Aardvark Therapeutics Financials
This page shows Aardvark Therapeutics (AARD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is funding a sharp R&D expansion, while product revenue remains far too small to carry the cash burn.
From FY2024 to FY2025, revenue added only$2.7M while operating cash burn worsened by$36.1M because R&D spend rose by$31.6M ; that combination shows 2025 functioned more like an investment year than a self-funding commercial year. With operating cash flow at-$54.2M and year-end cash of$47.1M , the balance sheet still depends more on funding access than on internally generated cash.
The net loss of
The balance sheet is liquid near term—
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Aardvark Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Aardvark Therapeutics has an operating margin of -1220.6%, meaning the company retains $-1221 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -943.9% the prior year.
Aardvark Therapeutics's revenue surged 112.9% year-over-year to $5.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Aardvark Therapeutics carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.61, Aardvark Therapeutics holds $10.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Aardvark Therapeutics generated -$54.2M in operating cash flow, capex of $95K consumed most of it, leaving -$54.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Aardvark Therapeutics generates a -54.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Aardvark Therapeutics passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Aardvark Therapeutics generates $0.94 in operating cash flow (-$54.2M OCF vs -$57.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Aardvark Therapeutics generated $5.1M in revenue in fiscal year 2025. This represents an increase of 112.9% from the prior year.
Aardvark Therapeutics's EBITDA was -$62.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 175.3% from the prior year.
Aardvark Therapeutics reported -$57.6M in net income in fiscal year 2025. This represents a decrease of 179.7% from the prior year.
Aardvark Therapeutics earned $-2.93 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.1% from the prior year.
Cash & Balance Sheet
Aardvark Therapeutics generated -$54.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 198.2% from the prior year.
Aardvark Therapeutics held $47.1M in cash against $0 in long-term debt as of fiscal year 2025.
Aardvark Therapeutics had 22M shares outstanding in fiscal year 2025. This represents an increase of 436.4% from the prior year.
Margins & Returns
Aardvark Therapeutics's operating margin was -1220.6% in fiscal year 2025, reflecting core business profitability. This is down 276.7 percentage points from the prior year.
Aardvark Therapeutics's net profit margin was -1120.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 267.8 percentage points from the prior year.
Aardvark Therapeutics's ROE was -54.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Aardvark Therapeutics invested $48.9M in research and development in fiscal year 2025. This represents an increase of 181.8% from the prior year.
Aardvark Therapeutics invested $95K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.8% from the prior year.
AARD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $889K-21.0% | $1.1M-16.7% | $1.4M-9.2% | $1.5M+26.6% | $1.2M+63.9% | $717K-28.3% | $1.0M+68.4% | $594K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $16.6M+15.9% | $14.3M+4.1% | $13.7M+4.5% | $13.1M+69.5% | $7.8M-3.8% | $8.1M+98.3% | $4.1M+0.9% | $4.0M |
| SG&A Expenses | $5.9M+33.9% | $4.4M+11.1% | $4.0M+46.7% | $2.7M-0.4% | $2.7M+95.6% | $1.4M+35.3% | $1.0M-49.5% | $2.0M |
| Operating Income | -$22.5M-20.1% | -$18.7M-5.7% | -$17.7M-11.7% | -$15.8M-51.4% | -$10.5M-10.8% | -$9.4M-85.6% | -$5.1M+16.2% | -$6.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$21.6M-22.7% | -$17.6M-7.9% | -$16.3M-13.6% | -$14.4M-54.3% | -$9.3M-6.0% | -$8.8M-109.9% | -$4.2M+23.3% | -$5.4M |
| EPS (Diluted) | $-0.99 | N/A | $-0.75-13.6% | $-0.66+7.0% | $-0.71 | N/A | $-1.05+23.4% | $-1.37 |
AARD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.6M-15.9% | $117.2M-12.0% | $133.2M-9.7% | $147.5M-6.1% | $157.0M+102.6% | $77.5M | N/A | N/A |
| Current Assets | $93.6M-16.4% | $111.9M-13.4% | $129.2M-10.7% | $144.8M-6.3% | $154.6M+108.5% | $74.1M | N/A | N/A |
| Cash & Equivalents | $62.4M+32.7% | $47.1M+19.8% | $39.3M+51.1% | $26.0M-1.9% | $26.5M-57.0% | $61.6M-25.1% | $82.3M-4.5% | $86.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $11.6M+10.0% | $10.5M-2.8% | $10.9M+2.9% | $10.6M+66.5% | $6.3M-95.2% | $132.2M | N/A | N/A |
| Current Liabilities | $11.6M+10.0% | $10.5M-1.8% | $10.7M+4.1% | $10.3M+72.5% | $6.0M+21.3% | $4.9M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $87.0M-18.4% | $106.6M-12.9% | $122.4M-10.6% | $136.9M-9.1% | $150.7M+375.8% | -$54.6M-18.3% | -$46.2M-9.1% | -$42.3M |
