Aardvark Therapeutics Announces Leadership Appointments

Aardvark Therapeutics (Nasdaq: AARD) announced leadership appointments effective February 9, 2026: Derrick C. Li named Chief Business Officer and Nelson Sun’s role expanded to Chief Operating Officer in addition to Chief Financial Officer.

Rhea-AI Summary

Aardvark Therapeutics (Nasdaq: AARD) announced leadership appointments effective February 9, 2026: Derrick C. Li named Chief Business Officer and Nelson Sun’s role expanded to Chief Operating Officer in addition to Chief Financial Officer.

The company said these moves coincide with continued development of ARD-201 (Phase 2) and with ARD-101 progressing to Phase 3, with topline Phase 3 data expected in Q3 2026.

Positive

• Derrick C. Li appointed Chief Business Officer effective Feb 9, 2026
• Nelson Sun expanded to COO while retaining CFO responsibilities
• ARD-101 Phase 3 topline data expected Q3 2026
• ARD-201 remains in Phase 2 development

Negative

• None.

Argus Feb 12 session

-3.08% close to close Open Argus

Details

News Market Reaction – AARD

On Feb 12, the day this news came out, AARD closed 3.08% below the previous close.

Data tracked by StockTitan Argus for the Feb 12 session.

Key Figures

ARD-101 stage: Phase 3 ARD-201 stage: Phase 2 Topline Phase 3 timing: Third quarter 2026 +2 more

ARD-101 stage

Phase 3

Development for hyperphagia associated with Prader-Willi Syndrome

ARD-201 stage

Phase 2

Development for obesity and obesity-related conditions

Topline Phase 3 timing

Third quarter 2026

Expected ARD-101 Phase 3 topline data

Executive experience

More than 20 years

Mr. Li’s global biopharmaceutical and finance background

Effective date

February 9, 2026

Effective date of leadership appointments

Historical Context

5 past events · Latest: Feb 10

5 events

1. Feb 10

   Protocol amendment

   24h Move

   -6.5%

   IRB approval and FDA submission to expand HERO Phase 3 ARD-101 eligibility.

2. Dec 10

   Clinical trial progress

   24h Move

   +2.1%

   First patient dosed in Australia and global HERO Phase 3 expansion updates.

3. Nov 25

   Investor conferences

   24h Move

   +3.2%

   Scheduled presentations at major December healthcare investor conferences.

4. Nov 13

   Earnings and pipeline

   24h Move

   +1.2%

   Q3 2025 results, cash runway into 2027, and ARD-101/ARD-201 progress.

5. Nov 11

   Inducement grant

   24h Move

   -3.0%

   Nasdaq Rule 5635(c)(4) inducement stock option grant to a new employee.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

phase 3, phase 2, hyperphagia, prader-willi syndrome

4 terms

phase 3 medical

"we progress ARD-101 through Phase 3 development for the treatment of hyperphagia"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

phase 2 medical

"continue Phase 2 development of ARD-201 for obesity and obesity-related conditions"

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

hyperphagia medical

"Phase 3 development for the treatment of hyperphagia associated with Prader-Willi Syndrome"

An abnormally strong, persistent urge to eat that leads to excessive food intake beyond normal hunger; it can be a symptom of neurological, hormonal, genetic, or psychiatric conditions. Investors care because therapies that reduce hyperphagia can become measurable drug trial endpoints, define patient populations and market size, and influence regulatory approval, reimbursement prospects and commercial potential in the obesity and rare-disease sectors.

prader-willi syndrome medical

"Phase 3 development for the treatment of hyperphagia associated with Prader-Willi Syndrome"

A rare genetic disorder caused by missing or altered instructions on a specific chromosome that leads to constant hunger, low muscle tone, learning challenges, and hormonal problems; think of it as a faulty instruction manual that affects growth, appetite control, and development. Investors care because the condition creates a defined patient population, special regulatory incentives, and long-term medical needs that shape demand for therapies, diagnostics, and care services, influencing market size and risk for drug developers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN DIEGO, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Aardvark Therapeutics, Inc. (Aardvark) (Nasdaq: AARD), a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, today announced the appointment of Derrick C. Li as Chief Business Officer, as well as the expansion of Nelson Sun’s role to include Chief Operating Officer, in addition to his current role as Chief Financial Officer. The appointments are effective as of February 9, 2026.

“These key appointments for Derrick and Nelson come at a pivotal time for Aardvark as we progress ARD-101 through Phase 3 development for the treatment of hyperphagia associated with Prader-Willi Syndrome and continue Phase 2 development of ARD-201 for obesity and obesity-related conditions,” said Tien Lee, M.D., Founder and Chief Executive Officer of Aardvark. “I am thrilled to welcome Derrick to the Aardvark team and look forward to his leadership and expertise in shaping our company’s next phase of growth. In addition, Nelson’s demonstrated strong leadership and operational expertise gives us confidence as he moves into his expanded role. Both appointments will be critical in helping us unlock meaningful value for our stockholders as well as the patients and clinicians that we serve.”

