Aadi Bioscience, Inc. (AADI): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at Aadi Bioscience, Inc. (AADI) and their 4 Ps, but the old marketing playbook is useless here because they've executed a hard pivot. They sold their only commercial asset, FYARRO, for $100 million, transforming into a pure-play, early-stage oncology pipeline company focused on three new Antibody-Drug Conjugates (ADCs). This means their 'Product' is now a pipeline, 'Place' is the clinical trial network, 'Promotion' is investor relations, and 'Price' is the cost of capital, not a drug's Wholesale Acquisition Cost (WAC). With cash and equivalents surging to $162.6 million by Q3 2025, plus R&D expenses up 43.5% and Selling, General and Administrative (SG&A) down 27.6%, their valuation is defintely tied to hitting those preclinical milestones, not quarterly sales.

Aadi Bioscience, Inc. (AADI) - Marketing Mix: Product

The product strategy for Aadi Bioscience, Inc., which strategically pivoted and rebranded as Whitehawk Therapeutics in March 2025, is a complete shift from a commercial-stage product to a preclinical, next-generation Antibody-Drug Conjugate (ADC) pipeline. This move is a high-risk, high-reward bet on targeted oncology, replacing a single approved drug with three novel drug candidates.

Strategic pivot from single commercial drug to three preclinical Antibody-Drug Conjugates (ADCs)

The company executed a radical product pivot, moving away from its commercial focus on $mTOR$ inhibition to a pure-play Antibody-Drug Conjugate (ADC) platform. This strategic restructuring, announced in late 2024, was driven by a desire to pursue more differentiated, next-wave oncology assets. The company's new product line is a portfolio of three preclinical ADCs in-licensed from WuXi Biologics and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. The total potential value of this in-licensing deal is substantial, including an aggregate $44 million in upfront payments, up to $265 million in cumulative development milestones, and up to $540 million in cumulative commercial milestones.

Former commercial product, FYARRO (nab-sirolimus), was divested for $100 million in late 2024

The cornerstone of this product transformation was the divestiture of the former commercial product, FYARRO (nab-sirolimus), to Kaken Pharmaceutical. The transaction was announced in December 2024 and was expected to close in the first half of 2025, generating $100 million in cash proceeds for Aadi Bioscience. This single commercial drug was FDA-approved for malignant perivascular epithelioid cell tumor (PEComa) and generated $26.0 million in total revenue for the full-year ended December 31, 2024. Divesting this asset provided the immediate capital to fund the new ADC pipeline development into late 2028.

ADC pipeline targeting PTK7, MUC16, and SEZ6

The new product portfolio consists of three distinct ADC candidates, each targeting a different, broadly expressed tumor antigen. The ADCs leverage HANGZHOU DAC's CPT113 linker-payload technology, which delivers a potent Topoisomerase I (TOPO1) inhibitor payload. This platform is designed to improve the therapeutic index over first-generation ADCs. The new product pipeline focuses on targets with high unmet need and includes:

• HWK-007 targeting PTK7 (Protein Tyrosine Kinase 7).
• HWK-016 targeting MUC16 (Mucin-16).
• HWK-206 targeting SEZ6 (Seizure Related 6 Homolog).

Two Investigational New Drug (IND) submissions (HWK-007, HWK-016) expected by the end of 2025

The near-term product pipeline is focused entirely on advancing these three preclinical assets into the clinic. The company's goal is to bring all three to an Investigational New Drug (IND) application within 15 months of the March 2025 rebrand. The most immediate product milestones for the 2025 fiscal year are the first two IND submissions, which will enable the start of Phase 1 clinical trials. This is a critical action point for the new product strategy.

Focus shifted to rare, genetically-defined cancers and the mTOR pathway's potential

The former product strategy centered on precision therapies for genetically-defined cancers with $mTOR$ pathway driver alterations, such as $TSC1$ or $TSC2$ inactivating alterations. This was the initial rationale for FYARRO. The new product focus, however, is on the three ADC targets (PTK7, MUC16, SEZ6) in indications like non-small cell lung cancer, ovarian cancer, and small-cell lung cancer. While the core mission remains precision oncology, the product platform has shifted from $nab$-technology to the next-generation ADC linker-payload system. That's a defintely different product risk profile.

Aadi Bioscience, Inc. (AADI) - Marketing Mix: Place

The concept of 'Place' for Aadi Bioscience, Inc. (AADI) has fundamentally shifted from a commercial distribution network for a marketed drug to a strategic, global development pipeline. The company's core focus, and thus its primary 'Place' of operation, is now the clinical trial network and the financial markets, not the traditional commercial supply chain.

