Aardvark director gets 44,964 options at $6.54

Aardvark Therapeutics, Inc. (AARD) reported that director Susan E. Graf received a grant of 44,964 stock options to purchase Common Stock.

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. (AARD) reported that director Susan E. Graf received a grant of 44,964 stock options to purchase Common Stock. The options have an exercise price of $6.54 per share, expire on August 14, 2036, and were awarded at no purchase price.

The options vest in full on the earlier of August 14, 2027 or immediately before the company’s next Annual Meeting of Stockholders following the grant date, subject to her continuous service through the vesting date. Following this grant, she holds 44,964 options directly.

Insider Trade Summary

Grant/Award: 44,964 shares

Grant/Award 1 txn

Insider Graf Susan E

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)

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 Expiration date: August 14, 2036 +2 more

5 metrics

Stock options granted 44,964 options Grant of Stock Option (right to buy) to Susan E. Graf

Exercise price $6.54 per share Exercise price of the granted stock options

Expiration date August 14, 2036 Option expiration date for the granted stock options

Vesting date (latest) August 14, 2027 Options vest earlier of this date or next Annual Meeting of Stockholders

Total options following transaction 44,964 options Directly held by Susan E. Graf after the grant

Key Terms

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

4 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.

expiration date financial

"expiration_date: "2036-08-14""

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

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 transaction did AARD director Susan E. Graf report?

Susan E. Graf reported receiving a grant of 44,964 stock options for Aardvark Therapeutics, Inc. common stock. The options were awarded at a $0.00 acquisition price with an exercise price of $6.54 per share and an expiration date of August 14, 2036.

What is the exercise price of the stock options granted to Susan E. Graf at AARD?

The stock options granted to Susan E. Graf have an exercise price of $6.54 per share. This is the price she must pay per share to purchase Aardvark Therapeutics, Inc. common stock upon exercising the options, subject to the options having vested.

When do Susan E. Graf’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, provided Susan E. Graf maintains continuous service through the applicable vesting date.

When do the AARD stock options granted to Susan E. Graf expire?

The stock options granted to Susan E. Graf expire on August 14, 2036. After this expiration date, any unexercised portion of the options will no longer be exercisable for Aardvark Therapeutics, Inc. common stock.

How many AARD options does Susan E. Graf hold after this grant?

After this grant, Susan E. Graf holds 44,964 stock options for Aardvark Therapeutics, Inc. common stock. These options are held directly according to the reported ownership information.

Does the Form 4 for AARD indicate any sales or purchases of common stock by Susan E. Graf?

No sales or market purchases of common stock are reported. The filing shows only a grant/award acquisition of 44,964 stock options with code A, which represents a compensation-related award rather than an open-market trade.

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

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Available on EDGAR 08/21/2026 - 07:47 PM Accepted by SEC EDGAR 08/21/2026 - 07:46 PM Learn about SEC filing dates

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^*

Graf Susan E

(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)
			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)	$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)