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    AARD

    Aardvark Therapeutics, Inc.

    Company overview

    Market capitalization
    $115.33M
    Employees
    40
    Latest publication
    2026-09-29
    About Aardvark Therapeutics, Inc.

    Aardvark Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Aardvark Therapeutics, Inc. was incorporated in 2017 and is headquartered in San Diego, California.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Revenue0USD0USD0USD0USD0USD0USD0USD0USD
    Cost Of Revenue11,000USD10,000USD10,000USD—5,000USD—87,000USD48,000USD
    Gross Profit-11,000USD-10,000USD-10,000USD—-5,000USD—-87,000USD-48,000USD
    Research Development16,567,000USD14,299,000USD13,737,000USD13,145,000USD7,755,000USD8,062,000USD4,065,000USD4,029,000USD
    Selling General Administrative5,897,000USD4,405,000USD3,966,000USD2,703,000USD2,715,000USD1,388,000USD1,026,000USD2,030,000USD
    Total Operating Expenses22,464,000USD18,704,000USD17,703,000USD15,848,000USD10,470,000USD9,450,000USD5,091,000USD6,073,000USD
    Operating Income-22,464,000USD-18,704,000USD-17,703,000USD-15,848,000USD-10,470,000USD-9,450,000USD-5,091,000USD-6,073,000USD
    Interest Income889,000USD1,125,000USD1,351,000USD1,488,000USD1,175,000USD717,000USD1,000,000USD594,000USD
    Net Interest Income889,000USD1,125,000USD1,351,000USD1,488,000USD1,175,000USD717,000USD1,000,000USD594,000USD
    Income Before Tax-21,588,000USD-17,598,000USD-16,316,000USD-14,367,000USD-9,310,000USD-8,779,000USD-4,182,000USD-5,449,000USD
    Net Income-21,588,000USD-17,598,000USD-16,316,000USD-14,367,000USD-9,310,000USD-8,779,000USD-4,182,000USD-5,449,000USD
    Net Income From Continuing Ops-21,588,000USD-17,598,000USD-16,316,000USD-14,367,000USD-9,310,000USD-8,779,000USD-4,182,000USD-5,449,000USD
    Ebit-22,475,000USD-18,704,000USD-17,703,000USD-15,848,000USD-10,470,000USD-9,450,000USD-5,091,000USD-6,057,000USD
    Ebitda-22,464,000USD-18,694,000USD-17,693,000USD-15,837,000USD-10,465,000USD-9,450,000USD-5,083,000USD-6,059,000USD
    Depreciation And Amortization11,000USD10,000USD10,000USD11,000USD5,000USD8,000USD8,000USD-2,000USD
    Reconciled Depreciation11,000USD10,000USD10,000USD11,000USD5,000USD-121,000USD87,000USD-2,000USD
    Total Other Income Expense Net876,000USD1,106,000USD1,387,000USD1,481,000USD1,160,000USD671,000USD909,000USD624,000USD
    Selling And Marketing Expenses———————14,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Revenue0USD0USD0USD0USD
    Cost Of Revenue36,000USD16,000USD97,000USD110,000USD
    Gross Profit-36,000USD-16,000USD-97,000USD-110,000USD
    Research Development48,936,000USD17,363,000USD4,480,000USD7,172,000USD
    Selling General Administrative13,789,000USD5,305,000USD2,173,000USD2,702,000USD
    Total Operating Expenses62,725,000USD22,785,000USD7,415,000USD11,363,000USD
    Operating Income-62,725,000USD-22,785,000USD-7,415,000USD-11,363,000USD
    Interest Income5,139,000USD2,414,000USD1,423,000USD120,000USD
    Net Interest Income5,139,000USD2,414,000USD1,423,000USD120,000USD
    Income Before Tax-57,591,000USD-20,588,000USD-7,208,000USD-13,564,000USD
    Net Income-57,591,000USD-20,588,000USD-7,208,000USD-13,564,000USD
    Net Income From Continuing Ops-57,591,000USD-20,588,000USD-7,208,000USD-13,564,000USD
