Aadi Bioscience, Inc. (AADI): History, Ownership, Mission, How It Works & Makes Money

Should we still think of Aadi Bioscience, Inc. (AADI) as the commercial-stage company that generated approximately $26.0 million in revenue from its lead product in 2024?

The short answer is no; a radical strategic pivot in early 2025 fundamentally transformed this entity into a focused oncology research platform, now operating as Whitehawk Therapeutics, Inc. (WHWK), centered entirely on next-generation Antibody-Drug Conjugates (ADCs).

This massive shift, enabled by a $100 million asset sale and a concurrent $100 million Private Investment in Public Equity (PIPE) financing, has dramatically de-risked the company's path, boosting its cash and equivalents to $162.6 million as of Q3 2025, which provides an anticipated operational runway into 2028.

If you want to understand the new mission, the ownership structure behind this pivot, and how this capital injection changes the entire valuation model, you need to see the mechanics of this transformation.

Aadi Bioscience, Inc. (AADI) History

The history of Aadi Bioscience, Inc. is a story of a focused oncology company that underwent a major, near-total strategic pivot in early 2025, trading a commercial-stage product for a robust pipeline of preclinical assets and a significant cash injection. This transformation effectively turned the company from a niche commercial entity into a development-stage firm focused on next-generation cancer treatments.

Aadi Bioscience, Inc.'s Founding Timeline

The company's origins lie in the development of a specific drug delivery technology, which led to the creation of its first key asset, nab-sirolimus (FYARRO). The current public company structure, Aadi Bioscience, Inc., was the result of a later merger, which is important context for its current identity as Whitehawk Therapeutics, Inc.

Year established

The core entity, Aadi, LLC, which focused on developing nab-sirolimus, was established in 2011. The public company, Aadi Bioscience, Inc., was officially formed in 2021 following a merger with Aerpio Pharmaceuticals, Inc.

Original location

Aadi, LLC was initially based in Pacific Palisades, California. The headquarters for the post-merger Aadi Bioscience, Inc. was also in Pacific Palisades, California, before the 2025 pivot moved the corporate office to Morristown, New Jersey.

Founding team members

Dr. Neil Desai, a pioneer in albumin-based drug delivery systems, founded Aadi, LLC. He leveraged his experience to develop nab-sirolimus (FYARRO), the company's initial flagship therapy.

Initial capital/funding

Early funding for Aadi, LLC came from private investments. The company secured significant public market capital through the 2021 merger, and later, a critical post-IPO financing round closed in March 2025, which raised $100 million in gross proceeds.

Aadi Bioscience, Inc.'s Evolution Milestones

The company's evolution is marked by its progress from a technology-focused private entity to a commercial-stage company, and then its rapid pivot to a preclinical drug developer in 2025. This timeline shows how quickly the strategy can change in biotech.

Aadi Bioscience, Inc.'s Transformative Moments

The most significant moment in Aadi Bioscience, Inc.'s history was not its drug approval, but its complete business model overhaul in 2025. Honestly, this kind of strategic pivot is rare-it's effectively a company reboot. The decision was driven by the failure of a solid tumor trial for FYARRO in 2024, which torpedoed expansion plans, and the need for a fresh, high-potential direction.

Here's the quick math on the pivot: the company exchanged a product that generated 2024 full-year revenue of $26.0 million and a net loss of $63.7 million for a new, development-stage focus. The trailing 12-month revenue as of September 30, 2025, for the new entity is only $14.4 million, reflecting the sale of the revenue-generating asset.

• Divestiture of FYARRO: Sold the FYARRO business and associated infrastructure to Kaken Pharmaceuticals for a fixed $100 million in cash. This provided an immediate, non-dilutive capital boost.
• ADC Portfolio In-Licensing: Licensed a three-asset portfolio of preclinical Antibody-Drug Conjugates (ADCs) from WuXi Biologics and Hangzhou DAC, committing to an upfront payment of $44 million. This deal instantly established a new pipeline targeting high-potential indications like lung and ovarian cancers.
• Recapitalization: Closed a $100 million Private Investment in Public Equity (PIPE) financing in March 2025. This, combined with the divestiture proceeds, is expected to give the company a cash balance in the range of $170 million to $180 million, providing a runway into 2028.

