AARD

MKT CAP:$117M

Aardvark Therapeutics, Inc. Common Stock

Market Cap

$117M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$5.37-$7.82 (-59.29%)

Apr 23, 2026

Company Details

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. Its lead product candidate is the AR...

CEO

Tien-Li Lee

IPO Date

Feb 13, 2025

Website

aardvarktherapeutics.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$58M

EPS (Diluted)

-$2.93

Free Cash Flow

-$54M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 23, 2026

$0EPS -$2.93

Q4 2025

Mar 23, 2026

$0EPS -$0.81

Q3 2025

Nov 13, 2025

$0EPS -$0.75

Q2 2025

Aug 13, 2025

$0EPS -$0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 23	$0	-$26.0K	-$2M
Q4 23	$0	-$25.0K	-$2M
Q1 24	$0	$0	-$2M
Q2 24	$0	$0	-$6M
Q3 24	$0	$0	-$5M
Q4 24	$0	$0	-$9M
Q1 25	$0	$0	-$10M
Q2 25	$0	$0	-$16M
Q3 25	$0	-$10.0K	-$18M
Q4 25	$0	-$10.0K	-$19M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 23	-$2M	-$2M
Q4 23	-$1M	-$1M
Q1 24	-$2M	-$2M
Q2 24	-$4M	-$4M
Q3 24	-$4M	-$4M
Q4 24	-$8M	-$8M
Q1 25	-$11M	-$11M
Q2 25	-$10M	-$10M
Q3 25	-$19M	-$19M
Q4 25	-$14M	-$14M

Capital Expenditures

Quarter	CapEx
Q3 23	$0
Q4 23	$0
Q1 24	$5.0K
Q2 24	$93.0K
Q3 24	$5.0K
Q4 24	$6.0K
Q1 25	$0
Q2 25	$91.0K
Q3 25	$4.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	—	+196.2%
Q4 24	—	+323.2%
Q1 25	—	+382.3%
Q2 25	—	+161.0%
Q3 25	—	+247.7%
Q4 25	—	+97.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 23	$72.0K	—
Q4 23	$69.0K	—
Q1 24	$67.0K	—
Q2 24	$54.0K	—
Q3 24	$145.0K	—
Q4 24	$173.0K	—
Q1 25	$233.0K	—
Q2 25	$634.0K	—
Q3 25	$0	—
Q4 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 23	$964.0K	—	—	$729.0K
Q4 23	$2M	—	—	$671.0K
Q1 24	$1M	$861.0K	—	—
Q2 24	$4M	$2M	$14.0K	—
Q3 24	$4M	$1M	—	—
Q4 24	$8M	$1M	—	—
Q1 25	$8M	$3M	—	—
Q2 25	$13M	$3M	—	—
Q3 25	$14M	—	—	$4M
Q4 25	$14M	—	—	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$10M	$254.0K	$10M
Q1 24	$0	$0	$0
Q2 24	$86M	$174.0K	$86M
Q3 24	$82M	$83.0K	$82M
Q4 24	$62M	$12M	$74M
Q1 25	$27M	$125M	$151M
Q2 25	$26M	$116M	$142M
Q3 25	$39M	$87M	$126M
Q4 25	$47M	$63M	$110M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 23	10M	—	—
Q4 23	10M	0.0%	—
Q1 24	13M	+32.6%	—
Q2 24	3M	-80.2%	—
Q3 24	13M	+404.2%	+32.6%
Q4 24	13M	0.0%	+32.6%
Q1 25	13M	+2.2%	+2.2%
Q2 25	22M	+64.4%	+747.2%
Q3 25	22M	+0.1%	+68.2%
Q4 25	22M	+0.5%	+69.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$0	10K
Q1 25	$0	10K
Q2 25	$0	10K
Q3 25	$0	10K
Q4 25	$0	200K

Revenue / Employee