Aardvark Therapeutics SEC Filings

Form 144 notice for Aardvark Therapeutics, Inc. (AARD) reports a proposed sale of 20,000 common shares through Morgan Stanley Smith Barney valued at $170,118, with an approximate sale date of 09/02/2025 on NASDAQ. The shares were acquired from the issuer on 05/16/2019 in a private acquisition and were paid in cash. The filer also disclosed a sale of 27,691 common shares on 08/28/2025 generating $241,565.21 in gross proceeds. The filer affirms no undisclosed material adverse information.

Aardvark Therapeutics insider form 4 reports the CEO and director, Lee Tien-Li, acquired 17,209 shares on 08/28/2025 through the exercise/transfer of derivative awards at a reported price of $4.24 per share. After the transaction, Mr. Lee directly beneficially owns 1,513,384 shares and indirectly beneficially owns 1,474,028 shares through his spouse, for combined disclosure-level holdings shown on the form. The filing lists a related stock option covering 17,209 shares with an expiration date of 07/20/2034 and references a vesting schedule (1/48th monthly starting 07/27/2024). The form is signed by an attorney-in-fact on 08/29/2025.

Aardvark Therapeutics filed a Form 144 reporting a proposed sale of 27,691 common shares on NASDAQ with an aggregate market value of $241,565.21. The shares represent a small portion of the company’s listed outstanding shares (21,696,893). The filer acquired the shares on 05/16/2019 in a private acquisition from the issuer and paid cash. No securities were reported sold by the same person in the past three months. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information about the issuer.

Aardvark Therapeutics, Inc. filed a Form S-8 to register securities under the 2025 Inducement Equity Incentive Plan, making the plan documents and related stock award agreements part of the company's registration record. The filing incorporates by reference the company's recent annual and quarterly reports, a current report and the description of its common stock, so those reports together form the prospectus for employees and other plan participants.

The registrant indicates it is a non-accelerated filer, a smaller reporting company and an emerging growth company. The company describes its charter and bylaw provisions that limit director and officer monetary liability to the fullest extent permitted by Delaware law and details indemnification rights, advancement of expenses, and indemnification agreements with directors and executive officers. The filing also states that the company maintains insurance covering directors and officers for certain wrongful acts.

Exhibits listed include the Amended and Restated Certificate of Incorporation and Bylaws, the 2025 Inducement Equity Incentive Plan and forms of award agreements, legal opinion and accounting and counsel consents, and a filing fee table. The text provided does not include offering size, pricing or detailed financial terms of the awards in this extract.

Aardvark Therapeutics is a clinical-stage biopharmaceutical company focused on TAS2R-targeting small molecules to treat hunger-associated metabolic diseases. The company has initiated a potentially pivotal Phase 3 HERO trial for its lead candidate ARD-101 (enrollment began in Q2 2025) and submitted a protocol amendment in August 2025 to broaden eligibility (removing certain exclusions and adding patients under age 13), and expects HERO topline data in Q3 2026. The company also plans Phase 2 programs: HONOR (HO) in H2 2025, POWER in H2 2025 and STRENGTH in H1 2026.

On the balance sheet, Aardvark completed an IPO in February 2025 (6,120,661 shares at $16.00) and had combined cash, cash equivalents and short-term investments of $141.8 million at June 30, 2025, which management believes is sufficient for at least one year. Operating losses widened to a $14.4 million net loss for the three months ended June 30, 2025 (six months: $23.7 million), an accumulated deficit of $82.0 million, and six-month operating cash use of $21.2 million. The company discloses potential milestone obligations totaling $180.5 million and a written-off related-party receivable of $2.368 million.

Aardvark Therapeutics disclosed via this Current Report that it issued a press release announcing new positive preclinical data demonstrating the potential of ARD-201 for the treatment of metabolic obesity and obesity-related conditions. The company states the full text of the press release is filed as Exhibit 99.1 to the report and is incorporated by reference.

The filing does not include clinical data, quantitative results, financial statements, or a timetable for next steps; the report also identifies the registrant as an emerging growth company. Consult Exhibit 99.1 for the full press release text and any data not contained in the 8-K.