Aardvark Therapeutics, Inc. AARD

Healthcare SIC 2834 - Pharmaceutical Preparations Nasdaq

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).

Last close 5.38 2026-09-04
Market cap $117.7M 2026-06-30 share count
52-week range 3.35 - 17.94

Valuation FY2025 figures against the last close

P/S
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-2.93

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023
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 FY2025FY2024FY2023
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 FY2025FY2024FY2023
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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