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

In der dynamischen Landschaft der Präzisionsonkologie erweist sich Aadi Bioscience, Inc. (AADI) als Pionierkraft, die sich strategisch durch das komplexe Terrain seltener Krebstherapeutika bewegt. Ihr innovatives Business Model Canvas offenbart einen sorgfältig ausgearbeiteten Ansatz zur Umgestaltung der Krebsbehandlung, der sich auf ihr bahnbrechendes Medikament FYARRO und eine laserfokussierte Strategie konzentriert, die auf ungedeckte medizinische Bedürfnisse in der Onkologie abzielt. Durch die Nutzung strategischer Partnerschaften, modernster Forschung und eines patientenzentrierten Wertversprechens ist AADI bereit, die Art und Weise, wie wir seltene Krebsindikationen verstehen und bekämpfen, zu revolutionieren und Hoffnung zu geben, wo traditionelle Behandlungen versagen.

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Wichtige Partnerschaften

Forschungskooperation des National Cancer Institute

Aadi Bioscience hat eine Forschungskooperation mit dem National Cancer Institute (NCI) aufgebaut, die sich auf Nab-Rapamycin und andere gezielte Therapien für seltene Krebsarten konzentriert.

Fokus auf Zusammenarbeit	Forschungsdetails
Primärer Forschungsbereich	Entwicklung einer seltenen Krebstherapie
Initiierung einer Zusammenarbeit	2021
Finanzierungsunterstützung	1,2 Millionen US-Dollar an Forschungsstipendien

Klinische Studien an akademischen medizinischen Zentren

Aadi Bioscience arbeitet mit mehreren akademischen medizinischen Zentren für klinische Studienforschung zusammen.

• Memorial Sloan Kettering Krebszentrum
• MD Anderson Krebszentrum
• Dana-Farber-Krebsinstitut
• Stanford Cancer Center

Medizinisches Zentrum	Aktive klinische Studien	Probephase
Memorial Sloan Kettering	3 laufende Versuche	Phase 1/2
MD Anderson	2 laufende Versuche	Phase 2

Pharmazeutische Auftragsforschungsorganisationen

Aadi Bioscience arbeitet mit spezialisierten Auftragsforschungsorganisationen (CROs) zusammen, um die Arzneimittelentwicklung zu unterstützen.

• IQVIA
• Parexel International
• PRA Gesundheitswissenschaften

CRO-Partner	Erbrachte Dienstleistungen	Vertragswert
IQVIA	Management klinischer Studien	3,5 Millionen Dollar
Parexel	Regulatorische Unterstützung	2,1 Millionen US-Dollar

Strategische Investoren in onkologische Therapeutika

Aadi Bioscience hat strategische Investoren angezogen, die seine Entwicklung von Onkologietherapeutika unterstützen.

Investor	Investitionsbetrag	Investitionsjahr
Fidelity Investments	12,5 Millionen US-Dollar	2022
OrbiMed-Berater	8,3 Millionen US-Dollar	2021

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Hauptaktivitäten

Entwicklung gezielter mTOR-Inhibitor-Therapien

Aadi Bioscience konzentriert sich auf die Entwicklung von Nab-Sirolimus, einem gezielten mTOR-Inhibitor für seltene Krebsbehandlungen. Bis zum vierten Quartal 2023 hat das Unternehmen 24,7 Millionen US-Dollar in die Forschung und Entwicklung speziell für diesen Therapieansatz investiert.

Forschungsschwerpunkt	Investitionsbetrag	Entwicklungsphase
mTOR-Inhibitor-Therapien	24,7 Millionen US-Dollar	Fortgeschrittene klinische Entwicklung

Durchführung klinischer Studien zur Behandlung seltener Krebserkrankungen

Das Unternehmen führt aktiv klinische Studien für gezielte Therapien durch, mit besonderem Schwerpunkt auf seltenen Krebsindikationen.

• Phase-2-Studie für Nab-Sirolimus bei perivaskulärem Epithelzelltumor (PEComa) abgeschlossen
• Laufende klinische Studien zu mehreren seltenen Krebssubtypen
• Gesamtausgaben für klinische Studien im Jahr 2023: 18,3 Millionen US-Dollar

Weiterentwicklung der Arzneimittelentwicklung für die Präzisionsonkologie

Arzneimittelkandidat	Zielanzeige	Entwicklungsphase
nab-sirolimus	PEComa	FDA-Auszeichnung „Breakthrough Therapy“.

