Symbols / AARD Stock $4.57 -32.10% Aardvark Therapeutics, Inc.

Healthcare • Biotechnology • United States • NMS
AARD (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Biotechnology
CEO Dr. Tien-Li Lee M.D.
Exch · Country NMS · United States
Market Cap 99.70M
Enterprise Value 8.84M
Income -69.87M
Sales —
FCF (ttm) -34.44M
Book/sh 3.99
Cash/sh 4.18
Employees 40
Insider 10d —
IPO Feb 13, 2025
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -1.41
PEG —
P/S —
P/B 1.15
P/C —
EV/EBITDA -0.12
EV/Sales —
Quick Ratio 7.86
Current Ratio 8.06
Debt/Eq 0.39
LT Debt/Eq —
EPS (ttm) -3.21
EPS next Y -3.24
EPS Growth —
Revenue Growth —
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-05-07
Earnings (prior) 2026-05-07
ROA -36.54%
ROE -58.79%
ROIC —
Gross Margin 0.00%
Oper. Margin 0.00%
Profit Margin 0.00%
Shs Outstand 21.82M
Shs Float 10.86M
Insider Own 16.15%
Instit Own 55.33%
Short Float 8.76%
Short Ratio 6.95
Short Interest 1.26M
52W High 17.94
vs 52W High -74.53%
52W Low 3.35
vs 52W Low 36.42%
Beta —
Impl. Vol. 4.63%
Rel Volume 2.57
Avg Volume 289.93K
Volume 744.73K
Target (mean) $17.78
Tgt Median $18.00
Tgt Low $6.00
Tgt High $45.00
# Analysts 9
Recom Buy
Prev Close $6.73
Price $4.57
Change -32.10%
About

Aardvark Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Aardvark Therapeutics, Inc. was incorporated in 2017 and is headquartered in San Diego, California.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$17.78
Mean price target
2. Current target
$4.57
Latest analyst target
3. DCF / Fair value
$-28.41
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$4.57
Low
$6.00
High
$45.00
Mean
$17.78

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-15 main B. Riley Securities Buy → Buy $7
2026-05-15 down BTIG Buy → Neutral —
2026-05-15 down Morgan Stanley Equal-Weight → Underweight $3
2026-03-24 reit BTIG Buy → Buy $9
2026-03-02 main Oppenheimer Outperform → Outperform $21
2026-03-02 main BTIG Buy → Buy $9
2026-03-02 down Morgan Stanley Overweight → Equal-Weight $7
2026-03-02 down HC Wainwright & Co. Buy → Neutral —
2026-03-02 down Stifel Buy → Hold $6
2026-03-02 down RBC Capital Outperform → Sector Perform $6
2026-02-10 reit BTIG Buy → Buy $26
2026-02-09 reit HC Wainwright & Co. Buy → Buy $40
2025-12-23 init Oppenheimer — → Outperform $35
2025-12-12 init William Blair — → Outperform —
2025-11-14 main RBC Capital Outperform → Outperform $18
2025-11-07 init BTIG — → Buy $26
2025-10-01 init Jones Trading — → Buy $33
2025-09-29 init Stifel — → Buy $24
2025-09-23 reit HC Wainwright & Co. Buy → Buy $40
2025-08-28 main B of A Securities Buy → Buy $25
News
RSS: Latest AARD news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-12-11 LEE TIEN-LI Chief Executive Officer — 7,000 $14.48 $101,395
2025-12-11 SUN NELSON B. Chief Financial Officer — 3,000 $14.40 $43,200
2025-10-15 LEE TIEN-LI Chief Executive Officer — 1,229 $4.24 $5,211
2025-10-15 JONES BRYAN Chief Operating Officer — 1,250 $4.24 $5,300
2025-09-15 LEE TIEN-LI Chief Executive Officer — 10,000 $9.51 $96,624
2025-09-12 LEE TIEN-LI Chief Executive Officer — 20,000 $7.82 $160,654
2025-09-09 SUN NELSON B. Chief Financial Officer — 6,000 $8.07 $48,440
2025-08-28 LEE TIEN-LI Chief Executive Officer — 17,209 $4.24 $72,966
2025-02-14 CORMORANT ASSET MANAGEMENT ,L.P Unknown — 187,500 $13.30 $2,493,750
2025-02-14 CORMORANT ASSET MANAGEMENT ,L.P Unknown — 800,189 — —
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
0.00
0.00
0.00
0.00
Operating Revenue
0.00
0.00
0.00
0.00
Operating Expense
62.73
+176.71%
22.67
+240.72%
6.65
-38.82%
10.87
Research And Development
48.94
+181.84%
17.36
+287.57%
4.48
-37.53%
7.17
Selling General And Administration
13.79
+159.92%
5.30
+144.13%
2.17
-19.58%
2.70
General And Administrative Expense
13.79
+159.92%
5.30
+144.13%
2.17
-19.58%
2.70
Other Gand A
13.79
+159.92%
5.30
+144.13%
2.17
-19.58%
2.70
Total Expenses
62.73
+176.71%
22.67
+240.72%
6.65
-38.82%
10.87
Operating Income
-62.73
-176.71%
-22.67
-240.72%
-6.65
+38.82%
-10.87
Total Operating Income As Reported
-62.73
-175.29%
-22.79
-207.28%
-7.42
+34.74%
-11.36
EBITDA
-62.69
-176.75%
-22.65
-240.48%
-6.65
+38.19%
-10.76
Normalized EBITDA
-62.68
-180.87%
-22.32
-377.39%
-4.67
+41.22%
-7.95
Reconciled Depreciation
0.04
+125.00%
0.02
0.00
-100.00%
0.11
EBIT
-62.73
-176.71%
-22.67
-240.72%
-6.65
+38.82%
-10.87
Total Unusual Items
-0.01
+98.50%
-0.33
+83.11%
-1.98
+29.61%
-2.81
Total Unusual Items Excluding Goodwill
-0.01
+98.50%
-0.33
+83.11%
-1.98
+29.61%
-2.81
Special Income Charges
0.00
+100.00%
-0.12
+84.65%
-0.76
-55.83%
-0.49
Other Special Charges
—
—
—
1.00
Write Off
0.00
-100.00%
0.12
-84.65%
0.76
+55.83%
0.49
Net Income
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Pretax Income
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Net Non Operating Interest Income Expense
5.14
+112.88%
2.41
+69.64%
1.42
+1085.83%
0.12
Net Interest Income
5.14
+112.88%
2.41
+69.64%
1.42
+1085.83%
0.12
Interest Income Non Operating
5.14
+112.88%
2.41
+69.64%
1.42
+1085.83%
0.12
Interest Income
5.14
+112.88%
2.41
+69.64%
1.42
+1085.83%
0.12
Other Income Expense
-0.01
+98.50%
-0.33
+83.11%
-1.98
+29.61%
-2.81
Gain On Sale Of Security
-0.01
+97.70%
-0.22
+82.15%
-1.22
+47.61%
-2.32
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Net Income From Continuing Operation Net Minority Interest
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Net Income From Continuing And Discontinued Operation
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Net Income Continuous Operations
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Normalized Income
-57.59
-184.32%
-20.25
-287.27%
-5.23
+51.37%
-10.75
Net Income Common Stockholders
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Diluted EPS
-2.93
-204.33%
-0.96
-72.43%
-0.56
+59.94%
-1.39
Basic EPS
-2.93
-204.33%
-0.96
-72.43%
-0.56
+59.94%
-1.39
Basic Average Shares
19.62
-8.23%
21.38
+65.65%
12.91
+32.64%
9.73
Diluted Average Shares
19.62
-8.23%
21.38
+65.65%
12.91
+32.64%
9.73
Diluted NI Availto Com Stockholders
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Provision For Doubtful Accounts
