AARD Form 144 Notice: Insider Plans to Sell 27,691 Shares on NASDAQ

Rhea-AI Filing Summary

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.

Positive

• Clear disclosure of sale details: number of shares (27,691), aggregate value ($241,565.21), and approximate sale date (08/28/2025).
• Acquisition provenance provided: shares were acquired privately from the issuer on 05/16/2019 and paid in cash, which supports traceability.
• No recent sales reported: the filer reported "Nothing to Report" for securities sold during the past three months, indicating no proximate selling activity.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider sale notice for 27,691 shares; small relative size and appears procedurally compliant.

The filing discloses a proposed sale under Rule 144 with clear acquisition provenance: private purchase from the issuer on 05/16/2019 paid in cash. The transaction amount ($241,565.21) and the number of shares are specified, and there are no reported sales by the person in the prior three months. From an investor disclosure perspective, the document meets Rule 144 notice requirements and includes the seller’s certification about material information. The reported shares amount to a small fraction of outstanding shares, suggesting limited immediate dilution or signaling risk based solely on size.

Corporate Governance Expert

TL;DR: Filing is a standard compliance disclosure with no flagged governance concerns in the text.

The Form 144 contains required broker identification and sale timing (approximate sale date 08/28/2025), and documents acquisition details (05/16/2019 private acquisition from issuer). The statement attesting no undisclosed material adverse information is present. There are no indications of undisclosed related-party issues or accelerated insider activity within the filing. Based solely on the content provided, the notice appears procedurally complete.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

Relationship to Issuer

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	27691	241565.21	21696893	08/28/2025	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	05/16/2019	Private Acquisition from Issuer/Affiliate	Issuer			27691	05/16/2019	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

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does AARD's Form 144 report?

The filing reports a proposed sale of 27,691 common shares on NASDAQ with an aggregate market value of $241,565.21 and an approximate sale date of 08/28/2025.

When and how were the shares being sold on AARD acquired?

The shares were acquired on 05/16/2019 via a private acquisition from the issuer and payment was made in cash.

Does the Form 144 show prior sales by the filer for AARD?

No. The filing states "Nothing to Report" for securities sold during the past three months by the person for whose account the securities are to be sold.

What broker is handling the proposed sale of AARD shares?

The broker listed is Morgan Stanley Smith Barney LLC Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

How large is the sale relative to Aardvark's outstanding shares?

The filing lists 21,696,893 shares outstanding; the proposed sale of 27,691 shares is a small fraction of that total.