# Aardvark Therapeutics, Inc. (AARD)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $68M  
**Price:** $3.48 (-2.79%)

> Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company specializing in the development of novel small-molecule therapies for metabolic and hunger-associated disorders. The company focuses on activating innate homeostatic pathways, particularly through selective targeting of Bitter Taste Receptors (TAS2Rs) in the gut to modulate appetite and related metabolic processes. Its lead product candidate, ARD-101, is an oral, gut-restricted small-molecule agonist of specific TAS2Rs being evaluated in advanced clinical trials for hyperphagia associated with Prader-Willi Syndrome and other hypothalamic causes of excessive hunger. Aardvark Therapeutics is also developing ARD-201, a small-molecule candidate in early-stage clinical development for obesity. Operating in the healthcare sector within the biotechnology industry, the company aims to address significant unmet medical needs in metabolic disease and weight management. Aardvark Therapeutics was incorporated in 2017 and is headquartered in San Diego, California, serving a global biopharmaceutical market through its research, development, and clinical collaboration activities.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | — | — | -$63M | -$58M | — |
| 2024 | $2M | — | -$23M | -$21M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $117M | $11M | $107M | $47M | — |
| 2024 | $78M | $5M | -$55M | $62M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$54M | $95,000 | -$54M |
| 2024 | -$18M | $109,000 | -$18M |

Source: [CompaniesByCap](https://companiesbycap.com/company/AARD)