AARD on Nasdaq
Aardvark Therapeutics, Inc.
$3.86 down 0.02 (0.52%)Price as of Oct 15, 2026 at 14:59 UTC
Last updated Oct 16, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and development | $48.9M | $17.4M |
| General and administrative | $13.8M | $5.3M |
| Credit loss - related party accounts receivable | $0 | $117.0K |
| Total operating expenses | $62.7M | $22.8M |
| Loss from operations | -$62.7M | -$22.8M |
| Unrealized loss on short-term investments | -$5.0K | -$217.0K |
| Interest and dividend income | $5.1M | $2.4M |
| Total other income, net | $5.1M | $2.2M |
| Net Loss | -$57.6M | -$20.6M |
| Net loss per share of common stock, basic | -$2.93 | -$5.15 |
| Net loss per share of common stock, diluted | -$2.93 | -$5.15 |
| Weighted-average shares used in net loss per share calculation, basic | 19.6M shares | 4.0M shares |
| Weighted-average shares used in net loss per share calculation, diluted | 19.6M shares | 4.0M shares |
| Unrealized gain on short-term investments | $81.0K | $0 |
| Comprehensive loss | -$57.5M | -$20.6M |
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $47.1M | $61.6M | |
| Short-term investments | $63.0M | $12.0M | |
| Prepaid expenses and other current assets | $1.9M | $474.0K | |
| Total current assets | $111.9M | $74.1M | |
| Operating lease right-of-use asset | $355.0K | $735.0K | |
| Other assets | $4.9M | $2.6M | |
| Total assets | $117.2M | $77.5M | |
| Accounts payable | $2.1M | $2.3M | |
| Accrued liabilities | $8.0M | $2.3M | |
| Operating lease liability, current portion | $441.0K | $338.0K | |
| Total current liabilities | $10.5M | $4.9M | |
| Operating lease liability, net of current portion | $0 | $441.0K | |
| Other long-term liabilities | $0 | $26.0K | |
| Total liabilities | $10.5M | $5.4M | |
| Convertible preferred stock, $0.00001 par value; no shares and 96,941,453 shares authorized at December 31, 2025 and 2024, respectively; no shares and 96,941,453 shares issued and outstanding at December 31, 2025 and 2024, respectively; liquidation preference of $0 and $129,135 at December 31, 2025 and 2024, respectively | $0 | $126.8M | |
| Preferred stock, $0.00001 par value; 10,000,000 and no shares authorized at December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025 and 2024 | $0 | $0 | |
| Common stock, $0.00001 par value; 490,000,000 and 157,230,354 shares authorized at December 31, 2025 and 2024, respectively; 21,815,353 and 4,075,386 shares issued at December 31, 2025 and 2024, respectively; 21,815,353 and 4,066,969 shares outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | |
| Additional paid-in capital | $222.5M | $3.7M | |
| Accumulated other comprehensive income | $81.0K | $0 | |
| Accumulated deficit | -$115.9M | -$58.3M | |
| Total stockholders' equity (deficit) | $106.6M | -$54.6M | -$34.8M |
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $117.2M | $77.5M | |
| Convertible preferred stock, par value | $0.00 | $0.00 | |
| Convertible preferred stock, shares authorized | 0 shares | 96.9M shares | |
| Convertible preferred stock, shares issued | 0 shares | 96.9M shares | |
| Convertible preferred stock, shares outstanding | 0 shares | 96.9M shares | |
| Convertible preferred stock, liquidation preference | $0 | $129.1M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 0 shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 490.0M shares | 157.2M shares | |
| Common stock, shares issued | 21.8M shares | 4.1M shares | |
| Common stock, shares outstanding | 21.8M shares | 4.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$57.6M | -$20.6M |
| Credit loss - related party accounts receivable | $0 | $117.0K |
| Stock-based compensation expense | $3.9M | $439.0K |
| Non-cash lease expense | $380.0K | $235.0K |
| Unrealized loss on short-term investments | $5.0K | $217.0K |
| Amortization of discount on short-term investments | -$1.3M | -$96.0K |
| Depreciation expense | $36.0K | $16.0K |
| Prepaid expenses and other assets | -$6.0M | -$412.0K |
| Accounts payable | $239.0K | $798.0K |
| Accrued liabilities | $6.4M | $1.4M |
| Operating lease liability | -$338.0K | -$198.0K |
| Net cash used in operating activities | -$54.2M | -$18.1M |
| Purchases of short-term investments | -$129.6M | -$11.9M |
| Maturities/sales of short-term investments | $80.0M | $0 |
| Purchases of property and equipment | -$95.0K | -$109.0K |
| Net cash used in investing activities | -$49.7M | -$12.0M |
| Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts | $91.1M | $0 |
| Financing costs paid in connection with initial public offering | -$2.4M | $0 |
| Proceeds from sale and issuance of Series C convertible preferred stock | $0 | $85.0M |
| Financing costs paid in connection with issuance of Series C convertible preferred stock | $0 | -$2.1M |
| Proceeds from exercises of common stock options | $366.0K | $332.0K |
| Proceeds from issuance of common stock under employee stock purchase plan | $195.0K | $0 |
| Costs paid in connection with deferred financing costs | $0 | -$1.2M |
| Net cash provided by financing activities | $89.2M | $82.0M |
| Net (decrease) increase in cash and cash equivalents | -$14.6M | $51.9M |
| Operating right-of-use assets in exchange for operating lease liability | $0 | $815.0K |
| Early exercise options and unvested stock liability | $26.0K | $8.0K |
| Deferred financing costs included in accounts payable and accrued expenses | $0 | $1.1M |
| Conversion of convertible preferred stock into common stock upon initial public offering | $126.8M | $0 |
Recent filings
- Oct 8, 20268-K
- Oct 8, 20263
- Oct 8, 20264
- Sep 11, 2026144
- Sep 11, 20264
- Sep 10, 2026144
- Aug 21, 20264
- Aug 21, 20264
- Aug 21, 20264
- Aug 21, 20264
- Aug 17, 20268-K
- Aug 11, 20268-K
- Aug 11, 202610-Q
- Jul 10, 2026DEF 14A
- Jul 10, 2026ARS
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 2Yahoo FinanceAARD quote
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