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Aardvark Therapeutics, Inc. Common Stock(AARD)Earnings, Financials & Key Ratios
AARD•NASDAQ
Price updated Jun 11, 2026
AboutAardvark Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Its lead product candidate is the ARD-101, an oral gut-restricted small-molecule agonist of certain targeting bitter taste receptors expressed in the gut lumen that is in Phase III clinical trial for hyperphagia associated with Prader-Willi Syndrome, as well as in Phase II clinical trial for hyperphagia associated with acquired hypothalamic obesity resultant from treatment of craniopharyngioma, including surgery or radiation. It also developing ARD-201, which is in Phase I clinical trial for the treatment of obesity. The company was incorporated in 2017 and is based in San Diego, California.Show more
- Revenue$0
- EBITDA-$63M-175.3%
- Net Income-$58M-179.7%
- EPS (Diluted)-2.64-177.9%
- ROE-221.55%
- Debt/Equity0.00
AARD Key Insights
Aardvark Therapeutics, Inc. Common Stock (AARD) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Trading at only 0.7x book value
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Weak momentum: RS Rating 6 (bottom 6%)
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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AARD Price & Volume
Aardvark Therapeutics, Inc. Common Stock (AARD) stock price & volume — 10-year historical chart
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AARD Growth Metrics
Aardvark Therapeutics, Inc. Common Stock (AARD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-152.05%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-150.78%
Return on Capital
10 Years-63.66%
5 Years-63.66%
3 Years-61.44%
Last Year-70%
AARD Recent Earnings
Aardvark Therapeutics, Inc. Common Stock (AARD) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/10 qtrs (40%)
Q2 2026Latest
Mar 23, 2026EPS
$0.81
Est $0.83
+2.1%
Revenue
—
Q4 2025
Nov 13, 2025EPS
$0.75
Est $0.80
+6.1%
Revenue
—
Q3 2025
Aug 13, 2025EPS
$0.66
Est $0.60
-10.0%
Revenue
—
Q2 2025
May 14, 2025EPS
$0.71
Est $0.67
-5.4%
Revenue
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 23, 2026 | $0.81vs $0.83+2.1% | — |
| Q4 2025 | Nov 13, 2025 | $0.75vs $0.80+6.1% | — |
| Q3 2025 | Aug 13, 2025 | $0.66vs $0.60-10.0% | — |
| Q2 2025 | May 14, 2025 | $0.71vs $0.67-5.4% | — |
Based on last 10 quarters of dataView full earnings history →
AARD Peer Comparison
Aardvark Therapeutics, Inc. Common Stock (AARD) competitors in Metabolic and Obesity Therapies — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 RYTM | 6.01B | 87.66 | -28.19 | 45.83% | -93.84% | -204.35% | 1.77 | |
 VNDA | 360.56M | 6.10 | -1.63 | 8.72% | -109.99% | -61.41% | 0.04 | |
 IMVT | 6.75B | 32.88 | -11.87 | -68.16% | 0.00 | |||
 CGEM | 797.72M | 12.98 | -3.49 | -51.45% | 0.01 | |||
 NUVL | 9.08B | 123.45 | -21.10 | -42.78% | ||||
 VKTX | 3.32B | 28.61 | -8.97 | -71.31% | 0.00 | |||
 GPCR | 2.49B | 43.30 | -18.04 | -15.14% | 0.00 | |||
 TERN | 4.77B | 52.95 | -51.41 | -20.02% | 0.00 |
Compare AARD vs Peers
Aardvark Therapeutics, Inc. Common Stock (AARD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AARD Income Statement
Aardvark Therapeutics, Inc. Common Stock (AARD) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
Revenue Growth % | - | - | - | - | - |
Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 |
COGS % of Revenue | - | - | - | - | - |
Gross Profit | 0▲ 0% | 0▲ 0% | 0▲ 0% | 0▲ 0% | 0▲ 0% |
Gross Margin % | - | - | - | - | - |
Gross Profit Growth % | - | - | - | - | - |
Operating Expenses | 11.36M | 7.42M | 22.79M | 62.73M | 74.72M |
OpEx % of Revenue | - | - | - | - | - |
Selling, General & Admin | 2.7M | 2.17M | 5.3M | 13.79M | 16.97M |
SG&A % of Revenue | - | - | - | - | - |
