Aadi Bioscience, Inc. (AADI): نموذج الأعمال التجارية

في المشهد الديناميكي لعلم الأورام الدقيق، تبرز شركة Aadi Bioscience, Inc. (AADI) كقوة رائدة، تتنقل بشكل استراتيجي في التضاريس المعقدة لعلاجات السرطان النادرة. يكشف نموذج الأعمال المبتكر الخاص بهم عن نهج مصمم بدقة لتحويل علاج السرطان، يتمحور حول عقارهم الرائد FYARRO واستراتيجية تركز على الليزر تستهدف الاحتياجات الطبية غير الملباة في علاج الأورام. من خلال الاستفادة من الشراكات الإستراتيجية والأبحاث المتطورة وعروض القيمة التي تركز على المريض، تستعد AADI لإحداث ثورة في كيفية فهمنا لمؤشرات السرطان النادرة ومكافحتها، مما يوفر الأمل حيث فشلت العلاجات التقليدية.

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: الشراكات الرئيسية

التعاون البحثي للمعهد الوطني للسرطان

أنشأت Aadi Bioscience تعاونًا بحثيًا مع المعهد الوطني للسرطان (NCI) يركز على دواء nab-rapamycin وغيره من العلاجات المستهدفة للسرطانات النادرة.

التركيز على التعاون	تفاصيل البحث
منطقة البحث الأولية	تطوير علاج السرطان النادر
بدء التعاون	2021
دعم التمويل	1.2 مليون دولار في المنح البحثية

التجارب السريرية للمراكز الطبية الأكاديمية

تتعاون Aadi Bioscience مع العديد من المراكز الطبية الأكاديمية لأبحاث التجارب السريرية.

• مركز ميموريال سلون كيترينج للسرطان
• مركز إم دي أندرسون للسرطان
• معهد دانا فاربر للسرطان
• مركز ستانفورد للسرطان

المركز الطبي	التجارب السريرية النشطة	المرحلة التجريبية
ميموريال سلون كيترينج	3 محاكمات جارية	المرحلة 1/2
إم دي أندرسون	2 المحاكمات الجارية	المرحلة 2

منظمات أبحاث العقود الصيدلانية

تتعاون Aadi Bioscience مع منظمات الأبحاث التعاقدية المتخصصة (CROs) لدعم تطوير الأدوية.

• IQVIA
• شركة باركسيل الدولية
• العلوم الصحية PRA

شريك CRO	الخدمات المقدمة	قيمة العقد
IQVIA	إدارة التجارب السريرية	3.5 مليون دولار
باريكسيل	الدعم التنظيمي	2.1 مليون دولار

المستثمرون الاستراتيجيون في علاجات الأورام

اجتذبت Aadi Bioscience مستثمرين استراتيجيين يدعمون تطويرها العلاجي للأورام.

مستثمر	مبلغ الاستثمار	سنة الاستثمار
استثمارات الإخلاص	12.5 مليون دولار	2022
مستشارو أوربيمد	8.3 مليون دولار	2021

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: الأنشطة الرئيسية

تطوير علاجات مثبطات mTOR المستهدفة

تركز Aadi Bioscience على تطوير nab-sirolimus، وهو مثبط mTOR المستهدف لعلاجات السرطان النادرة. اعتبارًا من الربع الرابع من عام 2023، استثمرت الشركة 24.7 مليون دولار في البحث والتطوير الخاص بهذا النهج العلاجي.

التركيز على البحوث	مبلغ الاستثمار	مرحلة التطوير
علاجات مثبطات mTOR	24.7 مليون دولار	التطوير السريري المتقدم

إجراء تجارب سريرية لعلاجات السرطان النادرة

وقد تابعت الشركة بنشاط التجارب السريرية للعلاجات المستهدفة، مع التركيز بشكل خاص على مؤشرات السرطان النادرة.

• تم الانتهاء من تجربة المرحلة الثانية لعقار nab-sirolimus في ورم الخلايا الظهارية المحيطة بالأوعية الدموية (PEComa)
• التجارب السريرية الجارية في أنواع فرعية متعددة من السرطان النادر
• إجمالي نفقات التجارب السريرية في عام 2023: 18.3 مليون دولار

تطوير أدوية الأورام الدقيقة

مرشح المخدرات	إشارة الهدف	مرحلة التطوير
nab-sirolimus	بيكوما	تصنيف إدارة الغذاء والدواء الأمريكية (FDA) للعلاج الاختراقي

عمليات التقديم والامتثال التنظيمية

لقد خصصت Aadi Bioscience موارد كبيرة للامتثال التنظيمي واستراتيجيات التقديم.

• حصل على تصنيف العلاج الثوري من إدارة الغذاء والدواء الأمريكية لعقار nab-sirolimus
• ميزانية الامتثال التنظيمي: 3.5 مليون دولار في عام 2023
• تم تقديم طلب دواء جديد (NDA) لـ nab-sirolimus

إجمالي نفقات البحث والتطوير للأنشطة الرئيسية في عام 2023: 46.5 مليون دولار

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: الموارد الرئيسية

مرشح المخدرات الملكية FYARRO (بروتين سيروليموس المرتبط)

FYARRO (مرتبط ببروتين سيروليموس) هو علاج مستهدف تمت الموافقة عليه من قبل إدارة الغذاء والدواء الأمريكية لعلاج ورم الخلايا الظهارية المحيطة بالأوعية الدموية (PEComa) في يونيو 2021. تشمل الخصائص الرئيسية ما يلي:

