The company exhibits a pure capital consumption model with no revenue and quarterly operating losses that have expanded to $22.5 million as of 2026Q1.
Aardvark Therapeutics, Inc. Common Stock (AARD) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| 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 |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 73.95M | 62.73M | 22.79M | 7.42M | 11.36M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 18.9M | 13.79M | 5.3M | 2.17M | 2.7M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 55.06M | 48.94M | 17.36M | 4.48M | 7.17M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 117K | 762K | 1.49M |
| Operating Income | -73.95M | -62.73M | -22.79M | -7.42M | -11.36M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -175.29% | -207.28% | 34.74% | - |
| EBITDA | -73.23M | -62.69M | -22.77M | -7.32M | -11.25M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -82.32% | -175.33% | -211.14% | 34.97% | - |
| D&A (Non-Cash Add-back) | 31K | 36K | 16K | 97K | 110K |
| EBIT | -69.89M | -57.59M | -22.67M | -6.65M | -10.87M |
| Net Interest Income | 4.06M | 5.14M | 2.41M | 1.42M | 120K |
| Interest Income | 4.06M | 5.14M | 2.41M | 1.42M | 120K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.07M | 5.13M | 2.2M | 207K | -2.2M |
| Pretax Income | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -90.76% | -179.73% | -185.63% | 46.86% | - |
| Net Income (Continuing) | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.20 | -2.64 | -0.95 | -0.34 | -0.63 |
| EPS Growth % | -89.94% | -177.89% | -179.41% | 46.03% | - |
| EPS (Basic) | - | -2.64 | -0.95 | -0.34 | -0.63 |
| Diluted Shares Outstanding | 21.85M | 21.82M | 21.7M | 21.38M | 21.38M |
| Basic Shares Outstanding | 21.85M | 21.82M | 21.7M | 21.38M | 21.38M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying AARD stock.
For fiscal year 2025, Aardvark Therapeutics, Inc. Common Stock (AARD) reported total revenue of $0.0M.
Aardvark Therapeutics, Inc. Common Stock (AARD) reported a net loss of $57.6M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical trial funding shortfall
Metrics are mathematically derived from official filings.
Escalating R&D Expenditure Intensity
As reported in recent financial statements, Aardvark's quarterly R&D expenses have surged to $16.6 million in 2026Q1, reflecting a significant ramp-up in clinical trial activity that has outpaced the company's historical spending levels and placed substantial pressure on the firm's limited cash reserves.
The rapid expansion in R&D costs suggests a transition into intensive Phase III clinical execution, which necessitates higher outlays for CRO services and site management. Investors should monitor whether this spending trajectory remains sustainable given the company's current liquidity position and the absence of commercial revenue.
Operating Leverage Remains Deeply Negative
Based on the provided income statement data, Aardvark's operating losses have widened to $22.5 million in 2026Q1, indicating that the company is currently in a phase of pure capital consumption without the benefit of scaling operating income or offsetting gross profit contributions.
The lack of revenue generation means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss. This structure implies that the company's operating leverage will remain non-existent until the successful commercialization of its lead candidate, ARD-101.
Stock-Based Compensation Dilution Risks
According to quarterly filings, Aardvark recorded $2.0 million in stock-based compensation during 2026Q1, a notable increase that warrants further investigation regarding the company's long-term incentive alignment and the potential for future equity dilution as the firm seeks to preserve its dwindling cash balance.
While stock-based compensation is a common tool for talent retention in biotech, its rising prominence in a pre-revenue environment suggests an increasing reliance on non-cash expenses to manage liquidity. Analysts should evaluate whether this trend signals a shift toward equity-based financing to bridge the gap to clinical data readouts.
Phase III Clinical Execution Inflection
Financial data indicates a clear operational inflection point beginning in 2025Q1, where R&D spending accelerated from $7.8 million to $16.6 million by 2026Q1, marking the company's pivot toward the high-stakes Phase III trial for its lead metabolic therapeutic candidate.
This shift represents a critical juncture where the company has moved from exploratory development to a capital-intensive pivotal stage. The lasting impact of this inflection is a significantly higher burn rate, which necessitates a successful clinical outcome to justify the current valuation and future capital requirements.