0001193125-25-268895 | 10-Q | XBRL Viewer | Whitehawk Therapeutics INC

Operating Leases - Schedule of Information Related to Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 0	$ 787
Liabilities:
Operating lease liabilities, current	0	268
Operating lease liabilities, non-current	0	565
Total operating lease liabilities	$ 0	$ 833

Stockholders' Equity	9 Months Ended
Sep. 30, 2025
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Preferred Stock As of September 30, 2025 and December 31, 2024, under the Company’s certificate of incorporation, as amended and restated, the Company has 10,000,000 shares of preferred stock, par value $0.0001 per share, in authorized capital with no shares outstanding. Common Stock and Pre-Funded Warrants As of September 30, 2025 and December 31, 2024, the Company had 300,000,000 shares of authorized common stock, par value of $0.0001 per share, under the Company's certificate of incorporation, as amended and restated. As of September 30, 2025 and December 31, 2024, the shares of common stock outstanding were 47,128,362 and 24,680,708, respectively. In March 2022, the Company entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company LLC (“Cowen”), with respect to an “at the market offering” program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of common stock having aggregate gross proceeds of up to $75.0 million through Cowen as its sales agent. The Company will pay Cowen 3.0% of the aggregate gross proceeds from each sale of shares of common stock under the Sales Agreement. As of September 30, 2025, no shares of common stock had been sold pursuant to the Sales Agreement. On September 22, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) for a private investment in public equity financing (the “2022 PIPE Financing”) with certain investors (the “2022 PIPE Investors”) for the sale by the Company of (i) 3,373,526 shares of the Company’s common stock for a price of $12.50 per share and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase an aggregate of 2,426,493 shares of the Company's common stock at a purchase price of $12.4999 per Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at an exercise price of $0.0001 and will be exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise; provided, that the holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. The 2022 PIPE Financing closed on September 26, 2022. Aggregate net proceeds, after deducting certain expenses incurred of $0.3 million related to the issuance of the shares were $72.2 million. On September 26, 2022, the Company and the 2022 PIPE Investors entered into a Registration Rights Agreement (the “2022 PIPE Registration Rights Agreement”) providing for the registration for resale of the securities sold under the Purchase Agreement, including the shares issuable upon the exercise of the Pre-Funded Warrants, that are not then registered on an effective registration statement, pursuant to a registration statement filed with the SEC. The Pre-Funded Warrants meet the criteria to be classified within stockholders’ equity. As of September 30, 2025, 2,000,037 Pre-Funded Warrants are still outstanding. On December 19, 2024, the Company entered into the Subscription Agreement for a private investment in public equity financing (the "2024 PIPE Financing") with certain investors (the "2024 PIPE Investors"), pursuant to which the Company agreed to sell to the 2024 PIPE Investors (i) 21,592,000 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $2.40 per share, and (ii) 20,076,500 Pre-Funded Warrants, at a purchase price of $2.3999 per Pre-Funded Warrant, for aggregate net proceeds of $94.4 million, after deducting certain expenses incurred of $5.6 million related to the issuance of shares. The 2024 PIPE Financing was conditioned upon the Company's shareholders approving the transaction and closed on March 4, 2025 after such approval was obtained. The Pre-Funded Warrants are indexed to the Company's common stock and meet the conditions for equity classification in accordance with ASC 815-40. As such, the Pre-Funded Warrants are classified as additional paid-in capital within stockholders' equity on the Company's condensed balance sheets. The Pre-Funded Warrants are exercisable at an exercise price of $0.0001 per share of the Company's common stock and will be exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% or 9.99%, at the election of the holder, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. As of September 30, 2025, all 20,076,500 Pre-Funded Warrants are still outstanding. Dividends The holders of common stock are entitled to receive cash dividends, if and when declared by the board of directors of the Company (the “board of directors”). Since the Company’s inception, no cash dividends have been declared or paid to the holders of common stock. Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the holders of common stock are entitled to share ratably in the Company’s assets. Voting The holders of common stock are entitled to one vote at all meetings of stockholders for each share of common stock held by such stockholders as of the record date.

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Preferred Stock

As of September 30, 2025 and December 31, 2024, under the Company’s certificate of incorporation, as amended and restated, the Company has 10,000,000 shares of preferred stock, par value $0.0001 per share, in authorized capital with no shares outstanding.

Common Stock and Pre-Funded Warrants

As of September 30, 2025 and December 31, 2024, the Company had 300,000,000 shares of authorized common stock, par value of $0.0001 per share, under the Company's certificate of incorporation, as amended and restated. As of September 30, 2025 and December 31, 2024, the shares of common stock outstanding were 47,128,362 and 24,680,708, respectively.

In March 2022, the Company entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company LLC (“Cowen”), with respect to an “at the market offering” program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of common stock having aggregate gross proceeds of up to $75.0 million through Cowen as its sales agent. The Company will pay Cowen 3.0% of the aggregate gross proceeds from each sale of shares of common stock under the Sales Agreement. As of September 30, 2025, no shares of common stock had been sold pursuant to the Sales Agreement.

On September 22, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) for a private investment in public equity financing (the “2022 PIPE Financing”) with certain investors (the “2022 PIPE Investors”) for the sale by the Company of (i) 3,373,526 shares of the Company’s common stock for a price of $12.50 per share and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase an aggregate of 2,426,493 shares of the Company's common stock at a purchase price of $12.4999 per Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at an exercise price of $0.0001 and will be exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise; provided, that the holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. The 2022 PIPE Financing closed on September 26, 2022. Aggregate net proceeds, after deducting certain expenses incurred of $0.3 million related to the issuance of the shares were $72.2 million.

On September 26, 2022, the Company and the 2022 PIPE Investors entered into a Registration Rights Agreement (the “2022 PIPE Registration Rights Agreement”) providing for the registration for resale of the securities sold under the Purchase Agreement, including the shares issuable upon the exercise of the Pre-Funded Warrants, that are not then registered on an effective registration statement, pursuant to a registration statement filed with the SEC. The Pre-Funded Warrants meet the criteria to be classified within stockholders’ equity. As of September 30, 2025, 2,000,037 Pre-Funded Warrants are still outstanding.

On December 19, 2024, the Company entered into the Subscription Agreement for a private investment in public equity financing (the "2024 PIPE Financing") with certain investors (the "2024 PIPE Investors"), pursuant to which the Company agreed to sell to the 2024 PIPE Investors (i) 21,592,000 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $2.40 per share, and (ii) 20,076,500 Pre-Funded Warrants, at a purchase price of $2.3999 per Pre-Funded Warrant, for aggregate net proceeds of $94.4 million, after deducting certain expenses incurred of $5.6 million related to the issuance of shares. The 2024 PIPE Financing was conditioned upon the Company's shareholders approving the transaction and closed on March 4, 2025 after such approval was obtained. The Pre-Funded Warrants are indexed to the Company's common stock and meet the conditions for equity classification in accordance with ASC 815-40. As such, the Pre-Funded Warrants are classified as additional paid-in capital within stockholders' equity on the Company's condensed balance sheets.

The Pre-Funded Warrants are exercisable at an exercise price of $0.0001 per share of the Company's common stock and will be exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% or 9.99%, at the election of the holder, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. As of September 30, 2025, all 20,076,500 Pre-Funded Warrants are still outstanding.

Dividends

The holders of common stock are entitled to receive cash dividends, if and when declared by the board of directors of the Company (the “board of directors”). Since the Company’s inception, no cash dividends have been declared or paid to the holders of common stock.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the holders of common stock are entitled to share ratably in the Company’s assets.

Voting

The holders of common stock are entitled to one vote at all meetings of stockholders for each share of common stock held by such stockholders as of the record date.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 37,931	$ 28,670
Short-term investments	124,666	18,567
Accounts receivable, net	0	5,903
Inventory	0	5,311
Prepaid expenses and other current assets	2,439	2,836
Total current assets	165,036	61,287
Property and equipment, net	4	6,846
Operating lease right-of-use assets	0	787
Other assets	1,977	1,399
Total assets	167,017	70,319
Current liabilities:
Accounts payable	1,633	2,159
Accrued liabilities	8,216	14,647
Operating lease liabilities, current portion	0	268
Total current liabilities	9,849	17,074
Operating lease liabilities, net of current portion	0	565
Other liabilities	0	202
Total liabilities	9,849	17,841
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized; 47,128,362 and 24,680,708 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	4	2
Additional paid-in capital	487,024	385,114
Accumulated other comprehensive income	139	16
Accumulated deficit	(329,999)	(332,654)
Total stockholders’ equity	157,168	52,478
Total liabilities and stockholders’ equity	$ 167,017	$ 70,319

Share-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Stock Option Shares
Shares, Outstanding at beginning balance (in shares)	4,950,016
Shares, Granted (in shares)	3,385,624
Shares, Exercised (in shares)	(24,936)
Shares, Cancelled/Forfeited (in shares)	(796,199)
Shares, Outstanding at ending balance (in shares)	7,514,505	4,950,016
Shares, Options exercisable (in shares)	3,247,074
Shares, Vested and expected (in shares)	7,514,505
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding at beginning balance (in dollars per share)	$ 10.82
Weighted Average Exercise Price, Granted (in dollars per share)	1.85
Weighted Average Exercise Price, Exercised (in dollars per share)	1.06
Weighted Average Exercise Price, Cancelled/Forfeited (in dollars per share)	10.9
Weighted Average Exercise Price, Outstanding at ending balance (in dollars per share)	6.8	$ 10.82
Weighted Average Exercise Price, Options exercisable (in dollars per share)	12.09
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 6.8
Weighted Average Remaining Contractual Term, Outstanding	8 years 3 months 10 days	7 years 11 months 26 days
Weighted Average Remaining Contractual Term, Options exercisable	7 years 1 month 6 days
Weighted Average Remaining Contractual Term, Vested and expected to vest	8 years 3 months 10 days
Aggregate Intrinsic Value, Outstanding	$ 539	$ 1,818
Aggregate Intrinsic Value, Options exercisable	55
Aggregate Intrinsic Value, Vested and expected to vest	$ 539

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	47,128,362	24,680,708
Common stock, shares outstanding (in shares)	47,128,362	24,680,708

Restructuring - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
Restructuring - Narrative (Details) - USD ($)	Aug. 21, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0	$ 2,638,000	$ 0	$ 2,638,000
August 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Reduction in workforce, percent	32.00%
Restructuring charges	$ 2,600,000
Restructuring reserve		400,000		400,000		$ 1,500,000
Payments for restructuring		$ 400,000		$ 1,100,000

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Details of accrued liabilities are presented as follows (in thousands):


	September 30, 2025		December 31, 2024
Accrued professional fees	$	836	$	5,157
Accrued salaries and payroll		700		2,681
Accrued restructuring charges		373		1,333
Accrued bonus		1,850		64
Accrued clinical		1,917		977
Accrued contract manufacturing		2,435		2,597
Accrued other - sales related		—		1,188
Accrued other		105		650
Total accrued liabilities	$	8,216	$	14,647

Divestiture of FYARRO - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 25, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 19, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ (177)	$ 0	$ 87,266	$ 0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Aadi Subsidiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, ownership percentage in disposed business						100.00%
Proceeds from divestiture of businesses	$ 102,400			102,400
Gain on sale of business				$ 87,400
Post-closing adjustment of reduction on sale		$ 200

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37,931	$ 28,670
Restricted cash, non-current	0	64
Total cash, cash equivalents and restricted cash	$ 37,931	$ 28,734	$ 30,601	$ 62,952

Employee Stock Purchase Plan - Narrative (Details) - USD ($)		9 Months Ended
	Aug. 17, 2021	Sep. 30, 2025	Sep. 30, 2024	Jan. 01, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan offering period		6 months
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum employee contribution	15.00%
Offering period	6 months	6 months
Purchase price percent of shares	85.00%
Common stock shares available for issuance (in shares)	519,563			246,807
Maximum number of shares provided for issuance (in shares)	310,617
Percentage of annual increase in number of shares reserved for issuance	1.00%
Common stock available from issuance (in shares)		1,041,213			810,743
Employee stock purchase plan liability		$ 69,600			$ 37,000
Issuance of shares under the employee stock purchase plan (in shares)		16,337	60,629

Short-Term Investments and Cash Equivalents - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 162,208	$ 46,037
Unrealized Gains	139	15
Unrealized Losses	0	0
Fair Value	162,347	46,052
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	31,193	27,485
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	31,193	27,485
U.S. government treasury bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	58,943	12,553
Unrealized Gains	24	9
Unrealized Losses	0	0
Fair Value	58,967	12,562
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,086	1,743
Unrealized Gains	26	1
Unrealized Losses	0	0
Fair Value	16,112	1,744
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	44,486	4,256
Unrealized Gains	67	5
Unrealized Losses	0	0
Fair Value	44,553	$ 4,261
Corporate bonds Maturity with More than 1 Year less than 2 Years
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	11,500
Unrealized Gains	22
Fair Value	$ 11,522

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed financial statements, and the related disclosures, have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and U.S. Securities and Exchange Commission ("SEC") regulations and, in the opinion of management include all adjustments necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity and cash flows for each period presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The financial statements noted above reflect the financial position and results of operations of the Company. The comparative periods are consolidated and include the financial position and results of operations of the Company and Aadi Subsidiary, prior to its sale on March 25, 2025. The transaction did not meet the criteria for discontinued operations under ASC 205-20, and therefore no reclassification has been made to prior period statements.