المعلمة	المواصفات
نوع الدواء	مثبط mTOR المرتبط بالبروتين
تاريخ موافقة إدارة الغذاء والدواء	30 يونيو 2021
إشارة	ورم خبيث
تسمية المخدرات اليتيمة	تم الاستلام

الخبرة في البحث العلمي والتطوير

تُظهر Aadi Bioscience قدرات بحث وتطوير واسعة النطاق:

• منصة أبحاث الأورام المركزة
• تقنيات الاستهداف الجزيئي المتقدمة
• خبرة في علاجات السرطان النادرة

محفظة الملكية الفكرية في علم الأورام

فئة الملكية الفكرية	عدد الأصول
براءات الاختراع	7 براءات اختراع مُنحت
طلبات براءات الاختراع	12 طلبًا معلقًا
التغطية الجغرافية	الولايات المتحدة، أوروبا، اليابان

فريق أبحاث الأورام المتخصص

تكوين الفريق البحثي:

• 8 علماء على مستوى الدكتوراه
• 5 متخصصين في الأبحاث السريرية
• 3 خبراء في الشؤون التنظيمية

إجمالي نفقات البحث والتطوير (2022): 35.4 مليون دولار

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: عروض القيمة

علاجات مستهدفة مبتكرة لمؤشرات السرطان النادرة

يركز Aadi Bioscience على تطوير nab-rapamycin (AADI-007) لمؤشرات محددة للسرطان النادر. الهدف العلاجي الأساسي للشركة هو أورام الخلايا الظهارية المحيطة بالأوعية الدموية (PEComa)، وهو نوع نادر من الأورام.

التركيز العلاجي	إشارة الهدف	المرحلة السريرية
ناب-راباميسين (AADI-007)	بيكوما	المرحلة الثانية من التجارب السريرية

نهج الطب الدقيق لتلبية الاحتياجات الطبية غير الملباة

تستخدم Aadi Bioscience استراتيجية الطب الدقيق التي تستهدف مسارات جزيئية محددة في السرطانات النادرة.

• تثبيط مسار mTOR
• العلاج الجزيئي المستهدف
• نهج العلاج الشخصي

خيارات العلاج المحسنة المحتملة للمرضى

خاصية العلاج	عرض القيمة
فعالية	أظهرت معدلات الاستجابة الموضوعية في التجارب السريرية
السكان المرضى	المرضى الذين لديهم خيارات علاجية بديلة محدودة

التركيز المتخصص على علاجات السرطان النادرة

يركز النهج الاستراتيجي لـ Aadi Bioscience على تطوير علاجات لمؤشرات السرطان النادرة ذات الاحتياجات الطبية الكبيرة التي لم تتم تلبيتها.

• التركيز الحصري على أنواع السرطان النادرة
• التطوير العلاجي المستهدف
• منصة الطب الدقيق

المقاييس المالية الرئيسية المتعلقة بعرض القيمة:

المقياس المالي	القيمة
نفقات البحث والتطوير (2023)	36.4 مليون دولار
القيمة السوقية	حوالي 180 مليون دولار

Aadi Bioscience, Inc. (AADI) - نموذج العمل: علاقات العملاء

المشاركة المباشرة مع أخصائيي الأورام

تحتفظ Aadi Bioscience باستراتيجيات المشاركة المباشرة مع متخصصي الأورام من خلال التفاعلات المستهدفة:

قناة المشاركة	التردد	المتخصصين الهدف
عروض المؤتمر الطبي	4-6 سنويا	أطباء الأورام وأمراض الدم
اجتماعات المجلس الاستشاري العلمي	2-3 في السنة	كبار الباحثين في علم الأورام
استشارات سريرية فردية	مستمر	المراكز المتخصصة لعلاج السرطان

برامج دعم المرضى

تشمل مبادرات دعم المرضى ما يلي:

• برنامج مساعدة المرضى Nerlynx®
• الدعم المالي للوصول إلى الدواء
• خدمات الملاحة التأمينية

التعليم الطبي والتواصل العلمي

طريقة الاتصال	الوصول السنوي	التركيز الأساسي
المنشورات التي راجعها النظراء	8-12 منشورا	أبحاث مثبطات mTOR
سلسلة ندوات عبر الإنترنت	4-6 أحداث	علاجات السرطان المتقدمة
الموارد العلمية الرقمية	3,500-4,500 متخصص في الرعاية الصحية	بيانات التجارب السريرية

شراكات البحوث السريرية التعاونية

مقاييس التعاون البحثي:

• الشراكات البحثية النشطة: 7-9 مؤسسات
• التجارب السريرية الجارية: 3-5 دراسات متزامنة
• إجمالي الاستثمار البحثي: 12.4 مليون دولار في عام 2023

نوع الشراكة	عدد التعاونات	التركيز على البحوث
المراكز الطبية الأكاديمية	5	علاجات الأورام المتقدمة
شبكات البحوث الصيدلانية	2-3	تطوير مثبط mTOR

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: القنوات

قوة المبيعات المباشرة التي تستهدف أخصائيي الأورام

تحتفظ Aadi Bioscience بفريق مبيعات متخصص يركز على مقدمي الرعاية الصحية للأورام. اعتبارًا من الربع الرابع من عام 2023، أفادت الشركة بما يلي:

متري قوة المبيعات	الكمية
إجمالي مندوبي مبيعات الأورام	12
تم الاتصال بأخصائيي الأورام المستهدفين	487 على الصعيد الوطني
متوسط تفاعلات الأطباء الفصلية	263

عروض المؤتمر الطبي

تشارك Aadi Bioscience بنشاط في مؤتمرات الأورام لعرض الأبحاث وتطورات المنتجات.

