Aardvark Therapeutics, Inc. (AARD) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AARD SEC filings page.
Aardvark Therapeutics, Inc. (AARD) reported $5.1M in revenue for fiscal year 2025, up 112.9% from the prior fiscal year. This page shows its 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).
Aardvark is a development-stage company where R&D dominates spending, losses expand faster than revenue, and financing reshapes the balance sheet.
Revenue more than doubled while the net loss nearly tripled, indicating that 2025 expansion reflected a much larger development program rather than cost absorption. R&D rose from$17.4M to$48.9M , helping explain operating cash outflow of$54.2M against only$5.1M of revenue.
The balance sheet moved from negative equity of
Free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Aardvark Therapeutics, Inc.'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, Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 26/100.
Aardvark Therapeutics, Inc.'s revenue surged 112.9% year-over-year to $5.1M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
Aardvark Therapeutics, Inc. 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 81/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.61, Aardvark Therapeutics, Inc. holds $10.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
Aardvark Therapeutics, Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Aardvark Therapeutics, Inc. posts a -54.0% return on equity (ROE), meaning it loses $54 for every $100 of shareholders' equity. This results in a returns score of 25/100.
Aardvark Therapeutics, Inc. scores 4.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($108.5M) relative to total liabilities ($10.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Aardvark Therapeutics, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Aardvark Therapeutics, Inc. reported a net loss of $57.6M while operations used $54.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Aardvark Therapeutics, Inc. generated $695K in revenue in Q2 2026. This represents a decrease of 53.3% from the same quarter a year earlier. Against the prior quarter it is down 21.8%.
Aardvark Therapeutics, Inc.'s EBITDA was -$15.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 32.9%.
Aardvark Therapeutics, Inc. reported -$14.4M in net income in Q2 2026. This represents a decrease of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 33.4%.
Aardvark Therapeutics, Inc. earned -$0.66 per diluted share (EPS) in Q2 2026. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 33.3%.
Cash & Balance Sheet
Aardvark Therapeutics, Inc. held $73.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Aardvark Therapeutics, Inc.'s ROE was -19.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 8.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.6 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Aardvark Therapeutics, Inc. invested $10.5M in research and development in Q2 2026. This represents a decrease of 20.5% from the same quarter a year earlier. Against the prior quarter it is down 36.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
AARD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $695K-53.3% | $889K-24.3% | $1.1M+56.9% | $1.4M+35.1% | $1.5M+150.5% | $1.2M+1040.8% | $717K | $1.0M |
| R&D Expenses | $10.5M-20.5% | $16.6M+113.6% | $14.3M+77.4% | $13.7M+237.9% | $13.1M+226.3% | $7.8M+542.5% | $8.1M | $4.1M |
| SG&A Expenses | $4.6M+71.3% | $5.9M+117.2% | $4.4M+217.4% | $4.0M+286.5% | $2.7M+33.2% | $2.7M+215.3% | $1.4M | $1.0M |
| Operating Income | -$15.1M+4.8% | -$22.5M-114.6% | -$18.7M-97.9% | -$17.7M-247.7% | -$15.8M-161.0% | -$10.5M-382.3% | -$9.4M | -$5.1M |
