[Form 4] Aardvark Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nelson Sun, Chief Financial Officer of Aardvark Therapeutics (AARD), reported an insider purchase of 6,000 shares of the company's common stock at a weighted average price of $8.0733 per share, increasing his beneficial ownership to 105,484 shares.

The filing notes the reported price is a weighted average from multiple trades executed between $8.00 and $8.20 per share, and the reporting person offers to provide details on the per-trade breakdown upon request. This Form 4 documents a direct acquisition by an executive, indicating a personal purchase rather than a derivative transaction.

Positive

• CFO Nelson Sun purchased shares, showing personal investment in the company.
• Direct acquisition of 6,000 shares increased beneficial ownership to 105,484 shares.
• Weighted-average price disclosed ($8.0733) with footnote detailing the $8.00–$8.20 per-share range, enhancing transparency.

Negative

• None.

Insights

Financial Analyst

TL;DR: A modest insider purchase by the CFO; signals personal confidence but is not material to valuation by itself.

The CFO's direct purchase of 6,000 shares at a weighted average of $8.0733 increases his stake to 105,484 shares. For a publicly traded company, such purchases can be interpreted as a mild positive signal of executive alignment with shareholders. The trade size appears routine and the filing includes a standard weighted-average price disclosure covering trades from $8.00 to $8.20. There is no disclosure of a 10b5-1 plan or other pre-arranged program in the form, so this appears to be an open-market purchase reported under Section 16.

Corporate Governance Expert

TL;DR: Proper and timely disclosure of an executive purchase; documentation meets Section 16 reporting expectations.

The Form 4 identifies Nelson Sun as an officer (Chief Financial Officer) and reports a direct acquisition. The filing includes the required weighted-average price footnote and an offer to provide per-trade details, which supports transparency. There are no indications in the document of unusual related-party transactions or derivative activity. As a routine insider buy, the governance implication is neutral to mildly positive regarding executive confidence and disclosure practices.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sun Nelson

(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)

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

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

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	09/09/2025		P		6,000	A	$8.0733(1)	105,484	D

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 $8.00 to $8.20 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.

	/s/ Nelson Sun	09/10/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did AARD CFO Nelson Sun report on this Form 4?

The filing reports a direct purchase of 6,000 shares of Aardvark Therapeutics common stock at a weighted average price of $8.0733, bringing his beneficial ownership to 105,484 shares.

At what prices were the AARD shares purchased?

The reported weighted-average price is $8.0733, and the filing states individual trades occurred at prices ranging from $8.00 to $8.20 per share.

Does the Form 4 indicate the purchase was part of a trading plan (10b5-1)?

The Form 4 does not indicate the transaction was made pursuant to a 10b5-1 trading plan; it reports a direct open-market acquisition.

How much did Nelson Sun own after the reported transaction?

After the reported purchase, Nelson Sun beneficially owned 105,484 shares of Aardvark Therapeutics common stock.

Is the price disclosure complete and transparent?

Yes; the filing includes a footnote stating the reported price is a weighted average and offers to provide the per-trade breakdown upon request.