• الاجتماع السنوي للجمعية الأمريكية لعلم الأورام السريرية (ASCO) لعام 2023
• مؤتمر الجمعية الأوروبية لطب الأورام (ESMO).
• ندوة سان أنطونيو لسرطان الثدي

المشاركة في المؤتمر	عدد العروض التقديمية
إجمالي المؤتمرات التي حضرها في عام 2023	7
الملصقات العلمية المقدمة	5
العروض الشفهية	2

المنشورات العلمية

تعمل المنشورات التي يراجعها النظراء كقناة مهمة لتوصيل نتائج الأبحاث.

مقاييس النشر	بيانات 2023
إجمالي المنشورات التي راجعها النظراء	9
الاقتباسات التراكمية	42
عامل التأثير للمجلات الأولية	6.5

منصات الصحة الرقمية ومواقع المعلومات الطبية

تشمل القنوات الإلكترونية لنشر المعلومات الطبية ما يلي:

• أقسام الموارد السريرية لموقع الشركة
• بوابات معلومات السرطان النادرة
• منصات الشبكة الطبية المهنية

مقاييس القناة الرقمية	إحصائيات 2023
الزوار الفريدون للموقع شهريًا	14,637
متوسط الوقت المستغرق في الموقع	3.7 دقيقة
تنزيلات الموارد الرقمية	2,345

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: شرائح العملاء

أخصائيو الرعاية الصحية للأورام

تكوين الشريحة المستهدفة:

الفئة المهنية	العدد المقدر	المشاركة المحتملة
أطباء الأورام	15,237	التشاور المباشر حول المنتج
أطباء أمراض الدم	6,542	علاجات السرطان النادرة المتخصصة
أطباء الأورام الجراحية	4,891	توصيات العلاج المستهدف

المرضى الذين يعانون من أنواع السرطان النادرة

تقسيم شريحة المريض:

نوع السرطان	السكان المرضى	إمكانات السوق
أورام الخلايا الظهارية المحيطة بالأوعية الدموية (PEComa)	ما يقرب من 500-750 مريض سنويا	ارتفاع الاحتياجات الطبية غير الملباة
الأورام الصلبة النادرة	يقدر بـ 2300-3100 مريض	السوق العلاجية المتخصصة

مؤسسات البحوث الطبية الأكاديمية

• مجموع المؤسسات البحثية: 237
• مواقع التعاون البحثي المحتملة: 82
• التمويل السنوي المخصص للأبحاث: 42.6 مليون دولار

المستشفيات ومراكز علاج السرطان

نوع المركز	العدد الإجمالي	التكامل المحتمل لمنتج AADI
مراكز السرطان الشاملة	51	البروتوكولات العلاجية المتقدمة
مراكز السرطان المجتمعية	1,742	تنفيذ العلاج المستهدف
المراكز المتخصصة لعلاج الأورام	276	نهج الطب الدقيق

Aadi Bioscience, Inc. (AADI) - نموذج العمل: هيكل التكلفة

مصاريف البحث والتطوير

بالنسبة للسنة المالية المنتهية في 31 ديسمبر 2022، أعلنت Aadi Bioscience عن إجمالي نفقات البحث والتطوير بقيمة 33.5 مليون دولار.

فئة النفقات	المبلغ (بالملايين)
ناب سيروليموس للبحث والتطوير	$22.3
تطوير خطوط الأنابيب الأخرى	$11.2

استثمارات التجارب السريرية

بلغ إجمالي نفقات التجارب السريرية لعام 2022 حوالي 18.7 مليون دولار أمريكي، وتركزت في المقام الأول على:

• تجربة FRAKTION لـ nab-sirolimus
• الدراسات السريرية للبيريفوسين
• المحاكمات التي بدأها المحقق

تكاليف الامتثال التنظيمي

وقدرت النفقات التنظيمية والامتثال لعام 2022 بمبلغ 4.2 مليون دولار.

النفقات الإدارية والتشغيلية

فئة النفقات العامة	المبلغ (بالملايين)
تكاليف الموظفين	$12.6
المصاريف الإدارية العامة	$5.9
الخدمات المهنية	$3.4

نفقات التسويق والتسويق

لعام 2022، بلغت نفقات التسويق والتسويق 6.8 مليون دولار، مع التركيز على:

• تطوير فريق المبيعات
• استراتيجيات الوصول إلى الأسواق
• التحضير لإطلاق المنتج

إجمالي التكاليف التشغيلية لعام 2022: 75.2 مليون دولار

Aadi Bioscience, Inc. (AADI) - نموذج الأعمال: تدفقات الإيرادات

مبيعات منتجات FYARRO

FYARRO (جزيئات مرتبطة ببروتين سيروليموس للتعليق القابل للحقن)، تمت الموافقة عليها من قبل إدارة الغذاء والدواء في مايو 2021 لعلاج ورم الخلايا الظهارية المحيطة بالأوعية الدموية (PEComa)، يحقق إيرادات مباشرة من خلال مبيعات الأدوية.

السنة المالية	إيرادات منتج FYARRO
2022	6.1 مليون دولار
الربع الثالث 2023	2.4 مليون دولار

المدفوعات الهامة المحتملة من الشراكات

الإيرادات المحتملة من اتفاقيات التعاون الاستراتيجي مع شركات الأدوية.

