All right. My name is Frank Tang, and I'm with the investment banking division at Morgan Stanley. Thank you all for joining us today for the fireside chat with Whitehawk Therapeutics. I am joined today by CFO Scott Giacobello and Chief Scientific Officer David Dornan. Welcome, and thank you for joining us today. Whitehawk is a substantially transformed company since the new shift and focus on ADCs. For investors new to the Whitehawk story, could you give us an overview of where the company sits today as a next-generation ADC platform, your pipelines, and your priorities? Yeah, sure. First of all, Frank, thanks for having us here. We're happy to be here at the Morgan Stanley conference and to tell everybody a little bit more about Whitehawk Therapeutics. As you noted, yeah, we repositioned the company in early 2025. It was formerly known as Aadi Bioscience, and we are now an ADC company focused on developing next-generation ADCs against existing tumor biology. Paramount to that transition was the in-licensing of a three ADC portfolio from WuXi Biologics, and so our first program is called HWK-007, and that is targeting PTK7. The second program is HWK-016, which targets MUC16, and the third program is HWK-206, which targets SEZ6. The first two programs, so 007 and 016, entered the clinic in the first quarter of this year, and they're progressing through phase I dose escalation. The third program, HWK-206, will be entering the clinic this quarter. From a near-term priorities perspective, obviously, the number one focus is continuing to execute the programs in the clinic. We will be sharing data on the first two programs, 007 and 016, in the first half of 2027. Lastly, we've done some selected expansion to our pipeline over the beginning of the year, and so that's where our priorities are focused. Yeah. Great. As you mentioned, your three lead ADCs are in-licensed from WuXi, built on your CPT113 linker payload, plus your proprietary CBCR bioconjugation. What makes the platform-- There's some feedback? Yeah. Okay. What makes the platform differentiated versus first-generation ADCs? Yeah, I can take that one. Essentially, a couple of things about the ADCs that are important on the platform. The first is the actual bioconjugation itself. First-gen ADCs were always, I'd say, restricted by deconjugation events or a retro-Michael reaction, they're typically called in the field, where our technology differs in a couple of places. But the first is on the conjugation to cysteine. We use hydrolysis steps to stabilize that linkage, but the carbon bonds or the carbon bridge, that we call it, cysteine repairing, essentially, is replacing the disulfide bond that used to exist in the antibody now with a carbon bond, and it gives it much stronger biophysical properties than antibody, and that translates into stability for the antibody as well as the ADC itself. And then in the linker payload system itself, what makes it different is we use some hydrophilicity plays using PEG masking. As well as we have our own unique triple alanine cleavage site, which is only processed by lysosomal enzymes, so only when it's internalized does the payload get released, and then it releases our own proprietary CPT113, which is our own topo-1 inhibitor, and really that's designed to minimize toxicity in the bone marrow by reducing forward permeability. So eventually, inhibiting, for the most part, uptake by those, essentially heme compartment. And we've shown this from many different ways in preclinical models. The ultimate results in a much more stable construct, highest HNSCC in cynos, and more importantly, we have very high, we'll say, sub mg per kg efficacy in preclinical models. So really just from bookend to bookend, we have much greater potency and much higher safety. Excellent. So, moving into the focusing in on the clinical pipeline. Scott, as you said, HWK-007 and HWK-016 are both enrolling phase I dose escalation with your initial data expected due in the first half of 2027. Could you give us an overview of both programs, why the PTK7 and MUC16 are the exciting targets and the indications? And maybe you can guide us a little bit on what you think would be considered a compelling early signal out of each trial. Sure. HWK-007, as I mentioned, targets PTK7, which is the most broadly expressed tumor target yet to be developed, and I think third overall from an expression perspective in cancer. The indications that we are looking toward are non-small cell lung cancer and specifically EGFR wild type on squamous. There is less competition there, that is one of the reasons we are looking there. Also platinum-resistant ovarian cancer and endometrial cancer. With PTK7, there has been some previous validation for this program, or for the target. It was a program called Cofetuzumab pelidotin, which was a Pfizer/AbbVie program, which showed some promising efficacy but had class-limiting toxicities as its MMAE-like payload. What we are hoping is that with our differentiated antibody and linker payload platform, to be able to deliver improved results over those early ADCs. The second program, MUC16, or 016 targets MUC16, again, that is highly expressed in gynecological cancers. That program also has some previous validation. It is from the DMUC programs from Genentech. Again, those programs showed some promising efficacy, but were hampered by toxicity, and the main issue they had there was the molecule binding to circulating CA 125, which limited the ability to get enough drug to the tumor, and also resulted in increased toxicity. Our program is a little different in that we target the membrane-bound portion of MUC16 or the non-shed portion, which we believe bypasses the circulating 125 issue, and hopefully will lead to more promising efficacy and safety in that program. As far as data, in the first half of 2027, we have said that we would like to have 20 to 30 patients per program, so for 007 and 016. From a bar perspective for non-small cell lung, we are thinking 35%-40%. It is kind of our internal benchmark. For the gynecological indications, you are looking at 50%. Then in both cases, a tolerable or manageable safety profile. That is great to hear. Moving on to HWK-206 in small cell lung cancer and neuroendocrine tumors. That is on track to start phase I this quarter, and your ASCO analysis positioned SEZ6 as a highly expressed targeted correlated with DLL3. How does that de-risk the program and open up combination potential? Yeah, I think it is the former more than the latter. With respect to de-risking, I think it is the best de-risker, honestly, is the AbbVie molecule, ABBV-706. That is what we will