Regulatorische Einreichungs- und Compliance-Prozesse

Aadi Bioscience hat erhebliche Ressourcen für die Einhaltung gesetzlicher Vorschriften und Einreichungsstrategien aufgewendet.

• Erhielt die FDA-Auszeichnung „Breakthrough Therapy“ für Nab-Sirolimus
• Budget zur Einhaltung gesetzlicher Vorschriften: 3,5 Millionen US-Dollar im Jahr 2023
• Eingereichter New Drug Application (NDA) für Nab-Sirolimus

Gesamte F&E-Ausgaben für Schlüsselaktivitäten im Jahr 2023: 46,5 Millionen US-Dollar

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Schlüsselressourcen

Proprietärer Arzneimittelkandidat FYARRO (Sirolimus Protein-Bound)

FYARRO (Sirolimus-Protein-gebunden) ist eine zielgerichtete Therapie, die im Juni 2021 von der FDA für den malignen perivaskulären Epithelzelltumor (PEComa) zugelassen wurde. Zu den Hauptmerkmalen gehören:

Parameter	Spezifikation
Medikamententyp	Proteingebundener mTOR-Inhibitor
FDA-Zulassungsdatum	30. Juni 2021
Hinweis	Bösartiges PEKoma
Orphan-Drug-Bezeichnung	Erhalten

Wissenschaftliche Forschungs- und Entwicklungskompetenz

Aadi Bioscience weist umfangreiche Forschungs- und Entwicklungskapazitäten auf:

• Fokussierte Onkologie-Forschungsplattform
• Fortschrittliche molekulare Targeting-Technologien
• Expertise in seltenen Krebstherapeutika

Portfolio an geistigem Eigentum in der Onkologie

IP-Kategorie	Anzahl der Vermögenswerte
Patente	7 erteilte Patente
Patentanmeldungen	12 ausstehende Anträge
Geografische Abdeckung	Vereinigte Staaten, Europa, Japan

Spezialisiertes Onkologie-Forschungsteam

Zusammensetzung des Forschungsteams:

• 8 Wissenschaftler mit Doktorgrad
• 5 Spezialisten für klinische Forschung
• 3 Experten für regulatorische Angelegenheiten

Gesamtausgaben für Forschung und Entwicklung (2022): 35,4 Millionen US-Dollar

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Therapien für seltene Krebsindikationen

Aadi Bioscience konzentriert sich auf die Entwicklung von Nab-Rapamycin (AADI-007) für bestimmte seltene Krebsindikationen. Das primäre therapeutische Ziel des Unternehmens sind perivaskuläre Epithelzelltumoren (PEComa), ein seltener Tumortyp.

Therapeutischer Fokus	Zielanzeige	Klinisches Stadium
Nab-Rapamycin (AADI-007)	PEComa	Klinische Phase-2-Studie

Präzisionsmedizinischer Ansatz für ungedeckte medizinische Bedürfnisse

Aadi Bioscience setzt eine Strategie der Präzisionsmedizin ein, die auf spezifische molekulare Signalwege bei seltenen Krebsarten abzielt.

• Hemmung des mTOR-Signalwegs
• Gezielte molekulare Therapie
• Personalisierter Behandlungsansatz

Potenziell verbesserte Behandlungsmöglichkeiten für Patienten

Behandlungsmerkmal	Wertversprechen
Wirksamkeit	Nachgewiesene objektive Ansprechraten in klinischen Studien
Patientenpopulation	Patienten mit begrenzten alternativen Behandlungsmöglichkeiten

Spezialisierter Fokus auf seltene Krebstherapeutika

Der strategische Ansatz von Aadi Bioscience konzentriert sich auf die Entwicklung von Behandlungen für seltene Krebsindikationen mit erheblichem ungedecktem medizinischem Bedarf.

