Aardvark Therapeutics (AARD) investor relations material

Executive summary

• Clinical-stage biopharma focused on small-molecule therapeutics for metabolic diseases, with lead candidate ARD-101 targeting hunger pathways via TAS2R agonism.

• Voluntary pause on ARD-101 and ARD-201 clinical programs in February 2026 following reversible cardiac observations in a healthy volunteer trial; all related trials paused pending FDA review, with further guidance expected in Q2 2026.

• No products approved or revenue generated to date; company expects continued operating losses and increased expenses as development progresses.

• Cash, cash equivalents, and short-term investments of $91.2 million as of March 31, 2026, projected to fund operations into mid-2027.

• Focus remains on determining a clear path forward for the Phase 3 HERO trial in Prader-Willi Syndrome (PWS).

Financial highlights

• Net loss for Q1 2026 was $21.6 million, up from $9.3 million in Q1 2025, driven by higher R&D and G&A expenses.

• R&D expenses rose to $16.6 million (from $7.8 million), mainly due to increased external and personnel costs for ARD-101 development.

• G&A expenses increased to $5.9 million (from $2.7 million), reflecting higher headcount, bonuses, and professional services.

• Cash, cash equivalents, and short-term investments decreased to $91.2 million from $110.0 million at year-end 2025.

• Accumulated deficit reached $137.5 million as of March 31, 2026.

Outlook and guidance

• Existing cash and investments expected to fund operations into mid-2027, but additional capital will be needed for long-term plans.

• Further guidance on paused clinical programs (ARD-101 and ARD-201) expected in Q2 2026 after ongoing safety review and FDA discussions.

• Expenses and losses anticipated to increase as development and regulatory activities continue.