Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 13, 2026
Whitehawk Therapeutics, Inc. (WHWK)
A forensic read on Whitehawk Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
5.7
Distress distance
Clean
Earnings quality
6
Forensic signals
-2.8
P / E (ttm)
-15.1%
ROE
$269M
Market cap
0.00%
Dividend yield
-72.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Whitehawk Therapeutics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 5.7, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+122.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +122.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 58% against -75% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 125% of net operating assets, against an accruals ratio of 122.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
stopped
FY2021→FY2022
Shareholder returns — halted.Capital returns have STOPPED — $4M of buybacks + dividends in FY2021, but ~$0 in FY2022. A halt usually means the company is conserving cash.
-$216.6M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $150.1M against operating cash flow of -$216.6M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
151d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 80 to 151 days FY2024→FY2025 (receivables -100% vs revenue -73%). Receivables are creeping up relative to sales.
Key fundamentals
Latest Revenue$7.1M
Revenue Growth YoY-72.5%
Revenue CAGR (3yr)-22.3%
Net Margin-288.3%
Free Cash Flow-$98.0M
Return on Equity-15.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Whitehawk Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 13, 2026. Forensic signals flag probability, not certainty.
Whitehawk Therapeutics, Inc. (WHWK) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +175% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +40.1%/yr figure isn't a real buyback/dilution read here.
138% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 138% of revenue in FY2025 — about $0.16 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.0% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.