The company is defintely betting on a long-term, high-risk, high-reward strategy now. The goal is to maximize returns by focusing on the next wave of ADCs, which you can read more about in their strategic outlook: Mission Statement, Vision, & Core Values of Aadi Bioscience, Inc. (AADI).

Aadi Bioscience, Inc. (AADI) Ownership Structure

The control of Aadi Bioscience, Inc., which strategically transformed into Whitehawk Therapeutics, Inc. in March 2025, is primarily held by institutional investors and strategic insiders, giving them significant influence over the company's new direction in antibody-drug conjugates (ADCs).

The company's shift involved selling its flagship product, FYARRO, for a cash payment of $100 million and securing a $100 million Private Investment in Public Equity (PIPE) financing, fundamentally re-shaping its shareholder base in the 2025 fiscal year. This structure, where large funds and corporate insiders hold the majority of equity, means that organizational strategy and major decisions are defintely driven by a concentrated group of sophisticated stakeholders.

Given Company's Current Status

The entity formerly known as Aadi Bioscience, Inc. (AADI) is a publicly held company, but it completed a major corporate transformation in the first quarter of 2025. Effective March 19, 2025, the parent company changed its name to Whitehawk Therapeutics, Inc. and its ticker symbol on the Nasdaq Stock Market from AADI to WHWK. The original Aadi Bioscience subsidiary, holding the FYARRO business, was divested to Kaken Pharmaceuticals for $100 million in cash as part of this pivot.

This means the current public vehicle, Whitehawk Therapeutics, is focused on its in-licensed portfolio of antibody-drug conjugates (ADCs), a significant strategic change from its prior focus on mTOR pathway inhibitors. The company's financial runway is expected to be funded into 2028, based on the combined proceeds from the divestiture and the PIPE financing.

Given Company's Ownership Breakdown

As of the 2025 fiscal year, the ownership structure shows a clear majority held by institutional and strategic investors, which is typical for a clinical-stage biotech company following a major financing and corporate restructuring. Here's the quick math on the share distribution, based on the most recent filings reflecting the post-PIPE structure:

What this estimate hides is the significant concentration among the top institutional holders, who collectively hold a majority stake, giving them substantial voting power on matters like director elections or future strategic transactions. You should always monitor the Schedule 13D and 13G filings for these large, active shareholders.

Given Company's Leadership

The executive team steering the organization, now Whitehawk Therapeutics, is focused on advancing its new ADC pipeline. This leadership structure was solidified around the strategic transformation in early 2025, bringing in deep expertise in oncology and corporate finance.

The key executive and board leaders as of November 2025 are:

• David Lennon, PhD: President and Chief Executive Officer (CEO). Dr. Lennon's focus is on executing the ADC strategy, leveraging his two decades of experience leading global biotech teams.
• Scott Giacobello, CPA: Chief Financial Officer (CFO) and Treasurer. Mr. Giacobello manages the financial strategy and capital allocation, a critical role given the $100 million PIPE financing and new operational runway into 2028.
• David Dornan, PhD: Chief Scientific Officer (CSO). Appointed in February 2025, Dr. Dornan leads the research and development of the new ADC portfolio, bringing expertise in targeted cancer therapies.
• Neil Desai, PhD: Founder and Director. Dr. Desai, the inventor of the company's original nab technology, continues to serve on the board, providing scientific continuity and strategic oversight.

This management team is tasked with translating the new strategic vision-outlined in documents like the Mission Statement, Vision, & Core Values of Aadi Bioscience, Inc. (AADI).-into clinical and commercial success. Finance: monitor the next 10-Q filing for Whitehawk Therapeutics (WHWK) to confirm the cash reserve status by year-end.

