Last updated
Revenue
R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $3.3552W HIGH $17.23
Volume
315.97 K
Value Traded
683.45 K
Short % Float
3.31%
-5.61%Week
-4.27%1 Month
-38.03%3 Month
+19.54%6 Month
-70.09%5 Year
-70.09%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
103.07 M
EPS (TTM)
-3.19
P/E Ratio
-
Ent. Value
29.20 M
Total Shares
21.88 M
Float Shares
12.82 M
Insiders
41.42%
Institutions
25.27%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
| Catalyst | Drug / Treatment | Stage | Prob. of Approval | Description | Drug Type | Therapeutic Area | Source |
|---|---|---|---|---|---|---|---|
PDUFA 2026 | Example Drug Treatment for example condition requiring FDA review | Phase 3 | Small Molecule | Oncology | - |
PoA blends historical approval base rates, trial design score and FDA review track record.
AARD Catalyst Timeline
Dated clinical, regulatory and corporate events for Aardvark Therapeutics, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for Aardvark Therapeutics, Inc.
91Total events
7Upcoming
18Tier-1 (high impact)
2025 to 2026Coverage
Upcoming catalysts 2
Event history 50
●Management ChangeCorporate
David Zhang, Ph.D., MBA appointed to Board of Directors as independent director
▼Legal / SettlementCorporate
Securities fraud class action filed against Aardvark Therapeutics
◆Topline ReadoutARD-101Clinical Data
Topline data from HERO trial no longer anticipated in Q3 2026
Prader-Willi Syndromesource ↗
◆Timing GuidanceARD-101Presentation
Topline data from HERO trial no longer anticipated in Q3 2026
Prader-Willi Syndromesource ↗
◆Interim AnalysisARD-101Trial
Assessing unblinded Phase 3 HERO and OLE data for ARD-101 in PWS
Prader-Willi syndrome (PWS)source ↗
▼Clinical Hold PlacedARD-101IND
FDA placed full clinical hold on IND for ARD-101
Prader-Willi Syndromesource ↗
◆Timing GuidanceARD-101Presentation
Topline data no longer expected in Q3 2026; further guidance expected in Q2 2026
Prader-Willi Syndromesource ↗
◆Timing GuidanceARD-201Presentation
Further guidance on ARD-201 obesity program expected in Q2 2026
obesitysource ↗
▼Trial PausedARD-101Trial
Voluntary pause of Phase 3 HERO trial for ARD-101 in PWS
Prader-Willi Syndromesource ↗
▲PublicationARD-101Presentation
Clinical and preclinical data from ARD-101 program published in Molecular Metabolism
Prader-Willi Syndromesource ↗
▼Trial PausedARD-101Trial
Aardvark pauses Phase 3 HERO trial of ARD-101 due to reversible cardiac observations
Prader-Willi Syndromesource ↗
▼Trial PausedARD-201Trial
Voluntary pause of ARD-201 development
obesity and obesity-related conditionssource ↗
▲PublicationARD-101Presentation
Phase 2 and preclinical data for ARD-101 published in Molecular Metabolism
obesitysource ↗
▼Trial PausedTrial
Voluntary pause of Phase 3 HERO trial due to reversible cardiac observations in healthy volunteer study
Hunger Elimination or Reduction Objective (HERO)source ↗
▼Trial PausedARD-101Trial
Voluntary pause of Phase 3 HERO trial due to cardiac observations in healthy volunteer study
Prader-Willi Syndromesource ↗
●Enrollment UpdateARD-101Trial
68 patients dosed in HERO trial as of Feb 27, 2026
Prader-Willi Syndromesource ↗
▲Protocol AmendmentARD-101Trial
FDA submission and IRB approval of amended protocol lowering minimum age from 10 to 7 years
Prader-Willi Syndromesource ↗
◆Management ChangeCorporate
Expansion of Nelson Sun's role to include Chief Operating Officer
▼Trial PausedARD-101Trial
Voluntary pause in enrollment and dosing in Phase 3 HERO trial and OLE trial for ARD-101
Prader-Willi Syndrome (PWS)source ↗
◆Trial InitiationARD-201Trial
Initiation of Phase 2 STRENGTH trial for ARD-201
obesity (additive effect with GLP-1RA)source ↗
▲First Patient DosedARD-101Trial
First patient dosed in Australia in HERO Phase 3 trial
Prader-Willi syndromesource ↗
▲Enrollment UpdateARD-101Trial
Regulatory clearance received for clinical trial sites in Canada and the United Kingdom to enroll
Prader-Willi syndromesource ↗
◆Trial InitiationARD-201Trial