In Mr. Li’s new role, he will lead Aardvark's business development strategy and execution with responsibility for financing, licensing, partnership strategy and corporate development initiatives.

“I am excited to work with an experienced, dynamic and patient-focused group of individuals at such a defining inflection point,” said Mr. Li. “The opportunity to help advance the company’s lead asset, ARD-101, with topline Phase 3 data expected in the third quarter of 2026, and to expand the company’s portfolio is energizing. I look forward to working with the entire team to explore strategic collaborations and drive the company’s mission forward.”

Mr. Li is a seasoned biotechnology executive with more than 20 years of global experience in biopharmaceutical business development, investment banking and corporate strategy. Prior to joining Aardvark, he served as Chief Strategy Officer at ODC Life Sciences, a Latin America-focused clinical research organization, where he drove growth strategy and global partnerships. He has also held senior leadership roles, including Head of Strategy and Investor Relations at Cellular Biomedicine Group (now AbelZeta). Additionally, he has extensive investment banking and investment management experience, most recently, serving as a Managing Director in the Healthcare Investment Group at Robert W. Baird. Mr. Li earned a dual bachelor's degree in accountancy and finance from Villanova University. 

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 (PWS) and metabolic diseases. Hunger, which is the discomfort from not having eaten recently, is a distinct neural signaling pathway separate from appetite, the reward-seeking desire for 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, through two separate Phase 2 trials with a goal of addressing some of the limitations of currently marketed GLP-1 therapies for obesity and obesity-related conditions. For more information, visit www.aardvarktherapeutics.com.

Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements concerning: Aardvark’s business strategy, product candidates, ongoing clinical trials, planned clinical trials, expected timing for data readouts and reporting interim, preliminary or topline results, likelihood of success, as well as plans and objectives of management for future operations. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements in this press release include statements regarding Aardvark’s next phase of growth, potential strategic collaborations, the potential to unlock meaningful value for Aardvark’s stockholders, statements regarding ARD-101, including the expected timeline for receiving topline data from the Phase 3 HERO trial and the potential expansion of Aardvark’s portfolio. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties related to potential delays in the commencement, enrollment and completion of clinical trials; the risk that Aardvark may use its capital resources sooner than expected and that they may be insufficient to allow Aardvark to achieve its anticipated milestones; the possibility that the past track records of Aardvark and its personnel may not be repeated or indicative of future success; risks related to its dependence on third parties for manufacturing, shipping and production of drug product for use in clinical trials and preclinical studies; the risk of unfavorable clinical trial results; the risk that results from earlier clinical trials and preclinical studies may not necessarily be predictive of future results; and other risks and uncertainties, including the factors described under the “Risk Factors” section of Aardvark’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 that Aardvark filed with the Securities and Exchange Commission on November 13, 2025. When evaluating Aardvark’s business and prospects, careful consideration should be given to these risks and uncertainties. Any forward-looking statements contained in this press release are based on the current expectations of Aardvark’s management team and speak only as of the date hereof, and Aardvark specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.

Investor Contact:
Courtney Mogerley
Argot Partners
(212) 600-1902
Aardvark@Argotpartners.com

Media Contact:
Andrea Cohen
Sam Brown LLC
(917) 209-7163
Andreacohen@Sambrown.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is Derrick C. Li and what is his role at Aardvark (AARD)?

Derrick C. Li was appointed Chief Business Officer, effective February 9, 2026. According to the company, he will lead financing, licensing, partnership strategy and corporate development to expand the portfolio and pursue collaborations.

What change occurred to Nelson Sun’s responsibilities at Aardvark (AARD)?

Nelson Sun’s role expanded to include Chief Operating Officer in addition to Chief Financial Officer, effective February 9, 2026. According to the company, he will handle broader operational leadership alongside financial duties.

When does Aardvark expect topline Phase 3 data for ARD-101 (AARD)?

Aardvark expects topline Phase 3 data for ARD-101 in Q3 2026. According to the company, this readout targets hyperphagia associated with Prader-Willi Syndrome and is a near-term clinical milestone.

What development stage is ARD-201 at Aardvark (AARD)?

ARD-201 is in Phase 2 development for obesity and obesity-related conditions. According to the company, Phase 2 progress continues alongside ARD-101 Phase 3 advancement and business development efforts.

How will Derrick Li’s appointment affect Aardvark’s corporate strategy (AARD)?

Derrick Li will lead business development, financing and partnership strategy as Chief Business Officer. According to the company, his role aims to drive collaborations and expand the company’s portfolio during clinical readouts.