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 in Phase 3 for hyperphagia in Prader-Willi Syndrome (PWS); also being evaluated for hypothalamic obesity (HO).

• ARD-201, a fixed-dose combination of ARD-101 and a DPP-4 inhibitor, is in development for obesity and related conditions.

• Pipeline includes additional preclinical programs targeting satiety and metabolic disorders.

Financial performance and metrics

• Net loss of $13.6M in 2022, $7.2M in 2023, $5.2M for nine months ended Sept 30, 2023, and $11.8M for nine months ended Sept 30, 2024.

• Accumulated deficit of $49.5M as of Sept 30, 2024.

• Cash, cash equivalents, and short-term investments of $82.4M as of Sept 30, 2024.

• Raised $129.1M since inception, including $85M Series C in May 2024.

• Net proceeds from IPO expected to be $88.9M (or $102.9M if over-allotment exercised), with projected operational runway into 2027.

Use of proceeds and capital allocation

• Approximately $63.4M to advance ARD-101 clinical development, including Phase 3 HERO trial for PWS and Phase 2 HONOR trial for HO.

• About $24.4M to advance ARD-201, including Phase 2 EMPOWER trial for obesity.

• Remainder for other R&D, working capital, operating expenses, capital expenditures, and general corporate purposes.

• May use a portion for in-licensing, acquisitions, or investments in complementary assets.