Aardvark Therapeutics, Inc.

Business focus

• Clinical-stage biopharmaceutical company developing small-molecule therapies that activate innate homeostatic pathways for metabolic diseases.
• Targets Bitter Taste Receptors (TAS2Rs) to stimulate gut hormones (CCK, PYY, GLP-1) via endogenous signaling to suppress hunger.
• Lead program ARD-101 is an oral, largely gut-restricted TAS2R agonist designed to elicit endogenous CCK release with limited systemic exposure.

Product candidates and development status

• ARD-101
  • Phase 1 completed in healthy volunteers.
  • Phase 2 conducted in hyperphagia associated with Prader-Willi Syndrome (PWS); showed activity on HQ-CT scores and was well tolerated.
  • Phase 3 HERO trial and related studies (including HERO Open Label Extension) were initiated but voluntarily paused in February 2026 following reversible cardiac observations in a healthy volunteer study. The company and FDA are reviewing next steps; HERO trial design and timelines may change.
• ARD-201 (second TAS2R program; planned in combination with a DPP-4 inhibitor)
  • Planned Phase 2 program (POWER and STRENGTH trials) to evaluate weight management in obesity and GLP-1 contexts.
  • Trials paused following the HERO pause as the company evaluates safety data; next steps will follow regulatory guidance in 2026.
• The company has no approved products or product revenue to date and uses third-party manufacturers and contract research organizations for development activities.

Corporate structure and subsidiaries

• Formed Artisan Therapeutics, Inc. as a wholly owned subsidiary in 2024.
• Formed Ardia Therapeutics, Inc. as a wholly owned subsidiary in February 2026.
• Pipeline emphasis remains on TAS2R-driven hunger and satiety pathways, with ongoing interaction with regulators regarding ARD-101 safety data.

Intellectual property and agreements

• Portfolio includes rights to TAS2R-related discoveries and technology acquired with contingent regulatory and commercial milestone payments:
  • Approximately $180.5 million in potential future regulatory/commercial milestones related to certain acquired IP (as of 12/31/2025).
  • Approximately $62.0 million in contingent milestones from another asset acquisition (as of 12/31/2025).
• The company intends to continue building and protecting its IP position as programs advance.

Commercialization and manufacturing

• No owned manufacturing facilities; the company relies on third parties for manufacturing and packaging of ARD-101 and other candidates, as well as for potential future commercial production.
• The company intends to build commercial capabilities if and when regulatory approvals are obtained.

Financial snapshot (as of December 31, 2025)

• Revenue: None; no product sales to date.
• Net loss: $57.6 million in 2025; $20.6 million in 2024.
• Accumulated deficit: $115.9 million as of 12/31/2025.
• Cash and investments: Combined cash and short-term investments of approximately $110.0 million as of 12/31/2025 (cash and cash equivalents $47.1 million; short-term investments $63.0 million).
• Cash flows:
  • Net cash used in operating activities: $54.2 million in 2025; $18.1 million in 2024.
  • Net cash used in investing activities: $49.7 million in 2025; $12.0 million in 2024 (primarily purchases of short-term investments).
  • Net cash provided by financing activities: $89.2 million in 2025; $82.0 million in 2024.
• IPO and equity summary
  • February 2025 IPO: Sold 6,120,661 shares of common stock at $16.00 per share; net proceeds of about $87.5 million after underwriting discounts, commissions (~$6.9 million) and offering costs (~$3.5 million).
  • All outstanding convertible preferred stock converted into 11,439,838 shares of common stock upon IPO.
  • Common shares outstanding: 21,815,353 as of 12/31/2025.
  • Options outstanding: 3,038,413 as of 12/31/2025.
• Stockholder concentration
  • As of February 28, 2026, executive officers, directors and holders of 5% or more of common stock beneficially owned about 51.6% of outstanding shares.
  • Approximately 26 stockholders of record as of 2/28/2026.
• Share-based compensation and plans
  • 2025 Equity Incentive Plan initially reserved 2,150,000 shares (auto-increased by 1,090,767 shares on 1/1/2026; with annual increases through 2035).
  • 2025 Inducement Equity Incentive Plan reserved 900,000 shares.
  • Employee Stock Purchase Plan (ESPP) reserved 215,000 shares; first offering period began in 2025.
• 2025 operating results by category
  • Research and development expense: $48.936 million (2025) vs. $17.363 million (2024).
  • General and administrative expense: $13.789 million (2025) vs. $5.305 million (2024).
  • Other income (expense), net: $5.134 million (2025) vs. $2.197 million (2024).

Leases and commitments

• Office lease in San Diego for approximately 8,000 square feet, expiring December 2026.
• Contingent acquisition milestone obligations of up to approximately $180.5 million and up to approximately $62.0 million as of 12/31/2025.

Market status and public company posture

• Listed on Nasdaq under the ticker AARD since February 2025.
• The company is an emerging growth company and a smaller reporting company, with corresponding disclosure and reporting considerations.
• HERO and ARD-201 program timelines and designs may be revised based on ongoing data review and discussions with the FDA following the February 2026 pause.