Aardvark Therapeutics (AARD) CEO granted 203,851 stock options at $13.48

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. director, chief executive officer, and 10% owner Lee Tien-Li reported receiving a stock option grant. On February 9, 2026, they were granted an option to buy 203,851 shares of common stock at an exercise price of $13.48 per share.

According to the vesting terms, one quarter of the option will vest on February 9, 2027, with the remaining three quarters vesting in equal monthly installments over the following three years, contingent on continued service. After this grant, 203,851 derivative securities are held directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lee Tien-Li

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock option (right to buy)	203,851	$0.00	--

Holdings After Transaction: Stock option (right to buy) — 203,851 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

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)
02/09/2026

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

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
Stock option (right to buy)	$13.48	02/09/2026		A			203,851	(1)	02/09/2036	Common Stock	203,851	$0.00	203,851	D

Explanation of Responses:

1. 1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

	/s/ Nelson Sun, as Attorney-in-Fact	02/11/2026
	** 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 transaction did Aardvark Therapeutics (AARD) report for Lee Tien-Li?

Aardvark Therapeutics reported that CEO and director Lee Tien-Li received a stock option grant for 203,851 shares on February 9, 2026. The option allows purchasing common stock at a fixed exercise price of $13.48 per share, subject to vesting conditions.

How many stock options were granted to the AARD CEO in this Form 4?

The CEO of Aardvark Therapeutics was granted stock options covering 203,851 shares of common stock. These options were awarded on February 9, 2026 and are held directly. The grant represents a derivative security that may be exercised in the future under the vesting schedule.

What is the exercise price of the Aardvark Therapeutics (AARD) stock options granted?

The stock options granted to Aardvark Therapeutics’ CEO have an exercise price of $13.48 per share. This means the holder can buy common shares at $13.48 once vested and exercised, regardless of the market price at that time, subject to the vesting conditions.

When do the AARD CEO’s new stock options start vesting and how?

The options begin vesting on February 9, 2027, when one quarter of the grant vests. The remaining three quarters vest in equal monthly installments thereafter, conditioned on the CEO’s continuous service through each monthly vesting date until fully vested.

How many derivative securities does the AARD insider own after this transaction?

Following this transaction, the reporting person beneficially owns 203,851 derivative securities. These represent stock options for Aardvark Therapeutics common stock, all held in direct ownership, reflecting only this reported grant as of the Form 4’s transaction data.

Is the Form 4 transaction for Aardvark Therapeutics (AARD) a purchase or an award?

The Form 4 reports an award of stock options, not an open-market purchase. The transaction code is “A,” indicating a grant, award, or other acquisition, with a per-option price of $0.00 and a fixed $13.48 per share exercise price for future use.