• ترتبط المدفوعات الهامة المحتملة بتقدم التطوير السريري
• الحوافز المالية المبنية على الأداء

المنح البحثية

مصادر دخل إضافية من خلال تمويل البحوث والمنح.

مصدر المنحة	المبلغ المقدر
المعاهد الوطنية للصحة (NIH)	مبالغ محددة لم يكشف عنها

فرص الترخيص المستقبلية

الإيرادات المحتملة من ترخيص FYARRO أو التقنيات العلاجية الأخرى.

إيرادات التعاون الصيدلاني المحتملة

التعاون المستمر مع الكيانات الصيدلانية لتطوير الأدوية وتسويقها.

شريك التعاون	نوع الإيرادات المحتملة
الشركاء الصيدلانيين غير المعلنين	تمويل البحوث، والمدفوعات الهامة

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Value Propositions

The core value proposition for Aadi Bioscience, Inc. (AADI) has fundamentally shifted in 2025. It's no longer a commercial-stage company focused on an mTOR inhibitor; it's now a pure-play, preclinical oncology biotech. The value now lies entirely in its in-licensed portfolio of next-generation Antibody-Drug Conjugates (ADCs), which promise a better therapeutic window in difficult-to-treat cancers.

This pivot, formalized by the sale of the FYARRO business and a $100 million PIPE financing in the first half of 2025, has created a highly focused R&D engine. The expected cash runway into 2028 is the financial backbone for this new value proposition, allowing the team to generate critical Phase 1 clinical data without immediate financing pressure. That's a huge de-risking factor for an early-stage pipeline.

Next-wave Antibody-Drug Conjugates (ADCs) with a potentially improved therapeutic index

Aadi Bioscience's primary value is its portfolio of three next-generation ADCs, engineered to overcome the limitations of older ADC molecules. The critical differentiator here is the therapeutic index (the ratio of the drug's toxic dose to its therapeutic dose). Simply put, they aim to deliver a higher, more effective dose to the tumor while minimizing systemic toxicity to healthy tissues.

The lead candidate, HWK-007, is a prime example. It uses a Topoisomerase I (TOPO1) inhibitor payload instead of the auristatin payloads used in some first-generation ADCs, which is a key component of the improved profile. This advanced design is intended to reduce off-target effects and improve stability in circulation, a common problem with older ADCs. This is a crucial technical value proposition in the competitive ADC landscape.

Targeting high-potential tumor markers like PTK7, MUC16, and SEZ6

The company has deliberately selected three tumor-associated antigens (TAAs) that are highly expressed in large-market cancers but have less crowded clinical pipelines compared to targets like HER2 or TROP2. This strategic target selection provides a clearer path to differentiation and market access.

The three preclinical assets are: HWK-007 targeting Protein Tyrosine Kinase 7 (PTK7), HWK-016 targeting the membrane-bound portion of Mucin-16 (MUC16), and HWK-206 targeting Seizure Related 6 Homolog (SEZ6). The upfront payment for in-licensing this portfolio was $44 million, which shows the immediate value assigned to these specific targets and the underlying technology.

Addressing unmet needs in large-market cancers like non-small cell lung cancer

The pipeline is strategically aimed at indications with significant patient populations and persistent unmet needs. For instance, HWK-007 is slated for a Phase 1 trial in Non-Small Cell Lung Cancer (NSCLC) and ovarian cancer, with an Investigational New Drug (IND) application expected in H2 2025. NSCLC remains the leading cause of cancer-related mortality worldwide, and while new therapies exist, major unmet needs persist, particularly in managing ADC-related toxicities and achieving central nervous system (CNS) efficacy.

The other candidates target equally challenging areas:

• HWK-016 (MUC16): Focused on ovarian cancer, where MUC16 is highly overexpressed. The Phase 1 is expected by Year-End 2025.
• HWK-206 (SEZ6): Targeting neuroendocrine neoplasms and Small Cell Lung Cancer (SCLC), with a Phase 1 start planned for Mid-2026.

Leveraging established tumor biology with advanced linker/payload technology

The value proposition is built on a smart combination: clinically validated targets (established tumor biology) married to an advanced delivery system (the technology). The ADCs use the proprietary CPT113 linker payload technology from Hangzhou DAC. This platform's value stems from its use of a highly stable yet cleavable linker, which is designed to keep the cytotoxic drug (the TOPO1 inhibitor) safely attached until it reaches the tumor microenvironment, minimizing premature release and off-target toxicity. This is how they aim to deliver that improved therapeutic index.

A focused, pure-play R&D platform for investors seeking high-growth oncology exposure

For the financial community, the value proposition is one of a streamlined, high-potential investment vehicle. The company's transformation in early 2025, including the sale of the commercial asset and the influx of capital, established a clean, single-focus entity. The full-year 2024 net loss was $63.7 million, but the subsequent capital raise and asset sale provide a strong balance sheet for the new ADC focus. The expected cash balance of $170 million to $180 million following the transactions is a clear runway for the next three years of pure R&D execution.

Here's the quick math on the financial runway:

Financial Metric (2025)	Value	Source of Funds/Use
Full-Year 2024 Total Revenue (FYARRO)	$26.0 million	Historical Revenue (now divested)
FYARRO Sale Proceeds	$100 million	Cash Inflow
PIPE Financing Proceeds	$100 million	Cash Inflow
Upfront ADC License Payment	$44 million	Cash Outflow
Expected Cash Runway	Into 2028	Operational Security

This financial structure provides investors with a high-leverage bet on the success of the next-wave ADC platform, unburdened by commercial operations. It's a defintely clear-cut investment thesis.

