Aardvark officer may sell 33,911 shares of stock

Aardvark Therapeutics, Inc. (AARD) received a Rule 144 notice from officer Nelson Sun covering proposed open-market sales of up to 33,911 shares of common stock through Morgan Stanley Smith Barney LLC on NASDAQ.

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. (AARD) received a Rule 144 notice from officer Nelson Sun covering proposed open-market sales of up to 33,911 shares of common stock through Morgan Stanley Smith Barney LLC on NASDAQ. The shares have an indicated aggregate market value of $169,894.11, compared with 21,884,846 common shares outstanding.

The planned sales include 30,166 shares acquired from previously exercised stock options and 3,745 shares acquired via the Employee Stock Purchase Plan. The notice also reports that Sun, under a Rule 10b5-1 trading plan, sold 14,754 shares for $73,778.18 on September 10, 2026.

Key Figures

Shares proposed for sale under Rule 144: 33,911 shares Aggregate market value of proposed sale: $169,894.11 Common shares outstanding: 21,884,846 shares +5 more

8 metrics

Shares proposed for sale under Rule 144 33,911 shares Total AARD common shares covered by Nelson Sun’s notice

Aggregate market value of proposed sale $169,894.11 Indicated value of 33,911 AARD common shares

Common shares outstanding 21,884,846 shares AARD common stock outstanding as listed in the securities information section

Shares from previously exercised stock options 30,166 shares Portion of proposed sale acquired via option exercises and vesting

Shares from Employee Stock Purchase Plan 3,745 shares Portion of proposed sale acquired under the ESPP on May 22, 2026

Recent 10b5-1 sale shares 14,754 shares Shares sold on September 10, 2026 under a Rule 10b5-1 plan

Recent 10b5-1 sale proceeds $73,778.18 Total proceeds from the September 10, 2026 sale

Date of Notice September 11, 2026 Date on which the Rule 144 notice was signed and filed

Key Terms

Rule 144, 10b5-1, Previously Exercised Stock Options, Employee Stock Purchase Plan, +1 more

5 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

10b5-1 regulatory

"10b5-1 Sales for NELSON SUN 4370 La Jolla Village Drive"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

Previously Exercised Stock Options financial

"Common | 09/26/2024 | Previously Exercised Stock Options | Issuer"

Employee Stock Purchase Plan financial

"Common | 05/22/2026 | Employee Stock Purchase Plan | Issuer"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

Aggregate market value financial

"Common | Morgan Stanley Smith Barney LLC Executive Financial Services"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

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

What is being disclosed about AARD in Nelson Sun’s Form 144 filing?

The notice states that officer Nelson Sun may sell up to 33,911 shares of Aardvark Therapeutics, Inc. common stock under Rule 144 through Morgan Stanley Smith Barney LLC, with an indicated aggregate market value of $169,894.11 on NASDAQ.

How many AARD shares is Nelson Sun planning to sell under Rule 144?

The filing covers proposed sales of up to 33,911 shares of Aardvark Therapeutics, Inc. common stock. These comprise 30,166 shares from previously exercised stock options and 3,745 shares from the Employee Stock Purchase Plan.

What prior AARD share sales by Nelson Sun are reported in this Form 144?

The document reports that on September 10, 2026, under a Rule 10b5-1 trading plan, Nelson Sun sold 14,754 AARD common shares for total proceeds of $73,778.18 during the past three months.

How many AARD shares are outstanding according to the Form 144?

The securities information section lists 21,884,846 Aardvark Therapeutics, Inc. common shares as outstanding. This figure provides context for the relative size of the 33,911-share proposed Rule 144 sale.

How were the AARD shares to be sold by Nelson Sun acquired?

The filing states that 30,166 shares were acquired upon vesting of previously exercised stock options on September 26, 2024, October 3, 2024, and November 5, 2024, and 3,745 shares were acquired through the Employee Stock Purchase Plan on May 22, 2026.

Which broker is handling Nelson Sun’s potential AARD share sales?

The Rule 144 notice identifies Morgan Stanley Smith Barney LLC Executive Financial Services, located at 1 New York Plaza, as the broker handling potential sales of Aardvark Therapeutics, Inc. common stock on NASDAQ.

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

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Available on EDGAR 09/11/2026 - 04:51 PM Accepted by SEC EDGAR 09/11/2026 - 04:51 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0002045377
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	AARDVARK THERAPEUTICS INC
SEC File Number	001-42513
Address of Issuer	4370 La Jolla Village Drive Suite 1050 San Diego CALIFORNIA 92122
Phone	858-225-7696
Name of Person for Whose Account the Securities are To Be Sold	NELSON SUN
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	33911	169894.11	21884846	09/11/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/26/2024	Previously Exercised Stock Options	Issuer			30166	09/26/2024	Cash
Common	05/22/2026	Employee Stock Purchase Plan	Issuer			3745	05/22/2026	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for NELSON SUN 4370 La Jolla Village Drive Suite 1050 San Diego CA 92122	Common	09/10/2026	14754	73778.18

144: Remarks and Signature

Remarks	The 30,166 securities to be sold were acquired upon the vesting of previously exercised stock options on 09/26/2024, 10/03/2024 and 11/05/2024.
Date of Notice	09/11/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/11/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Nelson Sun
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)