Phase 2 POWER Trial (Prevention Of Weight Regain) expected to commence by end of 2025
metabolic obesitysource ↗
◆R&D DayPresentation
Investor webinar on November 5, 2025 to review ARD-101, ARD-201 and WE-868 programs
▲Poster PresentationARD-101Presentation
Poster presentation at ObesityWeek 2025: TAS2R Agonist ARD-101 Attenuates Weight Gain in Mice and Reduces Hunger in Adults with Obesity
obesitysource ↗
◆Poster PresentationWE-868Presentation
An Isoflavonoid Modulator of Oxidative Metabolism with Therapeutic Potential in Obesity and Diabetes (WE-868) poster at ObesityWeek 2025
obesity and diabetessource ↗
▲Enrollment UpdateARD-101Trial
Enrollment started in Australia in November 2025
Prader-Willi syndromesource ↗
●Poster PresentationARD-201Presentation
Preclinical data on ARD-201 presented at ObesityWeek 2025
obesitysource ↗
●Oral PresentationARD-101Presentation
Clinical data on ARD-101 presented at ObesityWeek 2025
obesitysource ↗
▲Protocol AmendmentARD-101Trial
FDA alignment on protocol amendment expanding Phase 3 HERO trial population to include children aged 10 and older
Prader-Willi Syndromesource ↗
◆Trial InitiationARD-201Trial
Initiation of Phase 2 POWER trial for ARD-201
weight regain prevention after GLP-1RA discontinuationsource ↗
▲Protocol AmendmentARD-101Trial
FDA alignment to reduce minimum age from 13 to 10 years in HERO trial
hyperphagia associated with Prader-Willi Syndromesource ↗
◆Oral PresentationPresentation
H.C. Wainwright 27th Annual Global Investment Conference Presentation
◆Oral PresentationPresentation
Morgan Stanley 23rd Annual Global Healthcare Conference Presentation
Past FDA Catalysts and PDUFA Decisions
How AARD actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2025-11-04 | ARD-101 (gut-restricted small molecule agonist) | Phase 2a data presentation | Phase 2a |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
D32 / 100
Pipeline Score
$8M
Pipeline Value
Richly Valued
Valuation Signal
2
Drugs Scored
0.1x
rNPV / MCap
Top 62%
Micro Cap(rank 408 of 658)
Percentile Rank
Aardvark Therapeutics, Inc. faces pipeline headwinds (32/100), with $609M risk-adjusted pipeline value, led by ARD-101 in Obesity (Phase 2).
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ARD-101 Small moleculeCompletedNCT05215847 | Bariatric Surgery | Phase 2 | COMPLETED | 12 | Feb 3, 2023 |
Clinical Trial Results
Readouts, endpoints and source filings for every AARD program
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| Sun NelsonOfficer (See Remarks) | Sell | -62,000 35,475 held | $5.18 | 09/11/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in AARD
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| EcoR1 Capital, LLC | 0.1 % | 2.28 M | 396.19 K |
AARD Institutional Ownership Trends
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-11-20 | ||||||||||||
Real-Time Option Chain
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How AARD ranks across every disease it competes in
Competitive Position is a premium feature
See how AARD ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialAARD News
AARD▼ -5%on this news
Aardvark Therapeutics Appoints Clinical Development Leader David Zhang, Ph.D., MBA, to its Board of Directors
Aardvark Therapeutics has appointed David Zhang, Ph.D., MBA, to its Board of Directors. With over 25 years of experience in clinical strategy and regulatory submissions, Dr. Zhang is expected to provide valuable insights as Aardvark navigates the development of its lead candidate, ARD-101, for Prader-Willi Syndrome. His previous roles include significant contributions at MyoKardia and Abivax.
Read more →AARDAardvark Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Aardvark Therapeutics announced the grant of a stock option to a new employee as part of its 2025 Inducement Equity Incentive Plan. The option, consisting of 60,000 shares, will vest over four years and was granted in accordance with Nasdaq Listing Rule 5635(c)(4). This move is aimed at attracting talent to support the company's focus on developing therapeutics for metabolic diseases.
