Aardvark Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 |
|---|---|---|---|
| Income Statement | |||
| Revenue | $0 | — | — |
| Research and development | $48.9M | $17.4M | — |
| Operating expenses | $62.7M | $22.8M | — |
| Operating income | -$62.7M | -$22.8M | — |
| Income tax expense | $0 | $0 | — |
| Net income | -$57.6M | -$20.6M | — |
| Balance Sheet | |||
| Cash and equivalents | $47.1M | $61.6M | — |
| Current assets | $111.9M | $74.1M | — |
| Total assets | $117.2M | $77.5M | — |
| Current liabilities | $10.5M | $4.9M | — |
| Total liabilities | $10.5M | $5.4M | — |
| Stockholders' equity | $106.6M | -$54.6M | -$34.8M |
| Cash Flow Statement | |||
| Cash from operations | -$54.2M | -$18.1M | — |
| Depreciation and amortization | $36,000 | $16,000 | — |
| Stock-based compensation | $3.9M | $439,000 | — |
| Capital expenditure | $95,000 | $109,000 | — |
| Free cash flow | -$54.3M | -$18.2M | — |
Shares outstanding 21.8M · Free float 46.1%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.