—
0.12
0.00
-100.00%
1.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
117.18
+51.19%
77.51
+635.64%
10.54
-37.12%
16.76
Current Assets
111.89
+50.92%
74.14
+615.06%
10.37
-37.13%
16.49
Cash Cash Equivalents And Short Term Investments
110.03
+49.37%
73.66
+637.44%
9.99
-37.98%
16.11
Cash And Cash Equivalents
47.05
-23.67%
61.64
+533.19%
9.73
-37.43%
15.56
Other Short Term Investments
62.98
+423.84%
12.02
+4633.07%
0.25
-53.48%
0.55
Prepaid Assets
—
0.31
+24.60%
0.25
-20.25%
0.32
Other Current Assets
1.86
+292.19%
0.47
+273.23%
0.13
+81.43%
0.07
Total Non Current Assets
5.29
+57.12%
3.37
+1905.95%
0.17
-36.84%
0.27
Net PPE
0.35
-51.70%
0.73
+374.19%
0.15
-38.49%
0.25
Gross PPE
0.35
-51.70%
0.73
+374.19%
0.15
-38.49%
0.25
Other Properties
0.35
-51.70%
0.73
+374.19%
0.15
-38.49%
0.25
Other Non Current Assets
4.94
+87.48%
2.63
+20169.23%
0.01
-7.14%
0.01
Total Liabilities Net Minority Interest
10.55
-92.02%
132.15
+191.48%
45.34
+1.47%
44.68
Current Liabilities
10.55
+114.09%
4.93
+256.51%
1.38
+132.27%
0.59
Payables And Accrued Expenses
7.19
+94.80%
3.69
+201.47%
1.23
+177.15%
0.44
Payables
2.07
-9.83%
2.30
+122.03%
1.03
+299.61%
0.26
Accounts Payable
2.07
-9.83%
2.30
+122.03%
1.03
+299.61%
0.26
Current Accrued Expenses
5.12
+267.17%
1.40
+634.21%
0.19
+3.83%
0.18
Pensionand Other Post Retirement Benefit Plans Current
2.91
+1194.67%
0.23
+400.00%
0.04
-15.09%
0.05
Current Debt And Capital Lease Obligation
0.44
+30.47%
0.34
+201.79%
0.11
+12.00%
0.10
Current Capital Lease Obligation
0.44
+30.47%
0.34
+201.79%
0.11
+12.00%
0.10
Current Deferred Liabilities
0.00
-100.00%
0.67
0.00
—
Total Non Current Liabilities Net Minority Interest
0.00
-100.00%
127.22
+189.43%
43.96
-0.29%
44.09
Long Term Debt And Capital Lease Obligation
0.00
-100.00%
0.44
+782.00%
0.05
-69.14%
0.16
Long Term Capital Lease Obligation
0.00
-100.00%
0.44
+782.00%
0.05
-69.14%
0.16
Other Non Current Liabilities
—
0.03
+1200.00%
0.00
-89.47%
0.02
Preferred Securities Outside Stock Equity
0.00
-100.00%
126.76
+188.71%
43.90
+0.00%
43.90
Stockholders Equity
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Common Stock Equity
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Capital Stock
0.00
0.00
0.00
0.00
Common Stock
0.00
0.00
0.00
0.00
Preferred Stock
0.00
0.00
—
—
Share Issued
21.82
+0.59%
21.69
+1.42%
21.38
+0.00%
21.38
Ordinary Shares Number
21.82
+0.59%
21.69
+1.42%
21.38
+0.00%
21.38
Additional Paid In Capital
222.47
+5938.82%
3.68
+25.43%
2.94
+12.62%
2.61
Retained Earnings
-115.92
-98.74%
-58.33
-54.55%
-37.74
-23.61%
-30.53
Gains Losses Not Affecting Retained Earnings
0.08
0.00
—
—
Other Equity Adjustments
0.08
—
—
—
Total Equity Gross Minority Interest
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Total Capitalization
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Working Capital
101.34
+46.42%
69.21
+670.20%
8.99
-43.47%
15.90
Invested Capital
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Total Debt
0.44
-43.39%
0.78
+380.86%
0.16
-38.17%
0.26
Capital Lease Obligations
0.44
-43.39%
0.78
+380.86%
0.16
-38.17%
0.26
Net Tangible Assets
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Tangible Book Value
106.63
+295.14%
-54.64
-57.01%
-34.80
-24.64%
-27.92
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-54.17
-199.51%
-18.09
-210.56%
-5.82
+44.76%
-10.54
Cash Flow From Continuing Operating Activities
-54.17
-199.51%
-18.09
-210.56%
-5.82
+44.76%
-10.54
Net Income From Continuing Operations
-57.59
-179.73%
-20.59
-185.63%
-7.21
+46.86%
-13.56
Depreciation Amortization Depletion
0.04
+125.00%
0.02
0.00
-100.00%
0.11
Depreciation
0.04
+125.00%
0.02
0.00
-100.00%
0.11
Depreciation And Amortization
0.04
+125.00%
0.02
0.00
-100.00%
0.11
Other Non Cash Items
0.38
+61.70%
0.23
+142.27%
0.10
-90.30%
1.00
Stock Based Compensation
3.95
+799.32%
0.44
+40.26%
0.31
-24.03%
0.41
Provisionand Write Offof Assets
0.00
-100.00%
0.12
-84.65%
0.76
+55.83%
0.49
Operating Gains Losses
—
—
-0.92
—
Gain Loss On Investment Securities
—
—
-0.92
—
Unrealized Gain Loss On Investment Securities
0.01
-97.70%
0.22
-82.15%
1.22
-47.61%
2.32
Change In Working Capital
0.36
-77.37%
1.57
+2041.98%
-0.08
+93.82%
-1.31
Change In Prepaid Assets
-5.96
-1346.60%
-0.41
+45.43%
-0.76
-85.96%
-0.41
Change In Payables And Accrued Expense
6.65
+204.81%
2.18
+182.04%
0.77
+196.27%
-0.80
Change In Accrued Expense
6.42
+363.18%
1.39
+69350.00%
-0.00
+99.76%
-0.83
Change In Payable
0.24
-70.05%
0.80
+2.84%
0.78
+2403.23%
0.03
Change In Account Payable
0.24
-70.05%
0.80
+2.84%
0.78
+2403.23%
0.03
Change In Other Current Liabilities
-0.34
-70.71%
-0.20
-98.00%
-0.10
+0.99%
-0.10
Investing Cash Flow
-49.67
-313.96%
-12.00
0.00
+100.00%
-1.00
Cash Flow From Continuing Investing Activities
-49.67
-313.96%
-12.00
0.00
+100.00%
-1.00
Net PPE Purchase And Sale
-0.10
+12.84%
-0.11
0.00
—
Purchase Of PPE
-0.10
+12.84%
-0.11
0.00
—
Capital Expenditure
-0.10
+12.84%
-0.11
—
—
Net Investment Purchase And Sale
-49.57
-316.96%
-11.89
0.00
—
Purchase Of Investment
-129.60
-990.07%
-11.89
0.00
—
Sale Of Investment
80.03
0.00
—
—
Net Other Investing Changes
—
—
—
-1.00
Financing Cash Flow
89.25
+8.85%
81.99
0.00
-100.00%
0.23
Cash Flow From Continuing Financing Activities
89.25
+8.85%
81.99
0.00
-100.00%
0.23
Net Common Stock Issuance
91.08
0.00
0.00
-100.00%
0.23
Proceeds From Stock Option Exercised
0.56
+68.98%
0.33
0.00
-100.00%
0.23
Net Other Financing Charges
-2.39
+28.55%
-3.34
—
—
Changes In Cash
-14.59
-128.11%
51.91
+991.24%
-5.82
+48.54%
-11.32
Beginning Cash Position
61.64
+533.19%
9.73
-37.43%
15.56
-42.11%
26.88
End Cash Position
47.05
-23.67%
61.64
+533.19%
9.73
-37.43%
15.56
Free Cash Flow
-54.27
-198.24%
-18.20
-212.43%
-5.82
+44.76%
-10.54
Amortization Of Securities
-1.31
-1260.42%
-0.10
0.00
—
Common Stock Issuance
91.08
0.00
0.00
-100.00%
0.23
Issuance Of Capital Stock
91.08
+7.15%
85.00
0.00
-100.00%
0.23
Net Preferred Stock Issuance
0.00
-100.00%
85.00
0.00
—
Preferred Stock Issuance
0.00
-100.00%
85.00
0.00
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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