Healthcare · Biotechnology
Price
$4.79
Market Cap
$104.5M
Employees
22
Beta
4.47
Avg Volume
171,556
CEO
Tien-Li Lee
Business Description
Aardvark Therapeutics, Inc. is a biopharmaceutical firm in its clinical development phase, concentrating on developing small-molecule treatments. These therapies are designed to stimulate the body's natural regulatory systems (innate homeostatic pathways) to combat metabolic disorders. The company's primary experimental drug, ARD-101, is an orally administered, gut-specific small molecule. It functions as an agonist, targeting particular bitter taste receptors found within the gut lumen. ARD-101 is currently undergoing a Phase III clinical trial for managing excessive hunger (hyperphagia) associated with Prader-Willi Syndrome. Additionally, it is in a Phase II trial for addressing hyperphagia linked to acquired hypothalamic obesity, often a result of craniopharyngioma treatments like surgery or radiation therapy. Aardvark Therapeutics is also advancing ARD-201, which is currently in Phase I clinical trials for the treatment of obesity. Established in 2017, the company is based in San Diego, California.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-1.81
Stock Price: $4.79
EPS (Diluted): -2.64
EPS (Diluted): -2.64
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.69
Stock Price: $4.79
Total Equity: $106.63M
Shares: 21,815,353
Total Equity: $106.63M
Shares: 21,815,353
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-0.61
Market Cap: $104.50M
Total Debt: $0.00
Cash: $47.05M
EBITDA: -$57.56M
Total Debt: $0.00
Cash: $47.05M
EBITDA: -$57.56M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$239.8M
Market Cap: $104.50M
Total Debt: $0.00
Cash: $47.05M
Total Debt: $0.00
Cash: $47.05M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $4.79
Revenue: $0.00
Shares: 21,815,353
Revenue: $0.00
Shares: 21,815,353
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: $0.00
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$62.73M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$57.59M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-61.7%
Net Income: -$57.59M
Total Equity: $106.63M
Total Equity: $106.63M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-85.6%
Operating Income: -$62.73M
Tax Rate: 0.0%
Equity: $106.63M
Total Debt: $0.00
Cash: $47.05M
Tax Rate: 0.0%
Equity: $106.63M
Total Debt: $0.00
Cash: $47.05M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
10.61
Current Assets: $111.89M
Current Liabilities: $10.55M
Current Liabilities: $10.55M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $106.63M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $106.63M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 21,815,353
Shares: 21,815,353
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$4.89
Total Equity: $106.63M
Shares: 21,815,353
Shares: 21,815,353
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-2.49
Operating CF: -$54.17M
CapEx: -$95,000
Shares: 21,815,353
CapEx: -$95,000
Shares: 21,815,353
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $4.79
Stock Price: $4.79
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$57.59M
Net Income: -$57.59M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares AARD against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 22, 2026 1:42pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $0 | $0 | $0 | $0 |
| Operating Expenses | $11.4M | $7.4M | $22.8M | $62.7M |
| Operating Income | -$11.4M | -$7.4M | -$22.8M | -$62.7M |
| Net Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M |
| EBITDA | -$10.8M | -$6.6M | -$22.7M | -$57.6M |
| EPS | $-0.63 | $-0.34 | $-0.95 | $-2.64 |
| EPS (Diluted) | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 22, 2026 1:42pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $15.6M | $9.7M | $61.6M | $47.1M |
| Total Current Assets | $16.5M | $10.4M | $74.1M | $111.9M |
| Total Assets | $16.8M | $10.5M | $77.5M | $117.2M |
| Current Liabilities | $595,000 | $1.4M | $4.9M | $10.5M |
| Long-Term Debt | $0 | $0 | $0 | $0 |
| Total Liabilities | $44.7M | $45.3M | $132.2M | $10.5M |
| Total Equity | -$27.9M | -$34.8M | -$54.6M | $106.6M |
| Retained Earnings | -$30.5M | -$37.7M | -$58.3M | -$115.9M |
Cash Flow (Annual)
Last updated: Jun 22, 2026 1:42pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Cash Flow | -$10.5M | -$5.8M | -$18.1M | -$54.2M |
| Capital Expenditure | $0 | $0 | $-109,000 | $-95,000 |
| Free Cash Flow | -$10.5M | -$5.8M | -$18.2M | -$54.3M |
| Acquisitions (net) | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — |
| Dividends Paid | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$11.3M | -$5.8M | $51.9M | -$14.6M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 7:36pm (13h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.0M $1.0M – $1.0M
|
$6.6M $6.6M – $6.6M
|
$89.0M $89.0M – $89.0M
|
$277.7M $277.7M – $277.7M
|
| EBITDA | $0 | $0 | $0 | $0 |
| Net Income |
-$65.2M -$93.1M – -$37.3M
|
-$73.3M -$115.2M – -$31.4M
|
-$35.8M -$35.8M – -$35.8M
|
$13.5M $13.5M – $13.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 22, 2026 1:42pm (4d ago)| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | — | — | — |
| Gross Profit Growth | — | — | — |
| Operating Income Growth | +34.7% | -207.3% | -175.3% |
| Net Income Growth | +46.9% | -185.6% | -179.7% |
| EBITDA Growth | +39.1% | -245.5% | -154.1% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 3:20am (5h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-02-09 | Sun Nelson | A-Award | 70,549.00 | $13.48 | $951,001 |
| 2026-02-09 | Jaiman Manasi | A-Award | 70,549.00 | $13.48 | $951,001 |
| 2026-02-09 | Lee Tien-Li | A-Award | 203,851.00 | $13.48 | $2.7M |
| 2025-12-11 | Sun Nelson | P-Purchase | 3,000.00 | $14.40 | $43,200 |
| 2025-12-11 | Lee Tien-Li | P-Purchase | 7,000.00 | $14.49 | $101,395 |
| 2025-10-15 | Lee Tien-Li | M-Exempt | 1,229.00 | $4.24 | $5,211 |
| 2025-10-15 | Lee Tien-Li | M-Exempt | 1,229.00 | $4.24 | $5,211 |
| 2025-10-15 | Jones Bryan | M-Exempt | 1,250.00 | $4.24 | $5,300 |
| 2025-10-15 | Jones Bryan | M-Exempt | 1,250.00 | $4.24 | $5,300 |
| 2025-09-15 | Lee Tien-Li | P-Purchase | 3,500.00 | $9.94 | $34,805 |
| 2025-09-15 | Lee Tien-Li | P-Purchase | 6,500.00 | $9.51 | $61,819 |
| 2025-09-12 | Lee Tien-Li | P-Purchase | 5,000.00 | $8.50 | $42,516 |
| 2025-09-11 | Lee Tien-Li | P-Purchase | 6,000.00 | $7.82 | $46,926 |
| 2025-09-10 | Lee Tien-Li | P-Purchase | 9,000.00 | $7.91 | $71,213 |
| 2025-09-09 | Sun Nelson | P-Purchase | 6,000.00 | $8.07 | $48,440 |
| 2025-08-28 | Lee Tien-Li | M-Exempt | 17,209.00 | $4.24 | $72,966 |
| 2025-08-28 | Lee Tien-Li | M-Exempt | 17,209.00 | $4.24 | $72,966 |
| 2025-06-11 | Lee Tien-Li | A-Award | 549,534.00 | $11.29 | $6.2M |
| 2025-06-11 | Chi Jeffrey | A-Award | 61,017.00 | $11.29 | $688,882 |
| 2025-06-11 | Jaiman Manasi | A-Award | 126,999.00 | $11.29 | $1.4M |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AARD — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30