Aardvark Therapeutics Rule 144 Notice — 20,000 Shares to Be Sold

Rhea-AI Filing Summary

Form 144 notice for Aardvark Therapeutics, Inc. (AARD) reports a proposed sale of 20,000 common shares through Morgan Stanley Smith Barney valued at $170,118, with an approximate sale date of 09/02/2025 on NASDAQ. The shares were acquired from the issuer on 05/16/2019 in a private acquisition and were paid in cash. The filer also disclosed a sale of 27,691 common shares on 08/28/2025 generating $241,565.21 in gross proceeds. The filer affirms no undisclosed material adverse information.

Insights

Financial Analyst

TL;DR: An insider-related sale notice discloses small-volume share sales under Rule 144; limited direct financial impact.

The filing documents a proposed sale of 20,000 common shares valued at $170,118 and a prior sale of 27,691 shares for $241,565.21. The securities were originally acquired 05/16/2019 via a private issuer transaction and paid in cash. The notice is procedural under Rule 144 and asserts no material nonpublic information. Given the issuer outstanding share count of 21,696,893, the reported sale sizes represent a small percentage of total shares outstanding.

Corporate Governance Expert

TL;DR: Filing fulfills Rule 144 disclosure obligations; no governance red flags disclosed within the notice.

The Form 144 includes broker details, acquisition history, and the seller's representation regarding material information. It confirms the use of Morgan Stanley Smith Barney for the proposed transaction and notes prior sales activity. The signature/representation language is standard. The document contains no disclosures of resignations, related-party transactions beyond the sale, or governance concerns.

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	20000	170118.00	21696893	09/02/2025	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			20000	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
VICKERS VENT GLB DEEP-TECH FND I LP 4370 LA JOLLA VILLAGE DRIVE SUITE 1050 SAN DIEGO CA 92122	Common	08/28/2025	27691	241565.21

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 the AARD Form 144 disclose about the proposed sale?

The filing discloses a proposed sale of 20,000 common shares via Morgan Stanley Smith Barney valued at $170,118, with an approximate sale date of 09/02/2025 on NASDAQ.

When and how were the shares being sold in the AARD filing acquired?

The 20,000 shares were acquired on 05/16/2019 in a private acquisition from the issuer and payment was made in cash on the acquisition date.

Did the filer report any recent sales prior to this proposed transaction?

Yes, the filer reported a sale of 27,691 common shares on 08/28/2025 that generated $241,565.21 in gross proceeds.

What broker is handling the proposed AARD share sale?

The broker listed is Morgan Stanley Smith Barney LLC Executive Financial Services located at 1 New York Plaza, New York, NY.

Does the filer state any undisclosed material information about Aardvark Therapeutics?

The filer represents by signing the notice that they do not know any material adverse information