Whitehawk Therapeutics, Inc.
WHWK Healthcare Biotechnology
Whitehawk Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.1 million, down 72.5% from fiscal 2024. In the quarter to June 2026, revenue grew 33.5%, EPS grew 73.7% and free cash flow grew 72.6%, each against the same quarter a year earlier.
Follow WHWK
Whitehawk Therapeutics, Inc. (WHWK) Altman Z-score
Whitehawk Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 1.52, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.52 | 7.32 |
| FY2024 | −5.80 | (3.43) |
| FY2023 | −2.36 | (7.53) |
| FY2022 | 5.17 | 1.70 |
| FY2021 | 3.46 | 5.57 |
| FY2020 | −2.10 | (6.69) |
| FY2018 | 4.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.89 | — | 1.07 | |
| Retained earnings / total assets | (2.34) | — | −3.28 | |
| EBIT / total assets | (0.76) | — | −2.50 | |
| Market value of equity / total liabilities | 10.32 | — | 6.19 | |
| Sales / total assets | 0.05 | — | 0.05 | |
| Altman Z-score | Distress zone | 1.52 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.98 | ||
Z and Z″ put Whitehawk Therapeutics, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ACOG Alpha Cognition Inc. compare | 2.5× |
| ORMP Oramed Pharmaceuticals Inc. compare | 1.9× |
| WHWK Whitehawk Therapeutics, Inc. | 1.5× |
| BCYC Bicycle Therapeutics PLC Sponsored ADR compare | 1.0× |
| DTIL Precision BioSciences, Inc. compare | −4.3× |
| CHRS Coherus Oncology, Inc. compare | −8.8× |
| IPHA Innate Pharma S.A. Sponsored ADR compare | −11.2× |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| PEPG PepGen, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets