Aardvark holder may sell $210K in stock

Stockholder Nelson Sun filed a Rule 144 notice to potentially resell 42,843 AARD common shares through a broker.

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. (AARD) is the issuer for a planned resale of restricted securities under Rule 144 by stockholder Nelson Sun. The notice covers 42,843 shares of common stock to be sold through Morgan Stanley Smith Barney, with an indicated aggregate market value of $210,787.56. The shares come from an open market purchase, vested option shares, and shares converted from Series C Preferred stock.

Key Figures

Shares covered by Rule 144 notice: 42,843 shares Aggregate market value: $210,787.56 Open market purchase component: 2,000 shares +2 more

5 metrics

Shares covered by Rule 144 notice 42,843 shares Total Aardvark Therapeutics common shares listed for potential sale by Nelson Sun

Aggregate market value $210,787.56 Value associated with 42,843 Aardvark Therapeutics common shares in the Rule 144 entry

Open market purchase component 2,000 shares Common stock acquired via open market purchase dated September 9, 2025

Previously exercised options component 33,842 shares Common stock acquired from previously exercised options vesting on September 26, 2024 and November 30, 2024

Series C Preferred component 7,001 shares Common stock associated with Series C Preferred dated May 1, 2024

Key Terms

Rule 144, Open Market Purchase, Previously Exercised Options, Series C Preferred

4 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.

Open Market Purchase financial

"Common | 09/09/2025 | Open Market Purchase | Issuer"

An open market purchase is when a company buys its own shares on public stock exchanges the same way any investor would, rather than through a private deal. Investors care because these purchases reduce the number of shares available, can boost earnings per share and share price, signal that management thinks the stock is undervalued, and use company cash that might otherwise go to reinvestment or dividends — like a business quietly buying back its own tickets at the box office.

Previously Exercised Options financial

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

Series C Preferred financial

"Common | 05/01/2024 | Series C Preferred | Issuer"

FAQ

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

What does the Form 144 filing disclose for AARD?

The Form 144 notice discloses that Nelson Sun may sell up to 42,843 shares of Aardvark Therapeutics, Inc. (AARD) common stock under Rule 144 through Morgan Stanley Smith Barney, with an indicated aggregate market value of $210,787.56.

How many AARD shares are covered by Nelson Sun’s Rule 144 notice?

The notice covers a total of 42,843 shares of AARD common stock, including 2,000 shares from an open market purchase, 33,842 shares from vested options, and 7,001 shares originating from Series C Preferred stock.

What is the reported market value of the AARD shares in this Form 144?

The Form 144 lists an aggregate market value of $210,787.56 for the 42,843 AARD common shares covered by the notice, as of the entry tied to the planned sale through Morgan Stanley Smith Barney.

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

The shares were acquired via three sources: 2,000 shares from an open market purchase dated September 9, 2025, 33,842 shares from previously exercised options that vested on September 26, 2024 and November 30, 2024, and 7,001 shares from Series C Preferred dated May 1, 2024.

When is the Rule 144 notice for AARD dated?

The notice is dated September 10, 2026, reflecting the date on which the Rule 144 filing for the potential sale of 42,843 AARD shares by Nelson Sun was made.

On which market are the AARD shares in this Form 144 listed?

The common stock covered by this Form 144 is indicated as traded on NASDAQ, and the Rule 144 notice relates to 42,843 AARD common shares to be sold through Morgan Stanley Smith Barney.

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

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Available on EDGAR 09/10/2026 - 05:18 PM Accepted by SEC EDGAR 09/10/2026 - 05:18 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	42843	210787.56	21884846	09/10/2026	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	09/09/2025	Open Market Purchase	Issuer			2000	09/09/2025	N/A
Common	09/26/2024	Previously Exercised Options	Issuer			33842	09/26/2024	Cash
Common	05/01/2024	Series C Preferred	Issuer			7001	05/01/2024	N/A

* 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	The 33,842 securities to be sold were acquired upon the vesting of previously exercised options on 09/26/2024 and 11/30/2024.
Date of Notice	09/10/2026
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)