Aardvark Therapeutics, Inc.

Listed Company

AARDCIK 0001774857NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-57.59M

Total Assets

$117.18M

Equity

$106.63M

Shares Out

21.82M

Op. Cash Flow

$-54.17M

Business

Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing novel small-molecule therapeutics that activate innate homeostatic pathways to treat metabolic and hunger-associated diseases. It develops gut-restricted TAS2R agonists, notably ARD-101 (denatonium acetate monohydrate) and ARD-201 (ARD-101 combined with a DPP-4 inhibitor), designed to induce CCK and GLP-1 secretion to attenuate hunger. The company’s operations center on discovery, preclinical and clinical development of TAS2R-targeting programs, supported by third-party manufacturing, CROs and regulatory functions. It conducts clinical trials and regulatory interactions in the United States and other countries and plans commercialization via strategic partners, distributors or contract sales channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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