Aadi Bioscience, Inc. (AADI): Business Model Canvas [Dec-2025 Updated]

You're watching Aadi Bioscience, Inc. (AADI) execute one of the most aggressive pivots in biotech, completely abandoning product sales for a pure-play Antibody-Drug Conjugate (ADC) research platform. This shift, anchored by a $100 million cash infusion from the FYARRO divestiture and a strong $162.6 million cash position as of Q3 2025, means their business model is now a high-stakes bet on R&D, not revenue. Honestly, the company has traded near-term stability for the massive potential of assets like HWK-007, committing to heavy spending-like the $14.3 million in Q3 2025 R&D-to hit crucial milestones. Let's break down the nine building blocks of this new, radically streamlined, investor-focused Canvas and see where the real value lies.

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

Aadi Bioscience's (AADI) key partnerships are not about incremental growth; they are the foundation of a complete strategic pivot, moving the company from a commercial-stage product to a preclinical Antibody-Drug Conjugate (ADC) focus. The three core deals-a divestiture, a major in-licensing, and a simultaneous financing-redefined the entire business model in early 2025, providing a cash runway into late-2028 to fund the high-risk, high-reward ADC pipeline.

KAKEN Pharmaceutical Co., Ltd. for the $100 million FYARRO divestiture

The sale of the FYARRO business to Japan-based KAKEN Pharmaceutical Co., Ltd. was a clean, strategic exit that immediately capitalized a new direction. This transaction, which closed on March 26, 2025, saw KAKEN acquire Aadi Subsidiary, Inc., including the FDA-approved drug FYARRO (sirolimus protein-bound particles for injectable suspension) and its associated infrastructure.

The deal provided a cash payment of $100 million plus certain customary adjustments. Here's the quick math: the $100 million gross proceeds were approximately four times the cumulative revenue of $25.2 million that FYARRO generated over the four quarters ended September 30, 2024, showing the Board secured a defintely strong valuation for the asset.

WuXi Biologics for the exclusive in-licensing of a three-asset ADC portfolio

This is the core of the new business model. Aadi entered an exclusive license agreement with WuXi Biologics, a leading global Contract Research, Development and Manufacturing Organization (CRDMO), for the global development and commercialization rights to a three-asset portfolio of preclinical, next-wave ADCs (Antibody-Drug Conjugates).

The financial commitment is substantial, reflecting the long-term potential of the ADC space. The aggregate upfront payment for the in-licensing was $44 million. Beyond that, Aadi is on the hook for significant milestones and royalties, but these are tied to success, so the risk is phased.

• Cumulative Development Milestone Payments: Up to $265 million
• Cumulative Commercial Milestone Payments: Up to $540 million
• Royalties: Single-digit royalties on sales

HANGZHOU DAC Biotechnology Co., Ltd. for the advanced ADC technology platform (CPT113)

The partnership with HANGZHOU DAC Biotechnology Co., Ltd. is the technology engine for the new pipeline. HANGZHOU DAC is a global leader in ADC innovation and provided the critical linker-payload technology for the in-licensed assets.

The three ADC programs leverage HANGZHOU DAC's proprietary CPT113 linker payload technology. This platform is designed to improve the therapeutic index of the ADCs by using a highly stable yet cleavable linker that delivers a potent Topoisomerase I (TOPO1) inhibitor payload. The three targets for the preclinical assets are:

• PTK7-CPT113 (now HWK-007) for non-small cell lung cancer (NSCLC) and ovarian cancer.
• mMUC16-CPT113 (now HWK-016) for cancers of female origin.
• biSEZ6-CPT113 (now HWK-206) for neuroendocrine tumors.

Private Investment in Public Equity (PIPE) investors who provided $100 million in gross proceeds

The simultaneous $100 million Private Investment in Public Equity (PIPE) financing was the crucial capital injection that validated the strategic shift and funded the upfront costs of the ADC deal. This financing closed on March 4, 2025, providing total gross proceeds of approximately $100 million.

The investment syndicate was robust, led by Ally Bridge Group, and included major new institutional investors like OrbiMed and Invus, alongside existing investors. The capital structure involved selling 21,592,000 shares of common stock at $2.40 per share, plus pre-funded warrants for up to 20,076,500 shares at $2.3999 per warrant share. This combined capital-the $100 million from the FYARRO sale and the $100 million from the PIPE-is expected to fund operations into late-2028.

Clinical Research Organizations (CROs) and academic centers for ADC trial execution

While specific CRO and academic center names are not public, these partnerships are essential operational components of the new model. The entire business is now centered on advancing the three preclinical ADCs into the clinic, which is impossible without external expertise for trial execution.

