Aardvark Therapeutics

Cash, cash equivalents and short‑term investments were 110.0 million dollars at December 31, 2025, with stated runway into Q2 2027. 2025 net loss was 57.6 million dollars and operating cash burn was roughly 54.2 million dollars, implying limited cushion if programs remain paused for long.

There is no debt of note, but the new 150 million dollar ATM under a 400 million dollar shelf introduces dilution risk as a primary financing lever.