Read more →AARDShareholders who lost money in shares of acquired Aardvark Therapeutics, Inc. (NASDAQ: AARD) should contact Wolf Haldenstein Immediately
The article addresses the financial losses suffered by shareholders of Aardvark Therapeutics, Inc. (NASDAQ: AARD) following its acquisition. It urges these shareholders to contact the law firm Wolf Haldenstein for assistance. The focus is on the potential for legal recourse for those impacted by the acquisition.
Read more →AARD▼ -8.6%on this news
Aardvark Therapeutics Reports Second Quarter 2026 Financial Results and Provides Business Updates
Aardvark Therapeutics reported its second quarter 2026 financial results, highlighting the assessment of unblinded Phase 3 HERO and OLE data for ARD-101 in Prader-Willi Syndrome (PWS). The company is in active discussions with the FDA regarding the resolution of a clinical hold on the ARD-101 program. Aardvark also reported a cash position of $73.9 million.
Read more →AARDAardvark Therapeutics Plans to Unblind HERO and OLE Data to Inform Path Forward Following FDA Clinical Hold
Aardvark Therapeutics has announced that the FDA has placed a full clinical hold on its IND for ARD-101, affecting the ongoing clinical studies, including the Phase 3 HERO trial for treating hyperphagia in Prader-Willi Syndrome. In response, the company plans to unblind existing trial data to assess the overall efficacy and safety of ARD-101 and determine the path forward. Aardvark is engaged in discussions with the FDA to resolve the clinical hold while maintaining a strong commitment to the PWS community. Currently, the company has sufficient financial resources to sustain operations into mid-2027.
Read more →AARDAardvark Therapeutics Reports First Quarter 2026 Financial Results and Provides Business Updates
Aardvark Therapeutics reported its financial results for Q1 2026, highlighting a cash position of $91.2 million which is expected to finance operations through mid-2027. The company placed its ARD-101 and ARD-201 programs on voluntary pause amidst cardiac safety concerns linked to a healthy volunteer trial. Aardvark is in discussions with the FDA to outline the next steps and intends to provide updates in Q2 2026. Despite the challenges, positive clinical findings for ARD-101 were published recently, indicating a reduction in hunger in trial participants.
Read more →AARD▼ -7.3%on this news
Aardvark Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Updates
Aardvark Therapeutics has reported its financial results for Q4 and the full year 2025, highlighting a voluntary pause in its Phase 3 trials for ARD-101, aimed at treating hyperphagia in Prader-Willi Syndrome. The company has $110 million in cash to fund operations through mid-2027. Further guidance on its programs is expected in Q2 2026, as they continue to engage with the FDA regarding the next steps.
Read more →AARD▼ -10.2%on this news
Aardvark Therapeutics, Inc. Investigated by the Portnoy Law Firm
The Portnoy Law Firm has initiated an investigation into Aardvark Therapeutics, Inc. regarding possible securities fraud following a significant drop in stock price. This decline came after the company announced a voluntary pause of its Phase 3 HERO trial due to serious safety concerns related to cardiac issues. Aardvark is currently conducting a comprehensive review of the situation while the future of the HERO program remains uncertain. Investors are encouraged to contact the law firm for potential claims related to their losses.
Read more →AARD▼ -56.2%on this news
Aardvark Therapeutics Announces Voluntary Pause of Phase 3 HERO Trial in Prader-Willi Syndrome
Aardvark Therapeutics has voluntarily paused its Phase 3 HERO trial for ARD-101, aimed at treating hyperphagia in Prader-Willi Syndrome, due to cardiac safety concerns observed in a healthy volunteer study. The company is conducting a comprehensive review of the data before proceeding. This decision has delayed the anticipated topline data announcement to a later date.
Read more →AARDAardvark Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Aardvark Therapeutics has announced inducement grants for new employees under Nasdaq Listing Rule 5635(c)(4). Five employees received stock options for 147,213 shares, while one received options for 5,125 shares. The options will vest over four years, supporting the company's growth and employee retention strategy.
