Aardvark Therapeutics, Inc.
Business
Aardvark Therapeutics is a clinical-stage biopharmaceutical company developing small-molecule therapeutics that activate innate homeostatic pathways to treat metabolic diseases. Its lead candidate, ARD-101, is an oral gut-restricted bitter taste receptor agonist targeting hunger-associated conditions, particularly hyperphagia associated with Prader-Willi Syndrome. ARD-201 is a fixed-dose combination of ARD-101 and a DPP-4 inhibitor planned for obesity treatment, though the company voluntarily paused related trials in early 2026 following cardiac observations. The company operates through discovery, preclinical development, and clinical trials in the United States and internationally.
Summary from 10-K filed 2026-03-23
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Research and development | 49 | 17 | |
| General and administrative | 14 | 5 | |
| Credit loss - related party accounts receivable | 0 | 117,000 | |
| Total operating expenses | 63 | 23 | |
| Loss from operations | −63 | −23 | |
| Unrealized loss on short-term investments | −5,000 | −200,000 | |
| Interest and dividend income | 5 | 2 | |
| Total other income, net | 5 | 2 | |
| Net Loss | −58 | −21 | |
| Net loss per share of common stock, basic | −2.93 | −5.15 | |
| Net loss per share of common stock, diluted | −2.93 | −5.15 | |
| Weighted-average shares used in net loss per share calculation, basic | 20 | 4 | |
| Weighted-average shares used in net loss per share calculation, diluted | 20 | 4 | |
| Unrealized gain on short-term investments | 81,000 | 0 | |
| Comprehensive loss | −58 | −21 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 47 | 62 | — | |
| Short-term investments | 63 | 12 | — | |
| Prepaid expenses and other current assets | 2 | 474,000 | — | |
| Total current assets | 112 | 74 | — | |
| Operating lease right-of-use asset | 355,000 | 735,000 | — | |
| Other assets | 5 | 3 | — | |
| Total assets | 117 | 78 | — | |
| Accounts payable | 2 | 2 | — | |
| Accrued liabilities | 8 | 2 | — | |
| Operating lease liability, current portion | 441,000 | 338,000 | — | |
| Total current liabilities | 11 | 5 | — | |
| Operating lease liability, net of current portion | 0 | 441,000 | — | |
| Other long-term liabilities | 0 | 26,000 | — | |
| Total liabilities | 11 | 5 | — | |
| Convertible preferred stock, $0.00001 par value; no shares and 96,941,453 shares authorized at December 31, 2025 and 2024, respectively; no shares and 96,941,453 shares issued and outstanding at December 31, 2025 and 2024, respectively; liquidation preference of $0 and $129,135 at December 31, 2025 and 2024, respectively | 0 | 127 | — | |
| Preferred stock, $0.00001 par value; 10,000,000 and no shares authorized at December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025 and 2024 | 0 | 0 | — | |
| Common stock, $0.00001 par value; 490,000,000 and 157,230,354 shares authorized at December 31, 2025 and 2024, respectively; 21,815,353 and 4,075,386 shares issued at December 31, 2025 and 2024, respectively; 21,815,353 and 4,066,969 shares outstanding at December 31, 2025 and 2024, respectively | 0 | 0 | — | |
| Additional paid-in capital | 222 | 4 | — | |
| Accumulated other comprehensive income | 81,000 | 0 | — | |
| Accumulated deficit | −116 | −58 | — | |
| Total stockholders' equity (deficit) | 107 | −55 | −35 | |
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | 117 | 78 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Stock-based compensation expense | 4 | 439,000 | |
| Non-cash lease expense | 380,000 | 235,000 | |
| Amortization of discount on short-term investments | −1 | −96,000 | |
| Depreciation expense | 36,000 | 16,000 | |
| Prepaid expenses and other assets | −6 | −412,000 | |
| Accounts payable | 239,000 | 798,000 | |
| Accrued liabilities | 6 | 1 | |
| Operating lease liability | −338,000 | −198,000 | |
| Net cash used in operating activities | −54 | −18 | |
| Purchases of short-term investments | −130 | −12 | |
| Maturities/sales of short-term investments | 80 | 0 | |
| Purchases of property and equipment | −95,000 | −109,000 | |
| Net cash used in investing activities | −50 | −12 | |
| Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts | 91 | 0 | |
| Financing costs paid in connection with initial public offering | −2 | 0 | |
| Proceeds from sale and issuance of Series C convertible preferred stock | 0 | 85 | |
| Financing costs paid in connection with issuance of Series C convertible preferred stock | 0 | −2 | |
| Proceeds from exercises of common stock options | 366,000 | 332,000 | |
| Proceeds from issuance of common stock under employee stock purchase plan | 195,000 | 0 | |
| Costs paid in connection with deferred financing costs | 0 | −1 | |
| Net cash provided by financing activities | 89 | 82 | |
| Net (decrease) increase in cash and cash equivalents | −15 | 52 | |
| Operating right-of-use assets in exchange for operating lease liability | 0 | 815,000 | |
| Early exercise options and unvested stock liability | 26,000 | 8,000 | |
| Deferred financing costs included in accounts payable and accrued expenses | 0 | 1 | |
| Conversion of convertible preferred stock into common stock upon initial public offering | 127 | 0 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Aardvark Therapeutics, Inc.'s CIK number?
Aardvark Therapeutics, Inc.'s SEC CIK number is 0001774857 (1774857). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Aardvark Therapeutics, Inc.'s SEC filings?
All of Aardvark Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Aardvark Therapeutics, Inc. last report earnings?
Aardvark Therapeutics, Inc. (AARD) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-210664). This is Aardvark Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Aardvark Therapeutics, Inc.'s most recent earnings 8-K?
Aardvark Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-210664. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Aardvark Therapeutics, Inc.'s latest earnings 8-K →
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