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Aardvark Therapeutics

AARD Rare disease Lead: Phase 3 1 Biotech Distilled article ↓ 16 filings & releases ↓ Cash $73.8M (Jun 30, 2026) ↓ 1 verdict ↓ 1 timing quote ↓
DermatologyMetabolicNeurology Small Molecule

Market cap $25.6M 21.9M shares (10-Q, Jul 31, 2026) × $1.17 close Nov 6, 2026

Most recent annual filing: 2026-03-23

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. ARD-101 FDA feedback4Q 2026ARD-101 FDA feedback, 4Q 2026, material
  2. ARD-101 corporate updateNov 16, 2026ARD-101 corporate update, Nov 16, 2026, routine
  3. ARD-101 trial start2027ARD-101 trial start, 2027, material
  4. AARD retention letters corporate updateJan 1, 2027AARD retention letters corporate update, Jan 1, 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Discontinued (2)

Capital (as filed)

Cash
$73.8M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$21K Jun 30, 2026
Operating cash flow
−$17.6M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$73.9M cash, runway into late 2027 per the deep dive of Oct 30, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (1)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (1 call)

Every verdict Biotech Distilled has published on Aardvark Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-11-02 Avoid Aardvark Therapeutics (AARD) - Scientific Deep Dive for ARD-101 and Pipeline Products ARD-101 showed no randomized efficacy signal in HERO at any visit, the cardiac safety story is not resolved, the cash discount reflects management's plan to spend it on a new Phase 3, and the science does not clear the bar for investment.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (16)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. No press release captured yet; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

6 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)