Research & Development | 7.17M | 4.48M | 17.36M | 48.94M | 57.75M |
R&D % of Revenue | - | - | - | - | - |
Other Operating Expenses | 1.49M | 762K | 117K | 0 | 0 |
Operating Income | -11.36M▲ 0% | -7.42M▲ 34.7% | -22.79M▼ 207.3% | -62.73M▼ 175.3% | -74.72M▲ 0% |
Operating Margin % | - | - | - | - | - |
Operating Income Growth % | - | 34.74% | -207.28% | -175.29% | - |
EBITDA | -11.25M | -6.65M | -22.77M | -62.69M | -74.68M |
EBITDA Margin % | - | - | - | - | - |
EBITDA Growth % | - | 40.88% | -242.24% | -175.33% | -140.33% |
D&A (Non-Cash Add-back) | 110K | 0 | 16K | 36K | 42K |
EBIT | -10.87M | -6.65M | -22.67M | -62.73M | -74.72M |
Net Interest Income | 120K | 1.42M | 2.41M | 5.14M | 4.85M |
Interest Income | 120K | 1.42M | 2.41M | 5.14M | 4.85M |
Interest Expense | 0 | 0 | 0 | 0 | 0 |
Other Income/Expense | -2.2M | 207K | 2.2M | 5.13M | 4.85M |
Pretax Income | -13.56M▲ 0% | -7.21M▲ 46.9% | -20.59M▼ 185.6% | -57.59M▼ 179.7% | -69.87M▲ 0% |
Pretax Margin % | - | - | - | - | - |
Income Tax | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
Net Income | -13.56M▲ 0% | -7.21M▲ 46.9% | -20.59M▼ 185.6% | -57.59M▼ 179.7% | -69.87M▲ 0% |
Net Margin % | - | - | - | - | - |
Net Income Growth % | - | 46.86% | -185.63% | -179.73% | -152.05% |
Net Income (Continuing) | -13.56M | -7.21M | -20.59M | -57.59M | -69.87M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -0.63▲ 0% | -0.34▲ 46.0% | -0.95▼ 179.4% | -2.64▼ 177.9% | -3.20▲ 0% |
EPS Growth % | - | 46.03% | -179.41% | -177.89% | -150.78% |
EPS (Basic) | -0.63 | -0.34 | -0.95 | -2.64 | - |
Diluted Shares Outstanding | 21.38M | 21.38M | 21.7M | 21.82M | 21.82M |
Basic Shares Outstanding | 21.38M | 21.38M | 21.7M | 21.82M | 21.82M |
Dividend Payout Ratio | - | - | - | - | - |
AARD Balance Sheet
Aardvark Therapeutics, Inc. Common Stock (AARD) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Total Current Assets | 16.49M | 10.37M | 74.14M | 111.89M | 93.58M |
Cash & Short-Term Investments | 16.11M | 9.99M | 73.66M | 110.03M | 91.2M |
Cash Only | 15.56M | 9.73M | 61.64M | 47.05M | 62.44M |
Short-Term Investments | 546K | 254K | 12.02M | 62.98M | 28.76M |
Accounts Receivable | 0 | 0 | 0 | 0 | 0 |
Days Sales Outstanding | - | - | - | - | - |
Inventory | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - |
Other Current Assets | 70K | 127K | 160K | 1.86M | 2.38M |
Total Non-Current Assets | 266K | 168K | 3.37M | 5.29M | 5.01M |
Property, Plant & Equipment | 252K | 155K | 735K | 355K | 269K |
Fixed Asset Turnover | - | - | - | - | 0.00x |
Goodwill | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Assets | 14K | 13K | 2.63M | 4.94M | 4.74M |
Total Assets | 16.76M▲ 0% | 10.54M▼ 37.1% | 77.51M▲ 635.6% | 117.18M▲ 51.2% | 98.59M▲ 0% |
Asset Turnover | - | - | - | - | 0.00x |
Asset Growth % | - | -37.12% | 635.64% | 51.19% | 142.19% |
Total Current Liabilities | 595K | 1.38M | 4.93M | 10.55M | 11.6M |
Accounts Payable | 259K | 1.03M | 2.3M | 2.07M | 4.49M |
Days Payables Outstanding | - | - | - | - | - |
Short-Term Debt | 0 | 0 | 0 | 441K | 336K |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
Other Current Liabilities | 53K | 45K | 896K | 8.04M | 6.78M |
Current Ratio | 27.72x | 7.50x | 15.05x | 10.61x | 8.06x |
Quick Ratio | 27.72x | 7.50x | 15.05x | 10.61x | 8.06x |
Cash Conversion Cycle | - | - | - | - | - |
Total Non-Current Liabilities | 44.09M | 43.96M | 127.22M | 0 | 0 |
Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 162K | 50K | 441K | 0 | 344K |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 43.92M | 43.91M | 126.78M | 0 | 0 |
Total Liabilities | 44.68M | 45.34M | 132.15M | 10.55M | 11.6M |
Total Debt | 262K | 162K | 779K | 441K | 336K |
Net Debt | -15.3M | -9.57M | -60.86M | -46.61M | -62.1M |
Debt / Equity | - | - | - | 0.00x | 0.00x |
