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HWK-206 Targeting SEZ6 19
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SEZ6 is a CNS-Limited Protein Overexpressed in SCLC, Other Neuroendocrine Neoplasms and CNS Tumors 1. Whitehawk analysis based on Human Protein Atlas, Gepia, and literature review. 2. Morgensztern D, et al. ASCO 2023. Abstract 3002 (oral presentation); Chandana SR, et al. ASCO 2024. Abstract 3001 (oral presentation). 20 Limited clinical-stage class competition CNS protein upregulated in tumors of neuroendocrine origin Clinical validation from AbbVie Next Wave ADC, ABBV-7062 Seizure Protein 6 (SEZ6) Protein Schematic SEZ6 expression across tumor types1 (SEER 2024 Annual US Incidence) 0% 20% 40% 60% 80% 100% CNS (25,400) NETs (31,000) SCLC (35,000) Any expression
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AbbVie Next-Wave ADC ABBV-706 Demonstrated Improved Efficacy Compared to 1st Generation in an Ongoing Early Ph1 Study 1. Morgensztern D, et al. ASCO 2023. Abstract 3002 (oral presentation); Chandana SR, et al. ASCO 2024. Abstract 3001 (oral presentation). 2. Wiedemeyer WR, et al. Mol Cancer Ther. 2022:21:986-998. ORR, objective response rate; SCLC, small cell lung cancer; NET, neuroendocrine tumor; GBM, glioblastoma.21 AbbVie ABBV-706 reported ORR of 44% across SCLC and NET cohorts (excludes 5 pts with GBM) 60.9% ORR in SCLC (14/23) 20 0 -30 -60 -80 -100 Patients PD SD SD SD SD SD* PR* PR* SD PR SD* PR* PR* PR PR* PR PD PR PR PR PR PR PR* Best Percent Change in Target Lesions, % * : Ongoing Confirmed Best Response: ABBV-706 dose 1.3 mg/kg 1.8 mg/kg 2.5 mg/kg 3 mg/kg 3.5 mg/kg
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Despite Improvements Seen With Next Wave SCLC ADCs, a Biparatopic Approach May Provide Path to Greater Gains Source: Weisser et al. Nat Commun. 2023;14(1):1394. 22 Cap Trans Binding Enables Better Binding and Clustering Leading to Improved Target Specificity, Binding & ADC Internalization at the Tumor Site Concentration of surface receptors Formation of large receptor clusters and cell surface caps Rapid, pronounced receptor internalization Increased payload release and localized concentration
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HWK-206 Is a Biparatopic SEZ6-Directed ADC Aimed at Improving Binding & Internalization Source: Data on file. MFI, Mean Florescence Intensity 23 Despite gains with next wave SCLC ADC, a biparatopic approach may provide greater benefits HWK-206 is the only biparatopic ADC in development for SCLC biSEZ6 Ab shows superior binding and internalization compared to single epitope SEZ6 Abs Phase 1 planned in SCLC and NENs, where there are limited treatment options FACS Binding on HEK293.SEZ6 ABBV-706 mAbbiSEZ6 mAb Isotype Internalization on HEK293.SEZ6 Concentration (nM) MFI 10-4 4000 3000 2000 1000 0 10-2 100 102 104 MFI Concentration (nM) 10-2 5000 4000 3000 2000 0 10-1 100 101 103 1000 102 Ab used in HWK-206 shows improved binding & internalization compared to Ab used in ABBV-706
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