The condensed balance sheet as of September 30, 2025 excludes the assets and liabilities of Aadi Subsidiary, which were divested as of the sale date. Comparative information as of December 31, 2024 includes balances related to the divested business, such as accounts receivable, inventory, and customer concentration disclosures. See Note 14 for additional information. The Company’s condensed financial statements are stated in U.S. dollars.

Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the accompanying unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2025.

Risks and Uncertainties

Following the FYARRO Divestiture, the Company is a preclinical-stage biopharmaceutical company with a limited operating history and three preclinical products in development. The Company's ability to generate revenue and achieve profitability depends significantly on the ability to achieve several objectives relating to the discovery, development and commercialization of the ADC Therapies and any other product candidates that may be developed in the future.

Comprehensive (Loss) Income

Comprehensive (loss) income is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Comprehensive (loss) income has been reflected in the condensed statements of operations and comprehensive (loss) income for all periods presented.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s condensed financial statements and accompanying notes. In the opinion of management, all adjustments that are considered necessary for fair presentation have been included. The most significant estimates in the Company’s condensed financial statements relate to gross-to-net accruals, share-based compensation expense and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

Restructuring Charges

Restructuring charges consist primarily of employee severance, contract termination costs and other costs. Liabilities for costs associated with a restructuring activity are recognized when the liability is incurred and are measured at fair value. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. One-time termination benefits include severance and continuation of health insurance coverage for certain employees.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, and available-for-sale marketable debt securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception.

Customer Concentration

The Company did not have customer revenue for the three months ended September 30, 2025. For the nine months ended September 30, 2025, two customers represented 37% and 60% of the Company’s revenue.

For the three months ended September 30, 2024, two customers represented 54% and 44% of the Company’s revenue. For the nine months ended September 30, 2024, two customers represented 55% and 44% of the Company's revenue.

Additionally, two customers accounted for 42% and 56% of net accounts receivable as of December 31, 2024. The Company did not have accounts receivable as of September 30, 2025. See Note 14 for further information.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents. Restricted cash consists of a letter of credit secured by restricted cash in connection with the Morristown, New Jersey office lease described in Note 6, and is included in other assets on the condensed balance sheets as of December 31, 2024. The Company did not have restricted cash as of September 30, 2025 as the Morristown Lease (as defined in Note 6) was assumed by KAKEN.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	37,931	$	28,670
Restricted cash, non-current		—		64
Total cash, cash equivalents and restricted cash	$	37,931	$	28,734

Fair Value of Financial Instruments

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs, such as quoted prices in active markets

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

In determining the fair value of its financial instruments, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty to the contract, and its risk of nonperformance. In the case fair value is not observable, for the items subject to fair value measurements, the Company applies valuation techniques deemed the most appropriate under the GAAP guidance based on the nature of the assets and liabilities being measured.

The carrying amounts of cash equivalents, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items.

Short-Term Investments

The Company invests in various types of securities, including United States government treasury bills, commercial paper, and corporate debt securities. The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive income as a separate component of stockholders' equity. Dividend and interest income are recognized when earned. The Company recognizes purchase premiums and discounts as interest income using the interest method over the terms of the securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company classifies short-term investments with remaining maturities greater than one year as current assets because such short-term investments are available to fund the Company’s current operations.

At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the decline in fair value below amortized cost is a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the security, the Company's intent to sell and if it is more likely than not that the Company will be required to sell the securities before the recovery of amortized cost. The Company records changes in allowance for expected credit loss in other income (expense). There has been no allowance for expected credit losses recorded during any of the periods presented. See Note 4 for further information.

Accounts Receivable, Net

Accounts receivable are recorded net of customer allowances for chargebacks and allowance for credit losses. Allowance for chargebacks is based on contractual terms. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances and credit loss. Receivables are recorded to an allowance for credit loss when it is probable that amounts will not be collected based on terms of the customer contracts. Accounts receivable are net of $0.1 million of customer allowances for chargebacks as of December 31, 2024. There were no allowances for credit losses and no receivables were written off for the periods ended September 30, 2025 and December 31, 2024. As of December 31, 2024, accounts receivable included balances associated with Aadi Subsidiary, which was sold on March 25, 2025. Accounts receivable related to Aadi Subsidiary was removed from the condensed balance sheet as of March 25, 2025. See Note 14 for more information.

Inventory

Inventory is stated at the lower of cost or estimated net realizable value. The Company uses actual costing methodology determined on a first-in, first-out method. The Company capitalizes inventory costs associated with its products based upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed.

As of December 31, 2024, inventory included balances associated with Aadi Subsidiary, which was sold on March 25, 2025. Inventory related to Aadi Subsidiary was removed from the condensed balance sheet as of the sale date. See Note 14 for more information.

Details of inventory are presented as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	—	$	3,533
Work in process		—		—
Finished goods		—		1,778
Total	$	—	$	5,311

Property and Equipment, Net

Property and equipment, consisting of computers and software, construction in process, furniture and fixtures, lab equipment, and leasehold improvements are stated at cost, less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets, generally three to five years. Such costs are periodically reviewed for recoverability when impairment indicators are present.

Details of property and equipment are presented as follows (in thousands):


	September 30, 2025			December 31, 2024
Computers and Software	$	341		$	470
Construction in process		—			6,590
Furniture and fixtures		36			65
Lab equipment		—			51
Leasehold improvements		—			133
Total	$	377		$	7,309
Accumulated depreciation		(373	)		(463	)
Property and equipment, net	$	4		$	6,846

Depreciation expense on property, plant, and equipment amounted to $5.6 thousand and $46.7 thousand for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense on property, plant, and equipment amounted to $0.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Leases

At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months.

The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized at the commencement date of the lease based on the present value of lease payments over the expected lease term.

Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. For finance leases, depreciation expense is recognized for the leased asset acquired and interest expense is recognized related to the portion of the financing in the condensed statements of operations and comprehensive loss. For operating leases, lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expense in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and

other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable that a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2025 and December 31, 2024.

Revenue Recognition and Related Allowances

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Product Net Sales

FYARRO was approved by the FDA in November 2021. On February 22, 2022, the Company launched sales of FYARRO to specialty distributors (“SDs”) and a specialty pharmacy (“SP”). The Company recognizes product sales when the SDs and SP obtain control of the product. Product sales are recorded at the net sales price, which includes provisions for the following allowances which are reflected either as a reduction to the related account receivable or as an accrued liability, depending on how the allowance is settled:

Distribution Fees: Distribution fees include distribution service fees paid to the SDs and SP based on a contractually fixed percentage of the wholesale acquisition cost (“WAC”). Distribution fees are recorded as an offset to product sales based on contractual terms at the time revenue from the sale is recognized.

Rebates: Allowance for rebates includes mandated discounts under the Medicaid Drug Rebate Program and TRICARE program. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or statutory requirements. The allowance for rebates is based on contracted or statutory discount rates and expected utilization by benefit plan participants. The Company’s estimates for expected utilization of rebates are based on utilization data received from the SDs and SP since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment.

Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs and SP at a discounted price. The SDs and SP charge back to the Company the difference between the price initially paid by the SDs and SP and the discounted price paid to the SDs and SP by these entities. If actual future chargebacks vary from these estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment.

Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued at the time of product sale to SDs and SP based on estimated patient participation and average co-pay benefit to be paid per a claim. The Company estimated amounts are compared to actual program participation and co-pay amounts paid using data provided by third-party administrators. If actual amounts differ from the original estimates the assumptions being applied are updated and adjustment for prior period accruals will be adjusted in the current period.

Product Returns: Consistent with industry practice, the Company offers the SDs and SP limited product return rights for damages, shipment errors, and expiring product, provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SDs and SP and has the ability to control the amount of product that is sold to the SDs and SP the Company’s estimate of future potential product returns is based on the on-hand channel inventory data and sell-through data obtained from the SDs and SP. In arriving at its estimate, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry.

Revenue and allowances described above were recorded through the FYARRO Divestiture date of March 25, 2025. The total amount deducted from gross product sales for the allowances described above for the three months ended September 30, 2025, and 2024, was $0 and $1.7 million, respectively. The total amount deducted from gross product sales for the allowances described above for the nine months ended September 30, 2025 and 2024 was $2.1 million and $4.7 million, respectively.

The following table sets forth the changes in the accrued revenue allowances (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Balance at beginning of period	$	—	$	1,289		$	1,411		$	1,065
Provision for current period sales		—		1,710			2,085			4,695
Payments		—		(1,894	)		(1,686	)		(4,655	)
Allowances transferred in sale of Aadi Subsidiary, Inc.		—		—			(1,810	)		—
Balance at end of period	$	—	$	1,105		$	—		$	1,105

Cost of Goods Sold

Cost of goods sold consist primarily of royalties paid to BMS, costs incurred on sales of FYARRO and costs to manufacture and prepare the product for sales subsequent to the FDA approval in November 2021. Costs incurred prior to the FDA approval were expensed when incurred.

Research and Development

Research and development expenses consist of costs incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, share-based compensation expense, contract services, and other external development expenses. The Company records research and development activities conducted by third-party service providers, which include work related to preclinical studies, clinical trials, and contract manufacturing activities, to research and development expense as incurred. The Company is required to estimate the amount of services provided but not yet invoiced and include these expenses in accrued expenses on the condensed balance sheets and within research and development expenses in the condensed statements of operations and comprehensive loss. These expenses are a significant component of the Company’s research and development expenses and require significant estimates and judgments. The Company accrues for these expenses based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. As actual expenses become known, the Company adjusts its accrued expenses.

Warrants

The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet the liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480”), then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815”). If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40. In order for a warrant to be classified in stockholders’ equity, the warrant must be (a) indexed to the Company’s equity and (b) meet the conditions for equity classification in ASC 815-40, Derivatives and Hedging - Contracts in an Entity’s Own Equity. If a warrant does not meet the conditions for equity classification, it is carried on the balance sheet as a warrant liability measured at fair value, with subsequent changes in the fair value of the warrant recorded in the statement of operations as change in fair value of warrants in other income (expense). If a warrant meets both conditions for equity classification, the warrant is initially recorded in additional paid-in capital on the balance sheets, and the amount initially recorded is not subsequently remeasured at fair value. The Company has classified its pre-funded warrants as equity.