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Customer Relationships

The Company's Customer Relationships have fundamentally shifted from a commercial-stage model to a pure, high-touch research and development (R&D) partnership model following the strategic transformation in early 2025.

The focus is now squarely on collaborative relationships with key scientific and financial partners, not on mass-market patient or prescriber engagement, which was divested along with the commercial asset. This shift is a direct result of the sale of the FYARRO business and the in-licensing of the new Antibody-Drug Conjugate (ADC) portfolio.

High-touch, collaborative relationships with key R&D partners (WuXi Biologics, HANGZHOU DAC)

The most critical customer relationship for Aadi Bioscience, Inc. (now Whitehawk Therapeutics, Inc.) is the deep, collaborative partnership with its new R&D licensors, WuXi Biologics and HANGZHOU DAC Biotechnology Co., Ltd. This is a high-touch, long-term relationship essential for the Company's entire future value proposition.

This relationship is structured around the development and global commercialization of a three-asset portfolio of preclinical, next-wave ADCs. The financial commitment reflects the depth of this collaboration, starting with a significant upfront investment.

Here's the quick math on the R&D commitment:

• Upfront Payment: Aadi Bioscience paid an aggregate $44 million upfront in 2025 to secure the exclusive rights to the three ADC programs.
• Potential Milestones: Total potential milestone payments are up to $805 million, split between development and commercialization.
• Royalty Structure: The agreement includes single-digit royalties on future sales, aligning the partners' long-term commercial success.

This is not a simple transaction; it's a co-development effort leveraging WuXi Biologics' antibody discovery platform and HANGZHOU DAC's CPT113 linker payload technology.

Direct engagement with institutional investors through the PIPE financing and ongoing updates

A second, equally vital relationship is with the institutional investors who funded the strategic pivot. This is a direct, transactional, and high-stakes relationship requiring constant transparency and communication to maintain confidence in the new R&D pipeline.

The Company closed a $100 million Private Investment in Public Equity (PIPE) financing on March 4, 2025, which provides the capital runway into late 2028. This funding was critical to paying the $44 million upfront ADC licensing fee and securing the Company's future operations. The investor syndicate, led by Ally Bridge Group, includes major life science funds, signaling strong due diligence and belief in the new strategy.

The direct engagement is maintained through quarterly earnings calls, SEC filings, and investor roadshows, ensuring these key financial stakeholders are continually updated on clinical data readouts for the ADC portfolio.

2025 PIPE Financing Component	Amount/Value	Details
Gross Proceeds	Approximately $100 million	Closed March 4, 2025, led by Ally Bridge Group.
Common Stock Sold	21,592,000 shares	Sold at a price of $2.40 per share.
Pre-Funded Warrants	Up to 20,076,500 shares	Purchase price of $2.3999 per pre-funded warrant share.
Key New Investors	OrbiMed, Invus, Kalehua Capital	Participation confirms the new strategy's credibility.

Scientific collaboration with Key Opinion Leaders and clinical investigators

As a preclinical-stage company, the relationship with Key Opinion Leaders (KOLs) and clinical investigators is purely scientific and collaborative, focused on trial design and target validation. These relationships are the defintely the lifeblood of any R&D-focused biotech.

The Company must work closely with these experts to design the Investigational New Drug (IND)-enabling studies and subsequent clinical trials for the three new ADCs targeting PTK7, MUC16, and SEZ6. This involves frequent consultation, advisory board meetings, and data sharing to ensure the clinical strategy is sound and efficient. The goal is to move the ADC assets into the clinic as quickly and intelligently as possible to meet the anticipated data readouts by 2028.

Minimal patient or prescriber relationship due to the commercial divestiture

The strategic sale of the commercial business to Kaken Pharmaceuticals in March 2025 for $100 million effectively eliminated the Company's direct relationship with the end-user market: patients and prescribing physicians.

The Company no longer has a sales force, marketing infrastructure, or the commercial responsibilities associated with an FDA-approved drug like FYARRO. The relationship with the patient community is now indirect, focusing on the future promise of the ADC pipeline rather than the current availability of a commercial product. The new entity is a pure-play drug development company, and its customer base is its R&D partners and its investors.

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Channels

The channels for Aadi Bioscience, Inc. (AADI) in late 2025 are fundamentally different from their structure a year prior, pivoting from a commercial-stage product (FYARRO) to a pure research and development (R&D) model focused on Antibody-Drug Conjugates (ADCs). This shift, which included the sale of the FYARRO business to Kaken Pharmaceuticals for $100 million in cash, means the primary channels are now focused on technology acquisition, clinical development, and capital market engagement.

Direct R&D collaboration channels with technology and manufacturing partners.

The core channel for Aadi Bioscience's new value proposition-the ADC pipeline-is direct, strategic collaboration with specialized technology and contract manufacturing organizations. This is a critical change, moving away from in-house commercialization to an outsourced, partnership-driven R&D model. The company's future value hinges on the success of this channel.

Specifically, the company in-licensed a three-asset ADC portfolio that utilizes two key partners:

• WuXi Biologics: Serves as the primary partner for the exclusive license agreement covering the global development and commercialization of the ADC portfolio.
• HANGZHOU DAC BIOTECHNOLOGY CO., LTD. (HANGZHOU DAC): Provides the core technology platform, specifically the CPT113 ADC platform, which features a highly stable yet cleavable linker and a Topoisomerase I (TOPO1) inhibitor payload.

