Business Description
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 | (14,590) | 51,906 | (5,824) | (5,824) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $286M |
| P/E | -4.48x |
| EV/EBITDA | -2.82x |
| Return on Equity | -32.6% |
| Return on Invested Capital | -1328.4% |
| Current Ratio | 10.61x |
Margins
Gross margin
—
Operating margin
—
Net margin
—
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | — | — | — | $-22M |
| Q4 2025 | — | — | — | $-19M |
| Q3 2025 | — | — | — | $-18M |
| Q2 2025 | — | — | — | $-16M |
| Q1 2025 | — | — | — | $-10M |
| Q4 2024 | — | — | — | $-9M |
| Q3 2024 | — | — | — | $-5M |
| Q2 2024 | — | — | — | $-6M |
More on Aardvark Therapeutics, Inc.
Figures compiled from public company filings.
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