Aardvark Therapeutics, Inc. (AARD)
Aardvark Therapeutics, Inc. is a biopharmaceutical firm in its clinical development phase, concentrating on developing small-molecule treatments. These therapies are designed to stimulate the body's natural regulatory systems (innate homeostatic pathways) to combat metabolic disorders. The company's primary experimental drug, ARD-101, is an orally administered, gut-specific small molecule. It functions as an agonist, targeting particular bitter taste receptors found within the gut lumen. ARD-101 is currently undergoing a Phase III clinical trial for managing excessive hunger (hyperphagia) associated with Prader-Willi Syndrome. Additionally, it is in a Phase II trial for addressing hyperphagia linked to acquired hypothalamic obesity, often a result of craniopharyngioma treatments like surgery or radiation therapy. Aardvark Therapeutics is also advancing ARD-201, which is currently in Phase I clinical trials for the treatment of obesity. Established in 2017, the company is based in San Diego, California.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Aardvark Therapeutics, Inc. Common Stock
NASDAQ:AARDHealthcare · Biotechnology
-5.56%$1.36
AH$1.35-0.73%vs close
Mkt Cap$29.76M
Float14.55M
O/S21.88M
Vol
$ Vol
RVOL
Inst Own43.0%
SI3.8%
Earnings
Dilution
Financials Summary
Revenue$0
Net Income-$57.59M
Total Assets$117.18M
Free Cash Flow-$54.27M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$441K
Total Equity$106.63M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:2Reverse splitJul 21, 20082 shares → 1
Balance Sheet Details
Assets$117.18M
Liabilities$10.55M
Accounts Receivable$0
Accounts Payable$2.07M
Inventory$0
PP&E (Net)$355K
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Revenue | $0 | $0 | $0 | $0 |
| YoY Growth | - | - | - | - |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $0 | $0 | $0 | $0 |
| Gross Margin | - | - | - | - |
| Research and Development | $48.94M | $17.36M | $4.48M | $7.17M |
| Selling, General, and Administrative | $13.79M | $5.3M | $2.17M | $2.7M |
| Other | $0 | $117K | $762K | $1.49M |
| Total Operating Expenses | $62.73M | $22.79M | $7.42M | $11.36M |
| Operating Income (EBIT) | -$62.73M | -$22.79M | -$7.42M | -$11.36M |
| Operating Margin | - | - | - | - |
| Interest Expense | $0 | $0 | $0 | $0 |
| Interest Income | $5.14M | $2.41M | $1.42M | $120K |
| Other Income (Expense) | $5.13M | $2.2M | $207K | -$2.2M |
| Income Before Tax (EBT) | -$57.59M | -$20.59M | -$7.21M | -$13.56M |
| Income Tax Expense | $0 | $0 | $0 | $0 |
| Net Income | -$57.59M | -$20.59M | -$7.21M | -$13.56M |
| Net Income Margin | - | - | - | - |
| Supplementary Data | ||||
| EPS | -2.64 | -0.95 | -0.34 | -0.63 |
| Diluted EPS | -2.64 | -0.95 | -0.34 | -0.63 |
| Weighted Average OS | 21.82M | 21.70M | 21.38M | 21.38M |
| EBITDA | -$57.55M | -$22.65M | -$6.56M | -$10.76M |
| EBITDA Margin | - | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Assets | ||||
| Current Assets | ||||
| Cash and Cash Equivalents | $47.05M | $61.64M | $9.73M | $15.56M |
| Short-Term Investments | $62.98M | $12.02M | $254K | $546K |
| Cash and Short-Term Investments | $110.03M | $73.66M | $9.99M | $16.11M |
| Accounts Receivable | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 |
| Other Current Assets | $1.86M | $160K | $127K | $70K |
| Total Current Assets | $111.89M | $74.14M | $10.37M | $16.49M |
| Long-Term Assets | ||||
| Property, Plant & Equipment Net | $355K | $735K | $155K | $252K |
| Goodwill | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4.94M | $2.63M | $13K | $14K |
| Total Long-Term Assets | $5.29M | $3.37M | $168K | $266K |
| Other Assets | $0 | $0 | $0 | $0 |
| Total Assets | $117.18M | $77.51M | $10.54M | $16.76M |
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $2.07M | $2.3M | $1.03M | $259K |
| Short-Term Debt | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $2.91M | $896K | $45K | $53K |
| Total Current Liabilities | $10.55M | $4.93M | $1.38M | $595K |
| Long-Term Liabilities | ||||
| Long-Term Debt | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $126.78M | $43.91M | $43.92M |
| Total Long-Term Liabilities | $0 | $127.22M | $43.96M | $44.09M |
| Other Liabilities | $0 | $0 | $0 | $0 |
| Total Liabilities | $10.55M | $132.15M | $45.34M | $44.68M |
| Stockholders' Equity | ||||
| Preferred Stock | $0 | $0 | $0 | $0 |
| Common Stock | $0 | $0 | $0 | $0 |
| Retained Earnings | -$115.92M | -$58.33M | -$37.74M | -$30.53M |
| Comprehensive Income & Other | $81K | $0 | $0 | $0 |
| Other Stockholders' Equity | $222.55M | $3.68M | $2.94M | $2.61M |
| Total Equity | $106.63M | -$54.64M | -$34.8M | -$27.92M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $117.18M | $77.51M | $10.54M | $16.76M |
| Supplementary Data | ||||
| Total Debt | $441K | $779K | $162K | $262K |
| Net Debt | -$46.61M | -$60.86M | -$9.57M | -$15.3M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Operating Activities | ||||
| Net Income | -$57.59M | -$20.59M | -$7.21M | -$13.56M |
| Depreciation & Amortization | $36K | $16K | $97K | $110K |
| Deferred Income Tax | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $3.95M | $439K | $313K | $412K |
| Changes in Working Capital: | ||||
| Accounts Receivable | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 |
| Accounts Payable | $239K | $798K | $776K | $31K |
| Other Working Capital | $117K | $775K | -$857K | -$1.34M |
| Total Working Capital Change | $356K | $1.57M | -$81K | -$1.31M |
| Other Non-Cash Items | -$921K | $473K | $1.05M | $3.81M |
| Net Cash from Operating | -$54.17M | -$18.09M | -$5.82M | -$10.54M |
| Investing Activities | ||||
| Capital Expenditures | -$95K | -$109K | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$129.6M | -$11.89M | $0 | $0 |
| Sales of Investments | $80.03M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | -$1M |
| Net Cash from Investing | -$49.67M | -$12M | $0 | -$1M |
| Financing Activities | ||||
| Debt Repaid | - | - | - | $1M |
| Common Stock Issuance | $89.25M | $332K | $0 | $225K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$3.34M | $0 | $1M |
| Net Cash from Financing | $89.25M | $81.99M | $0 | $225K |
| Forex Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$14.59M | $51.91M | -$5.82M | -$11.32M |
| Supplementary Data | ||||
| Operating Cash Flow | -$54.17M | -$18.09M | -$5.82M | -$10.54M |
| Capital Expenditure | -$95K | -$109K | $0 | $0 |
| Free Cash Flow | -$54.27M | -$18.2M | -$5.82M | -$10.54M |
| Cash at Beginning | $61.64M | $9.73M | $15.56M | $26.88M |
| Cash at End | $47.05M | $61.64M | $9.73M | $15.56M |