Aardvark Therapeutics (AARD) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing small-molecule therapeutics targeting Bitter Taste Receptors (TAS2Rs) for metabolic diseases, focusing on hunger-associated conditions.

• Lead candidate ARD-101 is an oral, gut-restricted TAS2R agonist for Prader-Willi Syndrome (PWS) hyperphagia, with a differentiated safety profile due to limited systemic absorption.

• Pipeline includes ARD-201, a fixed-dose combination of ARD-101 and a DPP-4 inhibitor for obesity and weight maintenance, with clinical programs currently paused for safety review.

• Expanded clinical management and regulatory capabilities in preparation for late-stage trials, with reliance on third parties for pivotal studies.

Financial performance and metrics

• As of December 31, 2025, 21,815,353 shares of common stock outstanding; net tangible book value per share was $4.89.

• After a $150 million offering at $4.07 per share, as adjusted net tangible book value would be $4.29 per share, with immediate accretion of $0.22 per share to new investors.

Use of proceeds and capital allocation

• Net proceeds intended for general corporate purposes, including R&D, capital expenditures, working capital, and administrative expenses.

• May use a portion for in-licensing, acquisitions, or investments in complementary businesses or technologies, though no current agreements exist.

• Broad discretion retained over use and timing of proceeds; pending use, funds may be invested in government securities or money market accounts.