Share-Based Compensation

The Company recognizes all share-based payments to employees, including grants of employee stock options and restricted stock units in the statements of operations and comprehensive loss based on their fair values. All of the Company’s share-based awards, to employees, non-employees, officers, and directors, are subject only to service-based vesting conditions. Compensation expense for awards to employees is calculated on a straight-line basis by recognizing the fair value over the associated service period of the award, which is generally the vesting term. Options granted during the year have a maximum contractual term of ten years.

Employee Stock Purchase Plan

Stock-based compensation expense for employee stock purchases under the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”) is recorded at the estimated fair value of the purchase as of the plan enrollment date and is recognized as an expense on a straight-line basis over the applicable six-month 2021 ESPP offering period.

Other Income

Other income consists primarily of interest income earned on cash, cash equivalents and short-term investments. During the three and nine months ended September 30, 2025, other income includes the gain on sale of a business, interest income earned on cash, cash equivalents and short-term investments, and income received for billable services not part of the Company's ordinary activities provided by its employees to KAKEN under a Transition Services Agreement, as amended ("TSA"). The TSA was entered into in connection with the FYARRO Divestiture on March 25, 2025 and expired on October 24, 2025.

Income Taxes

Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. The Company recognizes interest and penalties related to uncertain tax positions, if any exist, in income tax expense.

Net (Loss) Income per Share

Basic net income (loss) per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Basic and diluted weighted average shares of common stock outstanding for the three and nine months ended September 30, 2025, includes the weighted average effect of 20,076,500 and 2,000,037 Pre-Funded Warrants, which were issued in March 2025 and September 2022, respectively, for the purchase of shares of common stock, for which the remaining unfunded exercise price is $0.0001 per share. See Note 8 for more information on the Pre-Funded Warrants.

Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive.

The Company incurred net losses for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2024 and therefore did not include potentially dilutive common stock equivalents in the computation of diluted net loss per share. For the nine months ended September 30, 2025, options to purchase common stock totaling 3,805,985 shares, were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.

The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Net income (loss) for basic and diluted EPS	$	(17,746	)	$	(12,546	)	$	2,655	$	(45,418	)

Weighted-average shares for basic EPS		69,204,899			27,041,327			59,417,911		27,010,791
Effect of dilutive stock options		—			—			35,423		—
Effect of dilutive restricted stock units		—			—			604,538		—
Weighted-average shares for diluted EPS		69,204,899			27,041,327			60,057,872		27,010,791

Net income (loss) per share:
Basic EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)
Diluted EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The standard is effective for the Company beginning in fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on the financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of the nature of expenses included in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU2024-03 on the financial statements and related disclosures.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to net (loss) income (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total Revenue	$	—		$	7,212		$	7,145		$	18,744
Less:
ADC assets - research and development expenses		5,247			—			48,701			—
ADC assets - contract manufacturing		9,323			—			18,199			—
FYARRO - research and development expenses		(225	)		8,895			5,040			29,030
FYARRO - contract manufacturing expenses		—			2,585			—			9,137
FYARRO - commercial and marketing expenses		14			494			294			1,788
Finance and accounting expenses (1)		2,099			2,447			7,349			8,929
Legal expenses		1,108			1,355			4,680			3,824
Other segment items (2)		1,853			4,888			12,113			14,703
Interest income		(1,850	)		(906	)		(4,620	)		(3,249	)
Gain on sale of business		177			—			(87,266	)		—
Net (loss) income	$	(17,746	)	$	(12,546	)	$	2,655		$	(45,418	)

(1)

Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.

(2)

Other segment items primarily include other SGA departmental expenses, cost of sales, interest expense, other income, and foreign exchange loss.

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company recorded no income tax expense for the three and nine months ended September 30, 2025 and 2024, respectively. The Company continues to maintain a full valuation allowance.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted in the U.S. The Act includes significant changes to federal tax law, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Act did not result in a material impact on the estimated annual effective tax rate in 2025 as the Company maintains a full valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

9. Share-Based Compensation

2014 Plan (as amended and restated in February 2017, the “Private Aadi Plan”)

In connection with the Reverse Merger, the Company assumed the Private Aadi Plan, which was amended and restated in February 2017, and the issued and outstanding stock options under the Private Aadi Plan (the Private Aadi common stock underlying the awards was adjusted for shares of the Company’s common stock pursuant to the Merger Agreement). The Private Aadi Plan allowed for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock unit awards and other stock awards. In connection with the closing of the Reverse Merger and the adoption of the 2021 Plan (as defined below), no further awards will be issued under the Private Aadi Plan.

The options that are granted from the Private Aadi Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The Private Aadi Plan stock options generally vest over a four-year term.

2011 Plan and 2017 Plan

In connection with the closing of the Reverse Merger, the Company assumed the Aerpio 2011 Equity Incentive Plan (the “2011 Plan”) and the Aerpio 2017 Stock Option and Incentive Plan (the “2017 Plan,” and together with the 2011 Plan, the “Prior Plans”). No new awards will be granted under the Prior Plans effective as of the closing of the Reverse Merger and the adoption of the 2021 Plan (as defined below).

2021 Plan

At the closing of the Reverse Merger, the Company adopted the Aadi Bioscience, Inc. 2021 Equity Incentive Plan, which is now named the Whitehawk Therapeutics, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), which permits the award of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance grants to employees, members of the board of directors, and outside consultants.

Subject to the adjustment provisions contained in the 2021 Plan and the evergreen provision described below, a total of 2,070,784 shares of common stock were initially reserved for issuance pursuant to the 2021 Plan. In addition, the shares reserved for issuance under the 2021 Plan include any shares of common stock (i) subject to awards of stock options or other awards granted under the Prior Plans that expire or otherwise terminate without having been exercised in full and shares of common stock granted under the Prior Plans that are forfeited or repurchased by the Company, and (ii) any shares of common stock subject to stock options or similar awards granted under the Private Aadi Plan that were assumed in the Reverse Merger (provided that the maximum number of shares that may be added to the 2021 Plan pursuant to this provision is 764,154 shares).

The number of shares available for issuance under the 2021 Plan will include an annual increase, or the evergreen feature, on the first day of each of the Company’s fiscal years, beginning with the Company’s fiscal year 2022, equal to the least of:

•

2,070,784 shares of common stock;

•

a number of shares equal to 4% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year; or

•

such number of shares as the board of directors or its designated committee may determine.

As a result of the evergreen increase, a total of 987,228 shares of common stock were added to the 2021 Plan on January 1, 2025 and 982,168 shares of common stock were added to the 2021 Plan on January 1, 2024.

On February 28, 2025, the Company’s stockholders approved the amendment and restatement of the 2021 Plan to (i) increase the number of shares available for future grant under the 2021 Plan from 2,000,284 shares to 8,300,284 shares and (ii) increase the 2021 Plan’s default annual automatic share reserve increase occurring on January 1 of each year from 4% of outstanding shares on the last day of the immediately preceding fiscal year to 5%. Upon stockholder approval, such amendment and restatement of the 2021 Plan became effective.

Shares issuable under the 2021 Plan are authorized, but unissued, or reacquired shares of common stock. If an award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an exchange program, or, with respect to restricted stock, restricted stock units, performance units or performance shares, is forfeited to or repurchased by the combined company due to failure to vest, the unpurchased shares (or for awards other than stock options or stock appreciation rights, the forfeited or repurchased shares) will become available for future grant or sale under the 2021 Plan (unless the 2021 Plan has terminated).

2023 Inducement Equity Incentive Plan

On September 27, 2023 the Company adopted the 2023 Inducement Equity Incentive Plan (the “Inducement Plan”), pursuant to which the Company may from time to time make equity grants to new employees as a material inducement to their employment. The Company reserved 600,000 shares of common stock for issuance under the Inducement Plan. The only persons eligible to receive awards under the Inducement Plan are individuals who are new employees and satisfy the standards for inducement grants under applicable Nasdaq listing rules.

As of September 30, 2025, 140,361, 15,036, 6,869,108, and 490,000 shares were outstanding under the Private Aadi Plan, 2017 Plan, 2021 Plan, and 2023 Inducement Plan, respectively.

The following table summarizes the stock option activity during the nine months ended September 30, 2025:


	Stock Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024		4,950,016		$	10.82		7.99	$	1,818
Granted		3,385,624			1.85
Exercised		(24,936	)		1.06
Cancelled/Forfeited		(796,199	)		10.90
Outstanding as of September 30, 2025		7,514,505		$	6.80		8.28	$	539
Options exercisable as of September 30, 2025		3,247,074		$	12.09		7.10	$	55
Vested and expected to vest as of September 30, 2025		7,514,505		$	6.80		8.28	$	539

As of September 30, 2025, there was $7.9 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.24 years.

The total intrinsic value of the options exercised during the three months ended September 30, 2025, and 2024, was $0. The total intrinsic value of the options exercised during the nine months ended September 30, 2025 and 2024 was $43.6 thousand and $0, respectively.

As of September 30, 2025, and December 31, 2024, 3,182,043 and 1,013,055 shares were reserved for future awards under the 2021 Plan, respectively. As of September 30, 2025 and December 31, 2024, 110,000 shares were reserved for future awards under the 2023 Inducement Plan.

Restricted Stock Units

Restricted stock consists of restricted stock unit awards (RSUs) which have been granted to employees. The value of an RSU award is based on the Company’s stock price on the date of grant. Employee grants vest over one to four years. Forfeitures of RSUs are recognized as they occur. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock.

Activity with respect to the Company’s restricted stock units during the nine months ended September 30, 2025 is as follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31, 2024		256,490		$	1.92
Granted		2,567,272			1.68
Vested/Issued		(387,925	)		1.60
Forfeited		(38,456	)		1.92
Nonvested shares at September 30, 2025		2,397,381		$	1.71

As of September 30, 2025, there was $2.1 million of unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted average period of 0.63 years.

Compensation Expense Summary

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Selling, general and administrative	$	1,777	$	1,590	$	4,917	$	5,704
Research and development		941		967		2,568		3,281
Total	$	2,718	$	2,557	$	7,485	$	8,985

The Company uses the Black-Scholes option pricing model to determine the estimated fair value for share-based option awards. Option pricing and models require the input of various assumptions, including the option’s expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. Forfeitures are recognized and accounted for as they occur.

The calculation was based on the following assumptions:


	Three Months Ended September 30, (1)		Nine Months Ended September 30,
	2025		2025		2024
Weighted average grant date fair value (per share)	$	1.86	$	1.85	$	1.39
Risk-free interest rate	3.94%		3.94% - 4.19%		4.13% - 4.29%
Expected volatility	84.69%		84.03% - 89.48%		89.22% - 91.46%
Expected term (in years)	6.08		5.49 - 6.08		5.00 - 6.08
Expected dividend yield		—		—		—

(1) No awards were granted during the three months ended September 30, 2024

The Company determines the assumptions used in the option pricing model in the following manner:

Risk-Free Interest Rate – For the determination of the risk-free interest rates, the Company utilizes the U.S. Treasury yield curve for instruments in effect at the time of measurement with a term commensurate with the expected term assumption.

Expected Volatility – The Company based its estimate of expected volatility on a weighted average using the Company's limited historical stock price volatility data, supplemented with the estimated and expected volatilities of a guideline group of publicly traded companies. For these analyses, the Company selected companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its share-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Expected Dividend – The expected dividend yield is assumed to be zero because the Company has never paid dividends and does not have current plans to pay any dividends on its common stock.

Expected Term – The Company estimates the expected term of its stock options granted to employees and non-employee directors using the simplified method, whereby, the expected term equals the average of the vesting term and the original contractual term of the option. The Company utilizes this method since it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.

