Aardvark Therapeutics, Inc. (AARD) AI Stock Analysis

• Market Cap: $326.16M
• Dividend Yield: N/A
• Average Volume (3M): 166.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: N/A
• EPS Growth: 31.30%
• Country: US
• Employees: 22
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.75
• Shares Outstanding: 21,773,272
• 10 Day Avg. Volume: 148,283
• 30 Day Avg. Volume: 166,372
• PEG Ratio: -0.05
• Price to Book (P/B): -3.38
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.15
• Enterprise Value/Market Cap: 0.50
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -16.32K
• Enterprise Value/Ebitda: -3.14
• 1Y Price Target: $32.67
• Price Target Upside: 112.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $14.50 ▼(-5.78% Downside)

The score is held back primarily by weak financial performance (pre-revenue, widening losses, and substantial cash burn implying funding risk). Offsetting factors include favorable technical momentum (price above major moving averages with positive MACD) and positive corporate pipeline milestones (Phase 3 HERO trial progress and updated program communications), while valuation remains constrained by ongoing losses and a negative P/E.

Positive Factors

Regulatory Progress

FDA alignment on trial protocol broadens eligible patient base, enhancing potential market reach and supporting long-term growth.

Clinical Trial Advancement

Advancement in Phase 3 trials indicates progress in drug development, potentially leading to new marketable therapies.

Cash Position

Strong cash position provides financial stability, allowing focus on R&D and reducing immediate funding pressures.

Negative Factors

Pre-Revenue Status

Lack of revenue generation limits financial flexibility and increases reliance on external funding, impacting long-term viability.

Widening Losses

Increasing losses indicate rising operational costs without revenue offset, challenging profitability and sustainability.

Cash Burn

Persistent cash burn strains resources, necessitating additional funding and potentially diluting shareholder value.

Aardvark Therapeutics, Inc. Business Overview & Revenue Model

Company Description

Aardvark Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Its lead product candidate is the ARD-101, an oral gut-restricted small-molecule agonist of certain targeting bitter taste receptors expressed in the gut lumen that is in Phase III clinical trial for hyperphagia associated with Prader-Willi Syndrome, as well as in Phase II clinical trial for hyperphagia associated with acquired hypothalamic obesity resultant from treatment of craniopharyngioma, including surgery or radiation. It also developing ARD-201, which is in Phase I clinical trial for the treatment of obesity. The company was incorporated in 2017 and is based in San Diego, California.

How the Company Makes Money

Aardvark Therapeutics, Inc. generates revenue primarily through the development and commercialization of its proprietary pharmaceutical products. The company earns income by licensing its drug candidates to larger pharmaceutical companies, securing milestone payments, and receiving royalties on product sales. Additionally, Aardvark may engage in strategic partnerships with other biotech firms and research institutions to co-develop and co-market therapies, further expanding its revenue streams. The company may also seek government grants and research funding to support its development programs, contributing to its financial stability.

Aardvark Therapeutics, Inc. Financial Statement Overview

Summary

Aardvark Therapeutics, Inc. shows significant financial instability typical of early-stage pharmaceutical firms, with zero revenue, negative equity, and cash flow challenges.

Income Statement

Aardvark Therapeutics, Inc. has reported zero revenue consistently over the past three years, indicating a lack of commercialized products or services. With increasing net losses and negative EBIT and EBITDA margins, the company faces significant profitability challenges, typical for early-stage pharmaceutical firms focused on R&D.

Balance Sheet

The company's balance sheet reflects significant financial instability with negative stockholders' equity, indicating liabilities exceed assets. The presence of minimal debt suggests reliance on equity financing, yet the negative equity and high liabilities pose substantial financial risk.

