AARD insider filing: Lee Tien-Li boosts direct stake by 17,209 shares

Rhea-AI Filing Summary

Aardvark Therapeutics insider form 4 reports the CEO and director, Lee Tien-Li, acquired 17,209 shares on 08/28/2025 through the exercise/transfer of derivative awards at a reported price of $4.24 per share. After the transaction, Mr. Lee directly beneficially owns 1,513,384 shares and indirectly beneficially owns 1,474,028 shares through his spouse, for combined disclosure-level holdings shown on the form. The filing lists a related stock option covering 17,209 shares with an expiration date of 07/20/2034 and references a vesting schedule (1/48th monthly starting 07/27/2024). The form is signed by an attorney-in-fact on 08/29/2025.

Positive

• Insider acquisition recorded: CEO/director acquired 17,209 shares on 08/28/2025.
• Substantial disclosed holdings: Direct ownership of 1,513,384 shares and indirect ownership of 1,474,028 shares by spouse, indicating significant insider stake.
• Vesting schedule disclosed: Option vests monthly at 1/48th with initial vesting on 07/27/2024, providing clarity on award terms.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider acquisition increasing direct holdings; no additional material disclosures beyond ownership change.

The Form 4 documents a purchase/acquisition of 17,209 common shares by the CEO/director on 08/28/2025, reported at $4.24 per share, and shows total direct ownership of 1,513,384 shares and indirect ownership of 1,474,028 shares via spouse. The filing also discloses an option grant underlying 17,209 shares with an expiration date of 07/20/2034 and a stated vesting schedule beginning 07/27/2024. From a market-materiality standpoint, the form conveys an insider acquisition and current ownership stakes but does not include earnings, dispositions of other securities, or new financial terms beyond those listed.

Corporate Governance Expert

TL;DR: Disclosure is standard and timely, showing executive alignment with equity but no governance changes reported.

The reporting person is identified as CEO, director, and a 10% owner, and the Form 4 records an acquisition of 17,209 shares and related option details. The explanation clarifies the option vesting cadence (1/48th monthly starting 07/27/2024). The filing is signed by an attorney-in-fact on 08/29/2025. There are no board composition changes, new employment terms, or other governance actions disclosed in this document.

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)
08/28/2025

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	08/28/2025		M		17,209	A	$4.24	1,513,384	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
Stock option (right to buy)	$4.24	08/28/2025		M			17,209	(1)	07/20/2034	Common Stock	17,209	$0	41,795	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/ Samantha Eldredge, as Attorney-in-Fact	08/29/2025
	** 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 transaction did Lee Tien-Li report on the Form 4 for AARD?

The Form 4 reports an acquisition of 17,209 common shares on 08/28/2025, with a reported price of $4.24 per share.

How many AARD shares does the reporting person own after the transaction?

After the reported transaction, the filing shows 1,513,384 shares owned directly and 1,474,028 shares owned indirectly by the reporting person.

Was the transaction related to an option or derivative award?

Yes. The filing lists a stock option underlying 17,209 shares with an exercise/conversion price of $4.24 and expiration date 07/20/2034.

What vesting terms are disclosed for the option?

The explanation states the option vests at 1/48th of the original shares on 07/27/2024 and then 1/48th monthly thereafter, subject to continuous service.

Who signed the Form 4 and when was it signed?

The form is signed by Samantha Eldredge, as Attorney-in-Fact on 08/29/2025.