Share-Based Compensation - Stock Options Valuation Assumptions (Detail) - $ / shares

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average grant date fair value (in dollars per share)

$ 1.86

^[1]

$ 1.85

$ 1.39

Risk-free interest rate

^[1]

3.94%

Risk-free interest rate, Minimum

3.94%

4.13%

Risk-free interest rate, Maximum

4.19%

4.29%

Expected volatility

^[1]

84.69%

Expected volatility, Minimum

84.03%

89.22%

Expected volatility, Maximum

89.48%

91.46%

Expected term (in years)

^[1]

6 years 29 days

Expected dividend yield

0.00%

^[1]

0.00%

Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected term (in years)

5 years 5 months 26 days

5 years

Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected term (in years)

6 years 29 days

[1]	No awards were granted during the three months ended September 30, 2024

Share-Based Compensation - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2025	Feb. 27, 2025	Aug. 26, 2021	Feb. 28, 2027	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jan. 01, 2025	Dec. 31, 2024	Jan. 01, 2024	Sep. 27, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)					7,514,505		7,514,505			4,950,016
Intrinsic value of options exercised					$ 0	$ 0	$ 43,600	$ 0
Effect of dilutive restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period expected to be recognized							7 months 17 days
Unrecognized compensation cost					$ 2,100,000		$ 2,100,000
Minimum \| Effect of dilutive restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted							10 years
Maximum \| Effect of dilutive restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							4 years
Private Aadi Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)					0		0
Vesting period				4 years
Shares outstanding (in shares)					140,361		140,361
Private Aadi Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted				10 years
2011 Plan and 2017 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)							0
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)	8,300,284	2,000,284	2,070,784		3,182,043		3,182,043		987,228	1,013,055	982,168
Percentage applied to the outstanding shares as annual increase in number of shares authorized for issuance	5.00%	4.00%	4.00%
Shares outstanding (in shares)					6,869,108		6,869,108
Unrecognized compensation cost related to stock options					$ 7,900,000		$ 7,900,000
Weighted average period expected to be recognized							1 year 2 months 26 days
2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)			764,154
2023 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)					110,000		110,000			110,000		600,000
Shares outstanding (in shares)					490,000		490,000
Aerpio 2017 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)					15,036		15,036

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 377,000		$ 377,000		$ 7,309,000
Accumulated depreciation	(373,000)		(373,000)		(463,000)
Property and equipment, net	4,000		4,000		6,846,000
Depreciation	5,600	$ 46,700	78,000	$ 146,000
Computers and Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	341,000		341,000		470,000
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	0		0		6,590,000
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	36,000		36,000		65,000
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	0		0		51,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0		$ 0		$ 133,000

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued professional fees	$ 836	$ 5,157
Accrued salaries and payroll	700	2,681
Accrued restructuring charges	373	1,333
Accrued bonus	1,850	64
Accrued clinical	1,917	977
Accrued contract manufacturing	2,435	2,597
Accrued other - sales related	0	1,188
Accrued other	105	650
Total accrued liabilities	$ 8,216	$ 14,647

Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Raw materials	$ 0	$ 3,533
Work in process	0	0
Finished goods	0	1,778
Total	$ 0	$ 5,311

Employee Stock Purchase Plan (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Calculation Assumptions

The calculation was based on the following assumptions:


	Three and Nine Months Ended September 30, 2025		Three and Nine Months Ended September 30, 2024
Strike price (per share)	$1.69-$2.11		$1.56 - $4.00
Risk-free interest rate	4.29% - 4.44%		5.40% - 5.41%
Expected volatility	55.26% - 88.23%		60.99% - 140.00%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

Share-Based Compensation - Schedule of Recognized Compensation Cost Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Shares
Beginning balance (in shares) \| shares	256,490
Granted (in shares) \| shares	2,567,272
Vested/Issued (in shares) \| shares	(387,925)
Forfeited (in shares) \| shares	(38,456)
Ending balance (in shares) \| shares	2,397,381
Weighted Average Grant Date Fair Value
Beginning balance (in dollar per share) \| $ / shares	$ 1.92
Granted (in dollar per share) \| $ / shares	1.68
Vested/Issued (in dollar per share) \| $ / shares	1.6
Forfeited (in dollar per share) \| $ / shares	1.92
Ending balance (in dollar per share) \| $ / shares	$ 1.71

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net Income (Loss)	$ 2,655,000	$ (45,418,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	7,485,000	8,985,000
Gain on sale of business	(87,266,000)	0
Discount amortization on short-term investments	(696,000)	(1,118,000)
Non-cash interest expense	0	38,000
Non-cash lease expense	74,000	345,000
Depreciation expense	78,000	146,000
Changes in operating assets and liabilities:
Accounts receivable	(1,000,000)	(1,052,000)
Inventory	170,000	958,000
Prepaid expenses and other current assets	(59,000)	2,606,000
Other non-current assets	(601,000)	367,000
Operating lease liabilities	(89,000)	(383,000)
Accounts payable and accrued liabilities	(748,000)	(10,365,000)
Other liabilities	(202,000)	394,000
Net cash used in operating activities	(80,199,000)	(44,497,000)
Cash flows from investing activities:
Proceeds from sale of business, net cash, cash equivalents, and restricted cash	101,286,000	0
Purchases of property and equipment	(552,000)	(1,468,000)
Purchase of short-term investments	(125,770,000)	(36,483,000)
Maturity of short-term investments	20,081,000	50,020,000
Net cash (used in) provided by investing activities	(4,955,000)	12,069,000
Cash flows from financing activities:
Proceeds from sale of common stock and prefunded warrants in PIPE financing	100,002,000	0
Proceeds from issuance of common stock under employee stock purchase plan	24,000	94,000
Issuance of common stock upon exercise of stock options	26,000	0
Payment of PIPE financing related transaction costs	(5,625,000)	0
Deferred offering costs paid for financing	(76,000)	(17,000)
Net cash provided by financing activities	94,351,000	77,000
Net increase (decrease) in cash, cash equivalents and restricted cash	9,197,000	(32,351,000)
Cash, cash equivalents and restricted cash at beginning of period	28,734,000	62,952,000
Cash, cash equivalents and restricted cash, end of period	37,931,000	30,601,000
Supplemental disclosure of cash flow information:
Interest paid during the period	0	173,000
Supplemental disclosure of non-cash activities:
Accrued property and equipment	$ 0	$ 428,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Information Related to Lease

The following table summarizes information related to the Company’s leases (in thousands):


	September 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	—	$	787
Liabilities:
Operating lease liabilities, current	$	—	$	268
Operating lease liabilities, non-current		—		565
Total operating lease liabilities	$	—	$	833

Schedule of Rent Expense and Cash Paid for Leases

Rent expense for the three and nine months ended September 30, 2025 and 2024 is presented on the following table (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease rent expense	$	34	$	115	$	142	$	345

Cash paid for leases and included in operating cash flows for the nine months ended September 30, 2025 and 2024 is presented on the following table (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid included in operating cash flows	$	99	$	383

Nature of Organization and Operations - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended						9 Months Ended		43 Months Ended
	Apr. 16, 2025	Mar. 25, 2025	Dec. 20, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Dec. 31, 2024	Dec. 19, 2024	Mar. 17, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Accumulated deficit				$ 329,999						$ 329,999		$ 329,999	$ 332,654
Net Income (Loss)				(17,746)	$ (52,615)	$ 73,016	$ (12,546)	$ (14,583)	$ (18,289)	2,655	$ (45,418)
Cash, cash equivalents, and short-term investments				162,600						162,600		$ 162,600
Payment for in-licensing				$ 14,345			$ 9,997			71,942	$ 36,683
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Aadi Subsidiary
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Disposal group, including discontinued operation, ownership percentage in disposed business														100.00%
Proceeds from divestiture of businesses		$ 102,400								$ 102,400
Sales Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock (in shares)												0
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock (in shares)						21,592,000
WuXi Biologics \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Payment for in-licensing	$ 38,000		$ 6,000
Value fee percentage	6.00%
Cowen and Company LLC \| Common Stock \| Sales Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Maximum aggregate offering prices															$ 75,000

Restructuring

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring

13. Restructuring

On August 21, 2024, the Company announced a restructuring plan to reduce the Company’s workforce by approximately 32% in response to the Company's announcement on August 20, 2024 that it planned to halt the registration-intended PRECISION1 trial of nab-sirolimus in patients with solid tumors harboring TSC1 or TSC2 inactivating alterations. The Company recorded a total restructuring charge of $2.6 million, which consists of one-time termination benefits such as severance costs and related benefits. As of September 30, 2025, $0.4 million of one-time termination benefits remain payable and are recorded within the accrued liabilities on the Company's condensed balance sheet. As of December 31, 2024, $1.5 million of one-time termination benefits remain payable and are recorded within the accrued liabilities and other liabilities line items on the Company's condensed balance sheet. The Company paid $0.4 million of the liability during the three months ended September 30, 2025 and $1.1 million during the nine months ended September 30, 2025. There were no restructuring charges for the three and nine months ended September 30, 2025. Restructuring payments commenced in September 2024 and will extend through March 2026.

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting Information [Line Items]

Total Revenue

$ 0

$ 7,212

$ 7,145

$ 18,744

Less:

Interest income

(1,850)

(906)

(4,620)

(3,249)

Gain on sale of business

177

(87,266)

Net (loss) income

(17,746)

$ (52,615)

$ 73,016

(12,546)

$ (14,583)

$ (18,289)

2,655

(45,418)

Reportable Segment

Segment Reporting Information [Line Items]

Total Revenue

7,212

7,145

18,744

Less:

FYARRO - commercial and marketing expenses

494

294

1,788

Finance and accounting expenses

^[1]

2,099

2,447

7,349

8,929

Legal expenses

1,108

1,355

4,680

3,824

Other segment items

^[2]

1,853

4,888

12,113

14,703

Interest income

(1,850)

(906)

(4,620)

(3,249)

Gain on sale of business

177

(87,266)

Net (loss) income

(17,746)

(12,546)

2,655

(45,418)

Reportable Segment | ADC

Less:

Research and development expenses

5,247

48,701

Contract manufacturing expenses

9,323

18,199

Reportable Segment | FYARRO

Less:

Research and development expenses

(225)

8,895

5,040

29,030

Contract manufacturing expenses

$ 0

$ 2,585

$ 0

$ 9,137

[1]	Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.
[2]	Other segment items primarily include other SGA departmental expenses, cost of sales, interest expense, other income, and foreign exchange loss.

License Agreements

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

License Agreements

7. License Agreements

Former Bristol-Myers Squibb Company License Agreement

On April 9, 2014, the Company entered into a license agreement (as amended the “BMS License Agreement”) with BMS for exclusive rights for certain patents and a non-exclusive license for certain technology and know-how pertaining to FYARRO.

The BMS License Agreement will remain in effect from the effective date of April 9, 2014 until expiration of all milestone and royalty payment obligations under the agreement, unless terminated by either of the parties pursuant to the terms of the BMS License Agreement, including providing advance notice as specified in the agreement. Under the terms of the BMS License Agreement, BMS agreed to supply the Company with licensed products of FYARRO necessary for clinical or non-clinical development.

Under the terms of the BMS License Agreement, BMS is entitled to receive royalties on net sales from licensed products under the agreement and any sublicense fees. During the three months ended September 30, 2025 and 2024, royalties on net product sales were $0 and $0.5 million, respectively. During the nine months ended September 30, 2025 and 2024, royalties on net product sales were $0.5 million and $1.4 million, respectively. No payments related to sublicense fees were paid during the three and nine months ended September 30, 2025 and 2024.

On August 30, 2021, the Company and BMS entered into Amendment No. 1 (the “Amendment”) to the BMS License Agreement related to certain intellectual property rights of BMS pertaining to the compound known as FYARRO. Under the terms of the Amendment, the Company paid BMS $5.8 million representing 50% of the previously outstanding payment obligation under the terms of the BMS License Agreement, following the effective time of the 2021 private investment in public equity financing (the “2021 PIPE Financing”). Pursuant to the terms of the Amendment, the remaining previously outstanding payment obligation of $5.8 million became due on the third anniversary of the effective time of the 2021 PIPE Financing, or August 26, 2024 plus any accrued and unpaid interest due thereon (the “Balloon Payment”). The Balloon Payment accrued interest, beginning August 26, 2021 until paid in full, at a rate equal to 4.00% per annum based on the weighted average amount outstanding during the applicable calendar quarter. which was payable quarterly in arrears. In accordance with the terms of the Amendment, the Company paid the outstanding payment obligation of $5.8 million by the due date.

As part of its purchase of the FYARRO Business, KAKEN acquired the Company's rights and responsibilities under the BMS License Agreement.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	37,931	$	28,670
Restricted cash, non-current		—		64
Total cash, cash equivalents and restricted cash	$	37,931	$	28,734

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	37,931	$	28,670
Restricted cash, non-current		—		64
Total cash, cash equivalents and restricted cash	$	37,931	$	28,734

Schedule of Inventory

Details of inventory are presented as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	—	$	3,533
Work in process		—		—
Finished goods		—		1,778
Total	$	—	$	5,311

Schedule of Property, Plant and Equipment

Details of property and equipment are presented as follows (in thousands):


	September 30, 2025			December 31, 2024
Computers and Software	$	341		$	470
Construction in process		—			6,590
Furniture and fixtures		36			65
Lab equipment		—			51
Leasehold improvements		—			133
Total	$	377		$	7,309
Accumulated depreciation		(373	)		(463	)
Property and equipment, net	$	4		$	6,846

Schedule Of Gross-To-Net Sales Adjustments

The following table sets forth the changes in the accrued revenue allowances (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Balance at beginning of period	$	—	$	1,289		$	1,411		$	1,065
Provision for current period sales		—		1,710			2,085			4,695
Payments		—		(1,894	)		(1,686	)		(4,655	)
Allowances transferred in sale of Aadi Subsidiary, Inc.		—		—			(1,810	)		—
Balance at end of period	$	—	$	1,105		$	—		$	1,105

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Net income (loss) for basic and diluted EPS	$	(17,746	)	$	(12,546	)	$	2,655	$	(45,418	)

Weighted-average shares for basic EPS		69,204,899			27,041,327			59,417,911		27,010,791
Effect of dilutive stock options		—			—			35,423		—
Effect of dilutive restricted stock units		—			—			604,538		—
Weighted-average shares for diluted EPS		69,204,899			27,041,327			60,057,872		27,010,791

Net income (loss) per share:
Basic EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)
Diluted EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)

Fair Value Measurement - Narrative (Details)	Sep. 30, 2025
Minimum \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity of marketable securities	1 year
Maximum \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity of marketable securities	2 years
Maximum \| Other marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity of marketable securities	1 year

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	31,193	$	—	$	—	$	31,193
U.S. government treasury bills (2)		58,967		—		—		58,967
Commercial paper		—		16,112				16,112
Corporate bonds		—		56,075		—		56,075
Total financial assets	$	90,160	$	72,187	$	—	$	162,347


	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	27,485	$	—	$	—	$	27,485
U.S. government treasury bills		12,562		—		—		12,562
Commercial paper		—		1,744		—		1,744
Corporate bonds		—		4,261		—		4,261
Total financial assets	$	40,047	$	6,005	$	—	$	46,052

(1)

Included in cash and cash equivalents in the accompanying condensed balance sheets.

(2)

Includes investments classified as cash and cash equivalents in the accompanying balance sheets.

Operating Leases - Schedule of Rent Expense and Cash Paid for Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease rent expense	$ 34	$ 115	$ 142	$ 345
Cash paid included in operating cash flows			$ 99	$ 383

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity during the nine months ended September 30, 2025:


	Stock Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024		4,950,016		$	10.82		7.99	$	1,818
Granted		3,385,624			1.85
Exercised		(24,936	)		1.06
Cancelled/Forfeited		(796,199	)		10.90
Outstanding as of September 30, 2025		7,514,505		$	6.80		8.28	$	539
Options exercisable as of September 30, 2025		3,247,074		$	12.09		7.10	$	55
Vested and expected to vest as of September 30, 2025		7,514,505		$	6.80		8.28	$	539

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity with respect to the Company’s restricted stock units during the nine months ended September 30, 2025 is as follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31, 2024		256,490		$	1.92
Granted		2,567,272			1.68
Vested/Issued		(387,925	)		1.60
Forfeited		(38,456	)		1.92
Nonvested shares at September 30, 2025		2,397,381		$	1.71

Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Selling, general and administrative	$	1,777	$	1,590	$	4,917	$	5,704
Research and development		941		967		2,568		3,281
Total	$	2,718	$	2,557	$	7,485	$	8,985

Schedule of Stock Options Valuation Assumptions

The calculation was based on the following assumptions:


	Three Months Ended September 30, (1)		Nine Months Ended September 30,
	2025		2025		2024
Weighted average grant date fair value (per share)	$	1.86	$	1.85	$	1.39
Risk-free interest rate	3.94%		3.94% - 4.19%		4.13% - 4.29%
Expected volatility	84.69%		84.03% - 89.48%		89.22% - 91.46%
Expected term (in years)	6.08		5.49 - 6.08		5.00 - 6.08
Expected dividend yield		—		—		—

(1) No awards were granted during the three months ended September 30, 2024

Divestiture of FYARRO

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Divestiture of FYARRO

14. Divestiture of FYARRO

On December 19, 2024, the Company entered into the Divestiture Agreement with KAKEN, KAKEN PHARMACEUTICAL CO., LTD, and Aadi Subsidiary for the sale to KAKEN of 100% of the outstanding shares of capital stock of Aadi Subsidiary and thereby all of the Company’s assets related to the FYARRO Business. Per the terms and subject to the conditions of the Divestiture Agreement, KAKEN paid to the Company a cash payment of $102.4 million (following applicable purchase price adjustments under the Divestiture Agreement) at the closing of the FYARRO Divestiture on March 25, 2025.

The Company recorded a net gain on the sale of the divestiture of $87.4 million at the closing of the FYARRO Divestiture which has been recorded on the unaudited condensed statement of operations and comprehensive (loss) income. The $87.4 million gain represents the aggregate consideration of $102.4 million, less the assets and liabilities transferred, which are listed below (in thousands):


	March 25, 2025
Assets
Current assets:
Cash and cash equivalents	$	(1,000	)
Accounts receivable, net		(6,903	)
Inventory		(5,141	)
Prepaid expenses and other current assets		(866	)
Total current assets		(13,910	)
Property and equipment, net		(6,836	)
Operating lease right-of-use assets		(707	)
Other assets		(64	)
Total assets	$	(21,517	)
Current liabilities:
Accounts payable	$	(852	)
Accrued liabilities		(4,951	)
Operating lease liabilities, current portion		(201	)
Total current liabilities		(6,004	)
Operating lease liabilities, net of current portion		(536	)
Total liabilities		(6,540	)
Net assets disposed of	$	(14,977	)

During the three months ended September 30, 2025, the Company recorded a $0.2 million post-closing adjustment related to the March 25, 2025 FYARRO Divestiture as part of the final closing statement in accordance with the Divestiture Agreement. The adjustment was recorded as a reduction to the previously recognized gain on sale.

The Company evaluated various qualitative and quantitative factors related to the disposition of the FYARRO Business and determined the transaction did not meet the criteria for discontinued operations under ASC 205-20, and therefore no reclassification has been made to prior period statements.

Share-Based Compensation - Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 2,718	$ 2,557	$ 7,485	$ 8,985
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,777	1,590	4,917	5,704
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 941	$ 967	$ 2,568	$ 3,281

Fair Value Measurement

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	31,193	$	—	$	—	$	31,193
U.S. government treasury bills (2)		58,967		—		—		58,967
Commercial paper		—		16,112				16,112
Corporate bonds		—		56,075		—		56,075
Total financial assets	$	90,160	$	72,187	$	—	$	162,347


	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	27,485	$	—	$	—	$	27,485
U.S. government treasury bills		12,562		—		—		12,562
Commercial paper		—		1,744		—		1,744
Corporate bonds		—		4,261		—		4,261
Total financial assets	$	40,047	$	6,005	$	—	$	46,052

(1)

Included in cash and cash equivalents in the accompanying condensed balance sheets.

(2)

Includes investments classified as cash and cash equivalents in the accompanying balance sheets.

As of September 30, 2025, corporate bonds had contractual maturities of greater than one year and less than two years. All other marketable securities had contractual maturities of less than one year.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Topic 820
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Employee Stock Purchase Plan - Calculation Assumptions (Details) - $ / shares

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Risk-free interest rate, Minimum

3.94%

4.13%

Risk-free interest rate, Maximum

4.19%

4.29%

Expected volatility, Minimum

84.03%

89.22%

Expected volatility, Maximum

89.48%

91.46%

Expected term (in years)

^[1]

6 years 29 days

Expected dividend yield

0.00%

^[1]

0.00%

Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected term (in years)

5 years 5 months 26 days

5 years

Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected term (in years)

6 years 29 days

Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Risk-free interest rate, Minimum

4.29%

5.40%

4.29%

5.40%

Risk-free interest rate, Maximum

4.44%

5.41%

4.44%

5.41%

Expected volatility, Minimum

55.26%

60.99%

55.26%

60.99%

Expected volatility, Maximum

88.23%

140.00%

88.23%

140.00%

Expected term (in years)

6 months

Expected dividend yield

0.00%

Employee Stock Purchase Plan | Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Strike price (per share)

$ 1.69

$ 1.56

$ 1.69

$ 1.56

Employee Stock Purchase Plan | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Strike price (per share)

$ 2.11

$ 4

$ 2.11

$ 4

[1]	No awards were granted during the three months ended September 30, 2024

Divestiture of FYARRO - Schedule of Net Assets Disposed (Details) - Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations - Aadi Subsidiary $ in Thousands	Mar. 25, 2025 USD ($)
Current assets:
Cash and cash equivalents	$ (1,000)
Accounts receivable, net	(6,903)
Inventory	(5,141)
Prepaid expenses and other current assets	(866)
Total current assets	(13,910)
Property and equipment, net	(6,836)
Operating lease right-of-use assets	(707)
Other assets	(64)
Total assets	(21,517)
Current liabilities:
Accounts payable	(852)
Accrued liabilities	(4,951)
Operating lease liabilities, current portion	(201)
Total current liabilities	(6,004)
Operating lease liabilities, net of current portion	(536)
Total liabilities	(6,540)
Net assets disposed of	$ (14,977)

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Risks and Uncertainties

Comprehensive (Loss) Income

Use of Estimates

Restructuring Charges

Concentration of Credit Risk

Customer Concentration

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	37,931	$	28,670
Restricted cash, non-current		—		64
Total cash, cash equivalents and restricted cash	$	37,931	$	28,734

Cash and Cash Equivalents

The Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents.

Fair Value of Financial Instruments

Level 1: Observable inputs, such as quoted prices in active markets

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use

The carrying amounts of cash equivalents, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items.

