Aardvark (AARD) Form 144 Shows Proposed Sale and Recent Fund Dispositions

Rhea-AI Filing Summary

Aardvark Therapeutics (AARD) filed a Form 144 to notify a proposed sale of 10,360 common shares by an affiliate through Morgan Stanley Smith Barney LLC on NASDAQ, with an aggregate market value of $93,413.01 and an approximate sale date of 09/15/2025. The filing shows these shares were acquired from the issuer in a private transaction on 05/16/2019 for cash. The company reports 21,696,893 shares outstanding, which provides context for the size of the proposed sale relative to the float.

The filing also discloses recent sales by VICKERS VENT GLB DEEP-TECH FND I LP of 20,000 shares on 09/02/2025 for gross proceeds of $170,118.00 and 27,691 shares on 08/28/2025 for gross proceeds of $241,565.21. The notice includes the standard signer representation that no undisclosed material adverse information is known to the seller.

Positive

• None.

Negative

• Recent substantial sales disclosed: VICKERS VENT GLB DEEP-TECH FND I LP sold 20,000 shares (09/02/2025) and 27,691 shares (08/28/2025) yielding combined gross proceeds of $411,683.21.

Insights

Securities Analyst

TL;DR: Affiliate proposes to sell 10,360 shares; prior recent fund sales totaling 47,691 shares were reported.

The filing documents a proposed sale under Rule 144 of 10,360 common shares via Morgan Stanley Smith Barney with an indicated aggregate market value of $93,413.01. The shares were originally acquired in a private issuance on 05/16/2019 and paid in cash. Separately, the filing discloses two prior dispositions by VICKERS VENT GLB DEEP-TECH FND I LP totaling 47,691 shares with combined gross proceeds of $411,683.21. For investors, these are factual disclosure items required by Rule 144; the filing does not include any explanation of motivations or additional covenants.

Corporate Governance Expert

TL;DR: Routine Rule 144 notice showing affiliate and fund sales; contains seller's certification of no undisclosed material information.

This Form 144 includes the seller's representation that they are unaware of any material adverse information not publicly disclosed. It lists the broker, sale date, and historical acquisition details (private acquisition from the issuer on 05/16/2019). The filing is procedural and informational; it does not itself alter corporate governance or disclose management changes.

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	10360	93413.01	21696893	09/15/2025	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			10360	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	09/02/2025	20000	170118.00
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 Form 144 filed for AARD disclose?

The filing notifies a proposed sale of 10,360 common shares via Morgan Stanley Smith Barney with an aggregate market value of $93,413.01 and an approximate sale date of 09/15/2025.

Who acquired the shares being sold and when?

The shares were acquired in a private acquisition from the issuer on 05/16/2019 and paid for in cash.

How many AARD shares are outstanding according to the filing?

The filing reports 21,696,893 shares outstanding.

Were there any recent sales of AARD shares disclosed in the filing?

Yes. VICKERS VENT GLB DEEP-TECH FND I LP sold 27,691 shares on 08/28/2025 for $241,565.21 and 20,000 shares on 09/02/2025 for $170,118.00.

Which broker is named for the proposed sale?

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