Debt / EBITDA | - | - | - | - | -0.00x |
Net Debt / EBITDA | - | - | - | - | 0.83x |
Interest Coverage | - | - | - | - | - |
Total Equity | -27.92M▲ 0% | -34.8M▼ 24.6% | -54.64M▼ 57.0% | 106.63M▲ 295.1% | 86.99M▲ 0% |
Equity Growth % | - | -24.64% | -57.01% | 295.14% | 1041.56% |
Book Value per Share | -1.31 | -1.63 | -2.52 | 4.89 | 3.99 |
Total Shareholders' Equity | -27.92M | -34.8M | -54.64M | 106.63M | 86.99M |
Common Stock | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | -30.53M | -37.74M | -58.33M | -115.92M | -137.51M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | 0 | 0 | 0 | 81K | 14K |
Minority Interest | 0 | 0 | 0 | 0 | 0 |
AARD Cash Flow Statement
Aardvark Therapeutics, Inc. Common Stock (AARD) cash flow — operating, investing & free cash flow history
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Cash from Operations | -10.54M | -5.82M | -18.09M | -54.17M | -61.65M |
Operating CF Margin % | - | - | - | - | - |
Operating CF Growth % | - | 44.76% | -210.56% | -199.51% | -654.09% |
Net Income | -13.56M | -7.21M | -20.59M | -57.59M | -69.87M |
Depreciation & Amortization | 110K | 97K | 16K | -1.31M | -718K |
Stock-Based Compensation | 412K | 313K | 439K | 3.95M | 2.64M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 3.81M | 1.05M | 473K | 421K | 2.86M |
Working Capital Changes | -1.31M | -81K | 1.57M | 356K | 3.44M |
Change in Receivables | 0 | 0 | 0 | 0 | 0 |
Change in Inventory | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 31K | 776K | 798K | 239K | 2.01M |
Cash from Investing | -1M | 0 | -12M | -49.67M | 97.21M |
Capital Expenditures | 0 | 0 | -109K | -95K | -95K |
CapEx % of Revenue | - | - | - | - | - |
Acquisitions | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - |
Other Investing | -1M | 0 | 0 | 0 | 0 |
Cash from Financing | 225K | 0 | 81.99M | 89.25M | 378K |
Debt Issued (Net) | -1M | 0 | 0 | 0 | 0 |
Equity Issued (Net) | 225K | 0 | 85.33M | 89.25M | 378K |
Dividends Paid | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 |
Other Financing | 1M | 0 | -3.34M | 0 | 0 |
Net Change in Cash | -11.32M▲ 0% | -5.82M▲ 48.5% | 51.91M▲ 991.2% | -14.59M▼ 128.1% | 35.93M▲ 0% |
Free Cash Flow | -10.54M▲ 0% | -5.82M▲ 44.8% | -18.2M▼ 212.4% | -54.27M▼ 198.2% | -61.75M▲ 0% |
FCF Margin % | - | - | - | - | - |
FCF Growth % | - | 44.76% | -212.43% | -198.24% | -125.45% |
FCF per Share | -0.49 | -0.27 | -0.84 | -2.49 | -2.83 |
FCF Conversion (FCF/Net Income) | 0.78x | 0.81x | 0.88x | 0.94x | 0.88x |
Interest Paid | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 |
AARD Key Ratios
Aardvark Therapeutics, Inc. Common Stock (AARD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|
| Return on Equity (ROE) | - | - | -221.55% | -61.71% |
| Return on Invested Capital (ROIC) | - | - | - | -80.02% |
| Debt / Equity | - | - | 0.00x | 0.00x |
| FCF Conversion | 0.81x | 0.88x | 0.94x | 0.88x |
Related:AARD Dividend History·AARD Revenue History·AARD Price History·AARD P/E History·AARD Financial Ratios·AARD Institutional Holders
AARD SEC Filings & Documents
Aardvark Therapeutics, Inc. Common Stock (AARD) SEC filings — annual & quarterly reports (10-K, 10-Q)
AARD Frequently Asked Questions
Aardvark Therapeutics, Inc. Common Stock (AARD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Aardvark Therapeutics, Inc. Common Stock (AARD) grew revenue by 0.0% over the past year. Growth has been modest.
Aardvark Therapeutics, Inc. Common Stock (AARD) reported a net loss of $69.9M for fiscal year 2025.
Dividend & Returns
Aardvark Therapeutics, Inc. Common Stock (AARD) has a return on equity (ROE) of -221.5%. Negative ROE indicates the company is unprofitable.
Aardvark Therapeutics, Inc. Common Stock (AARD) had negative free cash flow of $61.7M in fiscal year 2025, likely due to heavy capital investments.