    Ebit-62,725,000USD-22,668,000USD-7,415,000USD-10,874,000USD
    Ebitda-62,689,000USD-22,652,000USD-6,653,000USD-10,764,000USD
    Depreciation And Amortization36,000USD16,000USD97,000USD110,000USD
    Reconciled Depreciation36,000USD16,000USD97,000USD110,000USD
    Total Other Income Expense Net5,134,000USD2,197,000USD207,000USD-2,201,000USD
    Unclassified Operating Expenses———1,489,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets81,460,000USD98,590,000USD117,181,000USD133,229,000USD147,475,000USD157,025,000USD77,507,000USD83,739,000USD
    Cash And Equivalents73,849,000USD———————
    Cash And Short Term Investments73,870,000USD91,200,000USD110,027,000USD126,350,000USD141,820,000USD151,260,000USD73,663,000USD82,360,000USD
    Short Term Investments21,000USD28,764,000USD62,976,000USD87,065,000USD115,822,000USD124,756,000USD12,022,000USD83,000USD
    Total Current Assets80,661,000USD93,580,000USD111,886,000USD129,207,000USD144,768,000USD154,554,000USD74,137,000USD82,666,000USD
    Other Current Assets6,791,000USD2,380,000USD1,859,000USD2,857,000USD2,948,000USD3,294,000USD474,000USD306,000USD
    Other Non Current Assets173,000USD———————
    Total Liabilities6,663,000USD———————
    Total Current Liabilities6,387,000USD11,604,000USD10,548,000USD10,736,000USD10,310,000USD5,976,000USD4,927,000USD2,612,000USD
    Other Current Liabilities3,900,000USD———————
    Total Stockholder Equity74,797,000USD86,986,000USD106,633,000USD122,377,000USD136,925,000USD150,689,000USD-54,643,000USD-46,174,000USD
    Total Equity Including Noncontrolling Interest74,797,000USD———————
    Property Plant Equipment Net626,000USD269,000USD355,000USD439,000USD522,000USD628,000USD735,000USD841,000USD
    Accounts Payable2,086,000USD4,493,000USD2,072,000USD4,444,000USD5,056,000USD2,556,000USD2,298,000USD666,000USD
    Short Term Debt401,000USD336,000USD441,000USD429,000USD417,000USD390,000USD338,000USD323,000USD
    Common Stock0USD———————
    Retained Earnings-151,893,000USD-137,506,000USD-115,918,000USD-98,320,000USD-82,004,000USD-67,637,000USD-58,327,000USD-49,548,000USD
    Accumulated Other Comprehensive Income0USD14,000USD81,000USD82,000USD-3,000USD44,000USD——
    Total Liab—11,604,000USD10,548,000USD10,852,000USD10,550,000USD6,336,000USD132,150,000USD129,913,000USD
    Other Current Liab—6,775,000USD8,035,000USD5,863,000USD4,837,000USD3,030,000USD2,291,000USD1,623,000USD
    Capital Stock—0USD0USD0USD0USD0USD0USD0USD
    Cash—62,436,000USD47,051,000USD39,285,000USD25,998,000USD26,504,000USD61,641,000USD82,277,000USD
    Net Debt—-62,100,000USD-46,610,000USD-38,740,000USD-25,353,000USD-25,778,000USD-60,862,000USD-81,409,000USD
    Short Long Term Debt Total—336,000USD441,000USD545,000USD645,000USD726,000USD779,000USD868,000USD
    Property Plant Equipment Gross—269,000USD355,000USD439,000USD522,000USD628,000USD735,000USD841,000USD
    Common Stock Shares Outstanding—21,815,995shares21,815,353shares21,745,265shares21,693,016shares21,688,172shares21,695,920shares21,384,377shares
    Non Current Assets Total—5,010,000USD5,295,000USD4,022,000USD2,707,000USD2,471,000USD3,370,000USD1,073,000USD
    Non Current Liabilities Total—0USD0USD116,000USD240,000USD360,000USD127,223,000USD127,301,000USD