Short-Term Investments

Accounts Receivable, Net

Inventory

Details of inventory are presented as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	—	$	3,533
Work in process		—		—
Finished goods		—		1,778
Total	$	—	$	5,311

Property and Equipment, Net

Details of property and equipment are presented as follows (in thousands):


	September 30, 2025			December 31, 2024
Computers and Software	$	341		$	470
Construction in process		—			6,590
Furniture and fixtures		36			65
Lab equipment		—			51
Leasehold improvements		—			133
Total	$	377		$	7,309
Accumulated depreciation		(373	)		(463	)
Property and equipment, net	$	4		$	6,846

Leases

Commitments and Contingencies

Revenue Recognition and Related Allowances, Revenue Under License Agreement

Revenue Recognition and Related Allowances

Product Net Sales

The following table sets forth the changes in the accrued revenue allowances (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Balance at beginning of period	$	—	$	1,289		$	1,411		$	1,065
Provision for current period sales		—		1,710			2,085			4,695
Payments		—		(1,894	)		(1,686	)		(4,655	)
Allowances transferred in sale of Aadi Subsidiary, Inc.		—		—			(1,810	)		—
Balance at end of period	$	—	$	1,105		$	—		$	1,105

Cost of Goods Sold

Research and Development

Warrants

Share-Based Compensation and Employee Stock Purchase Plan

Share-Based Compensation

Employee Stock Purchase Plan

Other Income

Income Taxes

Net (Loss) Income per Share

The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Net income (loss) for basic and diluted EPS	$	(17,746	)	$	(12,546	)	$	2,655	$	(45,418	)

Weighted-average shares for basic EPS		69,204,899			27,041,327			59,417,911		27,010,791
Effect of dilutive stock options		—			—			35,423		—
Effect of dilutive restricted stock units		—			—			604,538		—
Weighted-average shares for diluted EPS		69,204,899			27,041,327			60,057,872		27,010,791

Net income (loss) per share:
Basic EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)
Diluted EPS	$	(0.26	)	$	(0.46	)	$	0.04	$	(1.68	)

Recent Accounting Pronouncements

Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

$ 162,347

$ 46,052

Money market funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

31,193

27,485

U.S. government treasury bills

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

58,967

12,562

Commercial paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

16,112

1,744

Corporate bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

44,553

4,261

Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

162,347

46,052

Fair Value, Measurements, Recurring | Money market funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[1]

31,193

27,485

Fair Value, Measurements, Recurring | U.S. government treasury bills

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

58,967

^[2]

12,562

Fair Value, Measurements, Recurring | Commercial paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

16,112

1,744

Fair Value, Measurements, Recurring | Corporate bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

56,075

4,261

Fair Value, Measurements, Recurring | Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

90,160

40,047

Fair Value, Measurements, Recurring | Level 1 | Money market funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[1]

31,193

27,485

Fair Value, Measurements, Recurring | Level 1 | U.S. government treasury bills

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

58,967

^[2]

12,562

Fair Value, Measurements, Recurring | Level 1 | Commercial paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

Fair Value, Measurements, Recurring | Level 1 | Corporate bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

Fair Value, Measurements, Recurring | Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

72,187

6,005

Fair Value, Measurements, Recurring | Level 2 | Money market funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[1]

Fair Value, Measurements, Recurring | Level 2 | U.S. government treasury bills

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[2]

Fair Value, Measurements, Recurring | Level 2 | Commercial paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

16,112

1,744

Fair Value, Measurements, Recurring | Level 2 | Corporate bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

56,075

4,261

Fair Value, Measurements, Recurring | Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

Fair Value, Measurements, Recurring | Level 3 | Money market funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[1]

Fair Value, Measurements, Recurring | Level 3 | U.S. government treasury bills

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

^[2]

Fair Value, Measurements, Recurring | Level 3 | Commercial paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

Fair Value, Measurements, Recurring | Level 3 | Corporate bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value

$ 0

[1]	Included in cash and cash equivalents in the accompanying condensed balance sheets.
[2]	Includes investments classified as cash and cash equivalents in the accompanying balance sheets.

Accrued Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Details of accrued liabilities are presented as follows (in thousands):


	September 30, 2025		December 31, 2024
Accrued professional fees	$	836	$	5,157
Accrued salaries and payroll		700		2,681
Accrued restructuring charges		373		1,333
Accrued bonus		1,850		64
Accrued clinical		1,917		977
Accrued contract manufacturing		2,435		2,597
Accrued other - sales related		—		1,188
Accrued other		105		650
Total accrued liabilities	$	8,216	$	14,647

Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income (loss) for basic and diluted EPS	$ (17,746)	$ (52,615)	$ 73,016	$ (12,546)	$ (14,583)	$ (18,289)	$ 2,655	$ (45,418)
Weighted-average shares for basic EPS (in shares)	69,204,899			27,041,327			59,417,911	27,010,791
Weighted-average shares for diluted EPS (in shares)	69,204,899			27,041,327			60,057,872	27,010,791
Net income (loss) per share:
Basic EPS (in dollars per share)	$ (0.26)			$ (0.46)			$ 0.04	$ (1.68)
Diluted EPS (in dollars per share)	$ (0.26)			$ (0.46)			$ 0.04	$ (1.68)
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0			0			35,423	0
Effect of dilutive restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0			0			604,538	0

Stockholders' Equity - Narrative (Detail)			1 Months Ended	9 Months Ended		43 Months Ended
Stockholders' Equity - Narrative (Detail)	Mar. 04, 2025 USD ($) $ / shares shares	Sep. 26, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Sep. 30, 2025 USD ($) Vote $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 Vote $ / shares shares	Dec. 31, 2024 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, shares authorized (in shares)				10,000,000		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares outstanding (in shares)				0		0	0
Common stock, shares authorized (in shares)				300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)				47,128,362		47,128,362	24,680,708
Deferred offering costs paid for financing \| $				$ 5,625,000	$ 0
Dividends common stock declared or paid \| $				$ 0
Common stock, votes per share \| Vote				1		1
Pre-Funded Warrant - September 2022
Class Of Stock [Line Items]
Warrants outstanding (in shares)				2,000,037		2,000,037
Pre-Funded Warrant - March 2025
Class Of Stock [Line Items]
Warrants outstanding (in shares)				20,076,500		20,076,500
Sales Agreement
Class Of Stock [Line Items]
ATM offering price \| $			$ 75,000,000
ATM gross proceeds paid percentage				3.00%		3.00%
Issuance of common stock (in shares)						0
Purchase Agreement \| Private Placement Financing
Class Of Stock [Line Items]
Issuance of common stock (in shares)		3,373,526
Sale of stock (in dollars per share) \| $ / shares		$ 12.5
Warrant ownership limit		4.99%
Warrant ownership increase or decrease limit		19.99%
Warrant notice period		61 days
Deferred offering costs paid for financing \| $		$ 300,000
Issuance of common stock to PIPE Investors \| $		$ 72,200,000
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Sale of stock (in dollars per share) \| $ / shares		$ 12.4999
Number of warrants issued to purchase common stock (in shares)		2,426,493
Warrants exercise price (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant - September 2022
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock (in shares)				2,000,037		2,000,037
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant - March 2025
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock (in shares)				20,076,500		20,076,500
Subscription Agreement \| Private Placement Financing
Class Of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Issuance of common stock (in shares)	21,592,000
Sale of stock (in dollars per share) \| $ / shares	$ 2.4
Warrant ownership increase or decrease limit	19.99%
Warrant notice period	61 days
Deferred offering costs paid for financing \| $	$ 5,600,000
Issuance of common stock to PIPE Investors \| $	$ 94,400,000
Subscription Agreement \| Private Placement Financing \| Minimum
Class Of Stock [Line Items]
Warrant ownership limit	4.99%
Subscription Agreement \| Private Placement Financing \| Maximum
Class Of Stock [Line Items]
Warrant ownership limit	9.99%
Subscription Agreement \| Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Sale of stock (in dollars per share) \| $ / shares	$ 2.3999
Number of warrants issued to purchase common stock (in shares)	20,076,500
Warrants exercise price (in dollars per share) \| $ / shares	$ 0.0001

Summary of Significant Accounting Policies - Schedule of Gross-to-Net Sales Adjustments (Details) - Product Sales Allowance - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 0	$ 1,289	$ 1,411	$ 1,065
Provision for current period sales	0	1,710	2,085	4,695
Payments	0	(1,894)	(1,686)	(4,655)
Allowances transferred in sale of Aadi Subsidiary, Inc.	0	0	(1,810)	0
Balance at end of period	$ 0	$ 1,105	$ 0	$ 1,105

Operating Leases - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Mar. 25, 2025	Apr. 30, 2022	Aug. 31, 2021	Apr. 30, 2019
Los Angeles, California
Lessee Lease Description [Line Items]
Operating lease, agreement term				28 months
Operating lease, rent abatement period			9 months	4 months
Operating lease, lease amendment term			3 years
Operating lease, extend the term for an additional period			3 years 6 months
Morristown, New Jersey
Lessee Lease Description [Line Items]
Operating lease, agreement term		73 months
Operating lease, rent abatement period		3 months
Operating lease, rent escalation percentage		2.00%
Short-term sublease cost	$ 13,000

Share-Based Compensation - Stock Options Valuation Assumptions (Parenthetical) (Details)	3 Months Ended
	Sep. 30, 2024 shares
Share-Based Payment Arrangement [Abstract]
Awards granted (in shares)	0

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred and on net (loss) income as reported on the statement of operations and comprehensive (loss) income.

License Agreements - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
License Agreements - Narrative (Details) - USD ($)	Aug. 30, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Capitalized Contract Cost [Line Items]
Royalties on Net Product Sales		$ 0	$ 500,000	$ 500,000	$ 1,400,000
BMSLicenseAgreement
Capitalized Contract Cost [Line Items]
Payment of license fees	$ 5,800,000
Related party transaction, balloon payment interest rate per annum	4.00%
Payments related to milestone		$ 0	$ 0	$ 0	$ 0
License fees, percentage of previously outstanding payment obligation	50.00%
Due to licensor	$ 5,800,000

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Litigation

From time to time, the Company could be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company has no ongoing legal proceedings or claims where a liability has been recorded as of September 30, 2025 and December 31, 2024.

Purchase Commitments

The Company has ongoing contracts with vendors for clinical trials and contract manufacturing. These contracts are generally cancellable, with notice, at the Company’s option. The Company recorded accrued expenses of $4.4 million and $3.6 million for expenditures incurred by clinical and contract manufacturing vendors as of September 30, 2025, and December 31, 2024, respectively.

Mirati Collaboration

In October 2022, the Company entered into a collaboration and supply agreement with Mirati Therapeutics, Inc. (“Mirati”) to evaluate the combination of Mirati’s adagrasib, a KRASG12C selective inhibitor, and FYARRO in KRASG12C mutant non-small cell lung cancer (NSCLC) and other solid tumors. In May 2024, the Company announced the mutually agreed upon termination of the collaboration and supply agreement with Mirati and the discontinuation of the Phase 1/2 study. Under the terms of the agreement, Mirati was responsible for sponsoring and operating the Phase 1/2 study and the Company supplied study drug and jointly shared the cost of the study, which continued during the winding down process that has now completed.

For the three and nine months ended September 30, 2025, the Company incurred $0 in expenses related to the Mirati collaboration. For the three and nine months ended September 30, 2024, the Company incurred $0.3 million and $1.0 million in expenses related to the Mirati collaboration, respectively.

WuXi Biologics License Agreement

On December 19, 2024, the Company entered into an Intellectual Property License Agreement (the “License Agreement”) with WuXi Biologics (Shanghai FX) Co., Ltd. (“WuXi Biologics”) for exclusive rights to certain patents and know-how pertaining to WuXi Biologics’ preclinical antibody drug conjugate programs leveraging Hangzhou DAC Biotechnology Co., Ltd.’s (“Hangzhou DAC”) linker-payload technology targeting each of the ADC Therapies. Under the License Agreement, the Company paid WuXi Biologics a non-refundable, partial upfront payment of $6.0 million on December 20, 2024. An additional non-refundable, upfront payment of $38.0 million was due within one-hundred twenty (120) days after the effective date of the License Agreement for the rights and licenses granted to the Company by WuXi Biologics and was paid on April 16, 2025.

