Aardvark director granted 44,964 stock options

Q: What equity award did Roy D. Baynes report in this Form 4 for AARD?

Roy D. Baynes reported a grant of 44,964 stock options for Aardvark Therapeutics, Inc., each representing the right to buy one share of common stock, as a compensation-related award.

Q: What is the exercise price of the new stock options reported for AARD?

The stock options granted to Roy D. Baynes have an exercise price of $6.54 per share, meaning he may purchase Aardvark Therapeutics, Inc. common stock at $6.54 once the options are vested and exercised.

Q: When do Roy D. Baynes’s AARD stock options vest?

The options vest in full on the earlier of August 14, 2027, or immediately prior to Aardvark Therapeutics, Inc.’s next Annual Meeting of Stockholders following the grant date, subject to his continuous service through that vesting date.

Q: When do the reported AARD stock options held by Roy D. Baynes expire?

The stock options granted to Roy D. Baynes expire on August 14, 2036, giving him a 10-year term from the grant date to exercise the options, subject to vesting and any other applicable conditions.

Aardvark Therapeutics, Inc. (AARD) reported that director Roy D. Baynes received a grant of 44,964 stock options on August 14, 2026.

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Form Type

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. (AARD) reported that director Roy D. Baynes received a grant of 44,964 stock options on August 14, 2026. The options have an exercise price of $6.54 per share, expire on August 14, 2036, and are held as a direct ownership position of 44,964 derivative securities. According to the grant terms, the option vests in full on the earlier of August 14, 2027 or immediately prior to the company’s next Annual Meeting of Stockholders following the grant date, subject to his continuous service through the applicable vesting date.

Insider Trade Summary

Grant/Award: 44,964 shares

Grant/Award 1 txn

Insider Baynes Roy D.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy) ^F1	44,964	$0.00	$0.00

Holdings After Transaction: Stock Option (right to buy) — 44,964 contracts (Direct)

Footnotes (1)

F1. The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

Key Figures

Stock options granted: 44,964 options Exercise price: $6.54 per share Options expiration date: August 14, 2036 +3 more

6 metrics

Stock options granted 44,964 options Grant to director Roy D. Baynes on August 14, 2026

Exercise price $6.54 per share Exercise price of the stock option grant

Options expiration date August 14, 2036 Expiration of the granted stock options

Underlying common shares 44,964 shares Underlying Aardvark Therapeutics, Inc. common stock for the options

Holdings following transaction 44,964 derivative securities Directly held by Roy D. Baynes after the grant

Vesting date trigger August 14, 2027 Latest vesting date, or earlier immediately prior to next Annual Meeting of Stockholders

Key Terms

Stock Option (right to buy), exercise price, Annual Meeting of Stockholders

3 terms

Stock Option (right to buy) financial

"security_title: Stock Option (right to buy)"

exercise price financial

"conversion_or_exercise_price: 6.5400"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Annual Meeting of Stockholders regulatory

"immediately prior to the Registrant's next Annual Meeting of Stockholders"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity award did Roy D. Baynes report in this Form 4 for AARD?

Roy D. Baynes reported a grant of 44,964 stock options for Aardvark Therapeutics, Inc., each representing the right to buy one share of common stock, as a compensation-related award.

What is the exercise price of the new stock options reported for AARD?

The stock options granted to Roy D. Baynes have an exercise price of $6.54 per share, meaning he may purchase Aardvark Therapeutics, Inc. common stock at $6.54 once the options are vested and exercised.

When do Roy D. Baynes’s AARD stock options vest?

The options vest in full on the earlier of August 14, 2027, or immediately prior to Aardvark Therapeutics, Inc.’s next Annual Meeting of Stockholders following the grant date, subject to his continuous service through that vesting date.

When do the reported AARD stock options held by Roy D. Baynes expire?

The stock options granted to Roy D. Baynes expire on August 14, 2036, giving him a 10-year term from the grant date to exercise the options, subject to vesting and any other applicable conditions.

How many AARD derivative securities does Roy D. Baynes hold after this transaction?

Following this reported grant, Roy D. Baynes directly holds 44,964 derivative securities in the form of stock options linked to Aardvark Therapeutics, Inc. common stock, as reported in the Form 4 filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/21/2026 - 07:46 PM Accepted by SEC EDGAR 08/21/2026 - 07:45 PM

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^*

Baynes Roy D.

(Last)

(First)

(Middle)

C/O AARDVARK THERAPEUTICS, INC.

4370 LA JOLLA VILLAGE DRIVE, SUITE 1050

(Street)

SAN DIEGO

CALIFORNIA

92122

(City)

(State)

(Zip)

UNITED STATES

(Country)

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	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$6.54	08/14/2026		A		44,964		⁽¹⁾	08/14/2036	Common Stock	44,964	$0.00	44,964	D

Explanation of Responses:

1. The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

	/s/ Nelson Sun, as Attorney-in-Fact	08/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR