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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | $2.4M | $0 |
| Gross profit | — | — | — |
| Net income | — | -$20.6M | -$57.6M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Item 5.02
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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