Aardvark Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing small-molecule therapeutics for the treatment of metabolic diseases. Headquartered in San Diego, California, the company targets innate homeostatic pathways to address hunger-associated conditions. Its lead candidate, ARD-101, is an oral drug designed to treat hyperphagia associated with rare diseases such as Prader-Willi Syndrome.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Selling, General & Administrative Expenses
13,789
5,305
2,173
2,702
Research & Development Expenses
48,936
17,363
4,480
7,172
Other Operating Expenses
—
117
762
1,489
Operating Profit
(62,725)
(22,785)
(7,415)
(11,363)
Interest and Investment Income
5,139
2,414
1,423
120
Non-Operating Income
(5)
(217)
(1,216)
(2,321)
Total Non-Operating Income
5,134
2,197
207
(2,201)
Income Before Provision for Income Taxes
(57,591)
(20,588)
(7,208)
(13,564)
Consolidated Net Income
(57,591)
(20,588)
(7,208)
(13,564)
Net Income Attributable to Common Shareholders
(57,591)
(20,588)
(7,208)
(13,564)
Basic EPS
-2.93
-5.15
-1.82
-3.49
Diluted EPS
-2.93
-5.15
-1.82
-3.49
Basic Weighted Average Shares Outstanding
19,625
3,996
3,961
3,892
Diluted Weighted Average Shares Outstanding
19,625
3,996
3,961
3,892
Shares Outstanding
21,815
4,067
3,966
3,953
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
47,051
61,641
9,735
15,559
Short-Term Investments
62,976
12,022
254
546
Total Cash and Cash Equivalents
110,027
73,663
9,989
16,105
Other Current Assets
1,859
474
379
386
Total Current Assets
111,886
74,137
10,368
16,491
Net Property, Plant & Equipment
355
735
155
252
Other Long-Term Assets
4,940
2,635
13
14
Total Assets
117,181
77,507
10,536
16,757
Accounts Payable
2,072
2,298
1,035
259
Accrued Expenses
8,035
2,291
235
236
Current Portion of Leases
441
338
112
100
Total Current Liabilities
10,548
4,927
1,382
595
Leases
—
441
50
162
Other Long-Term Liabilities
—
26
2
19
Total Long-Term Liabilities
—
467
52
181
Total Liabilities
10,548
5,394
1,434
776
Additional Paid-in Capital
222,470
3,684
2,937
2,608
Accumulated Other Comprehensive Income
81
—
—
—
Retained Earnings
—
—
(37,739)
(30,531)
Total Common Shareholders' Equity
222,551
3,684
(34,802)
(27,923)
Minority Interests and Other
—
126,756
43,904
43,904
Total Shareholders' Equity
222,551
130,440
9,102
15,981
Total Liabilities and Shareholders' Equity
117,181
77,507
10,536
16,757
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(57,591)
(20,588)
(7,208)
(7,208)
Depreciation & Amortization
36
16
—
—
Share-Based Compensation Expense
3,948
439
313
313
Other Adjustments
(921)
473
1,152
1,152
Changes in Accounts Payable
239
798
776
776
Changes in Accrued Expenses
6,415
1,385
(2)
(2)
Changes in Other Operating Activities
(6,298)
(610)
(855)
(855)
Cash from Operating Activities
(54,172)
(18,087)
(5,824)
(5,824)
Capital Expenditure
(95)
(109)
—
—
Purchases of Investments
(129,599)
(11,889)
—
—
Proceeds from Sale of Investments
80,027
—
—
—
Cash from Investing Activities
(49,667)
(11,998)
—
—
Issuance of Common Shares
91,636
332
—
—
Net Issuance / (Repurchases) of Common Shares
91,636
332
—
—
Issuance of Preferred Shares
—
85,000
—
—
Net Issuance / (Repurchases) of Preferred Shares
—
85,000
—
—
Other Financing Activities
(2,387)
(3,341)
—
—
Cash from Financing Activities
89,249
81,991
—
—
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash