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 early-stage 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.

• Expects to continue incurring losses and will require additional capital for ongoing operations.

Use of proceeds and capital allocation

• Net proceeds from IPO, combined with existing cash, will fund ARD-101 Phase 3 HERO trial, ARD-201 Phase 2 EMPOWER trial, other R&D, working capital, and general corporate purposes.

• May use a portion for in-licensing, acquisitions, or investments in complementary assets, though no current commitments.