Core 'Place' is the clinical trial network, not commercial distribution.

Following the strategic pivot in late 2024 and early 2025, the company transformed from a commercial-stage entity to a preclinical-stage oncology therapeutics company. This change means the main distribution channel for its future products is the global clinical research infrastructure, which includes academic centers and hospitals conducting trials for its new Antibody-Drug Conjugate (ADC) portfolio. The former commercial infrastructure for FYARRO was divested, and the parent company rebranded to Whitehawk Therapeutics in March 2025, reflecting this new, defintely research-focused 'Place.'

Key collaborators are contract manufacturing organizations like WuXi Biologics for ADC production.

The physical 'Place' of manufacturing and early development is anchored by a key partnership with global Contract Research, Development, and Manufacturing Organization (CRDMO) WuXi Biologics and Hangzhou DAC Biotechnology Co., Ltd. for the three-asset ADC portfolio. This collaboration grants Aadi Bioscience, Inc. (AADI) exclusive global development and commercialization rights to the three preclinical ADCs. The company made aggregate upfront payments of $44 million for the in-licensing of these programs, with potential cumulative development milestone payments of up to $265 million and commercial milestone payments up to $540 million.

• WuXi Biologics: Provides innovative antibody discovery platform and manufacturing support.
• Hangzhou DAC Biotechnology Co., Ltd.: Supplies the advanced CPT113 linker payload technology for the ADCs.

Primary market is the financial community, securing non-dilutive capital and funding via Private Investment in Public Equity (PIPE).

The most critical 'Place' for Aadi Bioscience, Inc. (AADI) in 2025 is the capital market. The company successfully secured a $100 million Private Investment in Public Equity (PIPE) financing, which closed in March 2025. This financing, led by Ally Bridge Group, along with the $100 million in cash from the FYARRO sale, is expected to fund operations into late-2028. This incredible financial runway is the primary product of their current 'Place' strategy, giving them the capital to execute on the new ADC pipeline.

Geographic focus is global development rights for the new ADC portfolio.

The company's geographic 'Place' ambition is expansive, pivoting from a U.S.-focused commercial product to a worldwide development strategy. The license agreement with WuXi Biologics and Hangzhou DAC Biotechnology Co., Ltd. explicitly granted Aadi Bioscience, Inc. (AADI) global development and commercialization rights for the three preclinical ADCs targeting PTK7, MUC16, and SEZ6. This means their future 'Place' of commercialization is worldwide, though the immediate operational 'Place' is the international network of clinical trial sites that will be used for Phase 1 and Phase 2 studies.

Distribution of the former commercial drug, FYARRO, is now the responsibility of KAKEN Pharmaceutical Co., Ltd.

The 'Place' of commercial sales for the former lead product, FYARRO (sirolimus protein-bound particles for injectable suspension) (albumin-bound), is now entirely managed by KAKEN Pharmaceutical Co., Ltd., a Japanese pharmaceutical company. The sale of Aadi Subsidiary, Inc., which held the FYARRO business, closed in March 2025 for approximately $100 million in cash. KAKEN Pharmaceutical Co., Ltd. acquired the product, all associated infrastructure, and even the rights to the Aadi name and trademark. The former commercial distribution channels in the U.S. now fall under KAKEN Pharmaceutical Co., Ltd.'s operational control.

Here's the quick math on the pivot's financial 'Place' foundation:

Finance: Track the Phase 1 IND filing timeline for the PTK7 ADC (HWK-007) in the second half of 2025 to gauge the clinical 'Place' execution.

Aadi Bioscience, Inc. (AADI) - Marketing Mix: Promotion

The promotion strategy for Aadi Bioscience, Inc. (AADI) has undergone a fundamental shift in 2025, moving entirely away from patient-facing commercial marketing and focusing solely on scientific and investor relations. This change reflects the company's strategic pivot from a hybrid commercial/R&D entity to a pure-play, focused oncology research platform centered on its Antibody-Drug Conjugate (ADC) pipeline. The core promotional message is now centered on pipeline progress and financial de-risking, targeting key opinion leaders and the financial community.

Promotion is centered on scientific and investor relations, not patient-facing advertising.

Following the strategic divestiture of the FYARRO business in early 2025, Aadi Bioscience, Inc. (which began operating as Whitehawk Therapeutics, Inc. in March 2025) completely eliminated its commercial infrastructure. This means the traditional marketing mix elements like direct-to-consumer (DTC) advertising, sales promotions, and a commercial sales force are no longer part of the promotion strategy. The company's communication efforts are now concentrated on validating its new ADC pipeline through rigorous scientific and clinical data, which is communicated primarily through scientific publications, medical conferences, and investor briefings.