call a monoclonal single epitope binding ADC, in contrast or biparatopic. We have compared that, of course, to our own molecules and had posters at AACR highlighting the biparatopic has much greater internalization, especially when the target is lower, and resulting in greater cell killing and efficacy. I think really that analysis at ASCO, it really just helped, given DLL3 is a validated target on its own, for a TCE as well as ADCs. I think it really just does give that opportunity, as you are alluding to, the potential combinations down the line, whether that is with TCEs or whether that is with another ADC or other DLL3 target agents. It just really backs up the concept that two highly expressed targets in small cell have potential combination impact. That is good to hear, given that that would be the next asset into the clinic. Maybe digging a bit more around the platform and your strategy, with you guys having done this collaboration with WuXi Biologics, now that you have expanded the platform with Hangzhou DAC, one of the options for CPT113 across five additional programs, and Biocytigen collaboration for bispecific ADCs. We know you have ambitions to file more INDs and push more assets into the clinic in the next 12- 24 months. What makes you excited about the expansion? How do you balance it around what you existing have in the three assets versus what else you can expand into? Yeah, maybe I will start and then turn it over to David for some comments. I think the first thing I would mention is our main priority is the advancement of the first three programs through clinical development. There is not really any, I would say, investment trade-offs or anything like that related to these new collaborations. These are option agreements that I think make a lot of sense for us. The Hangzhou DAC collaboration in particular is potential for five more ADCs using the CPT113 linker payload platform. That made a lot of sense for us based on what we have seen from our preclinical data, but also from the data that Hangzhou DAC shared for their own program, DXC006 at ASCO last year. That is their CD56 targeted program. I think based on that, we like what we see there and sort of doubling down, if you will, on that platform. For Biocytigen, I think it is kind of thinking about how we move forward, and I will let David talk about that more in a second. The last comment I would make is from an investment perspective, these are option agreements. Essentially, the investment is pretty low until we would get to IND readiness. David, do you want to talk about excitement around the programs? Yeah, I think really with these license deals, it really just gives us opportunity to stay at the leading edge as an ADC company. The Biocytigen agreement, it gives us access to bispecific antibodies of our choosing and allows us to target the white space, if you will, where there is still opportunities for basically antibody-drug conjugates to have an impact. As Scott said, the license agreement extension, if you will, with Hangzhou DAC, we see our platform as the basis of our company, but we also are well aware and are exploring other combinations for multiple payloads to be loaded onto ADCs. Really the goal, again, is about generating obviously the next-gen, if you will, Yeah of ADCs, but more importantly, addressing populations of patients where still the current ADCs that we see are not addressing. That is why we are basically retooling to do our own pipeline. Yeah. This fits very well with where my next question is going, is the ADC space continues to evolve from one generation to the next. You're already the next generation, but how are you reacting to what's coming up in terms of the heightened continued competition in ADCs, maybe the other next generation platforms, including maybe some from the Chinese biotech ecosystem? How do you think about that? How do you plan ahead for competition and look at other assets? Yeah. I can just speak to that briefly, and Scott can add, but I would say that competition is always relevant for the space you're in, right? We follow the competition. We see what's the next latest and greatest. We're always benchmarking against that just to know that strategically we're in the right direction. But I think what you saw from the, as we were just discussing, our license arrangements right now are enabling us to be at the leading edge of that competition. But like everyone else, we always look externally to make sure that whatever we are choosing is of the best available options at the time. But yeah, we look ahead, we see where the field's gone, and we make decisions accordingly. I think your existing collaboration and your new ones have demonstrated your ability to react quickly into that space. Yeah. Maybe shifting a little bit now to the corporate side, could you give us an overview of your cash balance and runway? We know you raised $87 million in the spring, ended the quarter with $190 million, and you've guided to second half of 2028. Does that cover all three phase I programs, plus even some of the new INDs? Yeah. You are correct. We had $190 million in cash at the end of Q2, which takes our runway into the back half of 2028, which gives us 12 months or so past data, which is ideal for, I think, where we would like to be. It does take us through dose escalation through phase I/II data for each of the phase I programs, and does allow us to do some of these early investments in the new programs. Great. All right. I have one final question for you, which is, if you were to leave us with, given that you are one of the pure play ADC companies out there, and the investors are closely following, please leave us with the most important milestones that investors should be focused on for the remainder of this year and the next 12 months. Yeah, I think for the remainder of this year, the primary goal is to continue to advance the programs, the three programs through phase I, the first two programs to get us prepared for data in the first half of 2027, and then also the early stages of the third program, which is going into the clinic this quarter. I think that will be the key for us for the rest of this year. Obviously next year, getting to the data in the first half of 2027 will be paramount, and then also doing some work on some of the early pipeline projects. Great. I think in summary, I think it is going to be a really exciting next 9-12 months for us as a company, and we are looking forward to it. Well, eagerly anticipating your data. Well, thank you for joining us today, and we look forward to the next conversation. All right. Thank you very much. Thank you.