Aardvark Therapeutics (AARD) Q4 2025 earnings summary

Executive summary

• Voluntary pause of Phase 3 HERO and OLE trials for ARD-101 in Prader-Willi Syndrome (PWS) due to reversible cardiac observations in a healthy volunteer study; further guidance expected in Q2 2026.

• ARD-201 obesity program, including POWER and STRENGTH trials, also on voluntary pause pending next steps with ARD-101; further guidance expected in Q2 2026.

• Clinical and preclinical data from ARD-101 program published, showing significant reduction in hunger and engagement of gut-brain pathways.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $110.0 million as of December 31, 2025, up from $73.7 million at year-end 2024, supporting operations into Q2 2027.

• R&D expenses for Q4 2025 were $14.3 million (vs. $8.1 million Q4 2024); full-year 2025 R&D expenses were $48.9 million (vs. $17.4 million in 2024), mainly due to increased external and personnel costs.

• G&A expenses for Q4 2025 were $4.4 million (vs. $1.4 million Q4 2024); full-year 2025 G&A expenses were $13.8 million (vs. $5.3 million in 2024), driven by higher personnel, legal, and insurance costs.

• Net loss for Q4 2025 was $17.6 million (vs. $8.8 million Q4 2024); full-year net loss was $57.6 million (vs. $20.6 million in 2024).

Outlook and guidance

• Further guidance on ARD-101 and ARD-201 programs expected in Q2 2026 following ongoing review and FDA engagement.

• Cash runway projected to fund operations into the second quarter of 2027.