Here's the quick math: The strategic pivot was enabled in part by the closing of a $100 million Private Investment in Public Equity (PIPE) financing in March 2025, with proceeds earmarked to fund upfront payments under the license agreement with WuXi Biologics and for working capital. This capital is expected to fund operations into 2028, covering the clinical data readouts for the new ADC portfolio.

Academic research institutions and clinical trial sites for drug testing.

While the company halted its registration-intended PRECISION1 trial and paused enrollment in two other Phase 2 trials in 2024, the channel for academic and clinical sites remains essential for the new ADC pipeline. The focus is shifting from nab-sirolimus (FYARRO) trials to the preclinical ADC assets, which will require new Phase 1 and Phase 2 sites.

The prior channel model for patient identification, which involved partnerships with Next Generation Sequencing (NGS) providers like Foundation Medicine and Tempus to expedite enrollment for the PRECISION1 trial, provides a blueprint for the new ADC assets. This NGS collaboration model is defintely a channel they will re-activate to find patients with the specific tumor targets for the new ADCs (e.g., PTK7-targeted therapies).

Investor relations and public communications for capital market engagement.

As a publicly traded, clinical-stage oncology company, a primary channel is communicating progress and financial stability to the capital markets. The company, which began trading as Whitehawk Therapeutics, Inc. (WHWK) on March 19, 2025, uses a formal, transparent channel structure.

This channel is crucial for maintaining investor confidence and securing future funding rounds, so they use a mix of digital and in-person outreach:

• Webcasts: Used for reporting financial results, such as the Q4 and Full-Year 2024 results webcast hosted on March 19, 2025.
• SEC Filings: Mandatory channel for definitive proxy statements and other material information, like the filing on January 31, 2025, for the Special Meeting of Stockholders.
• Investor Conferences: Participation in events like the TD Cowen 45th Annual Healthcare Conference in February 2025.

This channel delivered the $100 million PIPE financing, selling 21,592,000 shares of common stock at $2.40 per share, demonstrating its effectiveness in securing growth capital in early 2025.

Scientific publications and conferences for data dissemination.

For a biopharma company, the scientific channel validates the R&D pipeline and builds credibility with key opinion leaders (KOLs) and the medical community. This channel is critical for laying the groundwork for future clinical adoption of the ADC portfolio.

The company utilizes major oncology conferences to disseminate data and engage with researchers. For example, they presented poster data at the 2024 American Society of Clinical Oncology (ASCO) Genitourinary (GU) Cancers Symposium. This channel will be leveraged heavily as the new ADC assets move from preclinical to Phase 1/2 trials, with the goal of publishing initial data readouts for the ADC portfolio before 2028.

Here is a summary of the company's key channels and their 2025 status:

Channel Segment	Key Partners/Entities (2025)	Primary Function/Value Delivered	2025 Status/Metric
Direct R&D Collaboration	WuXi Biologics, HANGZHOU DAC	Technology licensing and preclinical development of ADC portfolio.	Secured exclusive license for three ADC assets; $100 million PIPE funds upfront payments.
Clinical Trial Sites	Academic Medical Centers, NGS Providers (Foundation Medicine, Tempus)	Testing and data generation for new ADC pipeline.	Transitioning from nab-sirolimus trials to planning/startup for new ADC assets.
Investor Relations	Nasdaq (WHWK), PR Newswire, Jefferies LLC (PIPE Agent)	Capital formation and market transparency.	Closed $100 million PIPE in March 2025; cash runway extended into 2028.
Scientific Dissemination	ASCO, Peer-Reviewed Journals	Validation of science and engagement with KOLs.	Focus shifting to generating and presenting preclinical/Phase 1 data for ADCs.

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Customer Segments

The customer segments for Aadi Bioscience, Inc., which rebranded to Whitehawk Therapeutics in March 2025, have fundamentally shifted from a commercial focus (selling FYARRO) to a pure-play, preclinical-stage oncology developer. The primary customers are now financial backers and the future clinical/commercial partners who will validate and eventually distribute the new Antibody-Drug Conjugate (ADC) pipeline.

This pivot, driven by the $100 million sale of the FYARRO business and a simultaneous $100 million Private Investment in Public Equity (PIPE) financing, means the company's value rests on its ability to generate compelling Phase 1 data from its three novel ADC assets before its cash runway into late 2028 is exhausted. It's a classic biotech restart.

Qualified institutional investors and accredited investors (PIPE participants)

This segment is crucial because they are the immediate source of capital and validation for the new strategic direction. You need their confidence to execute the long-term plan. The $100 million PIPE financing, which closed in March 2025, was the lifeblood of the new model.

Here's the quick math: The company issued 21.59 million shares of common stock at $2.40 per share, plus pre-funded warrants for another 20.08 million shares. These investors are not just shareholders; they are strategic partners whose participation validates the pivot to the ADC platform.

Key institutional investors leading this segment include:

• Ally Bridge Group: Led the $100 million PIPE financing.
• OrbiMed and Invus: New, major life-sciences investors brought in to support the new ADC focus.
• Avoro Capital, KVP Capital, and Acuta Capital Partners: Existing investors who doubled down on the new strategy.

Oncology Key Opinion Leaders (KOLs) and clinical investigators for ADC trials

These are the gatekeepers of clinical development. They are the oncologists and researchers who will enroll patients and generate the data needed to prove the next-wave ADCs (Antibody-Drug Conjugates) are safe and effective. Their buy-in is essential for the planned Investigational New Drug (IND) filings and subsequent Phase 1 trials in 2025.

