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Aardvark Therapeutics, Inc. reported an insider share purchase by its Chief Financial Officer, Nelson Sun. On 12/11/2025, he bought 3,000 shares of common stock in an open-market transaction coded "P" at a price of $14.40 per share. After this transaction, he beneficially owns 108,484 shares of Aardvark Therapeutics common stock in direct ownership.
Aardvark Therapeutics, Inc. reported an insider share purchase by its Chief Executive Officer, who is also a director and 10% owner. On 12/11/2025, the insider bought 7,000 shares of common stock at a price of $14.485 per share. Following this transaction, the insider beneficially owned 1,551,613 common shares directly and 1,474,028 common shares indirectly through a spouse, according to the filing.
Aardvark Therapeutics (AARD) filed its Q3 2025 10‑Q, reporting a net loss of $16.3 million for the quarter and $40.0 million year‑to‑date. Operating expenses rose as the company advanced its pipeline, with Q3 research and development at $13.7 million and general and administrative at $4.0 million.
Liquidity strengthened after the February 2025 IPO, which raised approximately $87.5 million net. As of September 30, 2025, cash, cash equivalents and short‑term investments totaled $126.4 million, which management believes supports operations for at least one year after issuance and, based on current plans, into 2027. Total assets were $133.2 million and stockholders’ equity was $122.4 million.
The company is running the Phase 3 HERO trial of ARD‑101 in Prader‑Willi syndrome, initiated in December 2024 with enrollment underway since Q2 2025. In October 2025, eligibility was expanded by lowering the minimum age to 10 years. Topline HERO data are anticipated in Q3 2026. Shares outstanding were 21,745,265 as of September 30, 2025; 21,773,272 as of November 3, 2025.
Aardvark Therapeutics, Inc. furnished a Form 8-K to announce a press release with financial results for the third quarter ended September 30, 2025, along with pipeline and business updates. The press release is provided as Exhibit 99.1, dated November 13, 2025.
The company states the information in Item 2.02 (including Exhibit 99.1) is furnished, not filed, and is not subject to Section 18 liabilities or incorporated by reference except as specifically noted. The filing also includes the Cover Page Interactive Data File as Exhibit 104. Aardvark’s common stock (AARD) is listed on The Nasdaq Stock Market LLC.
Aardvark Therapeutics filed an 8-K announcing it hosted an investor webinar on November 5, 2025 to review its ARD-101 and ARD-201 programs and its ObesityWeek 2025 presentations. The slide deck used is posted on the company’s website and is filed as Exhibit 99.1. The presentation is current as of November 5, 2025, and the company disclaims any obligation to update the material.
Aardvark Therapeutics (AARD) furnished an update under Regulation FD about new scientific disclosures at ObesityWeek 2025. The company presented two posters: “TAS2R Agonist ARD-101 Attenuates Weight Gain in Mice and Reduces Hunger in Adults with Obesity” and “An Isoflavonoid Modulator of Oxidative Metabolism with Therapeutic Potential in Obesity and Diabetes.” It also announced an investor webinar on November 5, 2025 covering ARD-101, ARD-201, and the conference data.
The materials are provided as Exhibits 99.1, 99.2, and 99.3 and are furnished, not filed, under the Exchange Act.
Aardvark Therapeutics (AARD) reported an insider option exercise by its Chief Operating Officer. On 10/15/2025, the officer exercised stock options (code M) to acquire 1,250 shares of common stock at an exercise price of $4.24 per share, held directly. Following the transaction, 40,052 derivative securities (stock options) remained beneficially owned.
The option carries an expiration date of 07/20/2034. Per the footnote, 1/48th vested on 07/27/2024 and continues vesting in equal monthly installments, subject to continuous service.
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.
Aardvark Therapeutics, Inc. reported that it has reached alignment with the U.S. Food and Drug Administration on a protocol amendment to its Phase 3 HERO trial of ARD-101 for treating hyperphagia associated with Prader-Willi Syndrome.
The amendment lowers the minimum age for trial eligibility from 13 to 10 years old, allowing younger patients with this condition to participate in the Phase 3 study. The company announced this change in a press release dated October 8, 2025, which is included as an exhibit to the report.
Aardvark Therapeutics CEO and director Tien-Li Lee reported open-market purchases of Aardvark (AARD) common stock on 09/15/2025. The Form 4 shows two purchase transactions: 6,500 shares at a weighted-average price of $9.5106 and 3,500 shares at a weighted-average price of $9.9442. Following these transactions, the reporting person beneficially owned 1,543,384 shares directly and a further 1,474,028 shares indirectly through a spouse. The filing lists no derivative transactions. Footnotes disclose that each reported price is a weighted average from multiple trades within the stated price ranges.