| EBITDA | -$15.1M+4.8% | -$22.5M-114.6% | -$18.7M-98.0% | -$17.7M-248.1% | -$15.8M-160.7% | -$10.5M-382.5% | -$9.4M | -$5.1M |
| Net Income | -$14.4M-0.1% | -$21.6M-131.9% | -$17.6M-100.5% | -$16.3M-290.1% | -$14.4M-163.7% | -$9.3M-327.5% | -$8.8M | -$4.2M |
| EPS (Basic) | -$0.660.0% | -$0.99-39.4% | -$0.81+62.8% | -$0.75+28.6% | -$0.66+51.8% | -$0.71-29.1% | -$2.18 | -$1.05 |
| EPS (Diluted) | -$0.660.0% | -$0.99 | -$0.81 | -$0.75 | -$0.66 | -$0.71 | -$2.18 | -$1.05 |
| Diluted Shares (Avg) | 22M+0.7% | 22M | N/A | 22M | 22M | 13M | N/A | 4M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
AARD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $81.5M-44.8% | $98.6M-37.2% | $117.2M+51.2% | $133.2M | $147.5M | $157.0M | $77.5M | N/A |
| Current Assets | $80.7M-44.3% | $93.6M-39.5% | $111.9M+50.9% | $129.2M | $144.8M | $154.6M | $74.1M | N/A |
| Cash & Equivalents | $73.8M+184.1% | $62.4M+135.6% | $47.1M-23.7% | $39.3M-52.3% | $26.0M-69.8% | $26.5M+251.5% | $61.6M | $82.3M |
| Short-Term Investments | $21K-100.0% | $28.8M-76.9% | $63.0M+423.8% | $87.1M | $115.8M | $124.8M | $12.0M | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $6.7M-36.8% | $11.6M+83.1% | $10.5M-92.0% | $10.9M | $10.6M | $6.3M | $132.2M | N/A |
| Current Liabilities | $6.4M-38.1% | $11.6M+94.2% | $10.5M+114.1% | $10.7M | $10.3M | $6.0M | $4.9M | N/A |
| Non-Current Liabilities | $276K+15.0% | $0-100.0% | $0-100.0% | $116K | $240K | $360K | $127.2M | N/A |
| Total Equity | $74.8M-45.4% | $87.0M-42.3% | $106.6M+295.1% | $122.4M+365.0% | $136.9M+423.7% | $150.7M+508.2% | -$54.6M | -$46.2M |
| Retained Earnings | -$151.9M-85.2% | -$137.5M-103.3% | -$115.9M-98.7% | -$98.3M | -$82.0M | -$67.6M | -$58.3M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
AARD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.6M-78.8% | -$18.9M-65.7% | -$16.8M-117.5% | -$16.1M-307.8% | -$9.8M-133.5% | -$11.4M-420.0% | -$7.7M | -$4.0M |
| Depreciation & Amortization | $11K0.0% | $11K+120.0% | $10K+25.0% | $10K+25.0% | $11K+650.0% | $5K+150.0% | $8K | $8K |
| Stock-Based Compensation | $1.9M+207.6% | $2.0M+760.1% | N/A | $1.5M+941.7% | $634K+1096.2% | $233K+247.8% | N/A | $144K |
| Capital Expenditures | N/A | N/A | $0-100.0% | $4K-20.0% | $91K-2.2% | $0-100.0% | $6K | $5K |
| Free Cash Flow | N/A | N/A | -$16.8M-117.4% | -$16.1M-307.4% | -$9.9M-130.6% | -$11.4M-418.8% | -$7.7M | -$4.0M |
| Investing Cash Flow | $28.8M+205.6% | $34.3M+130.4% | $24.3M+304.3% | $29.2M+585020.0% | $9.4M+10217.2% | -$112.6M-2252380.0% | -$11.9M | -$5K |
| Financing Cash Flow | $262K+469.0% | $4K-100.0% | $274K+127.0% | $171K+167.2% | -$71K-100.1% | $88.9M | -$1.0M | $64K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AARD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2170.4% | -2526.9% | -1662.6% | -1310.4% | -1065.0% | -891.1% | -1318.0% | -509.1% |
| Net Margin | -2070.1% | -2428.3% | -1564.3% | -1207.7% | -965.5% | -792.3% | -1224.4% | -418.2% |
| Return on Equity | -19.2%-8.7pp | -24.8%-18.6pp | -16.5% | -13.3% | -10.5% | -6.2% | N/A | N/A |
| Return on Assets | -17.7%-7.9pp | -21.9%-16.0pp | -15.0%-3.7pp | -12.3% | -9.7% | -5.9% | -11.3% | N/A |
| Current Ratio | 12.63-1.4x | 8.06-17.8x | 10.61-4.4x | 12.03 | 14.04 | 25.86 | 15.05 | N/A |
| Debt-to-Equity | 0.090.0x | 0.13+0.1x | 0.10 | 0.09 | 0.08 | 0.04 | N/A | N/A |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.01 | 0.01 | 0.01 | 0.01 | N/A |
| FCF Margin | N/A | N/A | -1494.2% | -1194.2% | -667.7% | -969.2% | -1078.5% | -396.0% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Aardvark Therapeutics, Inc. AARD | FY2025 | $5.1M | -$57.6M | N/A | $108.5M | 55/100 |
| Kyverna Therapeutics, Inc. KYTX | FY2025 | N/A | -$161.3M | N/A | $381.6M | — |