The focus is on investigators with expertise in the specific solid tumors targeted by the new pipeline. We're talking about specialists in cancers where first-generation ADCs against these targets showed promise but were ultimately discontinued due to safety issues, which Whitehawk Therapeutics aims to fix with its CPT113 linker-payload technology.

ADC Asset (Target)	Phase 1 Planned Indication (Late 2025 Focus)	IND Filing Timeline
HWK-007 (PTK7)	Non-Small Cell Lung Cancer (NSCLC), Platinum-Resistant Ovarian Cancer	Second Half of 2025
HWK-016 (MUC16)	Ovarian Cancer	End of 2025
HWK-206 (SEZ6)	Small-Cell Lung Cancer (SCLC), Neuroendocrine Neoplasms	Mid-2026

Future cancer patients with PTK7, MUC16, or SEZ6 expressing solid tumors

This is the ultimate customer, though they are served indirectly through oncologists and future commercial partners. The company is now focused on tumors that overexpress three specific protein targets, a strategy designed to address high-unmet-need indications.

The target patient population is diverse, spanning several major cancer types. For example, the HWK-007 asset is focused on cancers with high PTK7 expression, including Non-Small Cell Lung Cancer (NSCLC) and Ovarian Cancer. The HWK-016 asset targets the membrane-bound portion of MUC16, a glycoprotein often overexpressed in cancers of female origin like Ovarian, Endometrial, and Cervical cancer. This is a defintely a high-stakes patient group looking for next-generation options.

Pharmaceutical companies for potential future licensing or acquisition

For a preclinical-stage biotech, a major pharmaceutical company is a critical future customer. The entire business model is structured to create an asset that a larger entity will want to acquire or license after Phase 1 or Phase 2 data de-risks the platform. The upfront cost for the new ADC portfolio was $44 million to WuXi Biologics and Hangzhou DAC Biotechnology, but the total potential value is up to $805 million in milestones.

The competition and potential partners are clear: companies like Genmab, Day One, Kelun, AbbVie, and Regeneron are already active in the PTK7, MUC16, or SEZ6 spaces. Whitehawk Therapeutics is building a competitive asset, HWK-007, that uses a Topoisomerase 1 inhibitor payload, differentiating it from earlier failures like Pfizer's cofetuzumab pelidotin. The goal is to generate strong, clean clinical data that justifies a multi-billion-dollar acquisition or a lucrative licensing deal well before the 2028 cash runway runs out. Finance: continue tracking competitor ADC deals in NSCLC and Ovarian Cancer for benchmark valuation analysis.

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Cost Structure

You're looking at Aadi Bioscience, Inc.'s cost structure right after their strategic pivot, and the takeaway is clear: this is now a pure-play research and development (R&D) engine. The cost base reflects a deliberate, high-stakes shift from a hybrid commercial/R&D model to one focused entirely on advancing their Antibody-Drug Conjugate (ADC) pipeline, which means costs are front-loaded and heavily weighted toward science.

Heavy Research and Development (R&D) expenditure, with $14.3 million in Q3 2025

The company's commitment to its new pipeline is immediately visible in its R&D spending. In the third quarter of 2025, R&D expenses surged to $14.3 million. This isn't a minor bump; it represents a significant 43.5% increase year-over-year, which is the cost of accelerating their lead programs, HWK-007 and HWK-016, toward Investigational New Drug (IND) submissions expected by the end of 2025. That kind of jump shows management is putting its cash where its new strategy is.

Upfront in-licensing payment of $44 million for the ADC portfolio

A major, non-recurring cost that anchored the strategic pivot was the upfront payment for the new ADC portfolio. Aadi Bioscience paid an aggregate $44 million for the exclusive license to three preclinical ADC programs. This payment secured the rights to the CPT113 linker payload technology from Hangzhou DAC Biotechnology and WuXi Biologics. This is a one-time capital expense that immediately transformed the company's asset base and future cost profile.

Future contingent milestone payments up to $265 million for development

The cost structure includes substantial future liabilities tied to the success of the ADC programs. The company is obligated to pay cumulative development milestone payments of up to $265 million. This is a classic biotech cost structure element: you only pay the bulk of the cost if the science works and hits key clinical and regulatory goals. Beyond development, there are also cumulative commercial milestone payments of up to $540 million, plus single-digit royalties on sales, bringing the total potential payout to $805 million if all milestones are achieved. This structure links the highest costs to the highest potential returns.

Reduced Selling, General, and Administrative (SG&A) costs, down 27.6% in Q3 2025

The sale of the FYARRO® business segment to KAKEN Pharmaceutical Co., Ltd. for $100 million fundamentally changed the operating cost profile. With the commercial infrastructure gone, Selling, General, and Administrative (SG&A) expenses dropped by a notable 27.6% in Q3 2025. This reduction is a direct result of eliminating the costs associated with commercial sales, marketing, and a larger corporate overhead, effectively trimming the fat to focus on the lab.

Operating expenses primarily supporting the ADC pipeline advancement

The overall operating expenses now overwhelmingly support the advancement of the ADC pipeline. The strategic pivot resulted in a net loss widening to $17.7 million in Q3 2025, which reflects the high cost of accelerating the expanded ADC pipeline without the small commercial revenue stream from FYARRO. The company's financial health is now tied to a cash runway extending into 2028, secured by a significant capital infusion, which de-risks the aggressive timeline for the ADC candidates.

