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AARD · NASDAQ · Biotechnology

Aardvark Therapeutics

Develops gut-restricted oral programs for hunger-associated conditions and obesity.

$6.14

After-hours close+0.36 (+6.23%)

At close$5.78(−12.69%)

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Profile

Aardvark Therapeutics, Inc. Common StockAARDHealth Care

Develops oral, gut-restricted small-molecule programs that activate gut bitter-taste receptors for hunger-associated conditions. ARD-101 targets hyperphagia in Prader-Willi syndrome, while ARD-201 is a planned combination for obesity; both programs are paused as ARD-101 remains under an FDA clinical hold.

Develops oral, gut-restricted small-molecule therapies that activate gut bitter-taste receptors, known as TAS2Rs, to address hunger-associated conditions. The lead program, ARD-101, has been studied for hyperphagia in Prader-Willi syndrome.

A planned companion program, ARD-201, combines ARD-101 with a DPP-4 inhibitor for obesity and obesity-related conditions. Based in San Diego, the company remains a clinical-stage developer rather than a seller of marketed therapies.

In May 2026, the FDA placed the ARD-101 investigational new drug application on full clinical hold, covering the HERO study and its extension. ARD-201 was also voluntarily paused while the current path forward for ARD-101 is determined.

Company facts

CEOTien-Li Lee, M.D.

ListedFeb 13, 2025

ExchangeNASDAQ

HeadquartersSan Diego, CA

CountryUnited States

Employees22

CIK0001774857

ISINUS0029421007

Key statistics

Market cap$126.7M

EPS (ttm)−$3.21

P/E (ttm)−1.80

ROE-71.5%

P/B1.69

P/S0.00

Dividend yield—

Beta3.21vs XLV 0.43

Year to date −56.2% · Average volume (30d) 132.5K

Analysts

Price target, next 12 months$4.50−22.3%Median of 9 analysts · vs the Aug 28 close

ConsensusBuy4 of 9 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $5.79

High$6.00+3.6%

Median$4.50−22.3%

Low$3.00−48.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
May 15, 2026	Morgan Stanley	Downgrade	Equal Weight	Underweight	$29	$3
May 15, 2026	BTIG	Downgrade	Buy	Neutral
Mar 2, 2026	RBC Capital	Downgrade	Outperform	Sector Perform	$18	$6
Mar 2, 2026	Stifel	Downgrade	Buy	Hold
Mar 2, 2026	HC Wainwright & Co.	Downgrade	Buy	Neutral

Earnings

EPS

Estimate−$0.74

ReportedDue Nov 12, 2026

Revenue

Estimate—

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 12, 2026Q2 FY26	−$0.87	−$0.66	+24.1%	—	—	—	−2.44%
Aug 11, 2026Q2 FY26	−$0.87	−$0.66	+24.5%	—	—	—	−8.62%
May 7, 2026Q1 FY26	−$0.87	−$0.99	−14.0%	—	—	—	−2.86%
Mar 23, 2026Q4 FY25	−$0.83	−$0.81	+2.1%	—	—	—	−7.37%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$0	$0	$0	$0	$0	$0
Gross profit	$0	$0	$0	$0	$0	$0
Operating income	−$10.5M	−$15.8M	−$17.7M	−$18.7M	−$22.5M	−$15.1M
Net income	−$9.3M	−$14.4M	−$16.3M	−$17.6M	−$21.6M	−$14.4M
Diluted EPS	−$0.43	−$0.66	−$0.75	−$0.81	−$0.99	−$0.66
Gross margin	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—

Fiscal years (4-quarter sums)FY24 $0 · FY25 $0

Balance sheet, Jun 30, 2026Cash & short-term investments $73.9M · Total debt $677.0K · Total assets $81.5M · Shareholders' equity $74.8M

Dividends

No dividends on record.

Ownership

Institutions 46.61%10.20M sharesInsiders 14.14%3.09M sharesOther 39.25%8.59M shares

Shares outstanding 21.88M · Float 10.91M · 49.9% free float

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Decheng Capital LLC	3.92M	17.90%	13F	May 13, 2026
Tien-Li Lee	2.98M	13.70%	13G	May 15, 2025
Tien-Li Lee · director, 10 percent owner, officer: Chief Executive Officer	2.98M	13.63%	Form 4	Dec 12, 2025
Dr. Finian Tan	1.83M	8.69%	13G	Feb 24, 2025
Citadel Advisors LLC	1.24M	5.68%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Dec 11, 2025	Tien-Li Lee	director, 10 percent owner, officer: Chief Executive Officer	+7,000	$14.49
Dec 11, 2025	Nelson Sun	officer: Chief Financial Officer	+3,000	$14.40
Sep 15, 2025	Tien-Li Lee	director, 10 percent owner, officer: Chief Executive Officer	+10,000	$9.66
Sep 10, 2025	Tien-Li Lee	director, 10 percent owner, officer: Chief Executive Officer	+9,000	$7.91
Sep 11, 2025	Tien-Li Lee	director, 10 percent owner, officer: Chief Executive Officer	+6,000	$7.82