Aardvark Therapeutics

Capital has been directed to advancing ARD‑101 into Phase 3 and preparing obesity‑adjacent ARD‑201, consistent with strategy.

R&D rose to 48.9 million dollars in 2025 while stock‑based compensation was 3.9 million dollars, up from 0.4 million dollars in 2024. The shelf and ATM provide flexibility but likely at the cost of dilution during a period without de‑risking readouts. We see prudent spend on core programs but limited optionality if timelines extend.