Aadi Bioscience, Inc. (AADI) Mission and Values

Aadi Bioscience, Inc.'s core purpose, which recently evolved into Whitehawk Therapeutics, Inc., centers on applying precision oncology to difficult-to-treat cancers, aiming to deliver transformational therapies by leveraging advanced drug delivery technologies.

This mission is currently being executed through a major strategic pivot in 2025, which saw the company sell its commercial asset to focus exclusively on a new portfolio of Antibody Drug Conjugates (ADCs).

Given Company's Core Purpose

The company is fundamentally a precision oncology firm, and its purpose is rooted in making a tangible difference for patients with genetically defined cancers. This is a high-risk, high-reward approach, and it requires a long cash runway-a key factor in the 2025 strategic decisions.

Here's the quick math on their commitment: the sale of the FYARRO business brought in $100 million in cash, plus a separate $100 million private investment in public equity (PIPE) financing, which is expected to fund operations into 2028, enabling key clinical data readouts for the new ADC assets.

Official Mission Statement

The mission of Aadi Bioscience, Inc. is to improve the lives of people with mTOR-driven diseases. This initial focus meant specifically addressing the limitations of existing mTOR inhibitors, which are a class of drugs that target the mammalian target of rapamycin (mTOR) pathway, a key regulator of cell growth and survival.

They believe that success in this area comes from:

• Improving drug delivery and pharmacology.
• Leveraging genomic profiling to identify the patients most likely to benefit.
• Targeting difficult-to-treat cancers, such as advanced malignant PEComa.

The strategic shift in March 2025, which resulted in the name change to Whitehawk Therapeutics, Inc., refocused this mission on accelerating a new portfolio of advanced ADC therapies with speed, agility, and precision.

Vision Statement

Aadi Bioscience's vision is to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. This is a realist's vision-it acknowledges that technology and efficiency are critical to success in the complex biopharma landscape.

The new vision, under the Whitehawk Therapeutics name, is an evolution of this principle, specifically by:

• Focusing on antibody drug conjugates (ADCs) engineered for minimal off-target toxicity.
• Aiming for a higher therapeutic index and greater stability than older-generation treatments.
• Combining science, strategy, and execution to swiftly advance assets.

Given Company Slogan/Tagline

While Aadi Bioscience does not use a single, short tagline, its operational focus and cultural DNA are captured in two key phrases that guide its strategy: Mission Statement, Vision, & Core Values of Aadi Bioscience, Inc. (AADI).

• Realizing the potential of mTOR inhibition using precision medicine and albumin-bound nanoparticle technology (The foundational principle).
• Accelerating its portfolio of ADC assets with speed, agility, and precision (The post-2025 strategic focus).

The company's actions in 2025 defintely show this focus; the entire organization pivoted to a new class of drugs (ADCs) to maximize its long-term value creation opportunity for stockholders.

Aadi Bioscience, Inc. (AADI) How It Works

Aadi Bioscience, Inc. operates as a focused, pure-play oncology research platform as of November 2025, having executed a radical strategic pivot to concentrate entirely on developing a portfolio of next-generation Antibody-Drug Conjugates (ADCs). The company creates value by advancing these targeted cancer therapies through critical clinical milestones, backed by a significant capital infusion that extends its operational runway.

You need to understand that the company you are analyzing today is fundamentally different from the one a year ago; it transitioned from a commercial-stage company to a development-stage biotech in early 2025 to maximize long-term shareholder value. This is a high-risk, high-reward model. Exploring Aadi Bioscience, Inc. (AADI) Investor Profile: Who's Buying and Why?

Aadi Bioscience, Inc.'s Product/Service Portfolio

Following the divestiture of its sole commercial product, FYARRO, the company's portfolio is now entirely comprised of its in-licensed Antibody-Drug Conjugate (ADC) pipeline assets, which are its primary value drivers.

Aadi Bioscience, Inc.'s Operational Framework

The operational framework is now streamlined for rapid, focused research and development (R&D) of its Antibody-Drug Conjugate (ADC) pipeline, a shift enabled by a major capital event early in the year.

