AARD insider exercise: 1,229 options at $4.24, ownership detailed

Rhea-AI Filing Summary

Aardvark Therapeutics (AARD) reported an insider transaction. On 10/15/2025, the CEO, who is also a Director and 10% Owner, exercised 1,229 stock options (transaction code M) at $4.24 and acquired 1,229 common shares.

Following the transaction, beneficial ownership was 1,544,613 shares held directly and 1,474,028 shares held indirectly by spouse. The option award shows 40,566 derivative securities beneficially owned after the event, with an expiration date of 07/20/2034.

The filing notes a vesting schedule: 1/48th of the original option vested on 07/27/2024, with 1/48th vesting monthly thereafter, subject to continuous service.

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
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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).

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)
10/15/2025

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	10/15/2025		M		1,229	A	$4.24	1,544,613	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
Stock option (right to buy)	$4.24	10/15/2025		M			1,229	(1)	07/20/2034	Common Stock	1,229	$0.00	40,566	D

Explanation of Responses:

1. 1/48th of the original number of shares subject to the option vested on July 27, 2024, and 1/48th of the original number of shares subject to the option vested or 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	10/16/2025
	** 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.
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 disclose in this Form 4?

The CEO/Director/10% Owner exercised 1,229 stock options at $4.24 on 10/15/2025, acquiring 1,229 common shares.

What are the insider’s holdings after the transaction for AARD?

Beneficial ownership is 1,544,613 shares directly and 1,474,028 shares indirectly via spouse.

What options remain after the transaction for AARD’s insider?

The filing lists 40,566 derivative securities (stock options) beneficially owned after the transaction, expiring on 07/20/2034.

What was the exercise price in the AARD Form 4?

The stock options were exercised at $4.24 per share.

What is the vesting schedule noted in the AARD filing?

1/48th vested on 07/27/2024, with 1/48th vesting monthly thereafter, subject to continuous service.

What roles does the reporting person hold at AARD?

The reporting person is Chief Executive Officer, Director, and a 10% Owner.