The current focus is on IND-enabling studies for the lead assets, with a clear timeline for clinical trials. This necessitates active partnerships with CROs for trial management and academic centers for patient recruitment and clinical expertise.

ADC Asset (New Name)	Target	Planned Phase 1 Indication(s)	Phase 1 Timing (2025)
HWK-007 (PTK7-CPT113)	Protein Tyrosine Kinase 7 (PTK7)	Non-small cell lung cancer (NSCLC), Platinum-resistant ovarian cancer	H2 2025 (Planned)
HWK-016 (mMUC16-CPT113)	Membrane-bound MUC16	Ovarian cancer	Year-End 2025 (Planned)
HWK-206 (biSEZ6-CPT113)	Seizure Related 6 Homolog (SEZ6)	Small cell lung cancer (SCLC), Neuroendocrine neoplasms	Mid-2026 (Planned)

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

Accelerating the preclinical and clinical development of the ADC pipeline.

The primary key activity for Aadi Bioscience, Inc. (now Whitehawk Therapeutics, Inc.) is the hyper-focused acceleration of its Antibody-Drug Conjugate (ADC) pipeline. This shift, following the strategic pivot in early 2025, means the company's value creation is now entirely tied to research and development (R&D), not commercial sales. The three preclinical assets-HWK-007, HWK-016, and HWK-206-are the new foundation. We're seeing a clear sprint to the clinic, which is defintely the right move for a pure-play biotech like this.

This aggressive push is aimed at overcoming the limitations of first-generation ADCs by leveraging a next-wave linker-payload technology. The goal is to move these assets from preclinical studies to human trials as fast as possible to generate early clinical data, which is the true value inflection point for this kind of business.

Submitting two Investigational New Drug (IND) applications (HWK-007, HWK-016) by year-end 2025.

A major, near-term milestone is the planned submission of two Investigational New Drug (IND) applications to the FDA by the end of 2025. This is a high-stakes activity, as it marks the transition from lab-based research to clinical trials, which is what investors are really watching.

The two lead candidates targeted for submission are HWK-007 and HWK-016. HWK-007 targets Protein Tyrosine Kinase 7 (PTK7) and is planned for Phase 1 trials in non-small cell lung cancer (NSCLC) and platinum-resistant ovarian cancer. HWK-016, targeting Mucin-16 (MUC16), will focus its initial Phase 1 trial on ovarian cancer.

Strategic capital allocation, evidenced by a 43.5% increase in Q3 2025 R&D expenses.

The company's strategic pivot is most clearly illustrated by how it's spending money. In Q3 2025, Research and Development (R&D) expenses soared, increasing by 43.5% year-over-year to $14.3 million. Here's the quick math: they cut the fat and poured the cash into the pipeline. This focus is further underlined by a concurrent 27.6% drop in Selling, General, and Administrative (SG&A) costs, a clear sign of a development-first mindset.

This reallocation was made possible by the significant capital event earlier in the year, which extended the anticipated operational runway into 2028.

Metric (Q3 2025)	Value	Context/Actionable Insight
R&D Expenses	$14.3 million	Increased 43.5% YoY, showing aggressive pipeline funding.
Gain on Sale of Business	$87.3 million	Secured in Q3 2025, underpinning the cash runway extension.
Cash, Cash Equivalents, & Short-Term Investments (as of Q3 2025)	$162.6 million	Surged 244% since year-end 2024, funding operations into 2028.

Managing and optimizing the in-licensed ADC intellectual property and platform.

A key activity is the rigorous management of the in-licensed intellectual property (IP) and the underlying technology platform. The three ADC assets were licensed from a collaboration between WuXi Biologics and HANGZHOU DAC Biotechnology Co., Ltd.

The core technology is HANGZHOU DAC's CPT113 linker payload technology, which uses a highly stable, cleavable linker to deliver a Topoisomerase I (TOPO1) inhibitor payload. Optimizing this platform involves preclinical work to ensure the ADCs (HWK-007, HWK-016, HWK-206) exhibit the desired therapeutic index-high efficacy with minimal off-target toxicity-to differentiate them from earlier ADC generations.

The initial cost to secure this IP was an aggregate upfront payment of $44 million. This is a huge commitment, so the focus is making that investment pay off.

Ceasing all commercial operations related to FYARRO after the sale closed in 2025.

Following the sale of the FYARRO business to Kaken Pharmaceutical Co., Ltd. in the first half of 2025 for a cash payment of $100 million, the company completely ceased all commercial operations. This is a critical, non-recurring key activity that fundamentally changed the business model.