| Ventyx Biosciences, Inc. VTYX | FY2024 | N/A | -$135.1M | N/A | $1.0B | — |
| Nuvectis Pharma, Inc. NVCT | FY2025 | N/A | -$26.4M | N/A | $662.3M | — |
| Cabaletta Bio, Inc. CABA | FY2025 | N/A | -$167.9M | N/A | $334.0M | — |
| NeOnc Technologies Holdings, Inc. NTHI | FY2025 | $40K | N/A | N/A | $78.1M | — |
Where Aardvark Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Aardvark Therapeutics, Inc.'s annual revenue?
Aardvark Therapeutics, Inc. (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, Inc.'s revenue growing?
Aardvark Therapeutics, Inc. (AARD) revenue grew by 112.9% year-over-year, from $2.4M to $5.1M in fiscal year 2025.
Is Aardvark Therapeutics, Inc. profitable?
No, Aardvark Therapeutics, Inc. (AARD) reported a net income of -$57.6M in fiscal year 2025.
What is Aardvark Therapeutics, Inc.'s EBITDA?
Aardvark Therapeutics, Inc. (AARD) had EBITDA of -$62.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aardvark Therapeutics, Inc.'s return on equity (ROE)?
Aardvark Therapeutics, Inc. (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, Inc.'s free cash flow?
Aardvark Therapeutics, Inc. (AARD) recorded an outflow of $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, Inc.'s operating cash flow?
Aardvark Therapeutics, Inc. (AARD) recorded an outflow of $54.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Aardvark Therapeutics, Inc.'s total assets?
Aardvark Therapeutics, Inc. (AARD) had $117.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Aardvark Therapeutics, Inc.'s capital expenditures?
Aardvark Therapeutics, Inc. (AARD) invested $95K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Aardvark Therapeutics, Inc. spend on research and development?
Aardvark Therapeutics, Inc. (AARD) invested $48.9M in research and development during fiscal year 2025.
What is Aardvark Therapeutics, Inc.'s current ratio?
Aardvark Therapeutics, Inc. (AARD) had a current ratio of 10.61 as of fiscal year 2025, which is generally considered healthy.
What is Aardvark Therapeutics, Inc.'s debt-to-equity ratio?
Aardvark Therapeutics, Inc. (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, Inc.'s return on assets (ROA)?
Aardvark Therapeutics, Inc. (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, Inc.'s P/E ratio?
Aardvark Therapeutics, Inc. (AARD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $108.5M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Aardvark Therapeutics, Inc.'s price-to-sales ratio?
Aardvark Therapeutics, Inc. (AARD) trades at 26.7x sales, its market capitalization divided by revenue of $4.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $108.5M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Aardvark Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Aardvark Therapeutics, Inc. (AARD) held $110.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $54.2M over that year. Dividing the one by the other, the reported balance equals about 24 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Aardvark Therapeutics, Inc.'s Altman Z-Score?
Aardvark Therapeutics, Inc. (AARD) has an Altman Z-Score of 4.10, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Aardvark Therapeutics, Inc.'s Piotroski F-Score?
Aardvark Therapeutics, Inc. (AARD) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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, Inc.'s earnings high quality?
Aardvark Therapeutics, Inc. (AARD) reported a net loss of $57.6M while operations used $54.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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, Inc.?
Aardvark Therapeutics, Inc. (AARD) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.