Aardvark Therapeutics, Inc. (AARD) AI Dilution Summary

Aardvark is funding itself from cash on hand: estimated cash was $73,870,000 as of 2026-06-30, the same as cash at the 2026-06-30 balance-sheet date, against estimated monthly burn of $5,866,333. Its stated funding channel is the active ATM program with Piper Sandler & Co., authorised to $150,000,000, with $0 sold to date. The main source of potential dilution is that ATM program.