The cessation of sales resulted in a 100% drop in revenue in Q3 2025 from the comparable prior-year quarter's revenue of $7.2 million. The key activity here is the wind-down of all associated commercial infrastructure, including the transfer of the majority of employees who supported the FYARRO business to Kaken Pharmaceutical Co., Ltd. This transition allows for a total focus on R&D.

• Sold the FYARRO business to Kaken Pharmaceutical Co., Ltd. for $100 million in cash.
• Eliminated all product sales revenue, dropping from $7.2 million (Q3 2024) to $0 (Q3 2025).
• Completed the strategic transformation into a pure-play R&D oncology company.

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

The Key Resources for Aadi Bioscience, Inc. have fundamentally shifted in late 2025, moving from a hybrid commercial/R&D model to a pure-play, intellectual property-driven oncology platform. This pivot means the company's value is now overwhelmingly tied to its cash position, its exclusive licensing agreements, and its specialized human capital.

Cash, cash equivalents, and short-term investments of $162.6 million as of Q3 2025

You need a strong war chest to fuel a biotech pipeline, and Aadi Bioscience, Inc. has secured one. As of September 30, 2025, the company reported cash, cash equivalents, and short-term investments totaling $162.6 million. This significant liquidity is the most critical physical resource. Here's the quick math: this cash position represents a 244% surge from the year-end 2024 balance, primarily driven by an $87.3 million gain on the sale of a business segment. This capital infusion immediately de-risks the early-stage development of the new Antibody-Drug Conjugate (ADC) assets.

The extended cash runway, anticipated to fund operations into 2028

This is the real game-changer for a development-stage company. The combination of existing funds, a $100 million sale of the FYARRO business, and a concurrent $100 million Private Investment in Public Equity (PIPE) financing has extended the anticipated operational runway into 2028. That gives the management team, now focused on the ADC pipeline, a clear path to key clinical data readouts without the immediate pressure of another financing round. This funding certainty is defintely a core resource.

Exclusive global rights to the three preclinical ADC assets (HWK-007, HWK-016, HWK-206)

The intellectual property portfolio is the new heart of Aadi Bioscience, Inc. The company holds exclusive global rights to three preclinical ADC programs, in-licensed from WuXi Biologics and HANGZHOU DAC. These assets are the future product candidates, targeting high-potential oncology indications:

• HWK-007: Targets Protein Tyrosine Kinase 7 (PTK7), with a Phase 1 trial planned in non-small cell lung cancer and platinum resistant ovarian cancer.
• HWK-016: Targets the membrane-bound portion of Mucin-16 (MUC16), a glycoprotein often overexpressed in cancers of female origin, with a Phase 1 trial planned in ovarian cancer.
• HWK-206: Targets Seizure Related 6 Homolog (SEZ6), designed with a biparatopic approach for cancers of neuroendocrine origin.

The upfront payment for these rights totaled $44 million, with potential cumulative development milestones up to $265 million and commercial milestones up to $540 million, plus single-digit royalties on sales.

The CPT113 ADC technology platform, in-licensed from HANGZHOU DAC

The underlying technology platform is a key intellectual resource. The three ADC assets leverage HANGZHOU DAC's proprietary CPT113 ADC platform. This is a crucial differentiator, as it uses a highly stable yet cleavable linker to deliver a Topoisomerase I (TOPO1) inhibitor payload. This design aims to improve the therapeutic index and stability compared to earlier-generation ADCs, which is what gives the pipeline its competitive edge.

Specialized R&D team focused on precision oncology and ADC chemistry

The human resource is a smaller, but highly specialized, team now. Following the strategic pivot, the company has become a focused oncology research platform. The commitment to the new pipeline is clear: Research and Development (R&D) expenses increased 43.5% year-over-year to $14.3 million in Q3 2025. This spending is concentrated on advancing the ADC candidates, with two Investigational New Drug (IND) submissions (HWK-007 and HWK-016) expected by the end of 2025. The team is composed of seasoned executives and oncology researchers, with a clear mandate to execute the new precision oncology strategy.

Key Resource Category	Specific Asset	2025 Fiscal Year Value/Detail
Financial	Cash, Cash Equivalents, and Short-Term Investments	$162.6 million (as of Q3 2025)
Financial	Extended Cash Runway	Anticipated to fund operations into 2028
Intellectual Property (Core Assets)	Exclusive Global Rights to ADC Portfolio	Three preclinical assets (HWK-007, HWK-016, HWK-206) in-licensed for aggregate upfront payments of $44 million
Intellectual Property (Technology)	CPT113 ADC Technology Platform	Advanced platform using a stable, cleavable linker and a Topoisomerase I (TOPO1) inhibitor payload
Human Capital	Specialized R&D Focus	Q3 2025 R&D expenses increased 43.5% year-over-year to $14.3 million

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.