• Capital Infusion: The company secured its long-term operational footing with a cash, cash equivalents, and short-term investments balance of $162.6 million as of September 30, 2025. This was a 244% surge since year-end 2024, underpinned by an $87.3 million gain from the sale of the FYARRO business segment.
• R&D Acceleration: Resources were decisively reallocated, evidenced by research and development expenses increasing 43.5% year-over-year in Q3 2025 to $14.3 million, accelerating the ADC pipeline toward critical milestones.
• Development Milestones: The immediate operational focus is on Investigational New Drug (IND) submissions for the lead candidates, HWK-007 and HWK-016, both expected by year-end 2025.
• Revenue Model: Product sales have ceased, so Q3 2025 revenue was down 100% from the prior year's quarter. The company's revenue model is now based on potential future licensing deals, milestone payments, or commercialization of its ADC assets, not current product sales.

Here's the quick math: the $100 million PIPE financing and the FYARRO sale secured a cash runway extending into 2028. That's a huge de-risking factor for a development-stage biotech.

Aadi Bioscience, Inc.'s Strategic Advantages

The company's strategic advantages stem from its focused pipeline, strong balance sheet, and advanced technology, positioning it to compete in the high-growth Antibody-Drug Conjugate (ADC) market, which is expected to grow to over $50 billion by 2030.

• Secured Financial Runway: The current cash position of $162.6 million provides an anticipated operational runway into 2028, insulating the company from immediate financial pressures common in early-stage biotechs.
• Advanced ADC Technology: The in-licensed assets from WuXi Biologics utilize a proprietary platform with a highly stable yet cleavable linker and a potent Topoisomerase I (TOPO1) inhibitor payload, designed to increase the therapeutic index and minimize off-target toxicity.
• Validated Target: The lead candidate, HWK-007, targets PTK7, which preclinical data confirmed is the third most highly expressed tumor marker among validated ADC targets, suggesting a potentially large patient population.
• Pure-Play Focus: The strategic pivot to a pure-play R&D model allows for the decisive reallocation of capital and human resources to accelerate the most promising assets, avoiding the distractions of a small commercial business.

What this estimate hides is the inherent clinical trial risk; even with great technology and a long runway, a single trial failure can defintely wipe out a significant portion of the company's market value. Your next step is to monitor the IND submission timelines for HWK-007 and HWK-016.

Aadi Bioscience, Inc. (AADI) How It Makes Money

Aadi Bioscience, Inc. underwent a complete strategic pivot in early 2025, shifting its financial engine from commercial product sales to a high-risk, high-reward development model funded by a significant one-time asset sale and private financing. The company's current revenue model is primarily based on securing capital through strategic transactions and, in the future, generating revenue from milestone payments and royalties on a new pipeline of oncology therapies.

The company sold its sole commercial product, FYARRO (nab-sirolimus), for advanced malignant PEComa, to KAKEN INVESTMENTS INC. in March 2025 for a cash payment of $100 million. This move essentially transformed Aadi Bioscience back into a clinical-stage biopharmaceutical company focused on developing a portfolio of next-generation Antibody-Drug Conjugates (ADCs).

Aadi Bioscience's Revenue Breakdown

The revenue breakdown for the 2025 fiscal year is dominated by the strategic divestiture of its commercial asset. This is a one-time event, but it is the financial foundation of the company's new strategy.

Here's the quick math: The $100 million gross proceeds from the sale of the FYARRO business, combined with an estimated $5 million in residual product sales before the transaction closed in March 2025, means the sale accounted for over 95% of the company's immediate value generation. That's a huge, defintely non-recurring cash injection.

Business Economics

The economics of Aadi Bioscience have fundamentally changed from a commercial-stage model (selling a high-priced orphan drug) to a pure research and development (R&D) model. The new strategy is a massive bet on the future success of its preclinical assets.

