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Aardvark Therapeutics, Inc. called a virtual 2026 annual stockholders’ meeting on August 14, 2026 to vote on three proposals. Stockholders will elect two Class I directors, Victor Tong Jr. and Jeffrey Chi, Ph.D., to terms ending at the 2029 meeting, ratify BDO USA, P.C. as independent auditor for the year ending December 31, 2026, and decide on a significant repricing of underwater employee stock options granted under the 2017 Plan, 2025 Plan and 2025 Inducement Plan.
The company had 21,884,158 common shares outstanding as of June 18, 2026, and a quorum requires 10,942,080 shares. As of that date, 99% of options held by eligible employees and executives were underwater; the company proposes to reprice 2,833,944 such options, about 13% of basic shares, to a new exercise price tied to the market price on the “Repricing Date” and subject to a one‑year retention period. The board recommends voting FOR all three proposals.
Aardvark Therapeutics, Inc. is soliciting proxies for its 2026 Annual Meeting to be held virtually on August 14, 2026 to elect two Class I directors, ratify BDO USA, P.C. as auditor and seek stockholder approval to reprice certain outstanding stock options.
The company states there were 21,884,158 shares outstanding as of June 18, 2026. The Option Repricing would amend approximately 2,833,944 Eligible Options (about 13% of issued share capital on a basic outstanding basis) if the computed New Exercise Price is below $13.48. As of June 18, 2026, the closing price was $3.93, and the filing states 99% of outstanding options held by Eligible Participants were underwater.
Aardvark Therapeutics, Inc. approved cash retention arrangements for two senior executives. On June 10, 2026, the company entered into a retention bonus agreement with Chief Financial Officer and Chief Operating Officer Nelson Sun, providing a total potential cash retention bonus of $346,500 for 2026. This consists of a $198,000 guaranteed annual bonus and a $148,500 retention portion, payable on January 1, 2027 if he remains employed through that date or if he experiences certain qualifying terminations.
The company also entered into a similar agreement with Chief Medical Officer Manasi Jaiman, M.D., M.P.H., granting a total retention bonus opportunity of $357,000 for 2026, made up of a $204,000 guaranteed bonus and a $153,000 retention bonus. This amount is also payable on January 1, 2027, subject to continued employment or specified termination conditions, and in each case conditioned on an irrevocable release of claims in a company-prescribed form.
Aardvark Therapeutics disclosed that the U.S. Food and Drug Administration has placed a full clinical hold on its investigational new drug application for ARD-101. The hold covers all ongoing studies, including the Phase 3 HERO trial in Prader-Willi Syndrome and its open-label extension.
The company is in active discussions with the FDA and plans to unblind accumulated data from both HERO and the OLE trial to evaluate overall safety and efficacy and guide next steps for the ARD-101 program. As of February 27, 2026, 68 patients had been dosed in HERO and 19 in the OLE trial.
As of March 31, 2026, Aardvark reported $91.2 million in cash, cash equivalents and short-term investments, which it believes will fund projected operations into mid-2027 while it assesses ARD-101 and continues its broader hunger- and metabolic-disease pipeline.
Aardvark Therapeutics reported a net loss of $21.6 million for the quarter ended March 31, 2026, wider than the $9.3 million loss a year earlier, driven by sharply higher research and development and general and administrative expenses.
R&D spending more than doubled to $16.6 million as the company advanced lead candidate ARD-101 and related programs, while G&A expenses rose to $5.9 million as it scaled public-company operations. Aardvark ended the quarter with $91.2 million in cash, cash equivalents and short-term investments and an accumulated deficit of $137.5 million, and believes this liquidity can fund operations into mid-2027.
On February 27, 2026, the company voluntarily paused enrollment and dosing in its Phase 3 HERO and open-label extension trials for ARD-101, as well as the Phase 2 POWER and STRENGTH trials for ARD-201, after reversible cardiac observations in a healthy volunteer study of ARD-101. Aardvark is reviewing the data and working with the FDA to determine next steps, with guidance expected in the second quarter of 2026.
Aardvark Therapeutics reported first quarter 2026 results and detailed a voluntary pause of its lead clinical programs. The Phase 3 HERO and open-label extension trials of ARD-101 in Prader-Willi Syndrome, and development of ARD-201 for obesity, are on hold after reversible cardiac observations in a separate healthy volunteer study.
The company is working with the FDA and expects further guidance on both programs in the second quarter of 2026. Aardvark ended March 31, 2026 with $91.2 million in cash, cash equivalents and short-term investments, which it believes will fund operations into mid-2027.
First quarter 2026 research and development expenses rose to $16.6 million from $7.8 million a year earlier, while general and administrative costs increased to $5.9 million from $2.7 million, reflecting higher ARD-101 development and public company costs. Net loss widened to $21.6 million, or $0.99 per share, compared with a $9.3 million loss, or $0.71 per share, in the prior-year period.
Aardvark Therapeutics, Inc. filed a prospectus to sell up to $150,000,000 of common stock through an Equity Distribution Agreement with Piper Sandler as an at-the-market sales agent. Sales may occur from time to time under the agreement at market prices.
The prospectus cites an assumed offering price of $4.07 per share (closing price on March 20, 2026) and uses proceeds for general corporate purposes. The company discloses key clinical programs for ARD-101 (HERO Phase 3) and ARD-201 (POWER and STRENGTH Phase 2 trials) and states those trials are currently paused while it reviews reversible cardiac observations and collaborates with the FDA on next steps.
Aardvark Therapeutics, Inc. entered into an Equity Distribution Agreement with Piper Sandler & Co. allowing it to sell, from time to time, shares of its common stock through or to Piper Sandler as sales agent. These shares will be issued under an existing shelf registration statement on Form S-3.
Under the related prospectus, the company may offer and sell shares with an aggregate offering price of up to $150,000,000. Piper Sandler will receive a commission of 3.0% of the gross sales price per share sold. Aardvark has no obligation to sell any shares under this arrangement.