Equity quality has deteriorated significantly, with the company's total equity position falling to $87.0 million in 2026Q1 from $150.7 million in 2025Q1 due to persistent operating deficits.
| Total Current Assets | 93.58M | 111.89M | 74.14M | 10.37M | 16.49M |
| Cash & Short-Term Investments | 91.2M | 110.03M | 73.66M | 9.99M | 16.11M |
| Cash Only | 62.44M | 47.05M | 61.64M | 9.73M | 15.56M |
| Short-Term Investments | 28.76M | 62.98M | 12.02M | 254K | 546K |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 2.38M | 1.86M | 160K | 127K | 70K |
| Total Non-Current Assets | 5.01M | 5.29M | 3.37M | 168K | 266K |
| Property, Plant & Equipment | 269K | 355K | 735K | 155K | 252K |
| 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 | 4.74M | 4.94M | 2.63M | 13K | 14K |
| Total Assets | 98.59M | 117.18M | 77.51M | 10.54M | 16.76M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 142.19% | 51.19% | 635.64% | -37.12% | - |
| Total Current Liabilities | 11.6M | 10.55M | 4.93M | 1.38M | 595K |
| Accounts Payable | 4.49M | 2.07M | 2.3M | 1.03M | 259K |
| Days Payables Outstanding | - | - | - | - | - |
| Short-Term Debt | 336K | 441K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.78M | 8.04M | 896K | 45K | 53K |
| Current Ratio | 8.06x | 10.61x | 15.05x | 7.50x | 27.72x |
| Quick Ratio | 8.06x | 10.61x | 15.05x | 7.50x | 27.72x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 127.22M | 43.96M | 44.09M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 344K | 0 | 441K | 50K | 162K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 126.78M | 43.91M | 43.92M |
| Total Liabilities | 11.6M | 10.55M | 132.15M | 45.34M | 44.68M |
| Total Debt | 336K | 441K | 779K | 162K | 262K |
| Net Debt | -62.1M | -46.61M | -60.86M | -9.57M | -15.3M |
| Debt / Equity | 0.00x | 0.00x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - |
| Net Debt / EBITDA | 0.83x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 86.99M | 106.63M | -54.64M | -34.8M | -27.92M |
| Equity Growth % | 1041.56% | 295.14% | -57.01% | -24.64% | - |
| Book Value per Share | 3.99 | 4.89 | -2.52 | -1.63 | -1.31 |
| Total Shareholders' Equity | 86.99M | 106.63M | -54.64M | -34.8M | -27.92M |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -137.51M | -115.92M | -58.33M | -37.74M | -30.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 14K | 81K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial statements, Aardvark's equity position has declined from $150.7 million in 2025Q1 to $87.0 million by 2026Q1, reflecting a rapid depletion of capital as the company intensifies its investment in late-stage clinical development programs for its lead metabolic therapeutic candidate.
The consistent contraction in equity, coupled with the accumulation of retained losses, suggests that the company is in a high-stakes phase of capital consumption. Investors should monitor whether the current trajectory of asset depletion necessitates a dilutive financing event before the next major clinical data readout.
Based on the company's reported figures, cash reserves have fluctuated significantly, falling from $86.2 million in 2024Q2 to $62.4 million in 2026Q1, which indicates a tightening liquidity buffer as the firm navigates the high-cost environment of Phase III clinical trial enrollment and site management.
While the current ratio remains elevated at 8.06, this metric may be misleading given the lack of recurring revenue and the lumpy nature of clinical trial expenditures. The rapid decline in cash suggests that the company's operational runway is becoming increasingly sensitive to trial-related cost overruns.
According to quarterly filings, the company's retained earnings have deteriorated to a deficit of $137.5 million as of 2026Q1, underscoring the persistent nature of the firm's operating losses and the reliance on external capital to sustain its research-heavy business model throughout the clinical development lifecycle.
The negative retained earnings balance is a standard feature for clinical-stage biotechs, yet it highlights the total dependence on equity markets for survival. The absence of a path to self-funding suggests that shareholder value remains entirely contingent on successful clinical outcomes rather than balance sheet strength.
As indicated by the provided balance sheet data, the company maintains minimal tangible assets, with net PPE of only $269,000 as of 2026Q1, which suggests that the firm's value is almost entirely tied to intangible intellectual property and the success of its ongoing clinical trials.
The lack of significant tangible assets implies that there is little recovery value for investors in the event of a clinical failure. This asset-light structure warrants further investigation into the potential for impairment if the lead candidate fails to meet its primary endpoints in the current Phase III study.
Quick answers to the most common questions about buying AARD stock.
As of 2025, Aardvark Therapeutics, Inc. Common Stock (AARD) had total assets of $117.2M including $111.9M in current assets.
Aardvark Therapeutics, Inc. Common Stock (AARD) carries total debt of $0.4M, offset by $110.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aardvark Therapeutics, Inc. Common Stock (AARD) has total shareholders' equity (book value) of $106.6M ($4.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aardvark Therapeutics, Inc. Common Stock (AARD) reported a current ratio of 10.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.