| Retained Earnings | -$137.5M-18.6% | -$115.9M-17.9% | -$98.3M-19.9% | -$82.0M-21.2% | -$67.6M-16.0% | -$58.3M | N/A | N/A |
AARD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.9M-12.2% | -$16.8M-4.2% | -$16.1M-63.9% | -$9.8M+13.6% | -$11.4M-47.4% | -$7.7M-95.4% | -$4.0M+6.2% | -$4.2M |
| Capital Expenditures | N/A | $0-100.0% | $4K-95.6% | $91K | $0-100.0% | $6K+20.0% | $5K-94.6% | $93K |
| Free Cash Flow | N/A | -$16.8M-4.2% | -$16.1M-62.4% | -$9.9M+12.8% | -$11.4M-47.3% | -$7.7M-95.3% | -$4.0M+8.1% | -$4.3M |
| Investing Cash Flow | $34.3M+40.9% | $24.3M-16.9% | $29.2M+210.8% | $9.4M+108.4% | -$112.6M-846.8% | -$11.9M-237800.0% | -$5K+94.6% | -$93K |
| Financing Cash Flow | $4K-98.5% | $274K+60.2% | $171K+340.8% | -$71K-100.1% | $88.9M+8864.8% | -$1.0M-1684.4% | $64K-99.9% | $82.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AARD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -2526.9%-864.3pp | -1662.6%-352.2pp | -1310.4%-245.3pp | -1065.0%-174.0pp | -891.1%+426.9pp | -1318.0%-808.9pp | -509.1%+513.3pp | -1022.4% |
| Net Margin | -2428.3%-864.1pp | -1564.3%-356.6pp | -1207.7%-242.2pp | -965.5%-173.2pp | -792.3%+432.1pp | -1224.4%-806.2pp | -418.2%+499.1pp | -917.3% |
| Return on Equity | -24.8%-8.3pp | -16.5%-3.2pp | -13.3%-2.8pp | -10.5%-4.3pp | -6.2% | N/A | N/A | N/A |
| Return on Assets | -21.9%-6.9pp | -15.0%-2.8pp | -12.3%-2.5pp | -9.7%-3.8pp | -5.9%+5.4pp | -11.3% | N/A | N/A |
| Current Ratio | 8.06-2.5 | 10.61-1.4 | 12.03-2.0 | 14.04-11.8 | 25.86+10.8 | 15.05 | N/A | N/A |
| Debt-to-Equity | 0.13+0.0 | 0.10+0.0 | 0.09+0.0 | 0.08+0.0 | 0.04+2.5 | -2.42 | N/A | N/A |
| FCF Margin | N/A | -1494.2%-300.0pp | -1194.2%-526.6pp | -667.7%+301.5pp | -969.2%+109.3pp | -1078.5%-682.5pp | -396.0%+329.3pp | -725.3% |
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Frequently Asked Questions
What is Aardvark Therapeutics's annual revenue?
Aardvark Therapeutics (AARD) reported $5.1M in total revenue for fiscal year 2025. This represents a 112.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aardvark Therapeutics's revenue growing?
Aardvark Therapeutics (AARD) revenue grew by 112.9% year-over-year, from $2.4M to $5.1M in fiscal year 2025.
Is Aardvark Therapeutics profitable?
No, Aardvark Therapeutics (AARD) reported a net income of -$57.6M in fiscal year 2025, with a net profit margin of -1120.7%.
What is Aardvark Therapeutics's EBITDA?
Aardvark Therapeutics (AARD) had EBITDA of -$62.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aardvark Therapeutics's operating margin?
Aardvark Therapeutics (AARD) had an operating margin of -1220.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Aardvark Therapeutics's net profit margin?
Aardvark Therapeutics (AARD) had a net profit margin of -1120.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Aardvark Therapeutics's return on equity (ROE)?
Aardvark Therapeutics (AARD) has a return on equity of -54.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Aardvark Therapeutics's free cash flow?
Aardvark Therapeutics (AARD) generated -$54.3M in free cash flow during fiscal year 2025. This represents a -198.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aardvark Therapeutics's operating cash flow?
Aardvark Therapeutics (AARD) generated -$54.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Aardvark Therapeutics's total assets?
Aardvark Therapeutics (AARD) had $117.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Aardvark Therapeutics's capital expenditures?
Aardvark Therapeutics (AARD) invested $95K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Aardvark Therapeutics spend on research and development?
Aardvark Therapeutics (AARD) invested $48.9M in research and development during fiscal year 2025.
What is Aardvark Therapeutics's current ratio?
Aardvark Therapeutics (AARD) had a current ratio of 10.61 as of fiscal year 2025, which is generally considered healthy.
What is Aardvark Therapeutics's debt-to-equity ratio?
Aardvark Therapeutics (AARD) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aardvark Therapeutics's return on assets (ROA)?
Aardvark Therapeutics (AARD) had a return on assets of -49.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Aardvark Therapeutics's cash runway?
Based on fiscal year 2025 data, Aardvark Therapeutics (AARD) had $47.1M in cash against an annual operating cash burn of $54.2M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Aardvark Therapeutics's Piotroski F-Score?
Aardvark Therapeutics (AARD) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aardvark Therapeutics's earnings high quality?
Aardvark Therapeutics (AARD) has an earnings quality ratio of 0.94x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Aardvark Therapeutics?
Aardvark Therapeutics (AARD) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.