Read more →AARDAardvark Therapeutics Announces Leadership Appointments
Aardvark Therapeutics has appointed Derrick C. Li as Chief Business Officer and expanded Nelson Sun's role to Chief Operating Officer. These changes are aimed at enhancing the company's leadership as it progresses with its clinical trials for ARD-101 and ARD-201. The appointments are expected to drive growth and unlock value for stakeholders.
Read more →AARDAardvark Therapeutics Announces Establishment of New U.S. Subsidiary to Support Development of Its Dermatology Pipeline; Bryan Jones Named Chief Executive Officer
Aardvark Therapeutics has launched a new subsidiary, Ardia Therapeutics, to advance its dermatology pipeline, particularly focusing on DIA-615, a topical treatment for inflammatory skin diseases. Bryan Jones has been appointed as CEO of Ardia, transitioning from his role at Aardvark. The company aims to address unmet needs in skin disease treatment while navigating potential clinical and operational risks.
Read more →AARD▼ -6.5%on this newsshared move
Aardvark Therapeutics Announces FDA Submission and IRB Approval of Amended Trial Protocol for Lead Candidate ARD-101, Expanding Eligibility in Phase 3 Study of Prader-Willi Syndrome
Aardvark Therapeutics has received FDA submission and IRB approval for an amended protocol in its Phase 3 HERO trial, allowing participation for children as young as 7 years old with Prader-Willi Syndrome. This change aims to broaden access and capture the potential impact of ARD-101 on hyperphagia. The trial is progressing, with topline data expected in Q3 2026.
Read more →AARDDisclaimer Aardvark Therapeutics, Inc. (the “Company”) does not (nor its respective affiliates, directors, members, officers, employees or agents) make any representation or warranty, express or implied, as
Aardvark Therapeutics has released a corporate presentation outlining its operations and future plans, specifically focusing on its drug ARD-101 aimed at treating hyperphagia in Prader-Willi Syndrome. The company acknowledges the uncertainties associated with its forward-looking statements and emphasizes that the information provided should not be solely relied upon. With funding secured until 2027 and upcoming data from the Phase 3 HERO trial expected in Q3 2026, Aardvark aims to tackle significant unmet medical needs in obesity and metabolism disorders. The presentation also discusses key developments related to ongoing clinical trials and market opportunities.
Read more →AARD▲ +11.7%on this news
Aardvark Therapeutics Announces First Patient Dosed in Australia in HERO Phase 3 Trial for Prader-Willi Syndrome
Aardvark Therapeutics has initiated dosing of the first patient in Australia for its Phase 3 HERO trial, which evaluates ARD-101 for hyperphagia in Prader-Willi syndrome. The trial has received regulatory clearance in Canada and the UK, with strong enrollment in the US. Topline data is anticipated in Q3 2026.
Read more →AARDAardvark Therapeutics to Present at Upcoming Investor Conferences in December
Aardvark Therapeutics, Inc. will present at two major investor conferences in December, aimed at showcasing its clinical-stage developments. The company focuses on small-molecule therapeutics for metabolic diseases and is advancing its lead compound, ARD-101, in Phase 3 trials for hyperphagia related to Prader-Willi Syndrome. Future trials are planned to explore additional therapeutic options. Investors can access live webcasts of the presentations on the company's website.
Read more →AARDAardvark Therapeutics Reports Third Quarter 2025 Financial Results and Provides Pipeline and Business Updates
Aardvark Therapeutics reported its financial results for Q3 2025, highlighting updates on its pipeline and business strategies. The company aligned with the FDA to lower the minimum age for pediatric trial eligibility in its ARD-101 HERO trial. They presented encouraging preclinical data on ARD-201, which shows potential for improved glucose control and weight management. Aardvark's financial position remains strong, with $126.4 million in cash projected to fund operations into 2027, despite an increase in net losses compared to the previous year due to rising R&D costs.
Read more →AARDAardvark Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)
Aardvark Therapeutics announced the grant of a stock option to a new employee as part of its 2025 Inducement Equity Incentive Plan. The option allows the purchase of 4,881 shares at a price of $10.44, vesting over four years. This move supports the company's commitment to attract talent while focusing on developing treatments for metabolic diseases.
Read more →About Aardvark Therapeutics, Inc.
Headquarters4370 LA JOLLA VILLAGE DRIVE, SAN DIEGO, CA, 92122
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