Aardvark CFO/COO sells 76K shares around $5

Aardvark Therapeutics’ Chief Financial & Operating Officer reported pre-planned open-market sales totaling 76,754 shares of AARD common stock.

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. (AARD) reported that its Chief Financial & Operating Officer, Sun Nelson, sold a total of 76,754 shares of common stock in open-market transactions on September 10 and September 11, 2026, at weighted-average prices around $5.00–$5.18 per share.

The filing states these transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on June 11, 2026, indicating they were pre-arranged. A related footnote also notes that the reported holdings include 3,745 shares acquired through Aardvark Therapeutics' 2025 Employee Stock Purchase Plan on May 22, 2026.

Insider Trade Summary 10b5-1

Net Seller: 76,754 shares

Net Sell 2 txns

Insider Sun Nelson

Role See Remarks

Sold 76,754 shs ($395K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.00001 per share F1	62,000	$5.1803	$321K
Sale	Common Stock, par value $0.00001 per share F1, F2, F3	14,754	$5.0006	$74K

Holdings After Transaction: Common Stock, par value $0.00001 per share — 35,475 shares (Direct)

Footnotes (3)

1. F1. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.
2. F2. The price reported in Column 4 reflects the weighted-average sales price. These shares were sold in multiple transactions at prices ranging from $5.00 to $5.0007, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
3. F3. Includes 3,745 shares of common stock acquired pursuant to the Issuer's 2025 Employee Stock Purchase Plan on May 22, 2026.

Key Figures

Shares sold September 11, 2026: 62,000 shares Price per share September 11, 2026: $5.1803 per share Shares sold September 10, 2026: 14,754 shares +3 more

6 metrics

Shares sold September 11, 2026 62,000 shares Open-market sale of common stock by Sun Nelson

Price per share September 11, 2026 $5.1803 per share Sale of 62,000 shares of common stock

Shares sold September 10, 2026 14,754 shares Open-market sale of common stock by Sun Nelson

Weighted-average price September 10, 2026 $5.0006 per share Multiple transactions between $5.00 and $5.0007

Total shares sold in this Form 4 76,754 shares Combined sales on September 10 and 11, 2026

ESPP shares included in holdings 3,745 shares Acquired under 2025 Employee Stock Purchase Plan on May 22, 2026

Key Terms

Rule 10b5-1 trading plan, weighted-average sales price, Employee Stock Purchase Plan

3 terms

Rule 10b5-1 trading plan regulatory

"transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted-average sales price financial

"The price reported in Column 4 reflects the weighted-average sales price."

Employee Stock Purchase Plan financial

"acquired pursuant to the Issuer's 2025 Employee Stock Purchase Plan on May 22, 2026."

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

FAQ

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

What insider transactions did AARD report in this Form 4?

Aardvark Therapeutics reported that officer Sun Nelson sold a total of 76,754 shares of common stock in two open-market transactions on September 10 and 11, 2026, at weighted-average prices around $5.00–$5.18 per share, under a Rule 10b5-1 trading plan.

How many AARD shares did the CFO/COO sell on each date?

On September 11, 2026, Sun Nelson sold 62,000 shares at a price of $5.1803 per share. On September 10, 2026, she sold 14,754 shares at a weighted-average price of $5.0006 per share, with individual trades between $5.00 and $5.0007.

Were the AARD insider sales made under a Rule 10b5-1 trading plan?

Yes. The Form 4 states that the reported transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by Sun Nelson on June 11, 2026, indicating the sales were pre-arranged under that plan.

What prices were received for the AARD shares sold in these transactions?

For the 62,000 shares sold on September 11, 2026, the reported price was $5.1803 per share. For the 14,754 shares sold on September 10, 2026, the weighted-average sales price was $5.0006, with individual trade prices between $5.00 and $5.0007.

Does the Form 4 mention AARD shares acquired through an employee stock plan?

Yes. A footnote explains that the reported holdings include 3,745 shares of Aardvark Therapeutics common stock acquired under the company’s 2025 Employee Stock Purchase Plan on May 22, 2026.

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

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Available on EDGAR 09/11/2026 - 08:14 PM Accepted by SEC EDGAR 09/11/2026 - 08:14 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).

X

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^*

Sun Nelson

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

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
Common Stock, par value $0.00001 per share	09/10/2026		S(1)		14,754	D	$5.0006(2)	97,475(3)	D
Common Stock, par value $0.00001 per share	09/11/2026		S(1)		62,000	D	$5.1803	35,475	D

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

Explanation of Responses:

1. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.

2. The price reported in Column 4 reflects the weighted-average sales price. These shares were sold in multiple transactions at prices ranging from $5.00 to $5.0007, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. Includes 3,745 shares of common stock acquired pursuant to the Issuer's 2025 Employee Stock Purchase Plan on May 22, 2026.

Remarks:

Chief Financial & Operating Officer

	/s/ Nelson Sun	09/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)