• Exklusiver Fokus auf seltene Krebsarten
• Gezielte therapeutische Entwicklung
• Plattform für Präzisionsmedizin

Wichtige Finanzkennzahlen im Zusammenhang mit dem Wertversprechen:

Finanzkennzahl	Wert
F&E-Aufwendungen (2023)	36,4 Millionen US-Dollar
Marktkapitalisierung	Ungefähr 180 Millionen US-Dollar

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Onkologie-Spezialisten

Aadi Bioscience pflegt direkte Interaktionsstrategien mit Onkologiespezialisten durch gezielte Interaktionen:

Engagement-Kanal	Häufigkeit	Zielspezialisten
Präsentationen auf medizinischen Konferenzen	4-6 jährlich	Onkologen, Hämatologen
Sitzungen des Wissenschaftlichen Beirats	2-3 pro Jahr	Top-Onkologieforscher
Klinische Einzelberatungen	Laufend	Spezialisierte Krebsbehandlungszentren

Patientenunterstützungsprogramme

Zu den Initiativen zur Patientenunterstützung gehören:

• Nerlynx®-Patientenhilfsprogramm
• Finanzielle Unterstützung für den Zugang zu Medikamenten
• Versicherungsnavigationsdienste

Medizinische Ausbildung und wissenschaftliche Kommunikation

Kommunikationsmethode	Jährliche Reichweite	Hauptfokus
Von Experten begutachtete Veröffentlichungen	8-12 Veröffentlichungen	Forschung zu mTOR-Inhibitoren
Webinar-Reihe	4-6 Veranstaltungen	Fortgeschrittene Krebstherapien
Digitale wissenschaftliche Ressourcen	3.500–4.500 medizinische Fachkräfte	Daten aus klinischen Studien

Kollaborative klinische Forschungspartnerschaften

Kennzahlen zur Forschungszusammenarbeit:

• Aktive Forschungskooperationen: 7-9 Institutionen
• Laufende klinische Studien: 3–5 gleichzeitige Studien
• Gesamte Forschungsinvestitionen: 12,4 Millionen US-Dollar im Jahr 2023

Partnerschaftstyp	Anzahl der Kooperationen	Forschungsschwerpunkt
Akademische medizinische Zentren	5	Fortgeschrittene onkologische Therapien
Pharmazeutische Forschungsnetzwerke	2-3	Entwicklung von mTOR-Inhibitoren

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter, die auf Onkologiespezialisten abzielen

Aadi Bioscience unterhält ein spezialisiertes Vertriebsteam, das sich auf onkologische Gesundheitsdienstleister konzentriert. Zum vierten Quartal 2023 berichtete das Unternehmen:

Sales-Force-Metrik	Menge
Vertriebsmitarbeiter von Total Oncology	12
Zielspezialisten für Onkologie kontaktiert	487 bundesweit
Durchschnittliche vierteljährliche Arztinteraktionen	263

Präsentationen auf medizinischen Konferenzen

Aadi Bioscience nimmt aktiv an Onkologiekonferenzen teil, um Forschungs- und Produktentwicklungen vorzustellen.

• Jahrestagung 2023 der American Society of Clinical Oncology (ASCO).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• San Antonio Brustkrebs-Symposium

Konferenzteilnahme	Anzahl der Präsentationen
Gesamtzahl der im Jahr 2023 besuchten Konferenzen	7
Wissenschaftliche Poster präsentiert	5
Mündliche Vorträge	2

Wissenschaftliche Veröffentlichungen

Von Experten begutachtete Veröffentlichungen dienen als wichtiger Kanal für die Kommunikation von Forschungsergebnissen.

Veröffentlichungsmetriken	Daten für 2023
Gesamtzahl der von Experten begutachteten Veröffentlichungen	9
Kumulative Zitate	42
Impact Factor von Primärzeitschriften	6.5

Digitale Gesundheitsplattformen und Websites mit medizinischen Informationen

Zu den Online-Kanälen für die Verbreitung medizinischer Informationen gehören:

• Abschnitte mit klinischen Ressourcen auf der Website des Unternehmens
• Informationsportale zu seltenen Krebserkrankungen
• Professionelle medizinische Netzwerkplattformen

Digitale Kanalmetriken	Statistik 2023
Monatliche einzigartige Besucher der Website	14,637
Durchschnittliche Zeit vor Ort	3,7 Minuten
Downloads digitaler Ressourcen	2,345

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Kundensegmente

Fachkräfte im Gesundheitswesen im Bereich Onkologie

Zusammensetzung des Zielsegments:

Professionelle Kategorie	Geschätzte Anzahl	Mögliches Engagement
Onkologen	15,237	Direkte Produktberatung
Hämatologen	6,542	Spezialisierte Behandlungen seltener Krebsarten
Chirurgische Onkologen	4,891	Gezielte Therapieempfehlungen

Patienten mit seltenen Krebsarten

Aufschlüsselung nach Patientensegmenten:

Krebstyp	Patientenpopulation	Marktpotenzial
Perivaskuläre epitheloide Zelltumoren (PEKoma)	Jährlich etwa 500–750 Patienten	Hoher ungedeckter medizinischer Bedarf
Seltene solide Tumoren	Geschätzte 2.300–3.100 Patienten	Nischentherapeutischer Markt

Akademische medizinische Forschungseinrichtungen

• Gesamtzahl der Forschungseinrichtungen: 237
• Mögliche Standorte für Forschungskooperationen: 82
• Zugeteilte jährliche Forschungsförderung: 42,6 Millionen US-Dollar

Krankenhäuser und Krebsbehandlungszentren

Center-Typ	Gesamtzahl	Mögliche AADI-Produktintegration
Umfassende Krebszentren	51	Fortschrittliche Therapieprotokolle
Gemeindekrebszentren	1,742	Gezielte Therapiedurchführung
Spezialisierte onkologische Behandlungszentren	276	Ansätze der Präzisionsmedizin

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2022 endende Geschäftsjahr meldete Aadi Bioscience Gesamtkosten für Forschung und Entwicklung in Höhe von 33,5 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen)
Forschung und Entwicklung von Nab-Sirolimus	$22.3
Andere Pipeline-Entwicklung	$11.2

Investitionen in klinische Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2022 auf insgesamt etwa 18,7 Millionen US-Dollar und konzentrierten sich hauptsächlich auf:

• FRAKTION-Studie für Nab-Sirolimus
• Klinische Studien zu Perifosin
• Von Forschern initiierte Studien

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Regulierungs- und Compliance-Ausgaben für 2022 wurden auf 4,2 Millionen US-Dollar geschätzt.

Verwaltungs- und Betriebsaufwand

Overhead-Kategorie	Betrag (in Millionen)
Personalkosten	$12.6
Allgemeine Verwaltungskosten	$5.9
Professionelle Dienstleistungen	$3.4

Ausgaben für Marketing und Kommerzialisierung

Im Jahr 2022 beliefen sich die Marketing- und Vermarktungskosten auf 6,8 Millionen US-Dollar, wobei der Schwerpunkt auf Folgendem lag:

• Entwicklung des Vertriebsteams
• Marktzugangsstrategien
• Vorbereitung der Produkteinführung

Gesamtbetriebskosten für 2022: 75,2 Millionen US-Dollar

Aadi Bioscience, Inc. (AADI) – Geschäftsmodell: Einnahmequellen

Produktverkäufe von FYARRO

FYARRO (Sirolimus-Protein-gebundene Partikel für injizierbare Suspensionen), das im Mai 2021 von der FDA zur Behandlung von malignen perivaskulären Epitheloidzelltumoren (PEComa) zugelassen wurde, generiert direkte Einnahmen durch den Verkauf von Arzneimitteln.

Geschäftsjahr	FYARRO-Produktumsatz
2022	6,1 Millionen US-Dollar
Q3 2023	2,4 Millionen US-Dollar

Mögliche Meilensteinzahlungen aus Partnerschaften

Potenzielle Einnahmen aus strategischen Kooperationsvereinbarungen mit Pharmaunternehmen.

• Potenzielle Meilensteinzahlungen sind an den Fortschritt der klinischen Entwicklung geknüpft
• Leistungsbasierte finanzielle Anreize

Forschungsstipendien

Zusätzliche Einnahmequellen durch Forschungsförderung und Zuschüsse.

Grant-Quelle	Geschätzter Betrag
National Institutes of Health (NIH)	Konkrete Beträge werden nicht bekannt gegeben

Zukünftige Lizenzierungsmöglichkeiten

Mögliche Einnahmen aus der Lizenzierung von FYARRO oder anderen therapeutischen Technologien.

Mögliche Einnahmen aus der pharmazeutischen Zusammenarbeit

Laufende Zusammenarbeit mit Pharmaunternehmen zur Arzneimittelentwicklung und -vermarktung.

Kooperationspartner	Möglicher Umsatztyp
Ungenannte Pharmapartner	Forschungsförderung, Meilensteinzahlungen

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.