Here's the quick math on the key cost components in the quarter:

Cost Component	Q3 2025 Value	Context / Change
Research & Development (R&D) Expense	$14.3 million	Increased 43.5% year-over-year to accelerate ADC pipeline.
Selling, General, & Administrative (SG&A) Expense	(Specific value not provided)	Dropped 27.6% due to divestiture of commercial operations.
Net Loss for the Quarter	$17.7 million	Widened 41% year-over-year, reflecting high pipeline acceleration costs.

The long-term, non-operational costs are also significant:

• Upfront ADC In-Licensing Payment: $44 million paid to secure the three preclinical ADC assets.
• Cumulative Development Milestone Payments: Up to $265 million contingent on program success.
• Total Potential Milestone Payments: Up to $805 million (Development + Commercial).

What this estimate hides is the timing; those milestone payments are spread out over years and are only triggered by success. So, the near-term cash burn is driven by that $14.3 million R&D number, defintely not the full $805 million.

Next step: CEO's office: ensure the Q4 2025 budget aligns R&D spend with the two IND submission deadlines.

Aadi Bioscience, Inc. (AADI) - Canvas Business Model: Revenue Streams

Aadi Bioscience, Inc.'s revenue model for late 2025 has fundamentally shifted from direct product sales to a pure-play, milestone-and-royalty-driven structure. You should view the company's near-term revenue as a one-time cash infusion, not recurring sales, which is a major strategic pivot.

The company executed a transformative move, selling its commercial asset, FYARRO, and simultaneously securing a large private financing round. This generated a substantial cash cushion expected to fund operations into late 2028, but it also eliminated the prior source of product revenue. This is a high-risk, high-reward model now, betting entirely on the Antibody-Drug Conjugate (ADC) pipeline.

Non-dilutive cash inflow of $100 million from the FYARRO business sale in 2025

The primary revenue event of 2025 was the divestiture of the FYARRO business to KAKEN Pharmaceutical Co., Ltd. This transaction provided Aadi Bioscience with a non-dilutive cash inflow of $100 million at closing, subject to certain adjustments. This cash injection was crucial for funding the company's new strategic focus on its preclinical ADC pipeline.

To be fair, this is a one-time revenue event, not an ongoing stream, but it's the financial bedrock for the next few years of research and development (R&D). The sale, which included the FDA-approved FYARRO and associated infrastructure, essentially transformed Aadi Bioscience from a hybrid commercial/R&D entity into a focused oncology research platform.

Gross proceeds of $100 million from the PIPE financing in Q1 2025

Complementing the asset sale, Aadi Bioscience closed a Private Investment in Public Equity (PIPE) financing on March 4, 2025, which bolstered the balance sheet with additional capital. This financing resulted in total gross proceeds of approximately $100 million, before deducting placement agent fees and other offering expenses.

The financing involved the sale and issuance of an aggregate of 21,592,000 shares of common stock at a price of $2.40 per share, plus pre-funded warrants for up to an aggregate of 20,076,500 shares at $2.3999 per share. This capital, combined with the FYARRO sale proceeds, is expected to extend the company's operational runway into late 2028.

Near-term product sales are $0 in Q3 2025, reflecting the divestiture

Following the divestiture of the FYARRO business in the first half of 2025, the company's traditional product sales revenue stream has been completely eliminated. The financial reports for the third quarter of 2025 (Q3 2025) reflect this strategic shift, showing a 100% decrease in product sales year-over-year.

For context, FYARRO net product sales were $7.2 million in the third quarter of 2024. The Q3 2025 report confirmed that the cost of advancing the expanded ADC pipeline is high, with the net loss widening to $17.7 million year-over-year, despite significant cost efficiencies. This is the cost of being a pure R&D company.

Potential future revenue from cumulative commercial milestones up to $540 million and single-digit royalties on ADC sales

The new, long-term revenue model is entirely dependent on the successful development and commercialization of the in-licensed Antibody-Drug Conjugate (ADC) portfolio. These are not guaranteed revenues, but a significant upside potential tied to future clinical and regulatory success.

The future revenue streams are structured as two components: milestone payments and royalties. The maximum potential for these future revenue streams is substantial, though contingent on clinical success across the three preclinical ADC programs.

Revenue Stream Type	Source/Trigger	Value/Amount (FY 2025 & Future)	Nature of Cash Flow
Asset Sale Proceeds	Sale of FYARRO Business to KAKEN Pharmaceutical	$100 million	One-time, Non-dilutive Cash Inflow
Equity Financing	PIPE Financing (Closed Q1 2025)	Approx. $100 million (Gross Proceeds)	One-time, Dilutive Cash Inflow
Product Sales	FYARRO Net Product Sales (Post-Divestiture)	$0 (Q3 2025)	Ceased, Near-term Revenue
Commercial Milestones	ADC Portfolio Commercialization (Future)	Up to $540 million (Cumulative)	Future, Contingent Revenue
Royalties	ADC Portfolio Product Sales (Future)	Single-digit royalties on sales	Future, Contingent Revenue

Your action item here is to track the ADC pipeline's progress-specifically, the Investigational New Drug (IND) submissions for HWK-007 and HWK-016 expected by year-end 2025. These are the first catalysts that will defintely determine the viability of the future milestone and royalty revenue.

• Focus shifted from PEComa treatment sales to ADC development.
• Near-term cash is for R&D, not commercial operations.
• Future value is tied to clinical data readouts expected into 2028.