Aardvark Therapeutics (AARD)
Develops gut-restricted oral programs for hunger-associated conditions and obesity.
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Develops oral, gut-restricted small-molecule programs that activate gut bitter-taste receptors for hunger-associated conditions. ARD-101 targets hyperphagia in Prader-Willi syndrome, while ARD-201 is a planned combination for obesity; both programs are paused as ARD-101 remains under an FDA clinical hold.
Develops oral, gut-restricted small-molecule therapies that activate gut bitter-taste receptors, known as TAS2Rs, to address hunger-associated conditions. The lead program, ARD-101, has been studied for hyperphagia in Prader-Willi syndrome.
A planned companion program, ARD-201, combines ARD-101 with a DPP-4 inhibitor for obesity and obesity-related conditions. Based in San Diego, the company remains a clinical-stage developer rather than a seller of marketed therapies.
In May 2026, the FDA placed the ARD-101 investigational new drug application on full clinical hold, covering the HERO study and its extension. ARD-201 was also voluntarily paused while the current path forward for ARD-101 is determined.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 15, 2026 | Morgan Stanley | Downgrade | Target: $29 | Target: $3 |
| May 15, 2026 | BTIG | Downgrade | ||
| Mar 2, 2026 | RBC Capital | Downgrade | Target: $18 | Target: $6 |
| Mar 2, 2026 | Stifel | Downgrade | ||
| Mar 2, 2026 | HC Wainwright & Co. | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $73.9M · Total debt $677.0K · Total assets $81.5M · Shareholders' equity $74.8M
- Revenue
- $0
- Operating income
- −$15.1M
- Net income
- −$14.4M
No dividends on record.
| Institutions | 43.10% | 9.43M shares | |
|---|---|---|---|
| 75 holders · as of Jun 30, 2026 | |||
| Insiders | 22.96% | 5.02M shares | |
| 5 holders · as of Sep 11, 2026 | |||
| Strategic holders | 27.40% | 6.00M shares | |
| 3 holders · as of Feb 24, 2025 | |||
| Other | 6.54% | 1.43M shares | |
| remainder | |||
21.88M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Decheng Capital LLCInstitution | 17.90% | 3.92M | as of Jun 30, 2026 |
Tien-Li LeeInsiderdirector, 10 percent owner, officer: Chief Executive Officer | 13.83% | 3.03M | filed Dec 12, 2025 |
Decheng Capital Global Life Sciences Fund IV, L.P.1Strategic10 percent owner | 13.52% | 2.96M | filed Feb 24, 2025 |
Vickers Venture Fund VI Pte LtdStrategic10 percent owner | 9.37% | 2.05M | filed Feb 19, 2025 |
Dr. Finian TanInsider | 8.35% | 1.83M | filed Feb 24, 2025 |
- Decheng Capital Global Life Sciences Fund IV, L.P.'s own ownership statement (13G, Feb 24, 2025) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Nelson Sun | officer: See Remarks | −62,000 | $5.18 |
| Sep 10, 2026 | Nelson Sun | officer: See Remarks | −14,754 | $5.00 |
| Dec 11, 2025 | Tien-Li Lee | director, 10 percent owner, officer: Chief Executive Officer | +7,000 | $14.49 |
| Dec 11, 2025 | Nelson Sun | officer: Chief Financial Officer | +3,000 | $14.40 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Aardvark Therapeutics | $5.75 | +0.88% | $121.9M | — | — | — | — |
| Neurocrine Biosciences | $142.25 | +0.01% | $14.48B | 21.1 | 15.6 | 4.3 | +39.5% |
| Rhythm Pharmaceuticals | $99.27 | −0.16% | $6.78B | — | — | 28.3 | +46.9% |
| Eli Lilly | $1,170.89 | +0.04% | $1.10T | 39.1 | 28.6 | 13.8 | +47.7% |
| Novo Nordisk (ADR) | $39.44 | +0.08% | $176.83B | 9.9 | 16.2 | 3.5 | +1.3% |
| Amgen | $409.75 | −0.11% | $212.19B | 24.4 | 17.5 | 5.6 | +9.7% |
| Median | 22.8 | 16.8 | 5.6 | +39.5% |