$AARD

Aardvark Therapeutics, Inc.

CIK:0001774857|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Expenses [Abstract]
Research and development	$ 10,455	$ 13,145	$ 27,022	$ 20,900
General and administrative	4,629	2,703	10,526	5,418
Total operating expenses	15,084	15,848	37,548	26,318
Loss from operations	(15,084)	(15,848)	(37,548)	(26,318)
Other income (expense), net:
Unrealized gain (loss) on short-term investments	2	(7)	(11)	(22)
Interest and dividend income	695	1,488	1,584	2,663
Total other income, net	697	1,481	1,573	2,641
Net loss	$ (14,387)	$ (14,367)	$ (35,975)	$ (23,677)
Net loss per share of common stock, basic	$ (0.66)	$ (0.66)	$ (1.65)	$ (1.36)
Net loss per share of common stock, diluted	$ (0.66)	$ (0.66)	$ (1.65)	$ (1.36)
Weighted-average shares used in net loss per share calculation, basic	21,846,251	21,690,275	21,831,206	17,465,965
Weighted-average shares used in net loss per share calculation, diluted	21,846,251	21,690,275	21,831,206	17,465,965
Comprehensive loss:
Net loss	$ (14,387)	$ (14,367)	$ (35,975)	$ (23,677)
Unrealized loss on short-term investments	(14)	(47)	(81)	(3)
Comprehensive loss	$ (14,401)	$ (14,414)	$ (36,056)	$ (23,680)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (35,975)	$ (23,677)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,954	867
Non-cash lease expense	175	213
Unrealized loss on short-term investments	11	22
Amortization of discount on short-term investments	(137)	(701)
Depreciation expense	22	16
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(187)	(4,278)
Accounts payable	14	3,223
Accrued liabilities	(4,135)	3,217
Operating lease liability	(210)	(134)
Net cash used in operating activities	(36,468)	(21,232)
Investing activities:
Purchases of short-term investments	0	(124,651)
Maturities/sales of short-term investments	63,000	21,527
Purchases of property and equipment	0	(91)
Net cash provided by (used in) investing activities	63,000	(103,215)
Financing activities:
Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts	0	91,075
Financing costs paid in connection with initial public offering	0	(2,387)
Proceeds from issuance of common stock under employee stock purchase plan	259	0
Proceeds from exercises of common stock options	7	116
Net cash provided by financing activities	266	88,804
Net increase (decrease) in cash and cash equivalents	26,798	(35,643)
Cash and cash equivalents at beginning of period	47,051	61,641
Cash and cash equivalents at end of period	73,849	25,998
Supplemental schedule of non-cash financing activity:
Operating right-of-use assets in exchange for operating lease liability	446	0
Conversion of convertible preferred stock into common stock upon initial public offering	$ 0	$ 126,756

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 73,849	$ 47,051
Short-term investments	21	62,976
Prepaid expenses and other current assets	6,791	1,859
Total current assets	80,661	111,886
Operating lease right-of-use asset	626	355
Other assets	173	4,940
Total assets	81,460	117,181
Current liabilities:
Accounts payable	2,086	2,072
Accrued liabilities	3,900	8,035
Operating lease liability, current portion	401	441
Total current liabilities	6,387	10,548
Operating lease liability, net of current portion	276	0
Total liabilities	6,663	10,548
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 490,000,000 shares authorized at June 30, 2026 and December 31, 2025; 21,884,158 and 21,815,353 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	226,690	222,470
Accumulated other comprehensive income	0	81
Accumulated deficit	(151,893)	(115,918)
Total stockholders' equity	74,797	106,633
Total liabilities and stockholders' equity	$ 81,460	$ 117,181