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AARD

Aardvark Therapeutics, Inc. Common Stock

AARD

Aardvark Therapeutics, Inc. Common Stock • NASDAQ
$9.98 ▲ 3.21% (+0.31)
Market Cap $217.30 M
52w High $19.58
52w Low $4.88
Dividend Yield 0%
P/E -3.94
Volume 88.84K
Outstanding Shares 21.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $17.693M ▲ $-16.316M ▼ 0% $-0.75 ▼ $-16.306M ▼
Q2-2025 $0 $15.848M ▲ $-14.367M ▼ 0% $-0.66 ▲ $-15.837M ▼
Q1-2025 $0 $10.47M ▲ $-9.31M ▼ 0% $-0.71 ▼ $-10.465M ▼
Q4-2024 $0 $9.45M ▲ $-8.779M ▼ 0% $-0.68 ▼ $-9.442M ▼
Q3-2024 $0 $5.091M $-4.182M 0% $-0.32 $-5.088M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $126.35M ▼ $133.229M ▼ $10.852M ▲ $122.377M ▼
Q2-2025 $141.82M ▼ $147.475M ▼ $10.55M ▲ $136.925M ▼
Q1-2025 $151.26M ▲ $157.025M ▲ $6.336M ▼ $150.689M ▲
Q4-2024 $73.663M ▼ $77.507M ▼ $132.15M ▲ $-54.643M ▼
Q3-2024 $82.36M $83.739M $129.913M $-46.174M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.316M ▼ $-18.517M ▼ $29.246M ▲ $2.558M ▲ $13.287M ▲ $-18.521M ▼
Q2-2025 $-14.367M ▼ $-9.844M ▲ $9.409M ▲ $-71K ▼ $-506K ▲ $-9.935M ▲
Q1-2025 $-9.31M ▼ $-11.388M ▼ $-112.624M ▼ $88.875M ▲ $-35.137M ▼ $-11.388M ▼
Q4-2024 $-8.779M ▼ $-7.727M ▼ $-11.895M ▼ $-1.014M ▼ $-20.636M ▼ $-7.733M ▼
Q3-2024 $-4.182M $-3.955M $-5K $64K $-3.896M $-3.96M

Five-Year Company Overview

Income Statement

Income Statement Aardvark is still a pure research company with no product sales yet. Its income statement mainly reflects research and administrative expenses, which lead to recurring operating losses each year. The size of those losses has been relatively modest so far but is likely to increase as large, late‑stage trials ramp up. Earnings per share have moved around more than the underlying business because of changes in share count and financing, not because of revenue growth. Overall, this is a typical pre‑commercial biotech profile: costs today in hopes of future regulatory approvals and sales, with performance driven by clinical progress rather than current profitability.

Balance Sheet

Balance Sheet Historically, Aardvark operated with a very small asset base, little more than cash and its intellectual property, and with negative shareholders’ equity due to accumulated losses. The absence of financial debt is a positive, but it also means the company has relied heavily on equity funding. With the IPO completed, the balance sheet now appears much stronger, dominated by a larger cash position that provides a multi‑year operating runway. Even so, the business remains asset‑light and inherently risky: its main “assets” are its drug candidates and clinical data, not tangible property or recurring cash flows.

Cash Flow

Cash Flow Cash flows are driven almost entirely by spending on clinical trials and operations, with no offsetting inflows from product sales. Operating cash flow has been consistently negative, reflecting ongoing cash burn typical for a clinical‑stage biotech. Capital spending needs are low, so free cash flow closely tracks operating losses. The IPO proceeds have meaningfully extended the cash runway, reducing near‑term funding pressure, but the company is still on a finite clock. Unless programs are partnered or become commercial, Aardvark will eventually need additional capital to sustain and expand its development plans.

Competitive Edge

Competitive Edge Aardvark is pursuing a distinctive strategy in a very competitive space. Its focus on bitter taste receptors in the gut and on the physiology of hunger, rather than traditional appetite suppression, sets it apart scientifically from many obesity and metabolic players. The lead program in Prader‑Willi Syndrome benefits from orphan drug status and targets a high‑need, specialized market where a strong niche position is possible. In obesity, the plan is to complement, not directly replace, dominant GLP‑1 drugs by helping manage weight regain, which is a real clinical problem. Against these strengths, Aardvark is still a small player facing much larger, well‑funded competitors, and its competitive standing will ultimately hinge on how compelling its late‑stage trial data and safety profile look relative to other emerging therapies.

Innovation and R&D

Innovation and R&D Innovation is the core of Aardvark’s story. The company is betting on a focused platform built around gut‑restricted small molecules that activate bitter taste receptors, aiming to modulate gut hormones and hunger signals with fewer systemic side effects. The lead candidate is already in a pivotal trial for Prader‑Willi Syndrome, while the follow‑on program targets obesity with a tailored strategy around weight maintenance and combination use. This is a concentrated R&D approach: a small number of closely related programs, rather than a broad pipeline. That concentration can create strong leverage if the biology works as expected, but also means outcomes are quite binary—success or failure in a few key trials will drive most of the company’s future.

Summary

Aardvark is a classic early‑stage biotech: pre‑revenue, loss‑making, and highly dependent on the success of a small number of drug candidates. The balance sheet has been shored up by the IPO, offering several years of funding to execute on its clinical plans, but the company’s value remains tied to future trial readouts and regulatory decisions. Scientifically, it offers a clearly differentiated angle on metabolic disease, with an oral, gut‑restricted approach and an initial focus on a rare, high‑need condition plus a carefully chosen role in obesity. The main opportunities are validation of its novel mechanism, orphan positioning in Prader‑Willi, and participation in the large obesity market. The main risks are clinical failure, strong competition from other innovative metabolic drugs, and the need for further capital once the current cash runway is used. This is a high‑uncertainty, high‑impact profile where science and trial outcomes matter far more than near‑term financial metrics.

NEWS

November 25, 2025 · 4:05 PM UTC

Aardvark Therapeutics to Present at Upcoming Investor Conferences in December

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November 13, 2025 · 4:05 PM UTC

Aardvark Therapeutics Reports Third Quarter 2025 Financial Results and Provides Pipeline and Business Updates

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November 11, 2025 · 4:05 PM UTC

Aardvark Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

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November 4, 2025 · 12:00 PM UTC

Aardvark Therapeutics Presents Data Supporting its Metabolic Obesity Pipeline Programs at ObesityWeek 2025

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November 3, 2025 · 5:55 PM UTC

Aardvark Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Read more