In accordance with the License Agreement, WuXi Biologics is eligible to receive from the Company (a) up to an aggregate of $265.0 million upon the achievement of certain development milestones, and (b) up to an aggregate of $540.0 million upon the achievement of certain commercial milestones, across all ADC Therapies. WuXi Biologics is also entitled to running royalties ranging from low-single-digit to upper-single-digit percentages of annual net sales of licensed products in the territory on a product-by-product and region-by-region basis from the first commercial sale of the applicable licensed product in a particular region until the date which is the later of (i) expiration of the last to expire valid claim of a license patent in such region covering the sale of such licensed product in such region or (ii) ten years after the first commercial sale of such licensed product in such region.

Each party may terminate the License Agreement in its entirety, or on a program-by-program basis, as applicable, if the other party remains in material breach of the License Agreement following a cure period to remedy the material breach or if the other party is declared insolvent or in similar financial distress. In addition, WuXi Biologics may terminate the License Agreement on a program-by-program basis if the Company does not meet certain development due diligence milestones. The Company may terminate the License Agreement in its entirety, or on a program-by-program basis, as applicable, with or without cause.

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		24,554,000
Beginning balance at Dec. 31, 2023	$ 105,195	$ 2	$ 374,129	$ 27	$ (268,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	3,589		3,589
Unrealized gain (loss) on investments, net of tax	(35)			(35)
Net Income (Loss)	(18,289)				(18,289)
Ending balance (in shares) at Mar. 31, 2024		24,554,000
Ending balance at Mar. 31, 2024	90,460	$ 2	377,718	(8)	(287,252)
Beginning balance (in shares) at Dec. 31, 2023		24,554,000
Beginning balance at Dec. 31, 2023	105,195	$ 2	374,129	27	(268,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on investments, net of tax	12
Net Income (Loss)	(45,418)
Ending balance (in shares) at Sep. 30, 2024		24,615,000
Ending balance at Sep. 30, 2024	68,868	$ 2	383,208	39	(314,381)
Beginning balance (in shares) at Mar. 31, 2024		24,554,000
Beginning balance at Mar. 31, 2024	90,460	$ 2	377,718	(8)	(287,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,839		2,839
Issuance of shares under the employee stock purchase plan (in shares)		61,000
Issuance of shares under the employee stock purchase plan	94		94
Unrealized gain (loss) on investments, net of tax	(19)			(19)
Net Income (Loss)	(14,583)				(14,583)
Ending balance (in shares) at Jun. 30, 2024		24,615,000
Ending balance at Jun. 30, 2024	78,791	$ 2	380,651	(27)	(301,835)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,557		2,557
Issuance of shares under the employee stock purchase plan	66
Unrealized gain (loss) on investments, net of tax	66			66
Net Income (Loss)	(12,546)				(12,546)
Ending balance (in shares) at Sep. 30, 2024		24,615,000
Ending balance at Sep. 30, 2024	$ 68,868	$ 2	383,208	39	(314,381)
Beginning balance (in shares) at Dec. 31, 2024	24,680,708	24,681,000
Beginning balance at Dec. 31, 2024	$ 52,478	$ 2	385,114	16	(332,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,680		1,680
Issuance of common stock upon exercise of warrants (in shares)		426,000
Issuance of common stock upon exercise of stock options (in shares)		22,000
Issuance of common stock upon exercise of stock options	21		21
Issuance of common stock in conjunction with vesting of restricted stock units (in shares)		63,000
Private placement, net of transaction costs (in shares)		21,592,000
Private placement, net of transaction costs	94,548	$ 2	94,546
Unrealized gain (loss) on investments, net of tax	(15)			(15)
Net Income (Loss)	73,016				73,016
Ending balance (in shares) at Mar. 31, 2025		46,784,000
Ending balance at Mar. 31, 2025	$ 221,728	$ 4	481,361	1	(259,638)
Beginning balance (in shares) at Dec. 31, 2024	24,680,708	24,681,000
Beginning balance at Dec. 31, 2024	$ 52,478	$ 2	385,114	16	(332,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	24,936
Unrealized gain (loss) on investments, net of tax	$ 123
Net Income (Loss)	$ 2,655
Ending balance (in shares) at Sep. 30, 2025	47,128,362	47,128,000
Ending balance at Sep. 30, 2025	$ 157,168	$ 4	487,024	139	(329,999)
Beginning balance (in shares) at Mar. 31, 2025		46,784,000
Beginning balance at Mar. 31, 2025	221,728	$ 4	481,361	1	(259,638)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	3,087		3,087
Issuance of common stock upon exercise of stock options (in shares)		3,000
Issuance of common stock upon exercise of stock options	5		5
Issuance of common stock in conjunction with vesting of restricted stock units (in shares)		325,000
Private placement, net of transaction costs	(171)		(171)
Issuance of shares under the employee stock purchase plan (in shares)		16,000
Issuance of shares under the employee stock purchase plan	24		24
Unrealized gain (loss) on investments, net of tax	8			8
Net Income (Loss)	(52,615)				(52,615)
Ending balance (in shares) at Jun. 30, 2025		47,128,000
Ending balance at Jun. 30, 2025	172,066	$ 4	484,306	9	(312,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,718		2,718
Unrealized gain (loss) on investments, net of tax	130			130
Net Income (Loss)	$ (17,746)				(17,746)
Ending balance (in shares) at Sep. 30, 2025	47,128,362	47,128,000
Ending balance at Sep. 30, 2025	$ 157,168	$ 4	$ 487,024	$ 139	$ (329,999)

Divestiture of FYARRO (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Net Assets Disposed

The $87.4 million gain represents the aggregate consideration of $102.4 million, less the assets and liabilities transferred, which are listed below (in thousands):


	March 25, 2025
Assets
Current assets:
Cash and cash equivalents	$	(1,000	)
Accounts receivable, net		(6,903	)
Inventory		(5,141	)
Prepaid expenses and other current assets		(866	)
Total current assets		(13,910	)
Property and equipment, net		(6,836	)
Operating lease right-of-use assets		(707	)
Other assets		(64	)
Total assets	$	(21,517	)
Current liabilities:
Accounts payable	$	(852	)
Accrued liabilities		(4,951	)
Operating lease liabilities, current portion		(201	)
Total current liabilities		(6,004	)
Operating lease liabilities, net of current portion		(536	)
Total liabilities		(6,540	)
Net assets disposed of	$	(14,977	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,746)	$ (52,615)	$ 73,016	$ (12,546)	$ (14,583)	$ (18,289)	$ 2,655	$ (45,418)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Employee Stock Purchase Plan

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Employee Stock Purchase Plan

10. Employee Stock Purchase Plan

On August 17, 2021, a special meeting of the Company’s stockholders was held to approve the Reverse Merger and related matters, at which the Company's stockholders considered and approved the Company’s 2021 ESPP which permits participants to contribute up to 15% of their eligible compensation during defined rolling six-month offering periods to purchase the Company's common stock. The purchase price of the shares will be 85% of the lower of the fair market value of the Company's common stock on the first day of trading of the offering period or on the applicable purchase date. Upon approval of the 2021 ESPP by the stockholders, Aerpio’s Amended and Restated 2017 Employee Stock Purchase Plan terminated. An aggregate of 519,563 shares of common stock was initially reserved for issuance under the 2021 ESPP. The number of shares of common stock available for issuance under the 2021 ESPP is increased on the first day of each fiscal year beginning with the 2022 fiscal year in an amount equal to the least of (i) 310,617 shares of common stock, (ii) one percent (1%) of the outstanding shares of all classes of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount to be determined by the board of directors or its designated committee no later than the last day of the immediately preceding fiscal year. On January 1, 2025, 246,807 shares of common stock were added to the 2021 ESPP. Shares of common stock issuable under the 2021 ESPP will be authorized, but unissued, or reacquired shares of common stock. If the Company’s capital structure changes because of a stock dividend, stock split or similar event, the number of shares that can be issued under the 2021 ESPP will be appropriately adjusted. The Company opened enrollment into the 2021 ESPP in May 2022.

The Company uses the Black-Scholes model to determine the estimated fair value for purchases under the 2021 ESPP. Black-Scholes models require the input of various assumptions, including the expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. The expected volatility used in calculating the estimated fair value for purchases under the 2021 ESPP is based on the historical volatility of the Company's common stock.

The calculation was based on the following assumptions:


	Three and Nine Months Ended September 30, 2025		Three and Nine Months Ended September 30, 2024
Strike price (per share)	$1.69-$2.11		$1.56 - $4.00
Risk-free interest rate	4.29% - 4.44%		5.40% - 5.41%
Expected volatility	55.26% - 88.23%		60.99% - 140.00%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

As of September 30, 2025, and December 31, 2024, 1,041,213 and 810,743 shares of common stock were available for issuance under the 2021 ESPP, respectively. The Company had an outstanding liability of $69.6 thousand and $37.0 thousand as of September 30, 2025, and December 31, 2024, respectively, which will be recognized over six months. For the nine months ended September 30, 2025 and 2024, 16,337 and 60,629 shares were issued under the 2021 ESPP, respectively.

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Apr. 16, 2025	Dec. 20, 2024	Dec. 19, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Loss Contingencies [Line Items]
Accrued clinical and contract manufacturing expense				$ 4,400		$ 4,400		$ 3,600
Incurred collaboration and supply agreement expense				0	$ 300	0	$ 1,000
Research and development				$ 14,345	$ 9,997	$ 71,942	$ 36,683
WuXi Biologics \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Loss Contingencies [Line Items]
Research and development	$ 38,000	$ 6,000
Non-refundable payment due			$ 38,000
Upfront payment period			120 days
Royalty period			10 years
WuXi Biologics \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Development Milestones
Loss Contingencies [Line Items]
Maximum aggregate milestone payments			$ 265,000
WuXi Biologics \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Commercial Milestones
Loss Contingencies [Line Items]
Maximum aggregate milestone payments			$ 540,000

Nature of Organization and Operations

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Organization and Operations

1. Nature of Organization and Operations

Whitehawk Therapeutics, Inc. (the "Company") is an oncology therapeutics company applying advanced technologies to established tumor biology that are intended to efficiently deliver improved cancer treatments. The Company has deep experience in chemistry, formulation, and drug delivery, as well as research, clinical, and commercial pharmaceutical development, and taking product candidates from the clinic to approval, launch, and commercialization.

Current ADC Business

On December 19, 2024, the Company entered into an intellectual property license agreement (the “WuXi License Agreement”) with WuXi Biologics (Shanghai FX) Co., Ltd. (“WuXi Biologics”) for the development and global commercialization of a portfolio of three next generation antibody drug conjugates (“ADCs”) targeting clinically validated, broadly overexpressed tumor antigens in high potential cancer indications with significant unmet need. Refer to Note 12 for further information on the WuXi Biologics License Agreement and its terms.

Legacy FYARRO Business.

For the periods presented and through the FYARRO Divestiture (as defined below), the Company's lead drug product was FYARRO® (sirolimus protein-bound particles for injectable suspension (albumin-bound); nab-sirolimus), which combines two established technologies - nanoparticle albumin-bound (nab) technology and the anti-cancer agent, sirolimus. The Company exclusively licensed FYARRO, previously called ABI-009, nab-sirolimus, from Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of Bristol-Myers Squibb Company (“BMS”). The Company refers to the development, production and commercial sale of FYARRO herein as the “FYARRO Business”. On February 22, 2022, the Company launched FYARRO in the United States for treatment of advanced malignant perivascular epithelioid cell tumor ("PEComa").

