Aardvark Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Aardvark Therapeutics (Nasdaq: AARD) announced inducement equity option grants for new hires under Nasdaq Listing Rule 5635(c)(4).

The company granted options on three dates: Oct 20, 2025 (23,602 shares at $12.28), Oct 28, 2025 (aggregate 49,849 shares at $12.00), and Nov 3, 2025 (14,766 shares at $10.39), totaling 88,217 option shares. Each option’s exercise price equals the closing stock price on the grant date. Options vest over four years with 25% at the one-year anniversary and monthly vesting thereafter, subject to continued employment.

SAN DIEGO, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Aardvark Therapeutics, Inc. (Aardvark) (Nasdaq: AARD), a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics for the treatment of metabolic diseases, today announced that (i) on October 20, 2025, one new employee was granted an inducement award consisting of a stock option to purchase 23,602 shares of common stock, (ii) on October 28, 2025, three new employees were granted inducement awards consisting of stock options to purchase an aggregate of 49,849 shares of common stock and (iii) on November 3, 2025, one new employee was granted an inducement award consisting of a stock option to purchase 14,766 shares of common stock.

Each option was granted pursuant to the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan, and was granted as an inducement material to each employee’s employment with Aardvark in accordance with Nasdaq Listing Rule 5635(c)(4).

The exercise price of each option is equal to the closing price of Aardvark’s common stock on the date of grant, or $12.28, $12.00 and $10.39 on October 20, 2025, October 28, 2025 and November 3, 2025, respectively. Each option will vest over four years, with 25% of the total number of shares vesting on the one year anniversary of the date of commencement of such employee’s employment with Aardvark and 1/48^th of the total number of shares subject to each option vesting monthly thereafter, subject to continued employment.

About Aardvark Therapeutics, Inc.
Aardvark is a clinical-stage biopharmaceutical company developing novel, small-molecule therapeutics designed to suppress hunger for the treatment of Prader-Willi Syndrome and metabolic diseases. Recognizing hunger (the discomfort from not having eaten recently) is a distinct neural signaling pathway separate from appetite (the reward-seeking, desirability of food). Our programs explore therapeutic applications in hunger-associated indications and potential complementary uses with anti-appetite therapies. Our lead compound, oral ARD-101, is in Phase 3 clinical development for the treatment of hyperphagia associated with PWS, a rare disease characterized by insatiable hunger. Aardvark is also developing ARD-201, a planned fixed-dose combination of ARD-101 with a DPP-4 inhibitor, with a goal of addressing some of the limitations of currently marketed GLP-1 therapies for the treatment of obesity and obesity-related conditions. For more information, visit aardvarktherapeutics.com.

Contact:
Carolyn Hawley, Inizio Evoke Comms
(619) 849-5382
Carolyn.hawley@inizioevoke.com

FAQ

What inducement awards did Aardvark Therapeutics (AARD) grant on Oct 20, 2025?

Aardvark granted a stock option to purchase 23,602 shares at an exercise price of $12.28 on Oct 20, 2025.

How many shares were included in Aardvark's Oct 28, 2025 inducement grants (AARD)?

On Oct 28, 2025, Aardvark granted inducement options totaling 49,849 shares with an exercise price of $12.00.

What were the terms and exercise price for the Nov 3, 2025 AARD inducement grant?

The Nov 3, 2025 grant was a stock option for 14,766 shares with an exercise price equal to the closing price on that date, $10.39.

How do the Aardvark inducement options (AARD) vest?

Each option vests over four years: 25% vests at the one-year employment anniversary and the remainder vests monthly (1/48th per month), subject to continued employment.

Why were the Aardvark inducement awards granted under Nasdaq Listing Rule 5635(c)(4)?

The awards were granted as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4), which permits issuer grants material to employment.

What is the total number of option shares Aardvark (AARD) granted in these inducement awards?

The three grants total 88,217 option shares (23,602 + 49,849 + 14,766).