R&D expenses increased 43.5% year-over-year to $14.3 million in Q3 2025, demonstrating commitment to the pipeline.

The commitment to the new research focus is best promoted through capital allocation. Research and development (R&D) expenses surged to $14.3 million in the third quarter of 2025, representing a year-over-year increase of 43.5%. This aggressive spending is a clear signal to the market that the company is accelerating its ADC pipeline development. Here's the quick math on the strategic spend:

Selling, General and Administrative (SG&A) costs dropped 27.6%, reflecting the elimination of the commercial sales team.

The reduction in Selling, General and Administrative (SG&A) costs is a direct, tangible result of the strategic pivot, effectively funding the R&D acceleration. SG&A costs dropped by 27.6% year-over-year in Q3 2025. This cost efficiency is a key promotional message for investors, showing disciplined resource reallocation. The elimination of the commercial sales team and associated marketing spend is the main driver of this reduction, confirming the shift to a purely development-stage biotech model.

Key promotional milestones are clinical data readouts and IND acceptance.

For a development-stage oncology company, the most critical promotional events are regulatory and clinical milestones, as these directly impact valuation. The company has a clear, near-term promotional calendar focused on these events.

• Anticipate two Investigational New Drug (IND) submissions, for candidates HWK-007 and HWK-016, expected by year-end 2025.
• Future clinical data readouts from the ADC pipeline are the next major catalysts.
• The company secured a cash runway extending into 2028, which is a powerful promotional point that de-risks the company through these anticipated clinical data readouts.

This funding certainty is a defintely strong selling point for institutional investors.

Active engagement with the financial market through presentations at major healthcare conferences.

Investor relations serve as the primary external communication channel, actively engaging the financial market to maintain visibility and attract capital. This is done through frequent participation in major industry events.

For example, the company presented a corporate overview at the TD Cowen 45th Annual Healthcare Conference in March 2025, with CEO Dave Lennon, PhD, delivering the presentation. These presentations are essential for communicating the strategic vision, pipeline progress, and financial stability to analysts, portfolio managers, and potential investors. The goal is to ensure the market accurately values the company's future potential based on its ADC platform and milestones.

Aadi Bioscience, Inc. (AADI) - Marketing Mix: Price

The 'Price' is the cost of capital and pipeline valuation, not a drug's Wholesale Acquisition Cost (WAC)

For a company like Aadi Bioscience, which executed a major strategic pivot in 2025, the 'Price' element of the marketing mix isn't about the Wholesale Acquisition Cost (WAC) of a drug. Instead, it's about the company's enterprise valuation-the price of its capital. It's a pure research and development (R&D) play now, so the stock price is a direct function of its cash runway and the perceived value of its Antibody-Drug Conjugate (ADC) pipeline.

You're not buying a pill; you're buying a share of future clinical success. This shift, which included the sale of the FYARRO business and the subsequent name change to Whitehawk Therapeutics in March 2025, fundamentally changed the investment thesis. The market is now pricing in the probability of success for three preclinical ADC candidates.

Capital Infusion and Operational Runway into 2028

The company defintely de-risked its near-term valuation by securing a substantial capital base. As of September 30, 2025, Aadi Bioscience's cash, cash equivalents, and short-term investments surged to a total of $162.6 million. This massive increase was driven by two key transactions: the sale of the FYARRO business and a private investment in public equity (PIPE).

This capital provides an anticipated operational runway that extends well into 2028. That's a huge competitive advantage in biotech, as it removes the immediate pressure to raise capital through dilutive share offerings, letting the team focus entirely on hitting R&D milestones.

Valuation Tied to ADC Milestone Achievement

The valuation today is directly tied to the successful advancement of the three in-licensed ADC candidates. This is a classic biotech valuation model: the price moves on data and regulatory progress, not revenue. The company's value is now a function of its ability to execute on its development timeline.

Here's the quick math: the market is assessing the present value of potential future milestone payments and royalties. The initial license agreement with WuXi Biologics and HANGZHOU DAC includes significant future obligations, but these also represent the upside.

• Cumulative development milestone payments: Up to $265 million.
• Cumulative commercial milestone payments: Up to $540 million.
• Pipeline focus: Three ADC candidates (HWK-007, HWK-016, HWK-206).

The near-term catalysts-the events that will move the stock price-are the Investigational New Drug (IND) submissions. Management is on schedule for two IND submissions (HWK-007 and HWK-016) by the end of 2025, which is the first critical test of their new strategy. If onboarding takes 14+ days, churn risk rises.