On December 19, 2024, the Company entered into a Stock Purchase Agreement (the “Divestiture Agreement”) with KAKEN INVESTMENTS INC., a Delaware corporation (“KAKEN”), KAKEN PHARMACEUTICAL CO., LTD, and Aadi Subsidiary, Inc., a Delaware corporation and the Company's former wholly owned subsidiary and the operating company for the FYARRO Business (“Aadi Subsidiary”). Under the Divestiture Agreement, KAKEN acquired 100% of the outstanding shares of capital stock of Aadi Subsidiary from the Company for a cash payment of $102.4 million (following applicable purchase price adjustments under the Divestiture Agreement) (the "FYARRO Divestiture"). The FYARRO Divestiture closed on March 25, 2025 and, as a result, the Company no longer operates the FYARRO Business.

Company Name Change.

In connection with the FYARRO Divestiture, the Company changed its name from "Aadi Bioscience, Inc." to "Whitehawk Therapeutics, Inc." and the Company changed its ticker symbol on the Nasdaq Capital Market to "WHWK".

Merger with Aerpio Pharmaceuticals, Inc.

On August 26, 2021 (the “Closing Date”), the Company completed its business combination with Aadi Subsidiary (then a private company known as Aadi Bioscience, Inc.) (“Private Aadi”), in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated May 16, 2021, by and among the Company, Aspen Merger Subsidiary, Inc. (“Merger Sub”) and Private Aadi (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Private Aadi, with Private Aadi surviving as a wholly owned subsidiary of the Company (the “Reverse Merger”) until the FYARRO Divestiture.

Liquidity

Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations. Prior to the FYARRO Divestiture, the Company also realized revenues from the commercial sale of FYARRO.

The Company has experienced net losses since its inception and expects to continue to incur net losses into the foreseeable future. The Company had an accumulated deficit of $330.0 million as of September 30, 2025 and net income of $2.7 million and net loss of $45.4 million for the nine months ended September 30, 2025 and 2024, respectively. The net income recorded for the nine months ended September 30, 2025 is primarily attributable to the gain on sale related to the FYARRO Divestiture. Prior to the FYARRO Divestiture, the Company's operating losses were funded primarily from outside sources of invested capital through the issuance of convertible promissory notes, grant funding, the sale of securities, and proceeds from license agreements.

The Company had cash, cash equivalents and short-term investments of $162.6 million at September 30, 2025. The Company paid $38.0 million, the balance of the up-front license fee, plus a 6% VAT fee on April 16, 2025 to WuXi Biologics for the in-licensing of Mucin-16 (“MUC16”), Protein Tyrosine Kinase 7 (“PTK7”) and Seizure Related 6 Homolog (“SEZ6”) (each an “ADC Therapy,” and collectively, the “ADC Therapies”). Management believes the Company’s cash, cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the issuance of these financial statements. If the Company is unable to achieve and maintain profitability, it will need additional financing to support its continuing operations and pursue its strategic objectives. Additional financing may be achieved through a combination of equity offerings and debt financing. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all.

On March 17, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), pursuant to which the Company may offer and sell, from time to time at the Company’s sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through Cowen as its sales agent for an at-the-marketing-offering. Any sales under the Sales Agreement may result in dilution to existing shareholders. As of September 30, 2025, no shares of common stock had been sold under this Sales Agreement.

Summary of Significant Accounting Policies - Narrative (Details)		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 17, 2021	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Product $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 26, 2022 $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Number of preclinical products in development \| Product				3
Allowance for doubtful accounts						$ 100,000
Allowance for credit losses		$ 0		$ 0		0
Receivables written off				0		0
Depreciation		5,600	$ 46,700	78,000	$ 146,000
Loss contingency accrual		$ 0		$ 0		$ 0
Employee Stock Option
Summary Of Significant Accounting Policies [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares) \| shares				3,805,985
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Offering period	6 months			6 months
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares							2,426,493
Warrants exercise price (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001			$ 0.0001
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant - March 2025
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		20,076,500		20,076,500
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant - September 2022
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		2,000,037		2,000,037
Product Sales Allowance
Summary Of Significant Accounting Policies [Line Items]
Deduction from gross product sales for allowances		$ 0	$ 1,710,000	$ 2,085,000	$ 4,695,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		3 years		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		5 years		5 years
Term of options granted				10 years
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			54.00%	37.00%	55.00%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage						42.00%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			44.00%	60.00%	44.00%
Customer Two \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage						56.00%

Condensed Statements of Operations and Comprehensive (Loss) Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total revenue	$ 0	$ 7,212,000	$ 7,145,000	$ 18,744,000
Operating expenses
Selling, general and administrative	5,201,000	7,186,000	23,956,000	25,698,000
Research and development	14,345,000	9,997,000	71,942,000	36,683,000
Restructuring charges	0	2,638,000	0	2,638,000
Cost of goods sold	0	804,000	760,000	2,234,000
Total operating expenses	19,546,000	20,625,000	96,658,000	67,253,000
Loss from operations	(19,546,000)	(13,413,000)	(89,513,000)	(48,509,000)
Other income (expense)
Gain on sale of business	(177,000)	0	87,266,000	0
Foreign exchange loss	0	(1,000)	(3,000)	(4,000)
Other income	127,000	0	285,000	0
Interest income	1,850,000	906,000	4,620,000	3,249,000
Interest expense	0	(38,000)	0	(154,000)
Total other income (expense), net	1,800,000	867,000	92,168,000	3,091,000
Net (loss) income	(17,746,000)	(12,546,000)	2,655,000	(45,418,000)
Other comprehensive income:
Unrealized gain (loss) on investments, net of tax	130,000	66,000	123,000	12,000
Comprehensive (loss) income	$ (17,616,000)	$ (12,480,000)	$ 2,778,000	$ (45,406,000)
Net (loss) income per share:
Basic (in dollars per share)	$ (0.26)	$ (0.46)	$ 0.04	$ (1.68)
Diluted (in dollars per share)	$ (0.26)	$ (0.46)	$ 0.04	$ (1.68)
Weighted average shares outstanding:
Basic (in shares)	69,204,899	27,041,327	59,417,911	27,010,791
Diluted (in shares)	69,204,899	27,041,327	60,057,872	27,010,791
Product sales, net
Total revenue	$ 0	$ 7,212,000	$ 7,145,000	$ 18,744,000

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

15. Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company has identified its Chief Executive Officer as the chief operating decision maker and the Company views its operations and manages its business in one operating segment, applying advanced technologies to established tumor biology that are intended to efficiently deliver improved cancer treatments. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred and on net (loss) income as reported on the statement of operations and comprehensive (loss) income. The measure of segment assets is reported on the balance sheet as total assets. Further, segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. The Company's revenues relate to sales of FYARRO, which was divested as of March 25, 2025. Refer to Note 2 for further information. All the assets and operations of the Company’s sole operating and reportable segment are located in the United States.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total Revenue	$	—		$	7,212		$	7,145		$	18,744
Less:
ADC assets - research and development expenses		5,247			—			48,701			—
ADC assets - contract manufacturing		9,323			—			18,199			—
FYARRO - research and development expenses		(225	)		8,895			5,040			29,030
FYARRO - contract manufacturing expenses		—			2,585			—			9,137
FYARRO - commercial and marketing expenses		14			494			294			1,788
Finance and accounting expenses (1)		2,099			2,447			7,349			8,929
Legal expenses		1,108			1,355			4,680			3,824
Other segment items (2)		1,853			4,888			12,113			14,703
Interest income		(1,850	)		(906	)		(4,620	)		(3,249	)
Gain on sale of business		177			—			(87,266	)		—
Net (loss) income	$	(17,746	)	$	(12,546	)	$	2,655		$	(45,418	)

(1)

Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.

(2)

Other segment items primarily include other SGA departmental expenses, cost of sales, interest expense, other income, and foreign exchange loss.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 04, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-38560
Entity Registrant Name	WHITEHAWK THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1547850
Entity Address, Address Line One	2 Headquarters Plaza
Entity Address, Address Line Two	East Building, 11th Floor
Entity Address, City or Town	Morristown
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	551
Local Phone Number	321-2234
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	WHWK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,128,362
Entity Central Index Key	0001422142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Short-Term Investments and Cash Equivalents

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments and Cash Equivalents

4. Short-Term Investments and Cash Equivalents

The following table summarizes the Company's short-term investments (in thousands):


		As of September 30, 2025
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	31,193	$	—	$	—	$	31,193
U.S. government treasury bills	Less than 1		58,943		24		—		58,967
Commercial paper	Less than 1		16,086		26		—		16,112
Corporate bonds	Less than 1		44,486		67		—		44,553
Corporate bonds	More than 1 less than 2		11,500		22		—		11,522
Total		$	162,208	$	139	$	—	$	162,347


		As of December 31, 2024
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	27,485	$	—	$	—	$	27,485
U.S. government treasury bills	Less than 1		12,553		9		—		12,562
Commercial paper	Less than 1		1,743		1		—		1,744
Corporate bonds	Less than 1		4,256		5		—		4,261
Total		$	46,037	$	15	$	—	$	46,052

Short-Term Investments and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investments

The following table summarizes the Company's short-term investments (in thousands):


		As of September 30, 2025
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	31,193	$	—	$	—	$	31,193
U.S. government treasury bills	Less than 1		58,943		24		—		58,967
Commercial paper	Less than 1		16,086		26		—		16,112
Corporate bonds	Less than 1		44,486		67		—		44,553
Corporate bonds	More than 1 less than 2		11,500		22		—		11,522
Total		$	162,208	$	139	$	—	$	162,347


		As of December 31, 2024
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	27,485	$	—	$	—	$	27,485
U.S. government treasury bills	Less than 1		12,553		9		—		12,562
Commercial paper	Less than 1		1,743		1		—		1,744
Corporate bonds	Less than 1		4,256		5		—		4,261
Total		$	46,037	$	15	$	—	$	46,052

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Operating Lease

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Operating Leases

6. Operating Leases

In April 2019, the Company entered into a twenty-eight month facility lease agreement for office space in Pacific Palisades, California (the “Pacific Palisades Lease”). The Pacific Palisades Lease commenced on May 1, 2019, included four months of rent abatement and a rent escalation clause and was set to expire on August 31, 2021. In August 2021, the Company exercised its option to extend the term of the Pacific Palisades Lease for an additional three-year period and entered into an amendment to the lease agreement (the “Pacific Palisades Lease Amendment”). Pursuant to the Pacific Palisades Lease Amendment, the Company and the landlord agreed to extend the term for an additional period of three (3) years and six (6) months, until February 28, 2025, with an option to renew for an additional three (3) years in accordance with the terms of the Pacific Palisades Lease. Included in the Pacific Palisades Lease Amendment were nine months of rent abatement and a rent escalation clause. The Pacific Palisades Lease expired on February 28, 2025.

In April 2022, the Company entered into a lease agreement for office space in Morristown, New Jersey (the “Morristown Lease”). The Morristown Lease has a term of seventy-three months, unless terminated sooner, and includes rent abatement for the first three months and the forty-seventh and forty-eighth calendar months after lease commencement. Included in the Morristown Lease are fixed rent escalations of approximately 2% on each anniversary year of the lease term. In connection with the FYARRO Divestiture, KAKEN assumed the Morristown Lease. The Company entered into a short-term sublease with KAKEN and are currently in the process of extending the sublease arrangement upon the sublandlord's and landlord's consent. The Company is paying $13,000 per month to KAKEN and has elected the short-term lease exemption under ASC 842. As such, this lease is not recorded on the balance sheet. Lease payments made are recognized on a straight-line basis over the lease term in the income statement.

The following table summarizes information related to the Company’s leases (in thousands):


	September 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	—	$	787
Liabilities:
Operating lease liabilities, current	$	—	$	268
Operating lease liabilities, non-current		—		565
Total operating lease liabilities	$	—	$	833

Rent expense for the three and nine months ended September 30, 2025 and 2024 is presented on the following table (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease rent expense	$	34	$	115	$	142	$	345

Cash paid for leases and included in operating cash flows for the nine months ended September 30, 2025 and 2024 is presented on the following table (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid included in operating cash flows	$	99	$	383