• Pricing Strategy Shift: The old model relied on premium pricing for an orphan drug (FYARRO) in a rare cancer indication (PEComa). The new model's future revenue is based on a licensing structure: milestone payments and single-digit royalties on future sales of the ADC portfolio.
• Cost Structure Transformation: The sale eliminated the entire commercial infrastructure, which cut down on selling, general, and administrative (SG&A) expenses. Conversely, R&D spending is now the primary cost driver. In the third quarter of 2025, R&D expenses increased 43.5% year-over-year to $14.3 million, reflecting the aggressive advancement of the new ADC pipeline.
• Cash Runway: The $100 million sale and a concurrent $100 million Private Investment in Public Equity (PIPE) financing provided a capital base of approximately $200 million in gross proceeds. This cash position, which stood at $162.6 million as of September 30, 2025, is anticipated to fund operations into 2028. This is a long runway.
• Gross Margin: The concept of gross margin on product sales is now largely irrelevant. The new 'margin' will be the highly profitable, but high-risk, milestone and royalty payments if the ADCs achieve regulatory approval and commercialization.

Aadi Bioscience's Financial Performance

The company's financial performance in 2025 is characterized by a significant one-time gain and a pivot to heavy R&D investment, which is typical for a development-stage biotech.

• Net Income Driver: The nine months ended September 30, 2025, showed a net income of $2.655 million, a stark reversal from the net losses in prior periods. This was driven almost entirely by the $87.266 million non-cash gain recognized on the sale of the FYARRO business segment.
• Loss from Operations: Despite the one-time gain, the underlying operating loss remains significant due to the R&D acceleration. The net loss for the third quarter of 2025 was $17.7 million, widening 41% year-over-year, which is the cost of betting big on the new pipeline.
• Pipeline Milestones: The company is on track to submit two Investigational New Drug (IND) applications-HWK-007 and HWK-016-to the FDA by the end of 2025. These milestones are the immediate, critical catalysts for the company's future valuation.

For a deeper dive into the balance sheet implications, check out Breaking Down Aadi Bioscience, Inc. (AADI) Financial Health: Key Insights for Investors.

Finance: Track the Q4 2025 R&D spend to confirm the pipeline investment rate is sustained.

Aadi Bioscience, Inc. (AADI) Market Position & Future Outlook

The company formerly known as Aadi Bioscience, Inc. (AADI) is now Whitehawk Therapeutics, following a strategic pivot in Q1 2025. This move transformed the company from a commercial-stage rare oncology firm to a clinical-stage Antibody Drug Conjugate (ADC) developer, securing its financial runway into late-2028.

This is a high-risk, high-reward reset. The old business, centered on FYARRO for PEComa, was sold to Kaken Pharmaceuticals for $100 million in cash, and the new focus is on a portfolio of three next-generation ADCs, backed by a $100 million PIPE financing. For a deeper look at the financials leading up to this pivot, you should read Breaking Down Aadi Bioscience, Inc. (AADI) Financial Health: Key Insights for Investors.

Competitive Landscape

The company now operates in the fiercely competitive Antibody Drug Conjugate (ADC) market, a segment projected to be valued at $15.61 billion in 2025. It has no commercial market share yet, but its new assets are designed to compete with established giants by addressing the limitations of first-generation ADCs.

Opportunities & Challenges

The strategic pivot has de-risked the near-term cash position but introduced significant pipeline development risk. The opportunity lies in the potential of its new ADC technology to deliver a higher therapeutic index (better efficacy with less toxicity) than older compounds.

Industry Position

Whitehawk Therapeutics is now positioned as a well-capitalized, pre-clinical oncology biotech with a clear focus on next-generation Antibody Drug Conjugates. Honestly, this pivot was a necessity.

The company's standing is no longer defined by the $25.2 million in cumulative FYARRO revenue from the four quarters preceding the sale, but by its new pipeline and cash. The market is excited about ADCs, which are growing at a projected CAGR of 29.57% through 2030, so the timing of the pivot is defintely smart.

• Secured $170 million to $180 million in cash reserves to fund operations.
• Pipeline targets (PTK7, MUC16, SEZ6) are clinically validated but have room for improved ADC technology.
• The company must execute flawlessly on its plan to file two Investigational New Drug (IND) applications by the end of 2025 to maintain investor confidence.