Aardvark Therapeutics, Inc. AARD
We are a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. We target biological pathways associated with alleviating hunger that we believe have the potential to deliver transformative outcomes for patients. We have focused our efforts on developing selective compounds, targeting Bitter Taste Receptors (TAS2Rs) for hunger-associated conditions. Our initial compounds target TAS2Rs expressed in the gut lumen, which normally respond to the chemicals in food and participate in the gut-brain axis. Our research has shown that activating these receptors can induce the secretion of endogenous signaling molecules, including cholecystokinin (CCK), peptide YY (PYY) and glucagon-like peptide-1 (GLP-1).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $0 | $2.4M | — |
| R&D | $48.9M | $17.4M | — |
| SG&A | $13.8M | $5.3M | — |
| Total operating expenses | $62.7M | $22.8M | — |
| Operating income | -$62.7M | -$22.8M | — |
| Pre-tax income | -$57.6M | -$20.6M | — |
| Income tax | $0 | $0 | — |
| Net income | -$57.6M | -$20.6M | — |
| EPS, basic | -2.93 | -5.15 | — |
| EPS, diluted | -2.93 | -5.15 | — |
| Shares, diluted (wtd. avg.) | $19.6M | $4.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $47.1M | $61.6M | $9.7M |
| Short-term investments | $63.0M | $12.0M | — |
| Total current assets | $111.9M | $74.1M | — |
| Total assets | $117.2M | $77.5M | — |
| Accounts payable | $2.1M | $2.3M | — |
| Total current liabilities | $10.5M | $4.9M | — |
| Total liabilities | $10.5M | $5.4M | — |
| Retained earnings | -$115.9M | -$58.3M | — |
| Total equity | $106.6M | -$54.6M | -$34.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$54.2M | -$18.1M | — |
| Depreciation and amortisation | $36.0K | $16.0K | — |
| Stock-based compensation | $3.9M | $439.0K | — |
| Capital expenditure | $95.0K | $109.0K | — |
| Investing cash flow | -$49.7M | -$12.0M | — |
| Financing cash flow | $89.2M | $82.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-119770.
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