Cash Flow

Aardvark Therapeutics exhibits negative operating and free cash flows, consistent with its developmental stage. While financing inflows in 2024 provided liquidity, the company remains heavily cash-flow negative, highlighting the need for continued external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00
Gross Profit	-10.00K	0.00	0.00	0.00
EBITDA	-52.05M	-22.65M	-6.65M	-9.76M
Net Income	-48.77M	-20.59M	-7.21M	-13.56M
Balance Sheet
Total Assets	133.23M	77.51M	10.54M	16.76M
Cash, Cash Equivalents and Short-Term Investments	126.35M	73.66M	9.99M	16.11M
Total Debt	545.00K	779.00K	162.00K	262.00K
Total Liabilities	10.85M	132.15M	45.34M	44.68M
Stockholders Equity	122.38M	-54.64M	-34.80M	-27.92M
Cash Flow
Free Cash Flow	-47.58M	-18.20M	-5.82M	-10.54M
Operating Cash Flow	-47.48M	-18.09M	-5.82M	-10.54M
Investing Cash Flow	-85.86M	-12.00M	0.00	-1.00M
Financing Cash Flow	90.35M	81.99M	0.00	225.00K

Aardvark Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANNX	56 Neutral	$966.79M	-4.38	-83.98%	―	―	-35.62%
AARD	55 Neutral	$326.16M	-6.83	-48.06%	―	―	31.30%
OABI	55 Neutral	$274.95M	-3.25	-22.37%	―	3.36%	5.15%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DRTS	51 Neutral	$639.48M	-14.73	-54.38%	―	―	-22.82%
NBTX	48 Neutral	$1.03B	―	―	―	―	―

Aardvark Therapeutics, Inc. Corporate Events

Aardvark Therapeutics updates investor presentation on hunger therapies

On January 12, 2026, Aardvark Therapeutics updated and published a new corporate investor presentation outlining its development pipeline and strategic focus on suppressing hunger to treat Prader–Willi syndrome and obesity. The materials highlight late-stage progress of ARD-101 for hyperphagia in Prader–Willi syndrome, including completed Phase 1 and Phase 2 studies that showed reductions in hyperphagia scores with a favorable safety profile, its orphan drug designation, and an ongoing Phase 3 HERO trial with topline data expected in the third quarter of 2026. The update also details ARD-201 programs in obesity for weight maintenance and weight loss, underscoring Aardvark’s ambition to expand treatment options in validated, high-value markets where current therapies are limited, which could strengthen its competitive position if upcoming clinical readouts are positive.

The most recent analyst rating on (AARD) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Aardvark Therapeutics, Inc. stock, see the AARD Stock Forecast page.

Aardvark Therapeutics Begins Phase 3 HERO Trial Dosing

On December 10, 2025, Aardvark Therapeutics announced the dosing of the first patient in Australia for their Phase 3 HERO trial, which evaluates ARD-101 for treating hyperphagia in Prader-Willi syndrome patients. The company has received regulatory clearance for trial sites in Canada and the UK, and with strong enrollment in the US, they anticipate meeting their timeline for topline data by Q3 2026 without activating additional EU sites.

The most recent analyst rating on (AARD) stock is a Buy with a $47.00 price target. To see the full list of analyst forecasts on Aardvark Therapeutics, Inc. stock, see the AARD Stock Forecast page.

Aardvark Therapeutics Hosts Investor Webinar on Drug Programs

On November 5, 2025, Aardvark Therapeutics, Inc. held an investor webinar to discuss its ARD-101 and ARD-201 programs and their presentations at ObesityWeek 2025. The company is positioning itself for growth by targeting rare metabolic diseases and obesity through innovative oral drugs that suppress hunger. The ongoing and upcoming clinical trials, including the Phase 3 HERO trial and Phase 2 POWER and STRENGTH trials, aim to expand treatment options and improve patient outcomes. These developments highlight Aardvark’s commitment to addressing severe unmet medical needs and enhancing its market position.

The most recent analyst rating on (AARD) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Aardvark Therapeutics, Inc. stock, see the AARD Stock Forecast page.

Aardvark Therapeutics Showcases Obesity Research at ObesityWeek

On November 4, 2025, Aardvark Therapeutics presented research at the ObesityWeek 2025 conference, showcasing two posters on their metabolic obesity pipeline programs. The presentations highlighted the potential of their TAS2R agonist ARD-101 in reducing weight gain in mice and hunger in adults with obesity, as well as the combination of ARD-101 with other treatments to enhance weight loss and maintenance. These findings could strengthen Aardvark’s position in the obesity treatment market and provide new therapeutic options for patients struggling with current medications.

The most recent analyst rating on (AARD) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on Aardvark Therapeutics, Inc. stock, see the AARD Stock Forecast page.