    Non Currrent Assets Other—4,741,000USD4,940,000USD3,583,000USD2,185,000USD1,843,000USD2,635,000USD232,000USD
    Net Working Capital—81,976,000USD101,338,000USD118,471,000USD134,458,000USD148,578,000USD69,210,000USD80,054,000USD
    Unclassified Equity—224,478,000USD222,470,000USD220,615,000USD218,932,000USD218,282,000USD3,684,000USD3,374,000USD
    Non Current Liabilities Other————12,000USD24,000USD26,000USD—
    Unclassified Non Current Liabilities——————127,197,000USD127,301,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Assets117,181,000USD77,507,000USD10,536,000USD16,757,000USD
    Other Current Assets1,859,000USD474,000USD379,000USD386,000USD
    Total Liab10,548,000USD132,150,000USD45,338,000USD44,680,000USD
    Total Stockholder Equity106,633,000USD-54,643,000USD-34,802,000USD-27,923,000USD
    Other Current Liab8,035,000USD2,291,000USD235,000USD236,000USD
    Capital Stock0USD0USD0USD0USD
    Retained Earnings-115,918,000USD-58,327,000USD-37,739,000USD-30,531,000USD
    Cash47,051,000USD61,641,000USD9,735,000USD15,559,000USD
    Cash And Short Term Investments110,027,000USD73,663,000USD9,989,000USD16,105,000USD
    Total Current Assets111,886,000USD74,137,000USD10,368,000USD16,491,000USD
    Total Current Liabilities10,548,000USD4,927,000USD1,382,000USD595,000USD
    Net Debt-46,610,000USD-60,862,000USD-9,573,000USD-15,297,000USD
    Short Term Debt441,000USD338,000USD112,000USD100,000USD
    Short Long Term Debt Total441,000USD779,000USD162,000USD262,000USD
    Short Term Investments62,976,000USD12,022,000USD254,000USD546,000USD
    Accounts Payable2,072,000USD2,298,000USD1,035,000USD259,000USD
    Property Plant Equipment Net355,000USD735,000USD155,000USD252,000USD
    Property Plant Equipment Gross355,000USD735,000USD155,000USD252,000USD
    Accumulated Other Comprehensive Income81,000USD———
    Common Stock Shares Outstanding21,815,353shares21,695,920shares21,384,377shares21,384,377shares
    Non Current Assets Total5,295,000USD3,370,000USD168,000USD266,000USD
    Non Current Liabilities Total0USD127,223,000USD43,956,000USD44,085,000USD
    Non Currrent Assets Other4,940,000USD2,635,000USD13,000USD14,000USD
    Net Working Capital101,338,000USD69,210,000USD8,986,000USD15,896,000USD
    Unclassified Equity222,470,000USD3,684,000USD2,937,000USD2,608,000USD
    Non Current Liabilities Other—26,000USD2,000USD19,000USD
    Unclassified Non Current Liabilities—127,197,000USD43,954,000USD44,066,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Depreciation22,000USD
    Stock Based Compensation3,954,000USD
    Change To Liabilities-4,121,000USD
    Change In Working Capital-173,000USD
    Operating Cash Flow-36,468,000USD
    Capital Expenditures0USD
    Unclassified Investing Cash Flow63,000,000USD
    Investing Cash Flow63,000,000USD
    Financing Cash Flow266,000USD
    Change In Cash26,798,000USD
    End Cash Flow73,849,000USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-21,588,000USD-17,598,000USD-16,315,999USD-14,367,000USD-9,310,000USD-8,779,000USD-4,182,000USD-5,449,000USD
    Depreciation-118,000USD10,000USD10,000USD-620,000USD5,000USD-121,000USD87,000USD48,000USD
    Stock Based Compensation2,004,000USD1,581,000USD1,500,000USD634,000USD233,000USD173,000USD145,000USD54,000USD
