# Aardvark Therapeutics, Inc.: overview

AARD · Nasdaq · CIK 1774857 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/aard.md) · [Financials](/companies/aard/financials.md) · [Filings](/companies/aard/filings.md) · [Insiders](/companies/aard/insiders.md)

Latest reported revenue: [$0](/filings/0001193125-26-344987.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 11, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001193125-26-344987).

## Last eight quarters

| Line item | Unit | period not labelled (2024-09-30) | period not labelled (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | [0.0](/filings/0000950170-25-071560.md) | [0.0 d](/filings/0000950170-25-108116.md) | [0.0 d](/filings/0001193125-25-280260.md) | [0.0 d](/filings/0001193125-26-119770.md) | [0.0](/filings/0001193125-26-210675.md) | [0.0 d](/filings/0001193125-26-344987.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [(1.05)](/filings/0001193125-25-280260.md) | not reported | [(0.71)](/filings/0001193125-26-210675.md) | [(0.66)](/filings/0001193125-26-344987.md) | [(0.75)](/filings/0001193125-25-280260.md) | not reported | [(0.99)](/filings/0001193125-26-210675.md) | [(0.66)](/filings/0001193125-26-344987.md) |
| Free cash flow | $m | [(4.0) d](/filings/0001193125-25-280260.md) | [(7.7) d](/filings/0001193125-26-119770.md) | [(11.4)](/filings/0001193125-26-210675.md) | [(9.9) d](/filings/0001193125-26-344987.md) | [(16.1) d](/filings/0001193125-25-280260.md) | [(16.8) d](/filings/0001193125-26-119770.md) | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: |
| Revenue | $m | not reported | [0.0](/filings/0001193125-26-119770.md) |
| Gross margin | % | not reported | not reported |
| Operating margin | % | not reported | not reported |
| Net margin | % | not reported | not reported |
| Diluted EPS | $ per share | [(5.15)](/filings/0001193125-26-119770.md) | [(2.93)](/filings/0001193125-26-119770.md) |
| Free cash flow | $m | [(18.2)](/filings/0001193125-26-119770.md) | [(54.3)](/filings/0001193125-26-119770.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/aard/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Decheng Capital LLC](/funds/2010850.md) | 2026-06-30 | $22.6m | 3,917,299 |  | Unchanged |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $7.4m | 1,283,166 |  | Added +40,389 |
| [Laurion Capital Management LP](/funds/1390202.md) | 2026-06-30 | $6.0m | 1,034,459 |  | Unchanged |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $3.2m | 562,877 |  | Added +8,776 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $2.8m | 480,249 |  | Added +345,754 |
| [EcoR1 Capital, LLC](/funds/1587114.md) | 2026-06-30 | $2.3m | 396,194 |  | New +396,194 |
| [ADAGE CAPITAL PARTNERS GP, L.L.C.](/funds/1165408.md) | 2026-06-30 | $1.7m | 300,000 |  | Unchanged |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.1m | 187,045 |  | Reduced −605,526 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $863.5k | 149,844 |  | Reduced −159,605 |
| [CANTOR FITZGERALD, L. P.](/funds/1024896.md) | 2026-06-30 | $671.5k | 116,582 |  | Added +49,900 |

## Recent filings

[All 114 filings](/companies/aard/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-23 | 12:38 ET | [8-K](/filings/0001193125-26-429509.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-429509 |
| 2026-10-22 | 20:17 ET | [8-K](/filings/0001193125-26-428943.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-428943 |
| 2026-10-08 | 20:14 ET | [8-K](/filings/0001193125-26-417935.md) | 5.02 Departure or appointment of officers or directors; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-417935 |
| 2026-08-17 | 20:10 ET | [8-K](/filings/0001193125-26-354053.md) | 5.07 Shareholder vote results | 0001193125-26-354053 |
| 2026-08-11 | 21:09 ET | [10-Q](/filings/0001193125-26-344987.md) | Quarterly report, period 2026-06-30 | 0001193125-26-344987 |
| 2026-08-11 | 21:05 ET | [8-K](/filings/0001193125-26-344978.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-344978 |
| 2026-07-10 | 20:05 ET | [DEF 14A](/filings/0001193125-26-300874.md) | Proxy statement, period 2026-08-14 | 0001193125-26-300874 |
| 2026-06-12 | 20:05 ET | [8-K](/filings/0001193125-26-269377.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001193125-26-269377 |
| 2026-05-14 | 20:15 ET | [8-K](/filings/0001193125-26-224069.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-224069 |
| 2026-05-07 | 13:32 ET | [10-Q](/filings/0001193125-26-210675.md) | Quarterly report, period 2026-03-31 | 0001193125-26-210675 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-119770.md), filed Mar 23, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/75da7d21-c3ef-41e9-a34a-3db3e9f81ea3)

## About the filer

- CIK: 1774857
- Tickers: AARD
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: <br>Emerging growth company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:47 ET. No prices; not investment advice.