AARD Stock — Aardvark Therapeutics Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.17

Market cap

$25.6M

Cash

$73.9M

Enterprise value

-$48.3M

Balance sheet

Cash	$73.9M
Debt	$0.0M
Net cash	$73.9M
Enterprise value	-$48.3M
Basic shares	21.9M shares
Fully diluted shares	25.8M shares
Fully diluted market cap	$30.1M
Cash per share	$3.38
Quarterly burn	$17.6M
Cash runway	4.2 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

21.9M

Pre-funded warrants

0.0M

Options

3.5M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.3M

FDSO

25.8M

Cap table as of 2026-06-30.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

ARD-101

Phase 3 · Active Modality: small molecule

Target TAS2Rs (bitter taste receptors)

Indications

Hyperphagia associated with Prader-Willi syndrome (PWS) (Phase 3)

Status note FDA clinical hold on the ARD-101 program (May 2026) following reversible cardiac observations in a healthy volunteer study (QRS duration increases at supratherapeutic dose); the Phase 3 HERO trial and the OLE trial were terminated in June 2026. The company is evaluating whether and how to pursue further development, including a potentially redesigned trial; previously guided HERO topline in Q3 2026 is withdrawn, so no dated catalyst is stated.

ARD-201

Phase 2 · Active Modality: small molecule

Target TAS2R agonist (ARD-101) + DPP-4 inhibitor (fixed-dose combination)

Indications

Obesity and obesity-related conditions, including prevention of weight regain following GLP-1RA therapy (Phase 2)

Status note Fixed-dose combination of ARD-101 and a DPP-4 inhibitor (STRENGTH acronym states sitagliptin). POWER (Phase 2, initiated Dec 2025) and planned STRENGTH trials were paused in Feb 2026; further development depends on resolution of the ARD-101 clinical hold. Not explicitly discontinued.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
EcoR1 Capital	396,194	+396,194	0.11%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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AARD — Aardvark Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

AARD — Aardvark Therapeutics Inc.