    Other Non Cash Items110,000USD3,838,000USD-1,212,000USD124,000USD41,000USD185,000USD91,000USD-41,000USD
    Change In Working Capital723,000USD-673,000USD-999,000USD4,385,000USD-2,357,000USD815,000USD-96,000USD1,173,000USD
    Total Cash From Operating Activities-18,869,000USD-14,423,000USD-18,517,000USD-9,844,000USD-11,388,000USD-7,727,000USD-3,955,000USD-4,215,000USD
    Capital Expenditures0USD0USD-4,000USD-91,000USD0USD-6,000USD-5,000USD-93,000USD
    Free Cash Flow-18,869,000USD-14,423,000USD-18,521,000USD-9,935,000USD-11,388,000USD-7,733,000USD-3,960,000USD-4,308,000USD
    Investments34,250,000USD24,302,000USD29,246,000USD9,409,000USD-112,624,000USD-11,895,000USD-5,000USD-93,000USD
    Total Cashflows From Investing Activities34,250,000USD24,302,000USD29,246,000USD9,409,000USD-112,624,000USD-11,895,000USD-5,000USD-93,000USD
    Total Cash From Financing Activities4,000USD-2,113,000USD2,558,000USD-71,000USD88,875,000USD-1,014,000USD64,000USD82,941,000USD
    Issuance Of Capital Stock0USD0USD0USD0USD91,075,000USD163,000USD169,000USD85,000,000USD
    Change In Cash15,385,000USD7,766,000USD13,287,000USD-506,000USD-35,137,000USD-20,636,000USD-3,896,000USD78,633,000USD
    Begin Period Cash Flow47,051,000USD39,285,000USD25,998,000USD26,504,000USD61,641,000USD82,277,000USD86,173,000USD7,540,000USD
    End Period Cash Flow62,436,000USD47,051,000USD39,285,000USD25,998,000USD26,504,000USD61,641,000USD82,277,000USD86,173,000USD
    Other Cashflows From Financing Activities4,000USD—171,000USD-71,000USD-2,200,000USD-1,177,000USD64,000USD82,941,000USD
    Unclassified Operating Cash Flow—-1,581,000USD-1,500,001USD—————
    Unclassified Financing Cash Flow—-2,113,000USD2,387,000USD————-85,000,000USD
    Other Cashflows From Investing Activities—————-11,889,000USD——
    Unclassified Investing Cash Flow—————11,895,000USD——
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Net Income-57,591,000USD-20,588,000USD-7,208,000USD-13,564,000USD
    Depreciation-1,306,000USD16,000USD97,000USD110,000USD
    Stock Based Compensation3,948,000USD439,000USD313,000USD412,000USD
    Other Non Cash Items421,000USD473,000USD1,055,000USD3,810,000USD
    Change In Working Capital356,000USD1,573,000USD-81,000USD-1,311,000USD
    Total Cash From Operating Activities-54,172,000USD-18,087,000USD-5,824,000USD-10,543,000USD
    Capital Expenditures-95,000USD-109,000USD0USD0USD
    Free Cash Flow-54,267,000USD-18,196,000USD-5,824,000USD-10,543,000USD
    Investments-49,572,000USD-11,998,000USD0USD-1,000,000USD
    Total Cashflows From Investing Activities-49,667,000USD-11,998,000USD—-1,000,000USD
    Total Cash From Financing Activities89,249,000USD81,991,000USD0USD225,000USD
    Sale Purchase Of Stock195,000USD———
    Issuance Of Capital Stock91,075,000USD85,332,000USD0USD225,000USD
    Change In Cash-14,590,000USD51,906,000USD-5,824,000USD-11,318,000USD
    Begin Period Cash Flow61,641,000USD9,735,000USD15,559,000USD26,877,000USD
    End Period Cash Flow47,051,000USD61,641,000USD9,735,000USD15,559,000USD
    Other Cashflows From Financing Activities89,249,000USD81,659,000USD—1,000,000USD
    Unclassified Financing Cash Flow—-85,000,000USD——
    Other Cashflows From Investing Activities———-1,000,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.