Aardvark Therapeutics, Inc. Common Stock (AARD) Stock

Aardvark Therapeutics, Inc. Common Stock (AARD) is a Healthcare stock trading at $6.81 (as of 2026-08-21), with a market capitalization of $148.57M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing small-molecule therapies designed to engage innate homeostatic mechanisms to treat metabolic conditions. Its pipeline includes ARD-101 for hyperphagia and ARD-201 for obesity, with studies in Phases I through III.

Understand Aardvark Therapeutics, Inc. Common Stock: how it makes money

Aardvark Therapeutics develops small-molecule medicines, with its lead program ARD-101 in Phase III and Phase II trials for hyperphagia related to Prader-Willi Syndrome and acquired hypothalamic obesity, respectively. The provided facts do not show product sales, so near-term economics depend on advancing clinical development rather than recurring revenue.

Because Aardvark is a clinical-stage biopharmaceutical company with ARD-101 still in Phase III and Phase II, its profit model is structurally driven by trial progression, not by existing product revenue.

Business quality (Weak): Clear single lead asset (ARD-101) across Phase II and Phase III, but the company shows a very large operating loss in the latest reported period, and the provided dataset does not include any reported revenue.

Bull case

  • Lead program in late-stage development: ARD-101 is in Phase III for hyperphagia associated with Prader-Willi Syndrome and in Phase II for hyperphagia associated with acquired hypothalamic obesity following craniopharyngioma treatment.
  • Ongoing trial dosing activity: In the provided operating metrics, 68 patients have been dosed in the Randomized Controlled HERO Trial, and 19 patients have been dosed in the Open-Label Extension OLE Trial.

Bear case

  • Material operating losses: The latest reported operating margin is -1310.4 (for the period ended 2025-09-30), indicating substantial ongoing costs relative to the provided revenue figure.
  • No reported revenue breakdown: The provided facts include no segment revenue and no revenue detail, limiting visibility into any current sources of monetization.
Valuation — source: SEC EDGAR (first-party)
Price$6.81
Market Cap$148.57M
Price / Book1.99
Price / Sales42.04
FCF Yield-51.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$0.00
Revenue Growth (YoY)-53.3%
EPS Growth (YoY)0.0%
FCF Growth (YoY)-17.5%
Financial Health — source: SEC EDGAR
Altman Z-Score6.34 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderDecheng Capital LLC ($14.77M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOTien-Li Lee
Employees22
CountryUS
IPO Date2025-03-31

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AARD earnings history · AARD institutional & insider holders · AARD KPIs & operating metrics · AARD financials · AARD investor presentations & press releases · AARD SEC filings · AARD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.