Aardvark (AARD) CEO Reports 10,000-Share Open-Market Purchases

Rhea-AI Filing Summary

Aardvark Therapeutics CEO and director Tien-Li Lee reported open-market purchases of Aardvark (AARD) common stock on 09/15/2025. The Form 4 shows two purchase transactions: 6,500 shares at a weighted-average price of $9.5106 and 3,500 shares at a weighted-average price of $9.9442. Following these transactions, the reporting person beneficially owned 1,543,384 shares directly and a further 1,474,028 shares indirectly through a spouse. The filing lists no derivative transactions. Footnotes disclose that each reported price is a weighted average from multiple trades within the stated price ranges.

Positive

• Insider purchases disclosed: CEO/director Tien-Li Lee bought a total of 10,000 common shares on 09/15/2025.
• Transparent reporting: Weighted-average prices and price ranges are disclosed in footnotes, and indirect spouse holdings are identified.

Negative

• None.

Insights

Securities Analyst

TL;DR: CEO insider purchases reported; transaction sizes are disclosed but not large enough in isolation to be materially transformative.

The Form 4 documents routine open-market purchases by the CEO and director, totaling 10,000 shares on 09/15/2025 at weighted-average prices near $9.51 and $9.94. These are straightforward acquisitions with no associated derivative exercises or dispositions. From an investor-information perspective, insider buying can be interpreted as a signal of confidence, but the filing does not provide context on the purchases relative to total shares outstanding or recent trading volume, so material impact is limited.

Corporate Governance Expert

TL;DR: Disclosure is clear and compliant; beneficial ownership and indirect holdings via spouse are properly reported.

The Form 4 appears complete for the reported transactions: it identifies the reporting person, their roles (CEO, director, 10% owner), transaction dates, amounts, and weighted-average prices, and it discloses indirect ownership through a spouse. There are explanatory footnotes about weighted-average pricing. No governance or compliance issues are evident from the information provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lee Tien-Li

(Last) (First) (Middle)

C/O AARDVARK THERAPEUTICS, INC.

4370 LA JOLLA VILLAGE DRIVE, SUITE 1050

(Street)

SAN DIEGO CA 92122

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aardvark Therapeutics, Inc. [ AARD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		P		6,500	A	$9.5106(1)	1,539,884	D
Common Stock	09/15/2025		P		3,500	A	$9.9442(2)	1,543,384	D
Common Stock								1,474,028	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.9045 to $9.89 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.93 to $9.9798 per share, inclusive. The reporting person undertakes to provide Aardvark, any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Tien-Li Lee	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did AARD CEO Tien-Li Lee report on 09/15/2025?

The Form 4 reports two open-market purchases totaling 10,000 shares on 09/15/2025: 6,500 at a weighted-average price of $9.5106 and 3,500 at $9.9442.

How many AARD shares does Tien-Li Lee beneficially own after these transactions?

The filing shows 1,543,384 shares beneficially owned directly following the reported transactions and 1,474,028 shares indirectly through a spouse.

Were any derivative securities reported by the AARD insider in this Form 4?

No. Table II lists no derivative transactions; only common stock purchases are reported.

Do the Form 4 footnotes explain the reported prices for the AARD purchases?

Yes. Each reported price is a weighted average from multiple purchases within the stated price ranges, and the reporting person offers to provide transaction-level details upon request.

What roles does the reporting person hold at Aardvark Therapeutics (AARD)?

The Form 4 identifies Tien-Li Lee as Chief Executive Officer, a director, and a 10% owner of Aardvark Therapeutics.