Every 10-Q that Aardvark Therapeutics, Inc. (AARD) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AARD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AARD filings page.
Aardvark Therapeutics is a clinical-stage biopharmaceutical company with no product revenue and an accumulated deficit of $151.9 million as of June 30 2026. For the quarter, it reported a net loss of $14.4 million (basic and diluted net loss per share of $0.66), and for the first six months a net loss of $36.0 million, driven by research and development and public-company overhead.
R&D expense was $10.5 million in the quarter and $27.0 million year‑to‑date; general and administrative expense reached $4.6 million for the quarter and $10.5 million year‑to‑date. Cash, cash equivalents and short‑term investments totaled $73.9 million, and management believes this will fund operations into late 2027. The ARD‑101 program is under an FDA clinical hold; Aardvark terminated its Phase 3 HERO and open‑label extension trials and paused ARD‑201 trials, while evaluating data and required safety studies. The company also established a $150.0 million at‑the‑market equity facility under a $400.0 million shelf registration to provide future financing flexibility.
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 (AARD) filed its Q3 2025 10‑Q, reporting a net loss of $16.3 million for the quarter and $40.0 million year‑to‑date. Operating expenses rose as the company advanced its pipeline, with Q3 research and development at $13.7 million and general and administrative at $4.0 million.
Liquidity strengthened after the February 2025 IPO, which raised approximately $87.5 million net. As of September 30, 2025, cash, cash equivalents and short‑term investments totaled $126.4 million, which management believes supports operations for at least one year after issuance and, based on current plans, into 2027. Total assets were $133.2 million and stockholders’ equity was $122.4 million.
The company is running the Phase 3 HERO trial of ARD‑101 in Prader‑Willi syndrome, initiated in December 2024 with enrollment underway since Q2 2025. In October 2025, eligibility was expanded by lowering the minimum age to 10 years. Topline HERO data are anticipated in Q3 2026. Shares outstanding were 21,745,265 as of September 30, 2025; 21,773,272 as of November 3, 2025.
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.